SNDAHIGH SIGNALFINANCIAL10-K

Sonida Senior Living completed a major acquisition of CNL Healthcare Properties on March 11, 2026, which dramatically expanded its share count and financial profile.

The acquisition of CNL Healthcare Properties represents a transformative transaction that more than doubled the company's outstanding shares from 18.9 million to 47.4 million, signaling significant dilution for existing shareholders. The filing explicitly notes that financial results don't yet reflect this major acquisition, suggesting investors should expect substantial changes in future reporting periods as the combined entity's performance becomes visible.

Comparing 2026-03-12 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

The company demonstrated solid operational performance with revenue growing notably to $381.1 million and operating income increasing to $68.7 million, while capital expenditures rose meaningfully to $33.3 million reflecting continued investment in properties. However, the balance sheet shows some stress with current liabilities increasing substantially to $105.1 million and cash declining to $11.0 million, though total liabilities grew more modestly. The overall financial picture suggests a company investing heavily while managing liquidity constraints ahead of its transformative acquisition.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+39%
$75.6M→$105.1M

Current liabilities surged 39% — significant near-term obligations; verify ability to meet short-term debt.

Cash & Equivalents
Balance Sheet
-35.2%
$17.0M→$11.0M

Cash declined 35.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
+32.2%
$25.2M→$33.3M

Capital expenditure jumped 32.2% — major investment cycle underway; assess returns on deployment.

Revenue
P&L
+25.2%
$304.3M→$381.1M

Revenue growing 25.2% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+21.5%
$64.1M→$77.9M

Current assets grew 21.5% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
+18.6%
$57.9M→$68.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Total Liabilities
Balance Sheet
+10.7%
$712.3M→$788.6M

Liabilities increased 10.7% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-17
ADDED
As of March 11, 2026, the Registrant had 47,388,042 shares of Common Stock outstanding.
Business in this Annual Report on Form 10-K, on March 11, 2026, Sonida Senior Living, Inc.
completed its previously announced acquisition of CNL Healthcare Properties, Inc.
( CHP ) through a series of steps ending with a forward merger of CHP with and into a subsidiary of Sonida Senior Living, Inc.
(the CHP Merger ), with such subsidiary surviving the Merger, as a result of which Sonida Senior Living, Inc.
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REMOVED
As of March 13, 2025, the Registrant had 18,915,938 shares of Common Stock outstanding.
All statements, other than statements of historical fact included in this Annual Report on Form 10-K, including, without limitation, those relating to the Company s future business prospects and strategies, financial results, working capital, liquidity, capital needs and expenditures, interest costs, insurance availability and contingent liabilities, are forward-looking statements.
As of December 31, 2024, the Company owned, managed, or invested in 94 senior housing communities in 20 states with an aggregate capacity of approximately 10,000 residents, including 81 owned senior housing communities (including four owned through joint venture investments in consolidated entities, four owned through a joint venture investment in an unconsolidated entity, and one unoccupied) and 13 communities that the Company managed on behalf of a third-party.
We have improved our financial flexibility by modifying the terms on a significant portion of our debt and repurchasing some of our debt at discounts to par.
Demographics Our portfolio is strategically positioned in (i) attractive, high income demographic geographies and (ii) regions where the number of new senior living units needed will continue to grow as a result of the projected increase in the number of chronic conditions in the senior population.
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