Financial Data and Key Metrics Changes - The company reported a total portfolio NOI growth of 21% year-over-year, with adjusted EBITDA improving by more than 30% [8][19] - Same-store occupancy increased by 90 basis points sequentially to 87.7%, reaching an average of 88% in October, marking a portfolio high [8][10] - The company achieved a year-over-year REF core increase of 4.7% [16] Business Line Data and Key Metrics Changes - The 19 communities acquired in 2024 showed a sequential improvement of 370 basis points from Q2 to Q3, with average occupancy rising from 76.3% to 83.7% over the past 12 months [9][12] - The acquisition portfolio NOI increased by $900,000 or 22% on a sequential quarter basis [17] Market Data and Key Metrics Changes - The company noted that move-outs due to deaths have returned to normal operating levels, contributing to the occupancy increase [20] - The overall labor costs, excluding benefits, increased by 70 basis points from the previous quarter due to rapid occupancy spikes [22] Company Strategy and Development Direction - The company signed a merger agreement to acquire C&L Healthcare Properties for $1.8 billion, which is expected to enhance growth and shareholder value [5][6] - The company aims to recycle lower-growth assets into higher-return acquisitions, having acquired 23 assets over the last 18 months [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving margin expansion as occupancy levels approach 90% and emphasized the importance of technology in labor management [11][40] - The company is focused on retaining and developing talent to support growth, with favorable trends in employee turnover [14] Other Important Information - The company is in compliance with all financial covenants required under its mortgages and credit facility [26] - The total transaction costs related to the merger are estimated at $75 million, with $6 million incurred in the current quarter [35] Q&A Session Summary Question: Same-store occupancy trend below industry average - Management acknowledged the occupancy improvement to 89% and noted that the increase in move-ins from internal sources has been beneficial [32][34] Question: Recurring costs related to the merger - Management confirmed that transaction costs are expected to continue as part of the merger preparation [35] Question: Long-term RevPAR versus expense trends - Management indicated that higher occupancy levels will help push rates and expand margins, with a target of achieving over 30% margins [39][41] Question: Agency labor trends in the acquired portfolio - Management reported minimal contract labor and noted improvements in permanent staffing, contributing to NOI boosts [42]

Merger & Acquisition - Sonida and CNL Healthcare Properties (CHP) announced a definitive merger agreement to create a \$3 billion pure-play senior housing company[15] - The merger is expected to close in late Q1 or early Q2 of 2026[15] - The combined company will be the 8th largest U S senior housing owner with approximately 14,700 owned units[17, 24] - The merger is expected to be immediately accretive to Normalized FFO per share, with annual corporate synergies of approximately \$16 to \$20 million[17] Portfolio & Occupancy - Total portfolio includes 97 communities[37] - Total portfolio includes 9,342 units across 20 states[37] - Same-store community portfolio includes 55 consolidated communities[12, 42] - October 31 spot occupancy for same-store communities reached 89%[13] - Q3 2025 weighted average occupancy for same-store communities was 87 7%, a 60 bps increase year-over-year[13, 40] Financial Performance - Q3 2025 RevPOR for same-store communities was \$4,353[13] - Q3 2025 Community NOI margin for same-store communities was 27 3%[13] - Q3 2025 same-store community revenue increased 5 4% year-over-year[57] - Q3 2025 same-store community NOI increased 2 5% year-over-year[40]

Revenue Growth - For the three months ended September 30, 2025, the Company generated resident revenue of $84.6 million, a 26.3% increase from $67.0 million in the same period of 2024[142]. - For the nine months ended September 30, 2025, resident revenue reached $245.7 million, up 28.8% from $190.8 million in the same period of 2024[144]. - For the three months ended September 30, 2025, resident revenue increased by 26.4% to $84,597,000 compared to $66,951,000 in 2024[167]. - For the nine months ended September 30, 2025, resident revenue increased by 28.8% to $245,697,000 from $190,796,000 in 2024[176]. Occupancy and Community Growth - The weighted average occupancy for the three months ended September 30, 2025, was 87.7%, compared to 87.1% for the same period in 2024, indicating continued occupancy growth[143]. - The number of communities owned increased by 21.2% to 80 as of September 30, 2025, up from 66 in 2024[168]. - Total average units increased by 15.1% to 7,041 in 2025 from 6,119 in 2024[168]. - The Company acquired 19 additional communities during 2024 and 2025, contributing to revenue growth[142]. Financial Performance - The net loss for the same period was $27,348,000, representing a 91.7% increase from a net loss of $14,265,000 in 2024[167]. - The net loss for the nine months ended September 30, 2025, was $42,346,000, a significant decrease from a net income of $2,938,000 in 2024[176]. - Adjusted EBITDA for the three months ended September 30, 2025, rose by 30.6% to $13,159,000 from $10,073,000 in 2024[167]. - Adjusted EBITDA for the nine months ended September 30, 2025 was $40.8 million, compared to $30.9 million for the same period in 2024[198]. Expenses and Charges - Community operating expenses rose by 28.0% to $63,833,000 in Q3 2025, compared to $49,862,000 in Q3 2024[168]. - General and administrative expenses increased by 8.6% to $10,529,000 for Q3 2025, compared to $9,695,000 in Q3 2024[171]. - Transaction, transition, and restructuring costs surged by 194.3% to $6,174,000 in Q3 2025 from $2,098,000 in Q3 2024[171]. - The company incurred transaction, transition, and restructuring costs of $7.2 million for the nine months ended September 30, 2025, compared to $3.0 million in the prior year[196]. - The Company recorded an impairment charge of $4.7 million for a community classified as held for sale, reflecting the excess of its carrying value over estimated fair value[150]. - The company recorded non-cash impairment charges of $4.7 million to property and equipment for the nine months ended September 30, 2025[184]. Cash Flow and Debt - For the nine months ended September 30, 2025, the company reported net cash provided by operating activities of $24.8 million, an increase of $23.4 million compared to $1.4 million in the same period of 2024[192]. - As of September 30, 2025, the company had $17.0 million in unrestricted cash and outstanding borrowings under its Credit Facility of $86.1 million[187]. - Net cash used in investing activities for the nine months ended September 30, 2025 was $62.0 million, primarily due to the acquisition of three communities for $38.2 million[193]. - The company had outstanding variable-rate debt obligations primarily covered by interest rate caps as of September 30, 2025[188]. Mergers and Acquisitions - The Company entered into a merger agreement with CNL Healthcare Properties, Inc., valued at approximately $1.8 billion, expected to close in early 2026[151][152]. - The Company acquired a senior living community in Tarpon Springs, Florida, for $11.0 million, financed with a $9.0 million interest-only loan[147][154]. Other Income and Financing - The company recognized $9.1 million in other income from gross ERC received from the CARES Act funding for the nine months ended September 30, 2025[186]. - The company entered into an At-the-Market Issuance Sales Agreement allowing for the sale of common stock up to an aggregate offering price of $75.0 million[187].

Financial Performance - Total portfolio community NOI grew approximately 21% in Q3 2025, driven by solid rent growth and strong results in the acquisition portfolio [3]. - Resident revenue increased by $17.6 million, or 26.3%, from Q3 2024 to Q3 2025, reaching $84.6 million [4][8]. - Adjusted EBITDA for Q3 2025 was $13.2 million, an increase of $3.1 million, or 30.7%, year-over-year [4]. - Resident revenue for Q3 2025 was $84,597,000, a 26.4% increase from $66,951,000 in Q3 2024 [26]. - Total revenues for the nine months ended September 30, 2025, reached $283,486,000, up 33.4% from $212,395,000 in the same period of 2024 [26]. - Net Operating Income for same-store communities was $16,087,000 for Q3 2025, compared to $15,679,000 in Q3 2024, reflecting a year-over-year increase of 2.6% [43]. - Resident revenue for same-store communities reached $58,928,000 in Q3 2025, up from $55,905,000 in Q3 2024, indicating a growth of 3.6% [43]. - Adjusted EBITDA for Q3 2025 was $13,159,000, compared to $10,073,000 in Q3 2024, representing a significant increase of 30.8% [46]. Losses and Expenses - The company reported a net loss attributable to shareholders of $26.9 million in Q3 2025, compared to a net loss of $13.8 million in Q3 2024 [4][15]. - Total expenses for Q3 2025 were $113,506,000, an increase of 42.5% from $79,662,000 in Q3 2024 [26]. - The Company reported a net loss of $27,348,000 for Q3 2025, compared to a net loss of $14,265,000 in Q3 2024 [46]. - General and administrative expenses for Q3 2025 were $10,529,000, an increase from $9,695,000 in Q3 2024 [43]. - Interest expense for Q3 2025 was $9,910,000, consistent with $9,839,000 in Q3 2024 [46]. - The Company incurred transaction, transition, and restructuring costs of $6,174,000 in Q3 2025, compared to $2,098,000 in Q3 2024, indicating increased operational adjustments [46]. Operational Metrics - Same-store portfolio occupancy reached 87.7% in Q3 2025, up 90 basis points from 86.8% in Q2 2025 [4]. - The Same-store community net operating income margin was 27.3% in Q3 2025, slightly down from 28.0% in Q3 2024 [43]. - The Company’s same-store community resident revenue for Q2 2025 was $58,524,000, showing stability in revenue generation [43]. Cash Flow and Debt - Cash flows from operations totaled $24.8 million for the nine months ended September 30, 2025, an increase of $23.4 million year-over-year [4]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $24,764,000, significantly higher than $1,355,000 in the same period of 2024 [30]. - The company had $86.1 million of borrowings outstanding under its Credit Facility as of September 30, 2025, at a weighted average interest rate of 6.9% [16]. - Long-term debt as of September 30, 2025, was $663,408,000, an increase from $635,904,000 at the end of 2024 [28]. - The company reported a cash and cash equivalents balance of $16,961,000 as of September 30, 2025, slightly down from $16,992,000 at the end of 2024 [28]. Strategic Developments - The company entered into a strategic merger agreement with CNL Healthcare Properties, Inc., valued at approximately $1.8 billion, expected to close in early 2026 [5]. - The company acquired one senior housing community with 98 units in Texas in September 2025 [6]. Asset Management - The Company’s impairment of assets held for sale was $4,733,000 in Q3 2025, with no such costs reported in Q3 2024 [46]. - Total assets as of September 30, 2025, amounted to $854,821,000, compared to $841,921,000 as of December 31, 2024 [28]. - The weighted average common shares outstanding for Q3 2025 were 18,103,000, up from 15,456,000 in Q3 2024 [26].

Core Insights - Sonida Senior Living reported a significant increase in total portfolio community NOI by approximately 21% in Q3 2025, attributed to solid rent growth and strong performance in the acquisition portfolio [2] - The same-store portfolio achieved an occupancy rate of 87.7%, the highest level post-Covid, with spot occupancy reaching 89.0% by the end of October [2] - The company announced a strategic merger with CNL Healthcare Properties, Inc., valued at approximately $1.8 billion, expected to close in early 2026, marking a significant step in its inorganic growth strategy [4][2] Financial Performance - Resident revenue for Q3 2025 increased by $17.6 million, or 26.3%, compared to Q3 2024, reaching $84.6 million [5][6] - Adjusted EBITDA for Q3 2025 was $13.2 million, representing a year-over-year increase of $3.1 million, or 30.7% [5] - Net loss attributable to Sonida shareholders for Q3 2025 was $26.9 million, compared to a net loss of $13.8 million in Q3 2024 [5][13] Operational Metrics - Weighted average occupancy for the same-store portfolio increased by 90 basis points to 87.7% in Q3 2025 from 86.8% in Q2 2025 [5] - Revenue Per Available Unit (RevPAR) increased by 5.4% to $3,817 in Q3 2025 compared to Q3 2024 [5] - Community Net Operating Income for Q3 2025 was $16.1 million, a 2.5% increase from the previous year [5] Acquisition and Growth Strategy - In September 2025, the company acquired a senior housing community with 98 units in Texas, expanding its portfolio [5] - The merger with CNL Healthcare Properties will enhance Sonida's position as a leading owner-operator in the senior housing sector [4][2] Capital Structure and Liquidity - As of September 30, 2025, the company had $86.1 million in borrowings under its credit facility, with a weighted average interest rate of 6.9% [14] - The company has a borrowing capacity of up to $150.0 million under its credit facility, which is secured by its senior living communities [14] - Future liquidity will depend on operating performance and various financial factors, including cash flows from operations and proceeds from equity offerings [16]

被告辩称，已获得株式会社传奇IP关于《传奇》游戏IP的著作权授权。 法院认为，著作权与商标权是两种性质与保护范围各异的知识产权，著作权授权范围应限于对游戏作品 本身的复制、改编、发行等著作权权能，不能当然地延伸至授权他人在商业活动中使用已由第三方在中 国合法注册的商标。被告公司仅凭传奇IP的著作权授权，即径行在商业活动中使用与原告注册商标基本 无差的标识，其行为已超出著作权授权之合理边界，构成了对盛趣公司商标权的侵害。 最终，法院认定被告擅自使用《热血传奇》注册商标的行为构成侵权，判令其立即停止侵权并赔偿盛趣 游戏经济损失 20 万元。 扬子晚报网11月5日讯（记者 姜天圣）11月5日，记者从盛趣游戏了解到，南京市江宁经济技术开发区 人民法院，对盛趣游戏起诉某数字藏品盲盒商标生产销售方侵权案作出一审判决，认定被告擅自使用 《热血传奇》注册商标的行为构成侵权，判令其立即停止侵权并赔偿盛趣游戏经济损失 20 万元。 据悉，两年前一款打着"《热血传奇》正版授权"旗号的数字藏品盲盒在网络热销，宣称购买后可随机获 得"屠龙""炼狱""天魔神甲"等《热血传奇》经典游戏装备相关藏品，1万份盲盒迅速售罄。然而，盛趣 游戏发现 ...

Company Overview - Sonida Senior Living (SNDA) shares increased by 14.7% to $29.52, with a higher-than-average trading volume, contrasting with a 3.3% loss over the past four weeks [1][2] Acquisition Announcement - Sonida announced the acquisition of 100% of CNL Healthcare Properties, Inc. in a cash and stock deal valued at approximately $1.8 billion, expected to close in late Q1 or early Q2 of 2026, pending customary closing conditions [2] Financial Performance Expectations - The company is projected to report a quarterly loss of $0.75 per share, reflecting a year-over-year increase of 23.5%, with revenues anticipated at $85.34 million, up 14.2% from the previous year [3] - The consensus EPS estimate for the upcoming quarter has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - Sonida operates within the Zacks Medical Services industry, where another company, Auna S.A. (AUNA), experienced a 3% decline to $5.43 and has returned -15.3% over the past month [4] - Auna S.A.'s consensus EPS estimate has also remained unchanged at $0.2, representing a year-over-year decline of 23.1% [5]

Core Insights - Newmark Group, Inc. has acted as the real estate advisor for Sonida Senior Living, Inc. in a definitive agreement to acquire CNL Healthcare Properties, Inc. for approximately $1.8 billion, creating the eighth largest owner of senior living assets in the U.S. with a portfolio of 153 communities totaling around 14,700 units [1][4] Company Overview - The combined entity is expected to have an enterprise value of approximately $3.0 billion and an equity market capitalization of $1.4 billion upon closing [3] - The merger is projected to be immediately accretive to Normalized Funds From Operations (FFO), with expectations of substantial operating and structural synergies, enhanced liquidity, and deleveraging [3] Market Trends - Investor interest in the seniors housing sector is increasing, with transaction activity reaching $13 billion through September 2025, marking a 67% increase compared to the same period last year [5]

NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Sonida Senior Living, Inc. (NYSE: SNDA) related to its merger with CNL Healthcare Properties, Inc. Upon completion of the proposed ...

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of Sonida Senior Living, Inc. (NYSE: SNDA) and CNL Healthcare Properties, Inc. is fair to Sonida shareholders. Upon completion of the proposed transaction, Sonida existing shareholders' ownership would range from 39.5% to 50.0% of the newly combined company's diluted common equity. Halper Sadeh encourages Sonida shareholders to click here to learn more about their legal rights and optio. ...