EL7.AI
StocksMediumUpdated•Originally published 7 September 2026•Updated 7 September 2026•
2 min read

Sonida Resident Revenue Jumps 130% After CNL Deal; Adjusted EBITDA Rises 30%

Key Facts

1Q2 2026 resident revenue was $188.0 million, up 129.7% from $81.8 million.
2Adjusted EBITDA was $50.0 million, up 30.0% from the $38.47 million pro forma comparison.
3Same-store occupancy rose 240 basis points to 87.8%, while RevPOR increased 4.9% to $5,372.
4The GAAP net loss attributable to common shareholders was $24.5 million, compared with $3.0 million a year earlier.

Sonida Senior Living reported Q2 2026 resident revenue of $188.0 million, up 129.7% from $81.8 million a year earlier. The company attributed most of the increase to 54 additional SHOP operating communities acquired through its merger with CNL Healthcare Properties, or CHP.

Total GAAP revenue was $207.6 million, compared with $93.5 million in Q2 2025, an increase of about 122%. The headline's 130% figure therefore refers specifically to resident revenue, not total company revenue.

Adjusted EBITDA was $50.0 million, up 30.0% from the $38.47 million pro forma comparison for Q2 2025. That unaudited comparison treats Sonida as though it had owned the CHP portfolio from the start of the earlier period. Adjusted EBITDA is a non-GAAP measure and is not a substitute for net income.

On a same-store basis and against pro forma 2025 figures, weighted average occupancy increased 240 basis points to 87.8%, while RevPOR rose 4.9% to $5,372. Same-store NOI increased 16.9% to $51.5 million, and the NOI margin expanded 250 basis points to 32.6% from 30.1%.

The GAAP net loss attributable to common shareholders nevertheless widened to $24.5 million from $3.0 million a year earlier. Transaction, transition and restructuring costs rose to $4.8 million from $0.5 million, depreciation and amortization increased to $43.2 million from $13.6 million, and interest expense climbed to $22.5 million from $9.3 million. Sonida identified CHP-related transaction costs, higher community operating expenses and increased depreciation and amortization as primary drivers of the wider loss.

Sonida completed the CNL Healthcare Properties, or CHP, transaction on March 11, 2026, in a deal valued at about $1.8 billion. The acquisition added 69 senior-housing communities: 54 SHOP operating communities and 15 triple-net leased properties. That expansion explains a substantial portion of the year-over-year increase in consolidated results.

For investors, the operating test is to separate growth created by the larger portfolio from improvement within existing assets. Higher occupancy, RevPOR and NOI support better same-store performance, while the GAAP loss shows the effect of depreciation, financing and transition costs excluded from adjusted EBITDA.