Sonida Senior Living (NYSE: SNDA) is a senior housing company that owns and operates independent living, assisted living, and memory care communities across the United States. Revenue comes primarily from monthly resident fees paid by seniors occupying its communities. As of the 10-K filed March 12, 2026, Sonida owned 84 communities with 8,764 total resident capacity units and managed an additional set of communities under third-party arrangements. On March 11, 2026, Sonida completed the acquisition of CNL Healthcare Properties (CHP), adding a national portfolio of 69 senior housing communities, of which 54 are managed by third-party operators and 15 are leased under triple-net agreements. Geographic concentration is notable: Texas, Ohio, Indiana, and Florida represented approximately 22%, 18%, 13%, and 10% of resident revenues, respectively, for the year ended December 31, 2025. The company carries significant mortgage debt, including 37 communities encumbered by Fannie Mae loans as of December 31, 2025.

Revenue model

Monthly resident fees for independent living, assisted living, and memory care occupancy. Post-CHP Merger, additional revenue streams include third-party management fees and triple-net lease income from 15 CHP communities leased to tenants.

Products and services

Independent living (IL), assisted living (AL), and memory care (MC) units across owned and managed senior housing communities. Campus-format communities combining multiple care levels under one property are common in the portfolio.

Customers and end markets

Senior residents and their families purchasing housing and care services. End market is demand-driven by the aging population requiring independent, assisted, or memory care living arrangements.

Value-chain role

Owner-operator of senior housing communities. Also serves as third-party manager for communities it does not own, and as a triple-net lessor for a subset of communities acquired via the CHP Merger.

Geographic exposure

Primarily United States. Texas (~22% of resident revenues, FY2025), Ohio (~18%), Indiana (~13%), and Florida (~10%) represent the four largest state concentrations. Other states include Indiana, South Carolina, Minnesota, Nebraska, Wisconsin, Michigan, California, Arkansas, Georgia, Kentucky, Missouri, North Carolina, and New York.

Source: SEC 10-K, filed 2026-03-12

Industry: Services-Nursing & Personal Care Facilities Peers: AlerisLife Inc. BioCorRx Inc HCA Healthcare Inc Community Health Systems Inc Oncology Institute Inc HQDA ELDERLY LIFE NETWORK CORP. HANGER, INC. Joint Corp Pennant Group Inc