The following is a summary of the Sonida Senior Living, Inc. (SNDA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sonida Senior Living raised nearly $60 million in equity capital with $35 million expected to be used for upcoming transactions.

• The company reported a Q1 revenue increase of 2.4% sequentially and 7.3% year-over-year, indicating strong operational performance and effective sales leadership.

• Adjusted EBITDA increased by over 21% year-over-year and 2% sequentially for the quarter.

• Occupancy rates rose for the eighth consecutive quarter and grew an additional 200 basis points year-over-year to 85.9%, contributing to an increase in adjusted NOI by $3.5 million.

Business Progress:

• Sonida is transitioning toward business expansion, with four transactions expected to complete before the end of Q2.

• The company has made structural additions to the board and executive team with a new Chief Investment Officer.

• Sonida's strategy of acquiring underperforming quality assets is delivering results, as evidenced by the improving occupancy and margin over Q4 2023.

• The company's initiative for developing a memory care offering has led to a significant increase in occupancy by 750 basis points YoY.

• Sonida plans to further capital and programming investment to enhance community performance and is focusing on the recovery of underperforming buildings.

• The company is set to expand with 10 out of 12 planned community integrations in states or markets where it currently operates.

• Sonida will continue to pursue the purchase of further assets through joint ventures with leading real estate investors.

More details: Sonida Senior Living IR

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