Sonida Senior Living, Inc. (NYSE:SNDA) Q1 2024 Earnings Call Transcript

Sonida Senior Living, Inc. (NYSE:SNDA) Q1 2024 Earnings Call Transcript May 10, 2024

Sonida Senior Living, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Greetings, and welcome to the Sonida Senior Living First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Finkelstein of Investor Relations for Sonida. Please proceed with your -- please proceed.

Jason Finkelstein: Thank you, Kamila. All statements made today, May 10, 2024, which are not historical facts may be deemed to be forward-looking statements within the meaning of federal securities laws. The company expressly disclaims any obligation to update these statements in the future. Actual results and performance may differ materially from forward-looking statements. Certain factors that could cause actual results to differ are detailed in the earnings release the company issued earlier today as well in the reports that the company files with the SEC from time to time, including the risk factors contained in the annual report on Form 10-K and quarterly reports on Form 10-Q. Please see today's press release for the full safe harbor statement, which may be found in the 8-K filing from this morning and at the company's Investor Relations page down at www.sonidaseniorliving.com.

Also, please note that during this call, the company will present non-GAAP financial measures. For reconciliations of each non-GAAP measure from the most comparable GAAP measure, please also see today's press release. At this time, I would like to turn the call over to Sonida Senior Living President and CEO, Brandon Ribar.

Brandon Ribar: Thanks, Jason. Hello, and welcome to our 2024 first quarter earnings call. I'm joined today by Kevin Detz, our Chief Financial Officer. Earlier today, we posted our Q1 earnings and investor presentation, which will be referenced throughout this call as we discuss our strategic priorities and operating results in addition to updating you on our growth efforts in 2024. You can find our latest presentation at sonidaseniorliving.com in the Investor Relations section if you would like to follow along. In addition, we have included supplemental earnings information within our investor presentation, consistent with the prior quarter release. We ended Q1 with significant momentum towards both our organic and external growth goals and remain optimistic around our 2024 operating targets.

We have swiftly moved into growth mode in Q2 with the expected completion of four transactions before the end of June. Looking ahead, we have clear line of sight into further growth opportunities with similar return characteristics in the near-term pipeline. We anticipate that we will continue to use our recently established ATM program to match fund bolt-on acquisitions while exploring a traditional equity raise later this year, subject to the capital needs of our pipeline. Over the last three months, Sonida has raised nearly $60 million in equity capital with approximately $35 million earmarked for transactions expected to close in the next 90 days. These transactions include both existing and new institutional capital partners excited to access this highly attractive senior living investment landscape through Sonida.

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