Sonida Senior Living to acquire two senior living communities in GA for $29M

On October 1, 2024, the Company signed a purchase and sale agreement to acquire two senior living communities in the Atlanta, GA market for $29.0M. Sonida intends to fund the transaction with cash on its balance sheet and proceeds from its senior secured revolving credit facility. The assets have an average age of five years and will add 178 units to Sonida’s portfolio. Consistent with the Company’s focus on regional densification, the acquisition brings Sonida’s Atlanta portfolio total to three assets and further grows its exposure to highly attractive Southeast markets. The portfolio’s in-place occupancy and average RevPOR are 86% and more than $5,700, respectively. Sonida’s purchase price is approximately $173,000 per unit, which reflects a significant discount to the Company’s estimate of replacement cost and expands Sonida’s accretive acquisitions year-to-date as the Company capitalizes on historically favorable senior housing trends. On October 3, 2024, the Company closed on an additional $75 million commitment under the senior secured revolving credit facility (the “Credit Facility”) it entered with BMO Bank N.A. on July 24, 2024. The incremental $75 million availability, which was provided by the Royal Bank of Canada, results in a total aggregate commitment under the Credit Facility of up to $150 million.