Sonida Senior Living Announces Agreement to Acquire Two Senior Living Communities in the Indianapolis Market
16 Dezembro 2021 - 10:37AM
Business Wire
Sonida Senior Living, Inc. (the “Company” or “Sonida Senior
Living”) (NYSE: SNDA), a leading owner-operator of senior living
communities, announced that it entered into a purchase and sale
agreement to acquire two recently renovated senior living
communities for approximately $12.3 million.
The communities, Northfield Senior Living and Southfield Senior
Living, include 157 independent living units and are located
approximately 20 minutes outside of downtown Indianapolis near
major highways, stores and restaurants. The assets complement
Sonida Senior Living’s existing Indianapolis portfolio and will
leverage the strength of the Company’s local leadership team. The
Company expects the acquisition to close in the first quarter of
2022 subject to customary closing conditions.
“This transaction represents the Company’s approach to pursuing
accretive, tuck-in growth in markets where we have operational
expertise and can leverage deep market knowledge and scale,” said
Kimberly S. Lody, President and CEO. “The signing of this
acquisition marks the Company’s shift into the growth phase of our
strategic plan following the recently closed $154.8 million capital
raise and strategic investment from Conversant Capital.”
The properties recently underwent a significant refurbishment,
and the Company’s purchase price, equating to approximately $79,000
per unit, represents a significant discount to replacement cost.
Demographics in the surrounding market area include a growing 75+
population with above average middle-income characteristics and
unmet demand for this type of low-acuity senior living product. Due
to the operational disruption from the renovation projects prior to
the onset of COVID-19, the two assets have an in-place November
occupancy of 55.5%, as compared to Sonida Senior Living’s
independent living occupancy of 82.7% for the same period. By
implementing Sonida Senior Living’s institutionalized processes and
resources, the Company expects to deliver NOI growth through lease
up and additional resident services with the assets projected to
generate a 9% stabilized NOI yield (unlevered).
Safe Harbor
The forward-looking statements in this release are subject to
certain risks and uncertainties that could cause the Company’s
actual results and financial condition to differ materially,
including, but not limited to: the satisfaction of all conditions
to the closing of the proposed transaction; other risks related to
the consummation of the proposed transaction, including the risk
that the transaction will not be consummated within the expected
time period or at all; the continued spread of COVID-19 and highly
contagious variants and sub-lineages, including the speed, depth,
geographic reach and duration of such spread; new information that
may emerge concerning the severity of COVID-19; the actions taken
to prevent or contain the spread of COVID19 or treat its impact,
the legal, regulatory and administrative developments that occur at
the federal, state and local levels in response to the COVID-19
pandemic and the frequency and magnitude of legal actions and
liability claims that may arise due to COVID-19 or the Company’s
response efforts; and the other risks and factors identified from
time to time in the Company’s reports filed with the Securities and
Exchange Commission. Additionally, projections are current
estimates by the Company and actual results may differ materially
from the projections.
About the Company
Dallas-based Sonida Senior Living, Inc. is one of the nation’s
leading operators of independent living, assisted living and memory
care communities for senior adults. The Company operates 75
communities that are home to nearly 7,000 residents across 18
states providing comfortable, safe, affordable communities where
residents can form friendships, enjoy new experiences and receive
personalized care from dedicated team members who treat them like
family.
For more information, visit www.sonidaseniorliving.com or connect with the
Company on Facebook, Twitter or LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20211216005655/en/
Kimberly Lody (972)
308-8323, klody@sonidaliving.com
Sonida Senior Living (NYSE:SNDA)
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