The Company delivered strong occupancy, rate, total revenue and margin growth in Q1 and anticipates each of those trends to continue in Q2. Spot occupancy ended May at 85.0% for its 62 owned communities and May average occupancy increased 45 basis points over April. These strong occupancy results are attributable to numerous strategic initiatives implemented by the Company’s operating team and align with Sonida’s increased focus on maximizing Net Operating Income across the portfolio. “This operating momentum, combined with our improved balance sheet, positions us well to capture the incredibly attractive opportunities we see in our sector as demand grows amidst a prolonged suppression of supply. Our new leadership team plans to seize this opportunity and drive increased cash flow through a combination of growth investments and continued delivery of our excellent resident experience,” said Kevin Detz, Chief Financial Officer. The Company will provide additional details on its financial and operating performance in connection with its Q2 earnings release in August.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>