Q2 2024 Sonida Senior Living Inc Earnings Call Transcript
Key Points
- Highest occupancy in the company's operating history, with same-store portfolio occupancy reaching 86.2% for the quarter.
- Year-over-year rate growth of 8.4% for the quarter, driven by annual rate increases and positive re-leasing spreads.
- Same-store net operating income increased by 31% from Q2 2023 and 19% sequentially.
- Significant reduction in move-outs, contributing to occupancy gains.
- Successful acquisitions of nine communities, enhancing market presence and providing opportunities for performance improvement.
- Labor costs increased by 3.3% year-over-year, despite a sequential decline.
- Dependence on third-party referral agencies, although reduced, still impacts overall expense profile.
- Non-labor operating expenses remain a challenge, despite improvements.
- The company still has two communities with less than 75% occupancy, indicating areas needing further improvement.
- Debt restructuring and deleveraging efforts are ongoing, with significant principal payments required.
Greetings, and welcome to the Sonida Senior Living Second Quarter 2024 Earnings Results Call. (Operator Instructions)As a reminder, this call is being recorded. I would now like to turn the call over to Jason Finkelstein, Investor Relations. Thank you, Jason. You may begin.
Thank you, operator. All statements made today, August 12th, 2024, which are not historical facts may be deemed to be forward-looking statements within the meaning of federal securities law 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 that the Company issued earlier today, as well as 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,
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