Sonida Senior Living, Inc 8-K, filed May 13, 2021

Sonida Senior Living, Inc. (SNDA)

8-K 2021-05-13 For: 2021-05-13

Added on April 07, 2026

About this 8-K

Sonida Senior Living, Inc filed this 8-K on May 13, 2021.


1-13445			75-2678809
(Commission File Number)			(IRS Employer Identification No.)

14160 Dallas Parkway
Suite 300
Dallas, Texas			75254
(Address of principal executive offices)			(Zip Code)


o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


*99.1			Press Release dated Ma y 1 3 , 2021.
*99.2			Capital Senior Living Corporation Updated Slideshow Presentation.
104			Cover Page Interactive Date File-formatted as Inline XBRL.


Date: May 13, 2021	Capital Senior Living Corporation

	By:	/s/ Tiffany L. Dutton
	Name:	Tiffany L. Dutton
	Title:	Senior Vice President- Accounting and Finance and Principal Accounting Officer


	Quarter Ended March 31
	2021		2020
Total Revenues	$	61,648	$	106,129
Expenses:
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below)	36,758		75,402
General and administrative expenses	7,187		6,435
Facility lease expense	—		10,788
Stock-based compensation expense	166		596
Depreciation and amortization expense	9,283		15,715
Long-lived asset impairment	—		35,954
Community reimbursement expense	15,260		457
Total expenses	68,654		145,347
Other income (expense):
Interest income	4		54
Interest expense	(9,374)		(11,670)
Gain on facility lease modification and termination, net	—		11,240
Gain on extinguishment of debt, net	46,999		—
Loss on disposition of assets, net	(421)		(7,356)
Other income	8,705		1
Income (loss) from continuing operations before provision for income taxes	38,907		(46,949)
Provision for income taxes	(63)		(232)
Net income (loss)	$	38,844	$	(47,181)


	Three Months Ended March 31,
	2021		2020
Revenues:
Resident revenue	$	45,202	$	105,616
Management fees	1,186		56
Community reimbursement revenue	15,260		457
Total revenues	61,648		106,129
Expenses:
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below)	36,758		75,402
General and administrative expenses	7,187		6,435
Facility lease expense	—		10,788
Stock-based compensation expense	166		596
Depreciation and amortization expense	9,283		15,715
Long-lived asset impairment	—		35,954
Community reimbursement expense	15,260		457
Total expenses	68,654		145,347
Other income (expense):
Interest income	4		54
Interest expense	(9,374)		(11,670)
Gain on facility lease modification and termination, net	—		11,240
Gain on extinguishment of debt	46,999		—
Loss on disposition of assets, net	(421)		(7,356)
Other income	8,705		1
Income (loss) from continuing operations before provision for income taxes	38,907		(46,949)
Provision for income taxes	(63)		(232)
Net income (loss)	$	38,844	$	(47,181)
Per share data:
Basic net income (loss) per share (1)	$	18.87	$	(23.28)
Diluted net income (loss) per share (1)	$	18.80	$	(23.28)
Weighted average shares outstanding — basic (1)	2,058		2,027
Weighted average shares outstanding — diluted (1)	2,066		2,027
Comprehensive income (loss)	$	38,844	$	(47,181)


	March 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	16,766	$	17,885
Restricted cash	4,982		4,982
Accounts receivable, net	3,926		5,820
Federal and state income taxes receivable	—		76
Property tax and insurance deposits	4,450		7,637
Prepaid expenses and other	5,122		7,028
Total current assets	35,246		43,428
Property and equipment, net	647,895		655,731
Operating lease right-of-use assets, net	287		536
Other assets, net	3,470		3,138
Total assets	$	686,898	$	702,833
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	12,131	$	14,967
Accrued expenses	41,992		48,515
Current portion of notes payable, net of deferred loan costs	261,346		304,164
Current portion of deferred income	3,883		3,984
Current portion of lease liabilities	245		421
Federal and state income taxes payable	383		249
Customer deposits	779		822
Total current liabilities	320,759		373,122
Lease liabilities, net of current portion	257		533
Other long-term liabilities	3,714		3,714
Notes payable, net of deferred loan costs and current portion	602,423		604,729
Commitments and contingencies
Shareholders’ deficit:
Preferred stock, $0.01 par value:	—		—
Authorized shares – 15,000; no shares issued or outstanding
Common stock, $0.01 par value:
Authorized shares – 4,333; issued and outstanding shares – 2,182 and 2,084 in 2021 and 2020, respectively	22		21
Additional paid-in capital	189,143		188,978
Retained deficit	(429,420)		(468,264)
Total shareholders’ deficit	(240,255)		(279,265)
Total liabilities and shareholders’ deficit	686,898		702,833


	Three months ended March 31,
	2021		2020
Adjusted EBITDAR
Net income (loss)	38,844		(47,181)
Depreciation and amortization expense	9,283		15,715
Stock-based compensation expense	166		596
Facility lease expense	—		10,788
Provision for bad debts	365		745
Interest income	(4)		(54)
Interest expense	9,374		11,670
Long-lived asset impairment	—		35,954
Gain on lease related transactions, net	—		(11,240)
Gain on extinguishment of debt, net	(46,999)		—
Loss on disposition of assets, net	421		7,356
Other income	(8,705)		(1)
Provision for income taxes	63		232
Casualty losses	380		423
Transaction and conversion costs	(92)		1,168
Employee placement and separation costs	41		90
Adjusted EBITDAR	$	3,137	$	26,261
COVID-19 expenses	654		291
Adjusted EBITDAR excluding COVID-19 impact	$	3,791	$	26,552

Adjusted CFFO
Net income (loss)	38,844		(47,181)
Non-cash charges, net	(36,400)		46,415
Recurring capital expenditures	—		(1,136)
Casualty losses	380		423
Transaction and conversion costs	(92)		1,168
Employee placement and separation costs	41		90
Adjusted CFFO	$	2,773	$	(221)
COVID-19 relief funds	(8,706)		—
COVID-19 expenses	654		291
Adjusted CFFO excluding COVID-19 impact	(5,279)		70


	Q1 21	Q1 20
Selected Operating Results
IV. Continuing community portfolio (1)
Number of communities	60	60
Unit capacity	5,631	5,633
Financial occupancy (2)	75.5%	83.7%
Revenue (in millions)	45.2	50.6
Operating expenses (in millions) (3)	36.1	34.9
Operating margin	20%	31%
Average monthly rent	3,531	3,577
I. Managed communities
Number of communities	16	6
Management fee revenue	1,186	56
V. Consolidated Debt Information (in thousands, except for interest rates)
(Excludes insurance premium financing)
Total variable rate mortgage debt	122,742	132,924
Total fixed rate debt	743,008	790,052
Weighted average interest rate	4.5%	4.7%