Sonida Senior Living owns and operates senior housing communities across the U.S., serving residents aged 75 and older. As of early 2026, following the $1.8B acquisition of CNL Healthcare Properties (CHP), Sonida owns roughly 84 communities (plus the CHP additions, bringing owned capacity to approximately 14,700 units) and manages additional communities on behalf of third parties, across 20+ states. Sonida offers three care types — Independent Living, Assisted Living, and Memory Care (branded "Magnolia Trails") — often within the same community, allowing residents to transition to higher levels of care without relocating. Revenue is primarily private pay, with Medicaid representing a small and declining share. Sonida earns money through monthly resident fees, driven by two levers: occupancy and rate per occupied unit. Same-store occupancy ran around 87–88% through 2025, with recently acquired communities ramping from the mid-70s. Annual rent increases — most recently averaging 7.9% — and growing level-of-care ancillary fees supplement base rents. Labor is the dominant cost, and Sonida focuses on reducing agency labor and improving retention to manage this. Sonida's core growth strategy is acquiring distressed or underperforming assets at a discount to replacement cost, then applying its operating platform to drive occupancy and margins toward stabilized levels within 12–24 months, targeting low double-digit cap rates on cost.