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Sonida to Sell 10% of Combined Portfolio After CHP Merger
CEO says proceeds will be used to de-lever company and reinvest in higher-quality assets
Mar. 12, 2026 at 3:08am
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With its $1.8 billion merger with CNL Healthcare Properties now complete, Sonida Senior Living plans to sell 10% of the 153 communities in the newly combined portfolio, CEO Brandon Ribar said. Ribar estimated that 'a handful' of the communities, which he described as 'noncore,' should be on the market in six to 12 months. The company also aims to target growth in revenue per occupied room and continue improving its labor model and clinical care delivery.
Why it matters
The merger with CNL more than doubled Sonida's portfolio, making it one of the largest senior living owners in the U.S. The planned dispositions are part of Sonida's strategy to optimize its combined assets and focus on higher-quality, newer properties in strong growth markets.
The details
Sonida plans to sell around 10% of the 153 communities in the combined Sonida-CNL portfolio, with the proceeds first going toward deleveraging the company and then reinvesting in 'high-quality, newer-vintage assets in strong growth markets.' The company says the sales will result in a younger average community age in the portfolio, as the communities being sold are 'less profitable than the company's core assets.' Sonida will also continue pursuing acquisitions in its primary geographies and strategic expansion into new markets.
- Sonida expects the 'handful' of communities to be on the market in 6 to 12 months.
- The merger with CNL was finalized on March 12, 2026.
The players
Sonida Senior Living
A Dallas-based senior living company that recently completed a $1.8 billion merger with CNL Healthcare Properties, more than doubling its portfolio.
Brandon Ribar
President and CEO of Sonida Senior Living.
Kevin Detz
Executive Vice President and Chief Financial Officer of Sonida Senior Living.
CNL Healthcare Properties
A non-traded real estate investment trust that merged with Sonida Senior Living.
What they’re saying
“Dollars from those transactions would first go to de-lever the company and then would be available for recycling into assets that we feel like reflect what the go-forward portfolio represents, which are high-quality, newer-vintage assets in strong growth markets that have a really good growth trajectory.”
— Brandon Ribar, President and CEO, Sonida Senior Living
“Note that these communities represent significantly less than the 10% of [net operating income], as they are less profitable than the company's core assets.”
— Kevin Detz, Executive Vice President and Chief Financial Officer, Sonida Senior Living
What’s next
Sonida expects to have the 'handful' of non-core communities on the market in the next 6 to 12 months.
The takeaway
Sonida's planned portfolio optimization through selective dispositions demonstrates its focus on streamlining operations and investing in higher-quality, higher-growth senior living assets following its transformative merger with CNL Healthcare Properties.
