SDA Report 2026
SDAHC Research's flagship annual report: supply, demand, pricing and investment context across Australia.
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Commercial clarity for SDA administrations and special situations.
A distressed or underperforming SDA asset is really two things: the freehold property, and the provider business. This report helps administrators, receivers and their advisers tell the two apart, and work out what's recoverable, what isn't, and what to do first.
About the publication
A companion to the SDA Market Report
SDA is an emerging asset class: granular data is limited, and a common source of value leakage is treating an SDA appointment as a conventional property realisation, when an SDA appointment is really two assets at once. This report is a companion to the SDA Market Report 2026, which covers the asset class broadly. It does not repeat that material; it focuses specifically on administration, distress, recovery and realisation for an individual appointment.
Inside the report
Key areas covered
The property and the provider business
Why an SDA appointment is two assets, not one, and why they need to be assessed separately before any decision is made.
The first 48 hours
What to secure immediately: provider and contracts, participant continuity, income, enrolment, the physical property and records.
Commercial vendor due diligence
A sequence for the first 30 days: secure, reconcile, diagnose, stabilise, value and decide.
Hidden chokeholds and recoverability
Identifying what is actually affecting recoverability, as distinct from what looks distressed on the surface.
Stabilise, hold or sell
A framework for deciding whether to stabilise and hold, or prepare the asset for realisation.
Occupancy quality through to realisation
How occupancy quality and due diligence findings carry through into a sale process and asset value.
Who it's for
Built for appointees and their advisers
Administrators and receivers
Needing to orient quickly on an unfamiliar asset class in the first days of an appointment.
Restructuring and insolvency advisers
Supporting appointees through stabilisation, due diligence and realisation decisions.
Secured lenders
Assessing recoverability and the realistic range of outcomes for an SDA-secured position.
Lawyers advising on SDA appointments
Needing commercial context to sit alongside their own legal analysis.
SDA owners, investors and fund managers
Assessing a distressed or special-situation SDA asset as a potential acquisition.
This report provides specialist commercial context; it is not legal, insolvency or financial advice, and does not replace the appointee's own professional obligations.
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SDA Administration & Special Situations Report
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Methodology
How this report is built
This report draws on the SDA Rules, published NDIA guidance and SDAHC's own commercial due-diligence experience across SDA administrations and special situations. It is intended to be read alongside the SDA Market Report 2026, which sets out SDAHC Research's broader market methodology; see the site-wide research methodology for further detail.
Where specialist commercial advice adds value
This report explains the commercial issues at play; applying that to a specific appointment, portfolio or transaction is a separate exercise. Where specialist SDA commercial advice is useful, see our strategic divestment advisory and property and portfolio sales services, or the full services and expertise overview.
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