Sienna Senior Living Inc

Latest Results (23.01.2026):

Sienna Senior Living Inc — Q4 2024: Sienna reported strong Q4 2024 and full‑year 2024 results with broad operational and financial improvement. Total adjusted revenue for Q4 rose to $246.3M (+12.5% YoY), total adjusted NOI was $46.7M (+22.1% YoY) and adjusted same‑property NOI grew 22.6% YoY (29.0% in long‑term care and 15.3% in retirement). Net income for Q4 was $7.86M (vs. $0.43M a year earlier). Retirement same‑property occupancy reached 92.9% in Q4 (up 300 bps YoY) and the company strengthened its balance sheet with a $144M equity raise and $150M of unsecured debentures issued in 2024.

Revenue and NOI

Q4 2024 total adjusted revenue: $246.3M (vs $218.9M Q4 2023). Q4 total adjusted NOI: $46.7M (vs $38.2M). Same‑property NOI growth in Q4 2024: total +22.6% YoY, LTC +29.0%, Retirement +15.3%.

Profitability and cash‑flow metrics

Adjusted EBITDA for Q4 2024: $38.6M (vs $31.3M). Net income Q4: $7.86M (vs $0.43M). OFFO (operating FFO) Q4: $29.43M and AFFO Q4: $25.08M; AFFO per share $0.304. Dividends declared in Q4: $19.33M (dividend per share $0.234). AFFO payout ratio for Q4 2024: 77.1%.

Occupancy and operations

Retirement same‑property occupancy (Q4 2024): 92.9% (up 110 bps vs Q3 2024 and +300 bps YoY). LTC average occupancy remained very high (total 98.4% in Q4). Company expects to reach a stabilized retirement occupancy target of 95% within ~12 months and forecasts 2025 margin expansion of ~100–150 bps versus 2024.

Balance sheet and liquidity

Debt to adjusted gross book value at Q4 2024: 41.1% (down from 44.6% a year ago). Debt/Adjusted EBITDA: 6.4x (improved from 8.4x). Interest coverage about 3.4x and debt service coverage ~2.0x. 2024 liquidity actions included a $144M equity raise and issuance of $150M unsecured debentures to refinance maturing debt.

One‑time items and normalization

Sienna recognized $29.5M of one‑time items in 2024 (including Ontario one‑time funding, BC retroactive funding and a WSIB refund); net of tax these reduced to ~$21.7M. Excluding one‑time items, normalized Q4 and full‑year performance remains meaningfully improved versus 2023.

Growth pipeline and acquisitions

Sienna is advancing redevelopment projects (two expected completed and operational in H2 2025 with expected investment yields of 8.0–8.5%) and reports nearly $300M of accretive acquisitions under contract. The company also closed a strategic portfolio acquisition in Alberta as part of geographic expansion.

Asset optimization and portfolio initiatives

The company identified five retirement residences for near‑term repositioning (current average occupancy ~76%) to improve market fit and unlock NOI growth. Retirement assets undergoing optimization were moved out of the same‑property pool into a Growth & Optimization portfolio.

People and outlook

Sienna reported improved team retention (turnover down ~30% for a second consecutive year) supporting operational stability. Management remains constructive on sector fundamentals (aging population, constrained supply) and expects continued NOI and margin growth in 2025 driven by occupancy gains, asset optimization, redevelopments and accretive acquisitions.