Sienna Reports First Quarter 2025 Financial Results and Continues Platform Expansion

Core Viewpoint - Sienna Senior Living Inc. reported strong growth in Q1 2025, driven by rising demand from an aging population, successful acquisitions, and operational strength, despite broader economic uncertainties [3][4][9]. Financial Performance - Total Adjusted Revenue for Q1 2025 increased by 12.1% to CAD 241.8 million compared to Q1 2024 [5][9]. - Total Adjusted Same Property Net Operating Income (NOI) rose by 8.5% to CAD 42.5 million [5][9]. - OFFO per share, excluding one-time items, increased by 8.3% to CAD 0.287 [5][9]. - AFFO per share, excluding one-time items, increased by 7.7% to CAD 0.266 [5][9]. Occupancy Rates - Average Same Property Occupancy in the retirement segment increased by 260 basis points year-over-year to 92.5% in Q1 2025 [5][10]. - Total average occupancy in the retirement segment reached 90.1%, up from 86.6% in Q1 2024 [4][5]. Acquisitions and Growth Initiatives - Sienna completed three acquisitions in 2025, with a total value exceeding CAD 250 million, expected to be immediately accretive to AFFO [4][6][9]. - The company signed an agreement to acquire Hazeldean Gardens Retirement Residence for CAD 85.3 million, expected to yield 6.33% [20][21]. - Sienna launched an At-The-Market Equity Distribution Program to raise up to CAD 125 million for future investments [23][24]. Long-Term Care Operations - The Long-Term Care (LTC) segment reported a total occupancy of 98.0%, with a 2.2% year-over-year increase in NOI [5][14]. - The company anticipates low single-digit percentage growth in LTC adjusted Same Property NOI for the full year, in line with inflation [15][9]. Development Projects - Sienna has three development projects underway, expected to exceed CAD 300 million, with significant potential for future NOI growth [17][15]. - Each project is projected to enhance AFFO per share by approximately 3% once operational [17]. Market Outlook - The Canadian senior living sector is expected to continue benefiting from the increasing needs of seniors and limited new supply, supporting Sienna's growth strategy [3][9].