Sienna Senior Living (SIA) Q1 2026 earnings summary

Executive summary

• Achieved 13 consecutive quarters of strong organic and same property growth, supported by acquisitions, redevelopment, and platform expansion, particularly in the Greater Toronto Area.

• Closed or contracted $188 million in acquisitions year-to-date 2026, including Rockland Manor, Ballycliffe, Glenmore Lodge, and LaSalle Park, with robust demand for senior living.

• Retirement operations benefited from improved occupancy, rental rate growth, and higher care revenue; LTC operations saw gains from higher private accommodation revenue and increased government funding.

• Both Retirement and LTC platforms delivered strong results, with significant occupancy and margin improvements.

• Disciplined capital allocation and platform enhancements continue to drive growth and elevate resident experience.

Financial highlights

• Revenue increased 17.3% year-over-year to $286.3 million in Q1 2026, driven by acquisitions, occupancy, rental rate growth, and higher care revenue.

• Same-property NOI rose 7.9% to $47.4 million; Retirement segment up 15.8%, LTC up 1.7%; excluding one-time items, overall same-property NOI up 10%.

• Operating funds from operations (OFFO) increased 42.5% to $37.1 million; AFFO up 45.1% to $35.1 million; AFFO per share up 23.5%.

• AFFO payout ratio improved to 68.5% from 86% year-over-year.

• Ended Q1 with $557 million in liquidity and nearly $1.5 billion in unencumbered assets.

Outlook and guidance

• Expects same-property NOI growth in excess of 10% and Retirement segment occupancy to reach or exceed 95% in 2026, excluding one-time items.

• LTC segment anticipated to deliver low to mid-single digit NOI growth, not factoring in one-time items.

• Alberta government funding increase of 7.25% and continued portfolio optimization expected to positively impact results.