Sienna Senior Living (SIA) Q2 2025 earnings summary

Executive summary

• Achieved 17.4% year-over-year revenue growth to $253.6 million in Q2 2025, driven by higher occupancy, rental rate growth, and acquisitions.

• Expanded asset base with $315 million in acquisitions closed in Q2, over $430 million in total acquisitions and $220 million in developments in 2025, and more expected by year-end.

• Over 1,000 long-term care beds and 600+ retirement suites added in 2025.

• Recognized as one of Canada's best companies in 2025 by Time Magazine, reflecting growth and a purpose-driven culture.

• Published 2025 Impact Report and advanced major redevelopment projects in North Bay and Brantford.

Financial highlights

• Q2 2025 revenue rose 17.4% year-over-year to $253.6 million, with same property NOI up 8.2% to $45.1 million; retirement segment NOI up 12.3%, long-term care up 4.8%.

• Operating FFO grew 24.3% to $29.3 million; AFFO up 21% to $24.1 million, but AFFO per share declined 4.0% due to equity dilution.

• NOI (excluding one-time items) increased 18.8% to $50.6 million year-over-year.

• AFFO payout ratio rose to 89.5%, up 380 basis points from Q2 2024, reflecting equity-funded expansion.

• Debt to Adjusted Gross Book Value improved to 42.2% from 43.7% year-over-year.

Outlook and guidance

• Targeting stabilized retirement occupancy of 95% by Q1 2026, with July 2025 occupancy at 93.1%.

• Maintaining 2025 guidance for same property retirement NOI growth to exceed 10% and margin growth of 100–150 basis points; long-term care NOI growth expected in low single digits, excluding one-time items.

• On track to add nearly $660 million in assets by Q3 2025, with further growth potential for the remainder of the year.

• Asset optimization and new developments expected to drive further NOI and AFFO per share growth.