Sienna Senior Living (SIA) Q3 2025 earnings summary

Executive summary

• Achieved strong operational results in both retirement and long-term care segments, with significant occupancy and NOI growth, and successful completion of major Ontario development projects.

• Completed over CAD 800 million in acquisitions and developments in 2025, expanding presence in key urban markets and adding significant capacity.

• Employee engagement reached record highs, with 86% participation in the engagement survey and recognition from Time Magazine as one of Canada's best companies in 2025.

• Added a new Executive Vice President for Long-Term Care Operations, strengthening leadership.

Financial highlights

• Q3 2025 revenue rose 16.4% year-over-year to CAD 261.7 million, driven by occupancy, rental rate growth, and care revenue.

• Same property NOI increased 9.7% to CAD 46.4 million; retirement segment up 13.2%, long-term care up 6.7%.

• Operating FFO grew 33.3% to CAD 31.8 million; AFFO up 36.1% to CAD 27.7 million year-over-year; AFFO per share up 12% to CAD 0.298.

• AFFO payout ratio improved to 78.7% from 91.3% in Q3 2024.

• NOI (excluding one-time items) rose 24.5% to CAD 54.1 million in Q3 2025.

Outlook and guidance

• On track to reach 95% same property occupancy in retirement segment by year-end 2025, ahead of Q1 2026 target.

• Updated guidance: retirement segment same property NOI expected to grow 13%-14% year-over-year; long-term care NOI to grow 4%-5%.

• Rental growth in retirement segment projected at 4%-5% annually, with potential for further occupancy gains.

• Continued focus on asset optimization, operational efficiency, and strategic acquisitions to drive future growth.