Sienna Senior Living (SIA) Q4 2024 earnings summary

Executive summary

• Achieved eighth consecutive quarter of year-over-year NOI growth, driven by rising demand, asset optimization, and strong operating results in both long-term care and retirement segments.

• Completed or announced major acquisitions in Ontario, including Wildpine Residence and Cawthra Gardens, expanding presence in Ottawa and Mississauga.

• Asset optimization initiatives underway, with five retirement residences identified for repositioning to enhance market fit and unlock growth potential.

• Significant funding increases in long-term care and improved occupancy and rate growth in retirement operations supported results.

Financial highlights

• Q4 2024 total adjusted revenue rose 12.5% year-over-year to $246.3 million; full-year revenue up 13.9% to $929.9 million.

• Q4 2024 adjusted same property NOI increased 22.6% to $45.5 million; retirement segment up 15.3%, long-term care up 29%.

• Q4 2024 OFFO increased 33.1% to $29.4 million; AFFO up 41.3% to $25.1 million; AFFO payout ratio at 77.1%.

• Q4 2024 OFFO per share up 17.5% to $0.356; AFFO per share up 25.1% to $0.304.

• Liquidity at year-end was $435 million, up from $307 million in 2023.

Outlook and guidance

• Retirement segment same property NOI expected to grow ~10% in 2025, with margin expansion of 100–150 basis points and occupancy target of ~95%.

• Long-term care NOI growth target for 2025 is low single digits, in line with inflation, excluding one-time and retroactive items.

• Nearly $300 million of acquisitions under contract; continued acquisition and development activity planned for 2025.

• Three development projects totaling $307 million expected to be completed between late 2025 and early 2027, with anticipated positive impact on AFFO per share.