Sienna Senior Living (SIA) Q4 2025 earnings summary

Executive summary

• Achieved 12 consecutive quarters of strong organic growth, adding over CAD 800 million ($803 million) in assets in 2025 and issuing nearly CAD 700 million in equity and debt, all met with strong investor demand.

• Achieved record revenue of $1.04 billion in 2025, up 15.0% year-over-year, driven by occupancy growth, rental rate increases, and acquisitions.

• Completed significant acquisitions and developments, including $208 million in completed projects and new interests in properties in 2026.

• Maintained high team member engagement and record-low turnover at 19%.

• Net Promoter Scores at retirement residences increased by over 30% annually since 2023.

Financial highlights

• Q4 2025 revenue rose 14.2% year-over-year to $278.4 million; full-year revenue up 15.0% to $1.04 billion.

• Q4 same property NOI up 10.1% to $47.4 million; retirement segment up 15.4%, long-term care up 5.6%.

• Full-year same property NOI increased 9.1%; retirement segment up 14.3%, long-term care up 4.8%.

• Q4 OFFO up 24.0% to $34.2 million; AFFO up 19.8% to $27.9 million.

• Full-year OFFO up 27.1% to $120.0 million; AFFO up 25.7% to $102.5 million.

Outlook and guidance

• Retirement segment targets 2026 same property NOI growth above 10%, with occupancy above 95% and margin growth of 100–150 bps.

• Long-term care segment expects low single-digit percentage growth in same property NOI for 2026.

• Anticipates continued significant growth through acquisitions, supported by demographic trends with the 85+ age group expected to increase 2.5x by 2046.

• Rental growth in retirement segment expected to remain around 4%.

• Operating expenses projected to grow in line with inflation in 2026.