Sienna Reports Third Quarter 2025 Financial Results and Continues Growth in Greater Toronto Area

Executive Summary

• Sienna Senior Living reported Q3 2025 revenue of C$261.7 M (up 16.4% YoY) and Same‑Property NOI of C$46.4 M (up 9.7% YoY).
• AFFO increased 36.1% YoY to C$27.7 M, with the payout ratio improving to 78.7% from 91.3% a year earlier.
• The company issued $175 M of Series E unsecured debentures at 4.112% and signed a $67.2 M purchase agreement for LaSalle Park retirement residence in the GTA.

Key Details

• Occupancy: Retirement same‑property occupancy rose to 94.1% (up 230 bps YoY) and to 94.7% in October 2025; LTC occupancy remained near 98%.
• Revenue: C$261.7 M for Q3 2025 (+16.4% YoY); C$757.1 M for nine months ended Sept 30 2025 (+15.3% YoY).
• NOI: Q3 2025 NOI = C$54.1 M (+24.5% YoY); Nine‑month NOI = C$148.8 M (+18.2% YoY).
• AFFO: Q3 2025 AFFO = C$27.7 M (+36.1% YoY); Nine‑month AFFO = C$74.6 M (+28.1% YoY).
• Debt: Debt to Adjusted Gross Book Value rose to 44.2%; Weighted Avg Cost of Debt increased to 3.9%. Series E debentures: $175 M principal, 4.112% interest, maturity Aug 21 2030.
• Acquisitions & Developments (2025): Total portfolio expansion to date C$812.7 M; notable acquisitions include:
• LaSalle Park (GTA) – 78.2% stake for $67.2 M; additional 10.9% interests to be acquired in Jan 2026 and five‑year tranche.
• Two Ontario projects completed: Northern Heights (160‑bed LTC, North Bay) and Brantford campus (160‑bed LTC + 147‑suite retirement). Both licensed for 30 years.
• Financing of LaSalle Park: $26.7 M debt assumed at ~4.4% interest; remainder funded via existing credit facilities. Closing expected within 60 days, subject to regulatory approvals.
• Leadership Addition: Ali Mir appointed EVP, Long‑Term Care Operations (effective Oct 15 2025).
• Guidance & Outlook: Target retirement occupancy of 95% by year‑end 2025; projected retirement NOI growth of 13–14% YoY and LTC NOI growth of 4–5% YoY.

Notable Quotes

“We are seeing significant growth momentum across every part of our business… we are on track to make 2025 a year that marks the next stage of Sienna’s growth journey,” – Nitin Jain, President & CEO.