Sienna Reports Fourth Quarter 2025 Financial Results and Continues Platform Growth

Executive Summary

• Sienna Senior Living reported FY 2025 revenue of $1.036 billion (+15% YoY) and Q4 NOI of $55.3 million (+25% YoY).
• AFFO increased 19.8% YoY to $102.5 million for the year, with the payout ratio falling to 80.7% in Q4.
• The company issued $250 million of unsecured debentures (3.524% interest) and completed a $125 million ATM equity raise; the ATM program was renewed for an additional $150 million capacity.

Key Details

• Occupancy: Retirement segment average same‑property occupancy rose 180 bps YoY to 94.7% in Q4 2025 (95.2% in Jan 2026). LTC occupancy remained ~98%.
• Revenue: FY 2025 proportionate revenue $1,035.6 M (+15% YoY); Q4 2025 $278.4 M (+14.2%).
• NOI & AFFO: FY 2025 NOI $204.0 M (+20% YoY); Same‑property NOI $181.3 M (+9.1%). AFFO $102.5 M (+25.7% YoY). AFFO per share $1.119 (↑4.7%).
• Debt Financing: $250 M unsecured debentures issued Dec 2025 at 3.524% p.a.; net debt to adjusted gross book value rose to 40.7%; weighted‑average cost of debt 3.9%.
• Equity Financing: Q4 2025 ATM issuance of ~5.0 M shares raised $101.1 M (avg $20.15/share), fully deploying the $125 M program. Board approved renewal for up to $150 M additional equity capacity on Feb 19 2026.
• Acquisitions 2025: Total acquisition spend $594.7 M across 6 properties; development spend $208.0 M (total portfolio expansion $802.7 M).
• Acquisitions YTD 2026: Closed/under‑contract acquisitions total $78.9 M (Glenmore Lodge, LaSalle Park, The Bartlett).
• Development Projects: Advancing a 448‑bed LTC redevelopment in Toronto ($250 M budget, adds 85 beds, expected completion 2030).
• Outlook & Targets for 2026:
• Retirement occupancy ≥95%
• Retirement NOI growth ≥10% YoY; margin expansion 100–150 bps YoY
• LTC NOI growth low‑single‑digit % YoY
• Conference Call: Feb 20 2026, 10:00 a.m. ET (toll‑free 1‑800‑715‑9871, ID 1106230).

Notable Quotes

“Throughout 2025, we created significant value through a combination of organic growth, strategic acquisitions and new developments… In 2026, we expect to continue our growth momentum…” – Nitin Jain, President & CEO.