MARKHAM, Ontario, Feb. 19, 2025 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today announced its financial results for the three and twelve months ended December 31, 2024. The Consolidated Financial Statements and accompanying Management’s Discussion and Analysis (“MD&A”) are available on the Company’s website at www.siennaliving.ca and on SEDAR+ at www.sedarplus.ca.
Sienna’s fourth quarter results highlight the Company’s two-year growth trajectory, marking its eighth consecutive quarter of year-over-year adjusted same property net operating income (“NOI”) growth since the beginning of 2023.
“2024 has been a year of tremendous progress and demonstrates the strength and potential of our Company,” said Nitin Jain, President and Chief Executive Officer. “We continued our growth momentum for a second year in a row, further strengthened our balance sheet, advanced our development pipeline with two projects nearing completion, and secured a highly attractive portfolio acquisition in Alberta. But this was just the beginning—with the rapid growth of Canada’s senior population driving unprecedented demand, we believe there is exceptional growth potential for Sienna for years to come.”
Operating Highlights
- Adjusted same property NOI increased by 22.6% to $45.5 million, compared to Q4 2023, including
- a 15.3% year-over-year increase in the Retirement segment, and
- a 29.0% year-over-year increase in the long-term care (“LTC”) segment
- Continued progress towards 95% same property retirement occupancy – average same property occupancy increased by 300 basis points (“bps”) to 92.9% in Q4 2024 compared to Q4 2023; average monthly occupancy further improved to 93.1% in January 2025;
- Significant year-over-year increase in LTC NOI highlights strength of LTC platform – a stable operating environment, fully occupied homes, improvements to government funding and Sienna’s successful cost management strategy all supported the 29.0% year-over-year increase in the Company’s LTC segment in Q4 2024;
- Improved team member retention contributes to reduction in agency staffing costs – agency staffing costs decreased to $3.4 million, down $2.4 million year-over-year in Q4 2024, supported by Sienna’s proactive staffing initiatives and a 30% decrease in team member turnover year-over-year in 2024;
- Comprehensive asset optimization initiatives – as part of the Company’s asset optimization initiatives, Sienna has identified five retirement residences for near-term repositioning in order to enhance their market fit and unlock their full growth potential.
In connection with these initiatives, the identified repositioning assets have been reclassified from the Company’s Same Property portfolio to its Growth and Optimization portfolio. Comparative figures for prior periods have been adjusted for consistency with the current year’s presentation.
Sienna continues to grow with $81 million of high quality acquisitions in Ontario
Sienna is pleased to continue its growth momentum with two high quality acquisitions in Ottawa and the Greater Toronto Area (“GTA”), including a 165-suite retirement residence in the Ottawa suburb of Stittsville, and a 192-bed Class A long-term care home located in the City of Mississauga, a large suburb within the GTA. With a combined purchase price of $81 million, these two assets will further enhance Sienna’s diversified asset base in two key markets in Ontario.
“We are excited to further expand our operations with two high quality acquisitions in Ontario, generating immediate synergies with our existing portfolio and enhancing the size and quality of our diversified asset base,” said David Hung, Chief Financial Officer and Executive Vice President, Investments at Sienna. “The acquisitions will be completed at a significant discount to replacement cost and are expected to be immediately accretive to Sienna’s AFFO per share.”
- $48.0 million contemporary retirement residence in Ottawa – On February 10, 2025, the Company entered into a purchase agreement to acquire Wildpine Residence, a 165-suite retirement residence consisting of 119 independent living (IL) and 46 assisted living (AL) units in Stittsville, a suburb located in Ottawa’s west end. Opened in 2019, the four-storey property offers attractive amenities, including luxury suites with balconies and patios, multiple dining rooms, a pub and lounge, as well as excellent health & fitness facilities. The property’s occupancy is stabilized and is expected to benefit from synergies with nearby properties owned by the Company in addition to the rapidly improving supply-demand fundamentals in the Ottawa market.
The gross purchase price for the acquisition is $48.0 million, subject to certain customary adjustments, and will be financed through the assumption of approximately $25.0 million of CMHC insured debt and the remainder through use of general corporate funds. Sienna is acquiring this property at a capitalization rate of 6.25%.
The transaction is subject to regulatory approvals and customary closing conditions, and is expected to close by mid-2025.
- $32.6 million Class A long-term care community in the Greater Toronto Area – On February 14, 2025, the Company entered into a purchase agreement to acquire Cawthra Gardens, a 192-bed Class A long-term care home in Mississauga, Ontario. Built in 2003 and located near two other Sienna LTC communities in the highly attractive Mississauga market, Cawthra Gardens will benefit from Sienna’s well-established operating platform to achieve synergies with nearby properties owned by the Company. In addition, the high wait list for long-term care homes and constrained supply, make this three-storey home comprising 120 private beds and 72 basic beds a very attractive investment opportunity.
The purchase price for the acquisition of $32.6 million is subject to certain customary adjustments and includes a $2.0 million capital allowance which the Company plans to use within the first twelve months after closing. The acquisition will be financed through use of general corporate funds. Sienna is acquiring this property at a capitalization rate of 6.75%.
The transaction is subject to regulatory approvals and customary closing conditions, and is expected to close in early 2026.
Financial performance – Q4 2024
- Total Adjusted Revenue increased by 12.5% in Q4 2024, to $246.3 million, compared to Q4 2023. In the Retirement segment, the increase was mainly driven by occupancy increases, annual rental rate increases, and care and ancillary revenue. In the LTC segment, the increase was primarily due to increased flow-through funding for direct care, significant government funding increases offsetting cost pressures in recent years, and retroactive funding from British Columbia health authorities of $2.5 million, including $1.8 million relating to the prior year.
- Total Adjusted NOI increased by 22.1%, to $46.7 million, compared to Q4 2023. Adjusted NOI in the Retirement segment increased by $2.7 million mainly due to occupancy increases, annual rental rate increases, and higher care and ancillary revenue, offset partially by higher labour and food costs, and increased maintenance expenses. NOI in the LTC segment increased by $5.8 million largely due to a significant annual government funding increase to support cost increases in recent years and retroactive funding of $2.5 million from British Columbia health authorities, of which $1.8 million relates to the prior year, offset by direct care wages and inflationary increases in expenses.
- Adjusted Same Property NOI increased by 22.6% to $45.5 million, compared to Q4 2023, including a $19.1 million contribution from the Retirement segment, and a $25.8 million contribution from the LTC segment.
- OFFO per share increased by 17.5% in Q4 2024, or $0.053, to $0.356. The increase was primarily attributable to higher Adjusted NOI, including $1.8 million of retroactive funding ($2.5 million net of $0.7 million taxes), of which $1.4 million ($1.8 million net of $0.4 million taxes) relates to the prior year, and lower interest, partially offset by higher income tax.
- AFFO per share increased by 25.1% in Q4 2024 to $0.304. The increase was primarily related to the increase in OFFO.
- AFFO payout ratio was 77.1% in Q4 2024, compared to 96.2% in Q4 2023.
Financial performance – Year ended December 31, 2024
- Total Adjusted Revenue increased by 13.9%, or $113.3 million, to $929.9 million, compared to the year ended December 31, 2023. In the Retirement segment, the increase is mainly driven by occupancy growth, annual rental rate increases in line with market conditions, and higher care and ancillary revenue. In the LTC segment, the increase is mainly driven by one-time and retroactive funding of $29.5 million, including $25.5 million related to prior years, a one-time Workplace Safety and Insurance Board (“WSIB”) refund of $3.0 million related to prior years that was recorded in Q2 2024, higher annual inflationary funding increases, and higher preferred accommodation revenue.
- Total Adjusted NOI increased by 32.0% to $199.6 million, compared to the year ended December 31, 2023. Retirement segment total adjusted NOI increased by $6.5 million primarily attributed to annual rental rate and occupancy increases, and higher care and ancillary revenue offset partially by higher labour, food costs and operating expenses. LTC segment total adjusted NOI increased by $41.8 million mainly due to one-time and retroactive funding of $29.5 million, including $25.5 million related to the prior years, and higher annual inflationary funding increases, and a one-time WSIB refund of $3.0 million related to prior years, offset by increase in direct care labour and other operating expenses.
- Adjusted Same Property NOI increased by 34.0% to $195.8 million, compared to the year ended December 31, 2023, including a 53.3% increase to $120.3 million in the LTC segment, and a 12.6% increase to $73.4 million in the Retirement segment.
- OFFO per share increased by 35.3%, or $0.397, to $1.522, compared to the year ended December 31, 2023. The increase was primarily attributable to higher Adjusted NOI, including, $18.7 million of one-time & retroactive funding relating to prior years and a one-time WSIB refund of $2.5 million related to prior years in Q2 2024, partially offset by higher current income tax.
- AFFO per share increased by 31.4%, or $0.323, to $1.353, compared to the year ended December 31, 2023. The increase was primarily related to the increase in OFFO, offset by a decrease in construction funding income and increase in maintenance capital expenditure.
- AFFO payout ratio was 69.8%, a 21.1% improvement compared to 90.9% for the year ended December 31, 2023.
Financial position
The Company maintained a strong financial position during Q4 2024:
- Increased liquidity to $435.0 million as at December 31, 2024, compared to $307.3 million as at December 31, 2023, mainly as a result of Sienna’s equity raise in August 2024;
- Improved Interest Coverage Ratio to 3.9 for the twelve months ended December 31, 2024, compared to 3.4 for the twelve months ended December 31, 2023;
- Improved Debt Service Coverage Ratio to 2.3 for the twelve months ended December 31, 2024, compared to 1.9 for the twelve months ended December 31, 2023;
- Extended Weighted Average Term to Maturity of its debt to 6.7 years as at December 31, 2024, from 5.9 years as at December 31, 2023;
- Improved Debt to Adjusted EBITDA for the trailing 12 months to 6.4 as at December 31, 2024, from 8.4 as at December 31, 2023;
- Decreased Debt to Adjusted Gross Book Value by 350 bps to 41.1% as at December 31, 2024 from 44.6% as at December 31, 2023.
Financial and Operating Results
The following table represents the Key Performance Indicators for the periods ended December 31:
| Three months ended December 31, | Year ended December 31, | |||||||
| $000s except occupancy, per share and ratio data | 2024 | 2023 | 2024 | 2023 | ||||
| OCCUPANCY | ||||||||
| Retirement – Average same property (1) | 92.9 | % | 89.9 | % | 91.3 | % | 88.7 | % |
| Retirement – Average Growth and Optimization (2) | 71.4 | % | 77.1 | % | 67.5 | % | 78.5 | % |
| Retirement – Optimization(2) | 76.4 | % | 77.1 | % | 74.6 | % | 78.5 | % |
| Retirement – Growth(2) | 49.8 | % | — | % | 34.2 | % | — | % |
| Retirement – Average total occupancy | 89.8 | % | 88.4 | % | 87.9 | % | 87.5 | % |
| LTC – Average private occupancy | 97.7 | % | 93.3 | % | 97.1 | % | 92.0 | % |
| LTC – Average total occupancy (3) | 98.4 | % | 97.5 | % | 98.2 | % | 97.5 | % |
| FINANCIAL | ||||||||
| Total Adjusted Revenue (4) | 246,265 | 218,863 | 929,911 | 816,657 | ||||
| Total Adjusted Same property NOI | 45,489 | 37,089 | 195,764 | 146,049 | ||||
| Total Adjusted NOI | 46,658 | 38,204 | 199,606 | 151,255 | ||||
| OFFO per share | 0.356 | 0.303 | 1.522 | 1.125 | ||||
| AFFO per share | 0.304 | 0.243 | 1.353 | 1.030 | ||||
| AFFO Payout ratio | 77.1 | % | 96.2 | % | 69.8 | % | 90.9 | % |
| FINANCIAL RATIOS | ||||||||
| Debt to Adjusted Gross Book Value as at period end | 41.1 | % | 44.6 | % | 41.1 | % | 44.6 | % |
| Weighted Average Cost of Debt as at period end | 3.8 | % | 3.7 | % | 3.8 | % | 3.7 | % |
| Debt to Adjusted EBITDA as at period end | 6.4 | 8.4 | 6.4 | 8.4 | ||||
| Interest Coverage Ratio | 3.4 | 3.4 | 3.9 | 3.4 | ||||
| Debt Service Coverage Ratio | 2.0 | 1.8 | 2.3 | 1.9 | ||||
| Weighted Average Term to Maturity as at period end | 6.7 | 5.9 | 6.7 | 5.9 | ||||
| CHANGE IN TOTAL ADJUSTED SAME PROPERTY NOI | ||||||||
| Retirement | 15.3 | % | 11.7 | % | ||||
| LTC | 29.0 | % | 53.3 | % | ||||
| Total | 22.6 | % | 34.0 | % | ||||
| Notes: 1. Effective January 1, 2024, the results of Woods Park, which was acquired in January 2023, were reclassified from “Growth and Optimization” to “Same Property”. 2. Effective as of Q4 2024, “Growth and Optimization” portfolio, previously referred to as “Acquisitions, Development and Others” includes five retirement residences that are undergoing repositioning under asset optimization initiative, which are grouped as part of “Retirement – Optimization”, and one retirement residence in Niagara Falls included in “Retirement – Growth”, which opened on January 24, 2024 and is currently in lease up effective January 24, 2024. Refer to our Q4 2024 MD&A for impact of Same Property definition changes. 3. Excludes the 3rd and 4th beds in multi-bed rooms in Ontario that will not be reopened. 4. Effective January 1, 2024, the Company began classifying all active funding that started during the pandemic as revenue (“pandemic funding”), with the corresponding expenses are presented as part of operating expenses. In 2023, the Company presented them on a net basis as net pandemic and incremental agency expenses. | ||||||||
The following tables represents the Key Performance Indicators adjusted for one-time items for the three and twelve month periods ended December 31:
| Three months ended December 31, | ||||||||||
| $000s except occupancy, per share and ratio data | 2024, including one-time items | Less: one-time items (1) | 2024, excluding one-time items | 2023 | Change (2) | |||||
| FINANCIAL | ||||||||||
| Total Adjusted Revenue | 246,265 | (2,464 | ) | 243,801 | 218,863 | 24,938 | ||||
| Total Adjusted Same Property NOI | 45,489 | (2,464 | ) | 43,025 | 37,089 | 5,936 | ||||
| Total Adjusted NOI | 46,658 | (2,464 | ) | 44,194 | 38,204 | 5,990 | ||||
| Adjusted EBITDA | 38,575 | (2,464 | ) | 36,111 | 31,272 | 4,839 | ||||
| OFFO | 29,432 | (1,809 | ) | 27,623 | 22,112 | 5,511 | ||||
| AFFO | 25,084 | (1,809 | ) | 23,275 | 17,756 | 5,519 | ||||
| AFFO Payout ratio | 77.1 | % | 6.0 | % | 83.1 | % | 96.2 | % | (13.1)% | |
| PER SHARE INFORMATION | ||||||||||
| OFFO per share | 0.356 | (0.022 | ) | 0.334 | 0.303 | 0.031 | ||||
| AFFO per share | 0.304 | (0.022 | ) | 0.282 | 0.243 | 0.039 | ||||
| FINANCIAL RATIOS | ||||||||||
| Debt to Adjusted EBITDA as at period end | 6.4 | 1.4 | 7.8 | 8.4 | (0.6 | ) | ||||
| Interest Coverage Ratio | 3.4 | (0.2 | ) | 3.2 | 3.4 | (0.2 | ) | |||
| Debt Service Coverage Ratio | 2.0 | (0.2 | ) | 1.8 | 1.8 | — | ||||
| CHANGE IN TOTAL ADJUSTED SAME PROPERTY NOI | ||||||||||
| Retirement | 15.3 | % | ||||||||
| LTC | 16.6 | % | ||||||||
| Total | 16.0 | % | ||||||||
| Notes: 1. In Q4 2024, the Company received retroactive funding of $1.8 million ($2.5 million net of $0.7 million taxes) from British Columbia health authorities, including $1,357 ($1,848 net of $491 taxes) relating to the prior year. 2. Change between 2024, excluding one-time items, and 2023. | ||||||||||
| Year ended December 31, | ||||||||||
| $000s except occupancy, per share and ratio data | 2024, including one-time items | Less: one-time items (1) | 2024, excluding one-time items | 2023 | Change (3) | |||||
| FINANCIAL | ||||||||||
| Total Adjusted Revenue | 929,911 | (29,525 | ) | 900,386 | 816,657 | 83,729 | ||||
| Total Adjusted Same Property NOI | 195,764 | (29,525 | ) | 166,239 | 146,049 | 20,190 | ||||
| Total Adjusted NOI | 199,606 | (29,525 | ) | 170,081 | 151,255 | 18,826 | ||||
| Adjusted EBITDA | 168,086 | (29,525 | ) | 138,561 | 126,976 | 11,585 | ||||
| OFFO | 116,119 | (21,674 | ) | 94,445 | 82,071 | 12,374 | ||||
| AFFO | 103,221 | (21,674 | ) | 81,547 | 75,137 | 6,410 | ||||
| AFFO Payout ratio | 69.8 | % | 18.6 | % | 88.4 | % | 90.9 | % | (2.5)% | |
| PER SHARE INFORMATION | ||||||||||
| OFFO per share | 1.522 | (0.284 | ) | 1.238 | 1.125 | 0.397 | ||||
| AFFO per share | 1.353 | (0.284 | ) | 1.069 | 1.030 | 0.323 | ||||
| FINANCIAL RATIOS | ||||||||||
| Debt to Adjusted EBITDA as at period end | 6.4 | 1.4 | 7.8 | 8.4 | (0.6 | ) | ||||
| Interest Coverage Ratio | 3.9 | (0.6 | ) | 3.3 | 3.4 | (0.1 | ) | |||
| Debt Service Coverage Ratio | 2.3 | (0.4 | ) | 1.9 | 1.9 | — | ||||
| CHANGE IN TOTAL ADJUSTED SAME PROPERTY NOI | ||||||||||
| Retirement | 11.0 | % | ||||||||
| LTC | 16.2 | % | ||||||||
| Total | 13.8 | % | ||||||||
| Notes: 1. The following table summarizes One-time items recognized in 2024, including items relating to prior years: | ||||||||||
| Thousands of Canadian dollars, except, share data | Amount | Taxes | Amount net of Taxes |
| Q1 – Ontario One-time Funding | 10,064 | 2,676 | 7,388 |
| Q1 – British Columbia Retroactive Funding | 13,591 | 3,614 | 9,977 |
| Q2 – WSIB refund (2) | 3,406 | 906 | 2,500 |
| Q4 – British Columbia Retroactive Funding | 2,464 | 655 | 1,809 |
| Total One-Time Items Relating to Prior Years | 29,525 | 7,851 | 21,674 |
| 2. WSIB refund of $3.4 million related to prior years of which $3.0 million as recognized by the Company’s LTC segment and $0.4 million by the Company’s RET segment. 3. Change between 2024, excluding one-time items, and 2023. | |||
Outlook
Long-term fundamentals in Canadian senior living are exceptionally strong, fueled by the rising needs of seniors, who make up the fastest-growing demographic in Canada, and limited new supply of senior living accommodations.
Looking ahead, we will continue to leverage these outstanding sector dynamics as we grow through portfolio optimization, achieve retirement occupancy improvements towards our 95% target and drive retirement NOI and margin growth. In addition, our redevelopment initiatives in Ontario, with two projects expected to be completed and operational in the second half of 2025, along with nearly $300 million of accretive acquisitions under contract, all give us confidence with respect to Sienna’s growth outlook for 2025 and beyond.
Retirement Operations – Average occupancy in the Company’s Same Property portfolio was 92.9% in Q4 2024, a 300 bps increase year-over-year and a 110 bps increase since Q3 2024. Our sales platform and intensified focus on generating interest in our residences, as well as continued improvements to our operations and exceptional supply/demand fundamentals supported this occupancy improvement and put us on our path to achieving stabilized occupancy of 95% in the next 12 months. Occupancy improved further to 93.1% in January 2025, and lead indicators, including qualified leads and tours, remain strong.
Going forward, we will continue to focus on expanding the Company’s Adjusted NOI with our concentrated marketing and sales initiatives, as well as our asset optimization efforts. We are targeting year-over-year adjusted Same Property NOI growth in our retirement portfolio to be approximately 10% in 2025 as a result of occupancy growth and rate increases. We are further targeting margin growth in our Same Property portfolio of approximately 100 – 150 bps in 2025 compared to 2024.
Asset Optimization Initiatives – Sienna believes that there is a significant opportunity to create value through its asset optimization initiatives at certain properties. These initiatives target a better market fit and include renovations, the changes in suite mix, additional services or the alternative use of a property to reflect the evolving needs of residents. By optimizing our existing portfolio, we expect to unlock substantial NOI growth while modernizing Sienna’s asset base and ensuring the most efficient use of our capital.
We have identified five retirement residences that are well suited for repositioning in the near term. With a current average occupancy rate of approximately 76%, these assets are expected to make a significant contribution to Sienna’s overall NOI growth, once repositioned
Long-Term Care Operations – The Government of Ontario’s increase to Other Accommodations funding to offset inflation in recent years, which covers the costs of resident accommodation, comfort and safety, became effective as of Q2 2024 and has helped to support the significant year-over-year increase in Sienna’s LTC NOI. Further contributing to our strong results were high occupancy levels and higher preferred accommodation revenues.
In 2025, we expect to continue to benefit from a stable operating environment, fully occupied homes and our successful cost management strategy. As a result, we expect our 2025 LTC NOI for the full year, excluding one-time and retroactive funding of $26.1 million and a WSIB refund of $3.0 million recognized in 2024, to increase in the low single digits, in line with inflation.
Developments – Sienna currently has three projects in North Bay, Brantford and Keswick under development, which are expected to exceed $300 million.
The following table summarizes development projects that were in progress in Q4 2024:
| Projects | Property Type | Expected Completion | Number of Beds / Suites | Estimated Development Costs | Development Grant | Annual Construction Subsidy (1) | Expected Development Yield | |
| Brantford | LTC / Retirement | Q4 2025 | 160 / 147 | $140M | $4.0M | $3.3M | 8.5 | % |
| North Bay | LTC | Q4 2025 | 160 | $80M | $4.0M | $3.3M | 8.0 | % |
| Keswick | LTC | Q1 2027 | 160 | $87M | $8.2M | $3.5M | 8.5 | % |
| Total | 480 / 147 | $307M | $16.2M | $10.1M | ||||
Notes:
1. Total amount receivable each year over a period of 25 years.
The Government of Ontario’s commitment in its 2024 budget to significant new investments in the long-term care sector affirmed our strategy to enhance and expand our long-term care platform and maintain a diversified portfolio of long-term care communities and retirement residences.
Once completed and fully operational, our three development projects are expected to have a significant impact on our operating results and improve our net incremental AFFO/share on average by approximately 3%.
Significant Potential for Growth in Adjusted NOI – We see significant growth potential in our business over the next several years and are actively working on a number of initiatives which may contribute to the Company’s Adjusted NOI expansion including:
- Occupancy growth in the Company’s retirement segment, including incremental Adjusted NOI as we move towards our target for stabilized average occupancy of 95.0%. In our same-property portfolio, this would represent a 210 bps increase from our average occupancy of 92.9% in Q4 2024, supporting rental rate growth in line with market rents and targeted margin growth of 100 – 150 bps points within the next 12 months.
- Contributions from acquisitions, asset optimization and new developments, including incremental Adjusted NOI from:
- The Elgin Falls Retirement Residence, completed in late 2023 for $38.5 million with respect to the Company’s 70% joint venture interest, which has an expected development yield of approximately 7.5%; in addition, the Company has the ability to acquire the remaining 30% ownership interest, once the property is fully stabilized;
- The Company’s five assets identified to be repositioned as part of its asset optimization initiatives;
- The Company’s acquisition of its remaining interest in Nicola Lodge, expected to generate an investment yield of 6.75%;
- The Company’s development projects in North Bay, Brantford, and Keswick, once completed and operational;
- The contributions from the Company’s Acquisition in Alberta, expected to generate an approximate 6.5% investment yield once stabilized following the closing of the transaction at the end of Q1 2025, with potential additional upside; and
- The contributions from the Company’s acquisition of a retirement residence in Ottawa and a long-term care community in the GTA, expected to generate approximate investment yields of 6.25% and 6.75%, respectively.
These initiatives, individually and collectively, could have a significant positive impact on the value of Sienna’s business, enhancing its financial performance with growth in Adjusted NOI and OFFO, and supporting the Company’s AFFO payout ratio.
Conference Call
Sienna will host a conference call on February 20, 2025 at 10:00 a.m. (ET). The toll-free dial-in number for participants is 1-800-715-9871, conference ID: 4902109. A webcast of the call will be accessible via Sienna’s website at www.siennaliving.ca/investors/events-presentations. It will be available for replay until February 20, 2026 and archived on Sienna’s website.
About Sienna Senior Living
Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors’ living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna’s approximately 13,500 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca.
Risk Factors
Refer to the risk factors disclosed in the Company’s MD&A for the year ended December 31, 2024, and its most recent Annual Information Form for more information.
Forward-Looking Statements
Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals” or other similar words and are based on the Company’s expectations, estimates, forecasts and projections. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
FOR FURTHER INFORMATION, PLEASE CONTACT:
David Hung
Chief Financial Officer and Executive Vice President, Investments
(905) 489-0258
david.hung@siennaliving.ca
Nancy Webb
Executive Vice President, Corporate Affairs and Marketing
(905) 489-0788
nancy.webb@siennaliving.ca
