Sienna Senior Living (SIA) Q4 2025 earnings summary

Executive summary

• Achieved 15.0% year-over-year revenue growth in 2025, surpassing $1.0 billion, driven by higher occupancy, rental rate increases, and acquisitions, with over CAD 800 million in assets added.

• Achieved strong organic growth for the 12th consecutive quarter and expanded workforce by 2,000.

• Issued nearly $700 million in equity and debt, all met with strong investor demand.

• Completed $594.7 million in acquisitions and $208 million in developments in 2025, with $79 million in acquisitions closed or under contract in early 2026.

• 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, with full-year revenue surpassing $1.0 billion, up 15.0%.

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

• Q4 operating funds from operations (OFFO) increased 24% to $34.2 million; AFFO up 19.8% to $27.9 million.

• Full-year 2025 OFFO and AFFO rose 27.1% and 25.7%, respectively, with AFFO reaching $102.5 million.

• AFFO payout ratio improved to 80.7% in Q4 and 84.6% for the full year.

Outlook and guidance

• Expects 2026 same property NOI growth above 10% in retirement and low single digits in long-term care.

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

• 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.