Sienna Senior Living Inc T.SIA

Alternate Symbol(s): LWSCF

Healthcare

Sienna Senior Living Inc. is a Canada-based seniors' living provider. The Company serves the continuum of independent living (IL), independent supportive living (ISL), assisted living (AL), memory care and long-term care (LTC) through the ownership and operation of seniors' living residences in the Provinces of British Columbia, Saskatchewan and Ontario. It offers a full range of seniors’ living options, including independent living and assisted living under its Aspira retirement brand, long-term care, and specialized programs and services. It owns and operates a total of 81 seniors' living residences: 39 retirement residences, including its joint venture interest in 12 residences in Ontario and Saskatchewan; 34 LTC residences; and eight seniors' living residences providing both private-pay IL and AL and funded LTC, including its joint ownership in two residences in British Columbia. It also offers management services to 11 seniors' living residences in British Columbia and Ontario.

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Sienna Senior Living Inc

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Post by traderlong2on Aug 10, 2023 4:39pm

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Post# 35582614

Fantastic Q2

Financial performance - Q2 2023

Total Adjusted Revenue increased by 10.1% in Q2 2023 to $198.3 million, compared to Q2 2022. In the Retirement segment, the increase is mainly driven by rental rate increases, and additional revenue generated from a full quarter of contributions from the 12 JV properties acquired in Q2 2022. In the LTC segment, increased flow-through funding for direct care and annual inflationary funding increases contributed to the increase in total adjusted revenue.
Total NOI increased by 13.7% to $38.9 million, compared to Q2 2022, resulting from a $1.8 million increase in the Retirement segment, driven by same-property NOI growth, a full quarter of NOI from the 12 JV properties acquired in Q2 2022, and the acquisition of a new retirement property in Q1 2023. Total NOI increased by $2.9 million in the LTC segment, mainly due to lower net pandemic expenses which included retroactive funding of $1.4 million.
Same Property NOI increased by 9.3% to $37.1 million, compared to Q2 2022, including a 13.9% increase to $20.5 million in the LTC segment, and a 4.0% increase to $16.6 million in the Retirement segment.
OFFOper share increased by 24.1% in Q2 2023, or $0.057, to $0.294. The increase was primarily due to higher NOI, a favourable tax adjustment of approximately $1.5 million relating to 2022, partially offset by higher current income taxes, lower general and administrative expenses, partially offset by higher interest expense.
AFFOper share increased by 13.6% in Q2 2023, or $0.032, to $0.268. The increase was primarily related to higher OFFO, partially offset by higher maintenance capital expenditures and a decrease in construction funding.
AFFO payout ratio was 87.3% for Q2 2023.