Running Close to Pre-Pandemic LevelsSome good questions regarding occupancy and costs.
Everything is normal with the decrease in residency levels due to those leaving and moving to Long Term Care homes run by Sienna.
Costs will continue to streamline and agency use kept to a minimum. Cannot go to Zero as Agencies will always be needed, but they have declined considerably and Sienna will continue to use them sparingly thus decreasing labour costs as much as possible.
No more loans needing to be renegotiated until 4Q 2024, and so far all debt is quite manageable.
They are working with Government to increase the Funding Shortfall, and once this happens, it should improve fundamentals substantially.
Also, once the new homes under construction come on stream, they should provide further improvement to Payou Ratio in the mid to high single digits, so another improvement of 5% to 9% to the current 87.3% bringing it closer to 80% Payout Ratio to AFFO.
Still listening to the Q & A, but all answers are being given with great confidence. Feeling good about Sienna's future. Great job again management.
Hoping there's no gap up today and a push higher that can be sustained. Sienna is greatly undervalued. CC is now over.