MARKHAM, ON--(Marketwired - February 24, 2016) - Sienna Senior Living Inc. (
Fourth Quarter Highlights
Twelve Months Results
"The Company experienced another strong quarter, with continued improvements in the Company's retirement residence portfolio, resulting in a 6.3% percent increase in Operating Funds from Operations (OFFO) per share over the comparable period in 2014," said Lois Cormack, President & Chief Executive Officer of the Company. "We were also pleased to end the year with the addition of Traditions of Durham to our growing portfolio of quality retirement residences."
Financial and Operating Highlights:
Three months
ended December 31, 2015 |
Three months ended December 31, 2014 |
Year
ended December 31, 2015 |
Year ended December 31, 2014 |
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Average total occupancy (LTC) | 98.8% | 98.8% | 98.7% | 98.7% | ||||
Average private occupancy (LTC) | 99.9% | 99.8% | 99.8% | 99.4% | ||||
Average occupancy (Retirement) | 93.4% | 85.9% | 89.3% | 84.1% | ||||
As at occupancy (Retirement) | 93.6% | 86.8% | 93.6% | 86.8% | ||||
$000s except occupancy, per share and ratio data | |
Three months
ended December 31, 2015 |
|
Three months ended December 31, 2014 |
|
Year
ended December 31, 2015 |
|
Year ended December 31, 2014 |
Net Operating Income (NOI) (1,2) | $22,010 | $20,678 | $85,402 | $81,800 | ||||
Operating Funds from Operations (OFFO) (1) | $11,453 | $10,445 | $43,007 | $41,772 | ||||
OFFO per share diluted | $0.304 | $0.286 | $1.148 | $1.120 | ||||
Adjusted Funds from Operations (AFFO) (1) | $12,180 | $11,204 | $49,451 | $48,296 | ||||
AFFO per share diluted | $0.323 | $0.305 | $1.312 | $1.287 | ||||
AFFO per share basic | $0.334 | $0.309 | $1.359 | $1.332 | ||||
Dividends declared per share | $0.225 | $0.225 | $0.900 | $0.900 | ||||
Payout Ratio (3) | 67.4% | 72.8% | 66.2% | 67.6% | ||||
Notes:
Fourth Quarter 2015
The Company generated NOI of $22.0 million for the three months ended December 31, 2015, representing an increase of $1.3 million or 6.4% over Q4 2014.
OFFO for Q4 2015 increased by $1.0 million or 9.7% to $11.5 million compared to Q4 2014. The increase was driven by improved NOI contribution. AFFO for Q4 2015 increased by $1.0 million or 8.7% to $12.2 million compared to Q4 2014. Debt to Gross Book Value at the end of fourth quarter 2015 was 55.6%, a decrease of 80 bps compared to the end of fourth quarter 2014.
In December, 2015, the Company completed the acquisition of Traditions of Durham Retirement Residence, located in Oshawa, Ontario, for a purchase price of $37 million. Traditions of Durham is a 140-suite independent and assisted living residence.
2015 Twelve Months Results Summary
The Company generated NOI of $85.4 million for the year ended December 31, 2015, representing an increase of $3.6 million or 4.4% over 2014.
General and administrative expenses increased by $0.7 million or 4.1% to $18.2 million over 2014 primarily due to one-time rebranding costs of $0.5 million and inflationary increases in other administrative expenses.
OFFO increased by $1.2 million or 3.0% to $43.0 million over 2014. The increase was principally related to improved NOI contribution, partially offset by higher current income taxes and administrative expenses. AFFO increased by $1.2 million or 2.4% to $49.5 million over 2014.
Conference Call
Lois Cormack, President and CEO, and Nitin Jain, Executive Vice President and CFO, will host a conference call and live internet webcast for the investment community on Thursday, February 25, 2016, at 10:00 a.m. (EST) to discuss the Company's financial and operating results. The dial-in numbers for participants are 416-340-2220 (for local callers) and 1-866-225-9256 (for all other callers). A webcast of the call will be accessible via the Company's website at: www.siennaliving.ca/Investors/Events-Presentations.aspx.
A replay of the call will be available approximately 2 hours following the end of the call until March 9, 2016. To access the replay, dial 905-694-9451 or 1-800-408-3053 (pass code: 2797752). The webcast will be archived on the Company's website.
About Sienna Senior Living
Sienna Senior Living (
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", "should", "could", "would", "forecast", "expect", "may", "might", "will", "estimate", "plan", "budget", "intend", "project", "schedule", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. 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, including the funding of long-term care facilities by government entities. Other material factors or assumptions that were applied in formulating the forward-looking statements contained herein include the assumption that the business and economic conditions affecting the Company's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity and government regulations.
Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of the Company as at the date of this news release and speak only as at the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
Contact Information:
FOR FURTHER INFORMATION PLEASE CONTACT:
Lois Cormack
President & Chief Executive Officer
(905) 415-7612
Lois.Cormack@siennaliving.ca
Nitin Jain
Executive Vice President & Chief Financial Officer
(905) 489-0787
Nitin.Jain@siennaliving.ca