Sienna Reports Third Quarter 2026 Financial Results and Continues Platform Growth

MARKHAM, Ontario, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today announced its financial results for the three and nine months ended September 30, 2026.

Highlights

• Average Same Property Occupancy in the retirement segment increases to 94.9% in Q3 2026
• Same Property Net Operating Income (“NOI”) up 8.7% year-over-year to $57.8 million in Q3 2026
  • Retirement Segment up 11.6% year-over-year in Q3 2026
  • Long-Term Care (“LTC”) Segment up 6.2% year-over-year in Q3 2026
• Operating Funds from Operations (“OFFO”) up 21.2% year-over-year, or 1.4% per share, in Q3 2026. OFFO per share includes a temporary dilutive impact of the At-The-Market Equity Distribution Program (“ATM Program”).
• Adjusted Funds from Operations (“AFFO”) up 25.7% year-over-year, or 5.2% per share, in Q3 2026. AFFO per share includes a temporary dilutive impact of the ATM Program. 
• AFFO Payout Ratio lowered to 72.0% in Q3 2026 from 75.9% in Q3 2025
• $433 million of acquisitions closed and under contract to date in 2026, with robust pipeline of further opportunities
• $150 million renewal of ATM Program to support growth
  
  

“The depth of Sienna’s operations, the Company’s growing scale and our disciplined approach to capital allocation put us in a strong position to provide more services and care to a growing number of Canadian seniors,” said Nitin Jain, President and Chief Executive Officer. “With 15 consecutive quarters of growth and $1.2 billion of assets added since the beginning of last year, our momentum is evident across the Company.”

2026 Growth through Acquisitions

The table below highlights Sienna’s portfolio expansion through acquisitions to date in 2026:

Renewal of ATM Program

On November 12, 2026, the Board of Directors approved the renewal of the ATM Program, which allows the Company to issue up to $150 million of common shares at its discretion to fund the Company’s growth initiatives. Concurrently, the ATM Program approved in May 2026 was terminated.

Financial and Operating Results

The following table represents the Key Performance Indicators for the periods ended September 30:

The year-over-year change in Same Property NOI, excluding retroactive adjustments in both years, for the three and nine months ended September 30, 2026 would have been as follows:

Financial Performance - Q3 2026

• Revenue, Proportionate Basis increased by 12.4%, or $32.6 million, to $295.7 million, compared to Q3 2025. In the Retirement segment, the increase is primarily attributable to rental rate increases, acquisitions, as well as higher care and ancillary revenue. In the LTC segment, the increase is primarily due to acquisitions and redevelopments completed in 2025, government funding increases, and increased private accommodation revenue.
• NOI increased by 18.2% or $10.1 million to $65.6 million, compared to Q3 2025. The Retirement segment NOI increased by $7.5 million, primarily attributable to revenue growth, offset partially by higher labour, food and utility expenses, and incremental expenses from acquisitions. The LTC segment NOI increased by $2.6 million, mainly due to revenue increases, offset in part by higher direct care labour and repair and maintenance expenses, and other inflationary pressures.
• Same Property NOI increased by 8.7% to $57.8 million compared to Q3 2025, including a 6.2% increase in the LTC segment, and a 11.6% increase in the retirement segment. Excluding the one-time items of Q3 2025, Same Property NOI would have increased by 11.6% compared to Q3 2025, driven by 11.6% growth in the retirement segment and 11.5% growth in the LTC segment.
• OFFO increased by 21.2% in Q3 2026, or $7.0 million, to $39.8 million compared to Q3 2025. The increase was primarily due to higher NOI, offset partially by higher income tax expenses and higher interest expenses from increased financings as a result of growth and higher borrowing rates. OFFO per share increased by 1.4% in Q3 2026, or $0.005, to $0.358, largely driven by higher OFFO, offset by the temporary dilutive impact of the ATM Program.
• AFFO increased by 25.7% in Q3 2026, or $7.4 million, to $36.1 million compared to Q3 2025. The increase was primarily driven by higher OFFO and construction funding income received from the Government of Ontario for redevelopments completed in 2025. AFFO per share increased by 5.2% in Q3 2026, or $0.016, to $0.325, largely driven by higher AFFO, offset by the temporary dilutive impact of the ATM Program.
• AFFO Payout Ratio lowered to 72.0% from 75.9% in Q3 2025, reflecting the Company’s strong operating results, contributions from completed developments and accretive acquisitions, and the progressive deployment of capital to fund acquisitions.
• Debt - The Company's Net Debt to Adjusted Gross Book Value decreased by 630 bps to 34.5% at the end of Q3 2026, from 40.8% at the end of Q3 2025, primarily as a result of the Company’s capital allocation strategy, including acquisitions and developments throughout 2025 and 2026, as well as equity raised under the Company’s ATM Program. Net Debt to Adjusted EBITDA decreased to 5.8 times in Q3 2026, from 7.9 times in Q3 2025 mainly driven by higher Adjusted EBITDA, as well as cash raised from the ATM Program, which was subsequently deployed to fund an acquisition announced in the quarter.

Financial Performance - Nine months ended September 30, 2026

• Revenue, Proportionate Basis increased by 14.4%, or $109.5 million, to $870.2 million, compared to nine months ended September 30, 2025. In the Retirement segment, the increase is primarily attributable to acquisitions, occupancy growth, rental rate increases, as well as higher care and ancillary revenue. In the LTC segment, the increase is primarily due to government funding increases, increased private accommodation revenue, acquisitions and redevelopments completed in 2025, and $3.2 million of retroactive funding related to the prior year.
• NOI increased by 24.8% to $189.6 million, compared to nine months ended September 30, 2025. The Retirement segment NOI increased by $23.9 million, primarily attributable to revenue increases, offset partially by higher labour, utility and maintenance expenses. The LTC segment NOI increased by $13.8 million, mainly due to revenue growth, offset in part by higher flow-through direct care labour, and repair and maintenance expenses.
• Same Property NOI increased by 12.0% to $162.8 million compared to nine months ended September 30, 2025, including a 14.0% increase in the retirement segment, and a 10.3% increase in the LTC segment. For the nine months ended September 30, 2026, the Company recognized $3.2 million of retroactive funding related to 2025 and a $0.3 million WSIB refund, compared to a $1.3 million of retroactive funding and $1.8 million WSIB refund recognized in the prior year. Excluding these items, Same Property NOI would have increased by 12.0% compared to Q3 2025, driven by 13.4% growth in the retirement segment and 10.8% growth in the LTC segment.
• OFFO increased by 32.2%, or $28.3 million, to $116.5 million compared to the nine months ended September 30, 2025. The increase was primarily driven by higher NOI and lower income tax expenses largely resulting from accelerated tax depreciation recognized in Q1 2026 on properties acquired in 2025, offset partially by higher interest expenses from increased financings as a result of growth and higher borrowing rates. OFFO per share increased by 12.3%, or $0.120, to $1.094 compared to the nine months ended September 30, 2025.
• AFFO increased by 37.9%, or $29.2 million, to $106.1 million compared to the nine months ended September 30, 2025. The increase was primarily driven by higher OFFO and construction funding income received, offset by increased maintenance capital expenditures. AFFO per share increased by 17.2% or $0.146, to $0.997 compared to the nine months ended September 30, 2025.
• AFFO Payout Ratio lowered to 71.0% from 83.4% for the nine months ended September 30, 2026, reflecting the Company’s strong operating results, contributions from completed developments and accretive acquisitions, and the progressive deployment of capital to fund acquisitions.
• $253 million of shares issued under Sienna’s ATM Program year-to-date in 2026.
  
  

Outlook

Long-term fundamentals in Canadian senior living are underpinned by growing demand, with seniors making up the fastest-growing demographic, and limited new supply of senior living accommodations.

Looking ahead, Sienna will continue to leverage these sector dynamics as we grow through portfolio optimization, and drive continued retirement NOI and margin growth.

In addition, the increasing scale of our operations, our ability to identify and execute on strategic transactions and the acceleration of our long-term care redevelopment program are positioning us well to sustain our growth momentum.

Retirement Operations – Our focus on generating strong interest in our residences, as well as continued improvements to our operations and favourable supply/demand fundamentals, supported the year-over-year occupancy and margin improvements. Same Property operating margins increased by approximately 200 bps year-over-year in Q3 2026.

Going forward, we will continue to focus on expanding the Company's NOI with concentrated marketing and sales initiatives, operational efficiency and asset optimization efforts. We expect Same Property NOI growth in our retirement portfolio to exceed 10% in 2026 as a result of the segment's occupancy growth, rate increases and higher care revenue.

Asset Optimization Initiatives – Sienna believes that there is a significant opportunity to create value through asset optimization initiatives at certain properties. These initiatives target a better market fit and include renovations, 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.

Long-Term Care Operations – Sienna's LTC platform is benefitting from government funding increases, higher revenue from private accommodation, in addition to a growing platform.

Excluding retroactive items, we expect the year-over-year increase of our 2026 LTC Same Property NOI for the full year to be in the high-single-digit percentage range, representing an increase from our previous target in the mid- to high-single-digit percentage range.

Growth Targets – The following table summarizes Sienna’s 2026 key targets for Same Property growth, excluding One-Time Items:

Conference Call

Sienna will host a conference call on Friday, November 13, 2026 at 9:30 a.m. (ET). The toll-free dial-in number for participants is 1-800-715-9871, conference ID: 1945631. 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 November 13, 2027 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 15,500 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, 2025, 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”, “target” 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) 477-4006 ext. 3030
nancy.webb@siennaliving.ca