Sienna Reports Fourth Quarter 2025 Financial Results and Continues Platform Growth
MARKHAM, Ontario, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today announced its financial results for the three and twelve months ended December 31, 2025.
Highlights
- Average Same Property Occupancy in retirement segment up 180 basis points (“bps”) year over year, to 94.7% in Q4 2025, further increasing to 95.2% in January 2026
- Revenue exceeds $1.0 billion in 2025, up 15.0% year-over-year
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Same Property Net Operating Income (“NOI”), excluding One-Time Items, up 10.1% year-over-year to $47.4 million in Q4 2025
- Retirement Segment up 15.4% year-over-year in Q4 2025
- Long-Term Care (“LTC”) Segment up 5.6% year-over year in Q4 2025
- Adjusted Funds from Operations (“AFFO”), excluding One-Time Items, increased by 19.8% year-over-year, or by 3.9% on a per share basis, in Q4 2025
- AFFO Payout Ratio, excluding One-Time Items, lowered to 80.7% in Q4 2025 from 83.1% in Q4 2024
- $250 million in unsecured debentures issued in December 2025, bearing an interest rate of 3.524% per annum
- $125 million of shares issued under Sienna’s At-The-Market Equity Distribution Program (“ATM Program”) in 2025, with additional capacity of $150 million added through renewal of ATM Program on February 19, 2026
- $79 million of acquisitions closed and under contract in 2026, with a robust pipeline of additional opportunities
- Advancing 448-bed LTC redevelopment project in Toronto with expected construction start in second half of 2026
“Throughout 2025, we created significant value through a combination of organic growth, strategic acquisitions and new developments, strengthening both the scale and quality of Sienna’s platform,” said Nitin Jain, President and Chief Executive Officer. “In 2026, we expect to continue our growth momentum as we leverage the compelling supply/demand fundamentals in Canadian senior living, and further strengthen our position in the sector.”
2025 Growth through Acquisitions & Developments
The table below highlights Sienna’s portfolio expansion through acquisitions and developments in 2025:
| 2025 Acquisitions & Developments |
Year Built | Location | Number of Beds/ Suites |
Purchase Price / Development Cost ($M) (1) |
Investment Yield / Expected Development Yield (%) (2) (3) (4) |
|||
| Nicola Lodge / LTC (30%) | 2016 | Greater Vancouver Area, British Columbia | 256 | $ | 26.5 | 6.75 | ||
| Alberta Portfolio / LTC | 2022/2023 | Calgary, Edmonton, Medicine Hat, Fort Saskatchewan, Alberta | 540 | $ | 181.6 | 6.50 | ||
| Wildpine / Retirement | 2019 | Ottawa, Ontario | 165 | $ | 48.0 | 6.25 | ||
| Hazeldean Gardens / Retirement | 2018 | Ottawa, Ontario | 172 | $ | 85.3 | 6.33 | ||
| Credit River / Retirement | 2016 | Greater Toronto Area, Ontario | 133 | $ | 60.2 | 5.75 | ||
| Cawthra Gardens / LTC | 2003 | Greater Toronto Area, Ontario | 192 | $ | 32.6 | 6.75 | ||
| Hygate / Retirement | 2021 | Waterloo, Ontario | 216 | $ | 93.3 | 6.00 | ||
| LaSalle Park / Retirement | 2013 | Greater Toronto Area, Ontario | 123 | $ | 67.2 | 5.70 | ||
| Total Acquisitions | $ | 594.7 | 6.24 | |||||
| Northern Heights | 2025 | North Bay, Ontario | 160 | $ | 76.0 | 8.00 | ||
| Brants Landing (Retirement) & Oakwood Commons (LTC) | 2025 | Brantford, Ontario | 147 / 160 | $ | 132.0 | 8.50 | ||
| Total Developments | $ | 208.0 | 8.32 | |||||
| Total 2025 Portfolio Expansion | $ | 802.7 | ||||||
| (1) Purchase price excludes working capital and other adjustments. | ||||||||
| (2) This is a KPI. Refer to the Non-GAAP Measures section in the Company’s MD&A for definition and additional information. | ||||||||
| (3) The Investment Yield for total acquisitions represents the weighted average Investment Yield based on the purchase price for acquisitions. | ||||||||
| (4) The expected Development Yield for total developments represents the weighted average Development Yield based on the development costs for constructions. | ||||||||
Continuing Acquisition Momentum with $79 Million of Acquisitions Closed or Under Contract in 2026
To date in 2026, Sienna has completed the acquisitions of additional interests in two majority-owned properties and has entered into a purchase agreement to acquire a retirement residence:
|
2026 Acquisitions Closed & Under Contract |
Year Built | Location | Number of Beds/ Suites |
Purchase Price ($M) (1) |
Investment Yield / Expected Development Yield (%) (2) (4) |
|||
| Glenmore Lodge (22.8%) / LTC | 2017 | Kelowna, British Columbia | 118 | $ | 10.1 | 6.65 | ||
| LaSalle Park (10.9%) / Retirement | 2013 | Greater Toronto Area, Ontario | 123 | $ | 9.4 | 5.70 | ||
| The Bartlett / Retirement(3) | 2021 | Greater Toronto Area, Ontario | 129 | $ | 59.4 | 5.75 | ||
| Total 2026 Acquisitions(YTD) | $ | 78.9 | 5.86 | |||||
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(1) Purchase price excludes working capital and other adjustments. | ||||||||
|
(2) This is a KPI. Refer to the Non-GAAP Measures section in the Company’s MD&A for definition and additional information. | ||||||||
|
(3) Under contract. | ||||||||
|
(4) Total Investment Yield represents the weighted average Investment Yield based on the purchase price for acquisitions. | ||||||||
Advancing 448-bed Long-Term Care Redevelopment Development in Toronto, Ontario
Sienna anticipates starting construction of a 448-bed redevelopment project at the site of Sienna's Glen Rouge Community in Toronto, Ontario, during the second half of 2026. The estimated $250 million redevelopment is expected to replace 363 beds, add 85 new beds, and generate an approximate Development Yield of 7.5% - 8.0%. This project is expected to be completed in 2030.
Full Deployment of $125 Million ATM Program – Followed by $150 Million Renewal
In Q4 2025, approximately 5.0 million shares were issued under the ATM Program for gross proceeds of approximately $101.1 million at an average share price of $20.15, and resulting in the full deployment of the Company’s $125 million ATM Program, which was established on May 6, 2025.
On February 19, 2026, Sienna’s Board of Directors approved the renewal of the ATM Program, allowing the Company to issue up to $150 million of shares at its discretion during the term of the ATM Program and providing additional financing flexibility to fund growth initiatives, including a robust acquisition pipeline, long-term care projects at various stages of development, and general corporate purposes.
Financial and Operating Results
The following table represents the Key Performance Indicators adjusted for One-Time Items for the periods ended December 31:
| Three months ended | Year ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| Thousands of Canadian dollars, except occupancy, share and ratio data | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
| OCCUPANCY | |||||||||||||
| Retirement - Average Same Property | 94.7 | % | 92.9 | % | 1.8 | % | 93.4 | % | 91.3 | % | 2.1 | % | |
| Retirement - Average total occupancy | 90.2 | % | 89.8 | % | 0.4 | % | 90.5 | % | 87.9 | % | 2.6 | % | |
| LTC - Average total occupancy | 98.3 | % | 98.4 | % | (0.1 | )% | 98.2 | % | 98.2 | % | — | % | |
| FINANCIAL | |||||||||||||
| Revenue, Proportionate Basis, excluding One-Time Items | 278,448 | 243,801 | 34,647 | 1,035,594 | 900,386 | 135,208 | |||||||
| Same Property NOI, excluding One-Time Items | 47,375 | 43,025 | 4,350 | 181,333 | 166,239 | 15,094 | |||||||
| NOI, excluding One-Time Items | 55,267 | 44,194 | 11,073 | 204,038 | 170,081 | 33,957 | |||||||
| Administrative expenses | 9,918 | 8,771 | 1,147 | 39,288 | 35,054 | 4,234 | |||||||
| OFFO, excluding One-Time Items | 34,245 | 27,623 | 6,622 | 120,023 | 94,445 | 25,578 | |||||||
| AFFO, excluding One-Time Items | 27,884 | 23,275 | 4,609 | 102,521 | 81,547 | 20,974 | |||||||
| AFFO Payout Ratio, excluding One-Time Items | 80.7 | % | 83.1 | % | (2.4 | )% | 84.6 | % | 88.4 | % | (3.8 | )% | |
| PER SHARE INFORMATION | |||||||||||||
| OFFO per share, excluding One-Time Items | 0.359 | 0.334 | 0.025 | 1.310 | 1.238 | 0.072 | |||||||
| AFFO per share, excluding One-Time Items | 0.293 | 0.282 | 0.011 | 1.119 | 1.069 | 0.050 | |||||||
| FINANCIAL RATIOS | |||||||||||||
| Net debt to Adjusted Gross Book Value at period end | 40.7 | % | 36.3 | % | 4.4 | % | 40.7 | % | 36.3 | % | 4.4 | % | |
| Weighted Average Cost of Debt at period end | 3.9 | % | 3.8 | % | 0.1 | % | 3.9 | % | 3.8 | % | 0.1 | % | |
| Net debt to Adjusted EBITDA at period end, excluding One-Time Items | 8.1 | 6.9 | 1.2 | 8.1 | 6.9 | 1.2 | |||||||
| Weighted Average Term to Maturity at period end | 5.7 | 6.7 | (1.0 | ) | 5.7 | 6.7 | (1.0 | ) | |||||
| CHANGE IN SAME PROPERTY NOI, EXCLUDING ONE-TIME ITEMS | |||||||||||||
| Retirement | 15.4 | % | 14.3 | % | |||||||||
| LTC | 5.6 | % | 4.8 | % | |||||||||
| Total | 10.1 | % | 9.1 | % | |||||||||
Note: Refer to Sienna’s Management Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2025, published on February 19, 2026, for further details. This MD&A can be found on Company’s website at www.siennaliving.ca.
Financial Performance - Q4 2025
- Revenue, Proportionate Basis, excluding One-Time Items increased by 14.2%, or $34.6 million, to $278.4 million, compared to Q4 2024. In the Retirement segment, the increase is primarily attributable to occupancy growth, rental rate increases in line with market conditions, as well as higher care revenue. In the LTC segment, the increase is primarily due to higher flow-through funding for direct care and increased private accommodation revenue. In addition, both the LTC and retirement segments benefitted from acquisitions and developments completed in 2025.
- NOI, excluding One-Time Items increased by 25.1% to $55.3 million, compared to Q4 2024. The Retirement segment NOI, excluding One-Time Items, increased by $6.1 million, primarily attributable to occupancy growth, rental rate adjustments reflecting prevailing market conditions, higher care revenue, and approximately $387 million of acquisitions completed in 2025. The LTC segment NOI, excluding One-Time Items, increased by $5.0 million mainly due to higher funding, private accommodation revenue increases and contributions from approximately $208 million of acquisitions completed in 2025, offset in part by higher labour, utilities and other operating expenses.
- Same Property NOI, excluding One-Time Items increased by 10.1% to $47.4 million, compared to Q4 2024, including a 5.6% increase to $24.6 million in the LTC segment, and a 15.4% increase to $22.8 million in the Retirement segment. Improved occupancy and rental rate growth in the Retirement segment and higher care revenue in the LTC segment were the key drivers of this growth.
- OFFO, excluding One-Time Items increased by 24.0% in Q4 2025, or $6.6 million, to $34.2 million compared to Q4 2024. The increase was primarily due to higher NOI in Q4 2025. OFFO per share, excluding One-Time Items increased by 7.5% in Q4 2025, or $0.025, to $0.359.
- AFFO, excluding One-Time Items increased by 19.8% in Q4 2025, or $4.6 million, to $27.9 million compared to Q4 2024. The increase was primarily related to the increase in OFFO, offset by increased maintenance capital expenditure. AFFO per share, excluding One-Time Items, increased by 3.9% in Q4 2025 to $0.293.
- AFFO Payout Ratio, excluding One-Time Items, lowered to 80.7% from 83.1% in Q4 2024 reflecting the Company’s strong operating results and progressive deployment of capital raised in recent equity issuances toward acquisitions.
- Debt - The Company's Net Debt to Adjusted Gross Book Value increased by 440 bps to 40.7% at the end of Q4 2025, from 36.3% at the end of Q4 2024, primarily due to the Company’s issuance of unsecured debentures and the assumption of new mortgages from acquisitions during the year. The Weighted Average Cost of Debt increased to 3.9% at the end of Q4 2025, from 3.8% at the end of Q4 2024. Net Debt to Adjusted EBITDA, excluding One-Time Items, increased to 8.1 times in Q4 2025 from 6.9 times in Q4 2024. The Weighted Average Term to Maturity decreased to 5.7 years from 6.7 years in Q4 2024. The Company is in compliance with all of its debt covenants.
Financial Performance - Year ended December 31, 2025
- Revenue, proportionate basis, excluding One-Time Items increased by 15.0%, or $135.2 million, to $1,035.6 million, compared to the year ended December 31, 2024. In the Retirement segment, the increase is primarily attributable to occupancy increases, market-aligned rental rate adjustments, higher care revenue and acquisitions completed in 2025. In the LTC segment, the increase is primarily due to higher funding and private accommodation revenue increases and contributions from acquisitions completed in 2025.
- NOI, excluding One-Time Items increased by 20.0% to $204.0 million, compared to the year ended December 31, 2024. Retirement segment NOI, excluding One-Time Items, increased by $19.8 million, primarily attributable to occupancy increases, rental rate adjustments in line with market conditions, higher care revenue, and acquisitions completed in 2025. These increases were partially offset by increases in operating expenses primarily related to higher labour, food and utility expenses. LTC segment NOI, excluding One-Time Items increased by $14.2 million mainly due to higher funding, private accommodation revenue increases and contributions from acquisitions completed in 2025, offset in part by increases in labour and operating expenses.
- Same Property NOI, excluding One-Time Items increased by 9.1% to $181.3 million, compared to the year ended December 31, 2024, including a 4.8% increase to $95.6 million in the LTC segment, and a 14.3% increase to $85.8 million in the Retirement segment.
- OFFO, excluding One-Time Items increased by 27.1%, or $25.6 million, to $120.0 million compared to the year ended December 31, 2024. The increase was primarily due to higher NOI. OFFO per share, excluding One-Time Items, increased by 5.8%, or $0.072, to $1.310 compared to the year ended December 31, 2024.
- AFFO, excluding One-Time Items increased by 25.7%, or $21.0 million, to $102.5 million compared to the year ended December 31, 2024. The increase was primarily related to the increase in OFFO, offset by increased maintenance capital expenditure. AFFO per share, excluding One-Time Items, increased by 4.7%, or $0.050, to $1.119 compared to the year ended December 31, 2024.
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AFFO Payout Ratio, excluding One-Time Items lowered to 84.6% from 88.4% for the year ended December 31, 2024, reflecting the Company’s strong operating results and progressive deployment of capital raise in recent equity issuances toward acquisitions.
Outlook
Long-term fundamentals in Canadian senior living are underpinned by growing demand, with seniors making up the fastest-growing demographic in Canada, and limited new supply of senior living accommodations.
Looking ahead, Sienna will continue to leverage these sector dynamics as the Company grows through portfolio optimization, achieves retirement occupancy improvements, and drives continued retirement NOI and margin growth.
In addition, the increasing scale of our operations, combined with our ability to identify and execute on strategic transactions, is positioning us well to sustain our growth momentum. In 2025, we grew our platform by approximately $803 million through acquisitions and developments, and we expect to continue our growth momentum going forward.
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 improvement. Occupancy continued to strengthen subsequent to the end of Q4 2025, increasing to 95.2% during the month of January 2026. Occupancy improvements, in addition to rate growth, also supported a year-over-year 300 bps margin expansion in Q4 2025.
Going forward, we will continue to focus on expanding the Company's NOI with our concentrated marketing and sales initiatives, operational efficiency and our 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, the 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. Effective January 1, 2026, Sienna updated the composition of its Same Property retirement portfolio to reflect ongoing asset optimization activities.
Long-Term Care Operations – Sienna's LTC segment benefits from a stable operating environment, high occupancy levels and an increase in private accommodation revenues as a result of higher private occupancy. Excluding One-Time Items, we expect the year-over-year increase of our 2026 LTC Same Property NOI for the full year to be in the low single-digit percentage range.
Growth Targets – The following table summarizes Sienna’s 2026 key targets for Same Property growth, excluding One-Time Items:
| Segment | Performance Indicator | Target |
| Retirement | 2026 Occupancy | 95%+ |
| Retirement | 2026 Margin Growth (YoY) | 100 bps - 150 bps |
| Retirement | 2026 NOI Growth (YoY) | 10%+ |
| LTC | 2026 NOI Growth (YoY) | Low single-digit % |
Conference Call
Sienna will host a conference call on February 20, 2026 at 10:00 a.m. (ET). The toll-free dial-in number for participants is 1-800-715-9871, conference ID: 1106230. 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 February 20, 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 15,000 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
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