Sienna Senior Living (SIA) Q2 2026 earnings summary

Executive summary

• Achieved 14 consecutive quarters of strong year-over-year growth in retirement and long-term care operations, driven by organic growth, acquisitions, and accelerated redevelopment initiatives.

• Formed a strategic joint venture with Fiera Infrastructure to accelerate long-term care redevelopments, targeting $625 million in projects.

• Recognized as one of Canada's Best Companies by TIME Magazine for the second consecutive year, highlighting a commitment to purpose and performance.

Financial highlights

• Revenue increased by 13.6% year-over-year to $288.2 million in Q2 2026, driven by acquisitions, occupancy, rental rate growth, and increased care revenue.

• Same Property NOI rose 19.4% to $57.6 million, with retirement segment up 15.2% and long-term care up 22.6%.

• Operating funds from operations (OFFO) increased by 35% to $39.6 million; adjusted funds from operations (AFFO) up 44.9% to $34.9 million.

• AFFO payout ratio improved to 72.3% from 89.5% year-over-year.

• OFFO and AFFO per share increased by 16.4% and 24.4%, respectively.

Outlook and guidance

• 2026 target confirmed for more than 10% Same Property NOI growth in retirement segment.

• Raised long-term care Same Property NOI growth target to mid to high single digits for 2026.

• Year-end retirement occupancy target set at 95%+.

• Focus remains on portfolio optimization, operational efficiency, and asset modernization to sustain growth momentum.

• Medium-term forecast for long-term care NOI growth to eventually moderate to low single digits.