Sienna Senior Living (SIA) Q3 2026 earnings summary

Executive summary

• Q3 proportionate revenue rose 12.4% YoY to $295.7M; same-property NOI increased 8.7% to $57.8M, marking a 15th consecutive quarter of growth.

• Same-property NOI grew in both segments: Retirement up 11.6% and Long-Term Care up 6.2% reported, or 11.5% excluding prior-year retroactive items.

• 2026 acquisitions completed or under contract totaled $432.6M; assets added since the beginning of 2025 totaled $1.2B.

Financial highlights

• Q3 IFRS revenue was $284.377M, up $31.683M YoY; net income was $10.508M versus $10.369M, and diluted EPS was $0.09 versus $0.11.

• Q3 proportionate NOI rose 18.2% to $65.559M; OFFO increased 21.2% to $39.786M and AFFO increased 25.7% to $36.092M.

• OFFO per share was $0.358 versus $0.353; AFFO per share was $0.325 versus $0.309, with both comparatives affected by prior-year retroactive funding.

• Nine-month IFRS revenue was $836.866M and net income was $39.256M; AFFO was $106.144M, up $29.167M YoY.

• Nine-month proportionate revenue increased 14.4% to $870.2M and NOI rose 24.8% to $189.6M.

Outlook and guidance

• 2026 Retirement same-property NOI growth is expected to exceed 10%, with occupancy targeted at 95% and margin growth of 150–200 bps.

• 2026 Long-Term Care same-property NOI growth, excluding retroactive items, is expected in the high-single-digit range, raised from the mid- to high-single-digit range.

• Priorities include portfolio optimization, operating efficiency, Retirement marketing and sales, and accelerated Long-Term Care redevelopment.

• Birch Landing completion was revised to H2 2027; Glen Rouge and Streetsville construction is expected to start in early 2027, subject to approvals.