Highlights
Average Same Property Occupancy in retirement segment up 230 basis points ("bps") year over year, and 200 bps quarter over quarter, to 94.1% in Q3 2025, further increasing to 94.7% in October 2025
Same Property Net Operating Income ("NOI"), excluding One-Time Items, up 9.7% year-over-year to $46.4 million in Q3 2025
Retirement Segment up 13.2% year-over-year in Q3 2025
Long-Term Care ("LTC") Segment up 6.7% year-over year in Q3 2025
Adjusted Funds from Operations ("AFFO"), excluding One-Time Items, increased by 36.1% year-over-year, or by 12.0% on a per share basis, in Q3 2025
AFFO Payout Ratio, excluding One-Time Items, lowered to 78.7% in Q3 2025 from 91.3% in Q3 2024
$652 million in acquisitions and developments completed to date in 2025
$67 million purchase agreement signed for retirement residence in Greater Toronto Area, bringing total acquisitions under contract to $161 million and increasing year-to-date portfolio expansion to over $800 million
$175 million in unsecured debentures issued in August 2025, bearing an interest rate of 4.112% per annum
"We are seeing significant growth momentum across every part of our business, from occupancy gains in our retirement portfolio, to the completion of two development projects in Ontario and the continued portfolio expansion through acquisitions. With a strong operating performance and a solid balance sheet providing access to attractive financing, we are on track to make 2025 a year that marks the next stage of Sienna's growth journey," said Nitin Jain, President and Chief Executive Officer.
2025 Growth Momentum
The table below highlights Sienna's portfolio expansion through acquisitions and developments to date in 2025:
2025 Acquisitions & Developments
Year Built
Location
Number of Beds/Suites
Purchase Price/ DevelopmentCost ($M) (1)
Investment Yield/ Expected DevelopmentYield (%) (2)
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 (3)
2021
Waterloo, Ontario
216
$
93.3
6.00
LaSalle Park / Retirement (3)
2013
Greater Toronto Area, Ontario
123
$
67.2
5.70
Total Acquisitions
$
594.7
Northern Heights
2025
North Bay, Ontario
160
$
78.0
8.00
Brants Landing (Retirement) & Oakwood Commons (LTC)
2025
Brantford, Ontario
147 / 160
$
140.0
8.50
Total Developments
$
218.0
Total Portfolio Expansion
$
812.7
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 Company signed a purchase agreement in November 2025, and expects to complete the transactions within 60 days of signing the purchase agreements.
Addition of Retirement Residence in Greater Toronto Area
On November 12, 2025, Sienna entered into a purchase agreement to acquire LaSalle Park, a 123-suite retirement residence located in Burlington, Ontario, a suburb in the Greater Toronto Area. Built in 2013, the property is 97% occupied and consists of 92 independent living and 31 assisted living units. Sienna will acquire a 78.2% interest in the property for a gross purchase price of approximately $67.2 million with an initial Investment Yield of approximately 5.70%.
The Company expects to acquire an additional 10.9% interest in January 2026, and the final 10.9% interest in five years. Management of the property will remain with a third party for a period of five years.
The acquisition of the initial 78.2% interest will be financed through the assumption of approximately $26.7 million in debt at an interest rate of approximately 4.4%, with the remaining balance financed through existing credit facilities. The transaction, which is expected to close within 60 days, is subject to regulatory approvals and customary closing conditions.
This marks Sienna's third high-quality acquisition in the Greater Toronto Area in 2025, a key market where the Company already has a significant presence and continues to build scale.
Financial and Operating Results
The following table represents the Key Performance Indicators adjusted for One-Time Items for the periods ended September 30:
Three months endedSeptember 30
Nine months endedSeptember 30
Thousands of Canadian dollars, except occupancy, share and ratio data
2025
2024
Change
2025
2024
Change
OCCUPANCY
Retirement - Average Same Property
94.1
%
91.8
%
2.3
%
92.9
%
90.8
%
2.1
%
Retirement - Average total occupancy
91.6
%
88.2
%
3.4
%
90.7
%
87.3
%
