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
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
$79 million of acquisitions closed and under contract in 2026, with a robust pipeline of additional opportunities
Advancing 448-bed LTC redevelopment project in Toronto with expected construction start in second half of 2026
"Throughout 2025, we created significant value through a combination of organic growth, strategic acquisitions and new developments, strengthening both the scale and quality of Sienna's platform," said Nitin Jain, President and Chief Executive Officer. "In 2026, we expect to continue our growth momentum as we leverage the compelling supply/demand fundamentals in Canadian senior living, and further strengthen our position in the sector."
2025 Growth through Acquisitions & Developments
The table below highlights Sienna's portfolio expansion through acquisitions and developments in 2025:
2025 Acquisitions &Developments
Year Built
Location
Number ofBeds/Suites
Purchase Price/ DevelopmentCost ($M) (1)
Investment Yield/ ExpectedDevelopmentYield (%) (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 $79 Million of Acquisitions Closed or Under Contract in 2026
To date in 2026, Sienna has completed the acquisitions of additional interests in two majority-owned properties and has entered into a purchase agreement to acquire a retirement residence:
2026 AcquisitionsClosed & Under Contract
Year Built
Location
Number ofBeds/Suites
Purchase Price ($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
(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:
