The following is a summary of the Sienna Senior Living Inc. (LWSCF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Sienna Senior Living reported Q1 2024 revenues of $239.4 million, up 19.9% year over year.
Same property net operating income (NOI) increased to $63.9 million, a growth of $27.6 million year over year.
Agency staffing costs decreased to $6.1 million in Q1 2024 from $10.3 million in the same period last year.
Operating Funds from Operations (OFFO) increased by 99.1% and AFFO increased 94.4% over the previous year.
AFFO payout ratio dropped to 48.2% in Q1 2024.
The company maintained significant liquidity with a position of $303 million at the end of Q1 2024.
Debt to adjusted EBITDA ratio improved to 7.1 times in Q1 2024 from 8.8 times in Q1 2023.
Business Progress:
Sienna is transitioning into a period of stability and growth, making significant strides to overcome pandemic-induced challenges.
Financial support from the Ontario and BC Government will allow 400 new care positions across Sienna.
Redevelopment of Cedarvale long-term care home into a state-of-the-art facility suitable for 160 residents will commence from Q4 2024.
Retirement operations continued to grow, with same property occupancy increasing to 88.1% in Q1.
Introduction of Learning Bites and Soar and Spark initiatives aimed to improve employee engagement and retention.
Sienna aims to raise resident occupancy to 95% by the end of 2024.
The company plans to continue construction projects and pursue investment and acquisition opportunities in long-term care and retirements spaces to bolster growth.
More details: SIENNA SENIOR LIVING INC IR
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