Sienna Senior Living Reports Strong Q1 2024 Results Amid Government Support

Sienna Senior Living reports strong Q1 2024 results, driven by government funding and occupancy growth. The company expects to add 400 new care staff positions and complete redevelopment projects in Ontario and British Columbia.

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Sienna Senior Living Reports Strong Q1 2024 Results Amid Government Support

Sienna Senior Living Reports Strong Q1 2024 Results Amid Government Support

Sienna Senior Living Incorporated has reported a strong first quarter for 2024, showcasing stability and growth across its operations. The company highlighted significant support from the Ontario and British Columbia governments, which has been instrumental in addressing pandemic challenges and aiding sector growth.

Why this matters: The government's support forsenior living facilities has a direct impact on the quality of care and services provided to seniors, and it also affects the overall healthcare system. As the senior population continues to grow, the success of companies like Sienna Senior Living will play a crucial role in shaping the future of senior care in Canada.

Improved occupancy rates and a robust financial position are expected to drive continued expansion in both long-term care and retirement businesses. Same property NOI increased by $27.6 million to $63.9 million year-over-year. One-time government funding from Ontario and BC totaled $13.4 million and $13.6 million, respectively. The company expects to add up to 400 new care staff positions across Sienna.

The Ontario government's funding announcements include enhancements with a construction funding subsidy of up to $35 per day for the next 25 years and a 6.6% increase in the level of care funding. The British Columbia government's retroactive funding recognizes significant cost escalations due to inflation over the past four years.

Same property occupancy in retirement operations grew to 88.1% in Q1, a 30-basis-point improvement year-over-year. Monthly same property occupancy increased for the past three months, reaching 88.9% in April. The company is making progress in leasing suites at its recently completed retirement residence in Niagara Falls.

Nitin Jain, President and Chief Executive Officer of Sienna Senior Living Incorporated, stated, "We are up to a great start in this year. Our first quarter results highlight that we have transitioned into a period of stability and growth." He added, "Creating a workspace where they can put their passion for their work into action is something we strive for each and every day."

Sienna Senior Living's strong Q1 2024 results demonstrate the company's resilience and growth potential, supported by significant government funding and a focus on team member engagement and occupancy growth. With redevelopment projects in North Bay, Brantford, and Cedarvale expected to complete in the coming years, Sienna is well-positioned to continue its expansion and deliver quality care to seniors across Ontario and British Columbia.