Earnings release
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Sienna Reports Third Quarter 2025 Financial Results and Continues Growth in Greater Toronto Area MARKHAM, Ontario, Nov. 13, 2025 -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today announced its financial results for the three and nine months ended September 30, 2025. 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 • $175 million in unsecured debentures issued in August 2025, bearing an interest rate of 4.112% per annum “We are seeing significant growth momentum across every part of our business, from occupancy gains in our retirement portfolio, to the completion of two development projects in Ontario and the continued portfolio expansion through acquisitions. With a strong operating performance and a solid balance sheet providing access to attractive financing, we are on track to make 2025 a year that marks the next stage of Sienna’s growth journey,” said Nitin Jain, President and Chief Executive Officer. 2025 Growth Momentum The table below highlights Sienna’s portfolio expansion through acquisitions and developments to date in 2025: 2025 Acquisitions & Developments Year BuiltLocation Number of Beds/ Suites Purchase Price / Development Cost ($M) (1) Investment Yield / Expected Development Yield (%) (2) Nicola Lodge / LTC (30%) 2016 Greater Vancouver Area, British Columbia 256 $ 26.5 6.75 Alberta Portfolio / LTC 2022/2023Calgary, Edmonton, Medicine Hat, Fort Saskatchewan, Alberta 540 $ 181.6 6.50 Wildpine / Retirement 2019 Ottawa, Ontario 165 $ 48.0 6.25 Hazeldean Gardens / Retirement2018 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.
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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 ended September 30 Nine months ended September 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% 3.4% LTC - Average total occupancy 98.3% 98.4% (0.1)% 98.2% 98.1% 0.1% FINANCIAL Revenue, Proportionate Basis, excluding One-Time Items 261,695 224,775 36,920 757,146 656,585 100,561 Same Property NOI, excluding One-Time Items46,449 42,357 4,092 134,060 123,214 10,846 NOI, excluding One-Time Items 54,080 43,449 10,631 148,771 125,887 22,884 Administrative expenses 9,255 8,257 998 29,370 26,283 3,087 OFFO, excluding One-Time Items 31,818 23,877 7,941 85,778 66,822 18,956 AFFO, excluding One-Time Items 27,705 20,351 7,354 74,637 58,272 16,365 AFFO Payout Ratio, excluding One-Time Items78.7% 91.3% (12.6)% 86.0% 90.5% (4.5)% PER SHARE INFORMATION OFFO per share, excluding One-Time Items0.342 0.312 0.030 0.948 0.901 0.047 AFFO per share, excluding One-Time Items0.298 0.266 0.032 0.825 0.786 0.039 FINANCIAL RATIOS Debt to Adjusted Gross Book Value at period end44.2% 42.3% 1.9% 44.2% 42.3% 1.9% Weighted Average Cost of Debt at period end3.9% 3.7% 0.2% 3.9% 3.7% 0.2% Debt to Adjusted EBITDA at period end, excluding One-Time Items 8.8 8.4 0.4 8.8 8.4 0.4 CHANGE IN SAME PROPERTY NOI, EXCLUDING ONE-TIME ITEMS Retirement 13.2% 14.0% LTC 6.7% 4.6% Total 9.7% 8.8% Note: Refer to Sienna’s Management Discussion and Analysis (“MD&A”) for the three months and nine months ended September 30, 2025, published on November 13, 2025, for further details. This MD&A can be found on Company’s website at www.siennaliving.ca. Financial Performance - Q3 2025 • Revenue, Proportionate Basis, excluding One-Time Items increased by 16.4%, or $36.9 million, to $261.7 million, compared to Q3 2024. In the Retirement segment, the increase is primarily attributable to occupancy growth, rental rate increases in line with market conditions, and higher care and ancillary revenue. In the LTC segment, the increase is primarily due to higher flow-through funding for direct care, private accommodation revenue increases and contributions from acquisitions completed in 2025.
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• NOI, excluding One-Time Items increased by 24.5% to $54.1 million, compared to Q3 2024. The Retirement segment NOI, excluding One-Time Items, increased by $6.1 million, primarily attributable to occupancy growth, rental rate adjustments reflecting prevailing market conditions, higher care and ancillary revenue, and acquisitions completed in 2025. These increases were partially offset by increases in operating expenses mainly related to higher labour and utilities. The LTC segment NOI, excluding One-Time Items, increased by $4.5 million mainly due to higher flow-through funding for direct care, private accommodation revenue increases and contributions from acquisitions completed in 2025, offset in part by higher direct care labour and operating expenses. • Same Property NOI, excluding One-Time Items increased by 9.7% to $46.4 million, compared to Q3 2024, including a 6.7% increase to $24.4 million in the LTC segment, and a 13.2% increase to $22.1 million in the Retirement segment. • OFFO, excluding One-Time Items increased by 33.3% in Q3 2025, or $7.9 million, to $31.8 million compared to Q3 2024. The increase was primarily due to higher NOI in Q3 2025. OFFO per share, excluding One-Time Items increased by 9.6% in Q3 2025, or $0.030, to $0.342. • AFFO, excluding One-Time Items increased by 36.1% in Q3 2025, or $7.4 million, to $27.7 million compared to Q3 2024. The increase was primarily related to the increase in OFFO, offset by an increase in maintenance capital expenditure. AFFO per share, excluding One-Time Items, increased by 12.0% in Q3 2025 to $0.298. • AFFO Payout Ratio, excluding One-Time Items, improved to 78.7% from 91.3% in Q3 2024 reflecting the Company’s strong operating results and progressive deployment of equity issuances toward acquisitions. • Debt - The Company's Debt to Adjusted Gross Book Value increased by 190 bps to 44.2% at the end of Q3 2025, from 42.3% at the end of Q3 2024, primarily due the Company’s issuance of Series E senior unsecured debentures ("Series E Unsecured Debentures") and new mortgages from acquisitions during the year. The Weighted Average Cost of Debt increased by 20 bps to 3.9% at the end of Q3 2025, from 3.7% at the end of Q3 2024. The Weighted Average Term to Maturity decreased to 6.0 years from 6.2 years in Q3 2024. The Company is in compliance with all of its debt covenants. • DBRS Credit Rating – On August 1, 2025, Morningstar DBRS announced the confirmation of the Company’s BBB Issuer Rating and ratings on its Senior Unsecured Debentures, with trends remaining “Stable”. • Issuance of Unsecured Debentures – On August 21, 2025, the Company issued a $175.0 million aggregate principal amount of Series E Unsecured Debentures, bearing an interest rate of 4.112% per annum and maturing on August 21, 2030. Financial Performance - Nine Months ended September 30, 2025 • Revenue, proportionate basis, excluding One-Time Items increased by 15.3%, or $100.6 million, to $757.1 million, compared to the nine months ended September 30, 2024. In the Retirement segment, the increase is primarily attributable to occupancy increases, market-aligned rental rate adjustments, higher care and ancillary revenue and acquisitions completed in 2025. In the LTC segment, the increase is primarily due to higher funding and private accommodation revenue increases and contributions from acquisitions completed in 2025. • NOI, excluding One-Time Items increased by 18.2% to $148.8 million, compared to the nine months ended September 30, 2024. Retirement segment NOI, excluding One-Time Items, increased by $13.7 million primarily attributable to occupancy increases, rental rate adjustments in line with market conditions, higher care and ancillary revenue, and acquisitions completed in 2025. These increases were partially offset by increases in operating expenses primarily related to higher labour, food and utility expenses. LTC segment NOI, excluding One-Time Items increased by $9.2 million mainly due to higher flow-through funding for direct care, private accommodation revenue increases and contributions from acquisitions completed in 2025, offset in part by increases in direct care labour and operating expenses. • Same Property NOI, excluding One-Time Items increased by 8.8% to $134.1 million, compared to the nine months ended September 30, 2024, including a 4.6% increase to $71.1 million in the LTC segment, and a 14.0% increase to $63.0 million in the Retirement segment. • OFFO, excluding One-Time Items increased by 28.4%, or $19.0 million, to $85.8 million compared to the nine months ended September 30, 2024. The increase was primarily due to higher NOI. OFFO per share, excluding One- Time Items, increased by 5.2%, or $0.047, to $0.948 compared to the nine months ended September 30, 2024. • AFFO, excluding One-Time Items increased by 28.1%, or $16.4 million, to $74.6 million compared to the nine months ended September 30, 2024. The increase was primarily related to the increase in OFFO, offset by an increase in maintenance capital expenditure and a decrease in construction funding income. AFFO per share, excluding One- Time Items, increased by 5.0%, or $0.039, to $0.825 compared to the nine months ended September 30, 2024. • AFFO Payout Ratio, excluding One-Time Items improved to 86.0% from 90.5% for the nine months ended September 30, 2024, reflecting the Company’s strong operating results and progressive deployment of equity issuances toward acquisitions.
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Completion of Two Long-Term Care Redevelopment Projects and a Retirement Development in Ontario During Q3 2025, the Company completed two development projects, Northern Heights, a 160-bed long-term care redevelopment in North Bay, and a campus of care in Brantford, comprising a redeveloped 160-bed long-term care community and a new 147-suite retirement residence. Both long-term care redevelopment projects received a 30-year license from the Ontario Ministry of Long-Term Care, providing stable, government-funded cash-flows, which are expected to grow in line with inflation. Sienna anticipates to achieve full occupancy at the redeveloped long-term care communities within two months of opening, and targets annual improvements to the Company’s AFFO of approximately $4.7 million per project. This represents an approximate 3% increase in AFFO/share for each project, based on the Company's current number of shares outstanding. Addition to Leadership Team On October 15, 2025, Ali Mir joined Sienna as Executive Vice President, Long-Term Care Operations. Ali is a seasoned executive with extensive experience in health care and senior care. Before joining Sienna, he served as Chief Operating Officer at Sentrex Health Solutions, a national specialty pharmacy network, and at Extendicare, where he oversaw its home care division, ParaMed. Earlier in his career, Ali held leadership roles at eHealth Ontario (now Ontario Health) and McKinsey & Company, where he advised global organizations on growth and transformation strategies. Outlook The long-term fundamentals in Canadian senior living are fueled by the rising needs of seniors, who make up the fastest- growing demographic in Canada, and limited new supply of senior living accommodations. Looking ahead, Sienna will continue to leverage these sector dynamics as the Company grows through portfolio optimization, achieves retirement occupancy improvements towards its 95% target and drives retirement NOI and margin growth. In addition, the increasing scale of Sienna’s operations, combined with its ability to identify and execute on strategic transactions, is positioning the Company well to sustain its growth momentum. To date in 2025, Sienna has grown its platform by approximately $652 million across three provinces through acquisitions and developments, with an additional $161 million of acquisitions under contract and the potential for further growth over the coming year. Retirement Operations – Average occupancy in the Company's Same Property portfolio was 94.1% in Q3 2025, a 230 bps increase year-over-year. Occupancy continued to strengthen subsequent to the end of Q3 2025, increasing to 94.7% during the month of October, and Sienna anticipates to reach its occupancy target of 95% by the end of 2025. Occupancy improvements, in addition to rate growth, also supported a year-over-year 220 bps margin expansion. Our focus on generating strong interest in our residences, as well as continued improvements to our operations and favourable supply/demand fundamentals supported the year-over-year occupancy and margin improvement. Going forward, Sienna will continue to focus on expanding the Company's NOI with its concentrated marketing and sales initiatives, operational efficiency and asset optimization efforts. Sienna expects Same Property NOI growth in its retirement portfolio of approximately 13% - 14% in 2025 as a result of the segment's occupancy growth and rate increases. Reflecting this significant growth, Sienna has also increased its 2025 margin growth target in the retirement segment by 100 bps to approximately 200 – 250 bps compared to 2024. Asset Optimization Initiatives – Sienna believes that there is a significant opportunity to create value through asset optimization initiatives at certain properties. These initiatives target a better market fit and include renovations, the changes in suite mix, additional services or the alternative use of a property to reflect the evolving needs of residents. By optimizing our existing portfolio, we expect to unlock substantial NOI growth while modernizing Sienna’s asset base. Long-Term Care Operations – Sienna's LTC segment continues to benefit from a stable operating environment, high occupancy levels and an increase in private accommodation revenues as a result of higher private occupancy. For the balance of 2025, we expect continued benefits from fully occupied homes and our successful cost management strategy. Excluding One-Time Items, we expect the year-over-year increase of our LTC Same Property NOI for the full year to be approximately 4% - 5%. Growth Targets – The following table summarizes Sienna’s key 2025 targets for Same Property growth, excluding One-Time Items: Segment Performance Indicator Target Retirement Reaching 95% Occupancy By year-end 2025 Retirement 2025 Margin Growth (YoY) 200 - 250 bps Retirement 2025 NOI Growth (YoY) 13% - 14% LTC 2025 NOI Growth (YoY) 4% - 5%
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Significant Potential for Growth in NOI - Sienna sees significant growth potential in its business over the next several years and is actively working on a number of initiatives which may contribute to the Company’s NOI expansion including: • Occupancy growth in the Company’s retirement segment, including incremental NOI, as we move towards our target for stabilized average occupancy of 95.0% in our same-property portfolio; • Contributions from the Company's acquisitions completed and under contract to date in 2025, comprising approximately 1,800 suites/beds in Ontario, Alberta and British Columbia; • Contributions from the Company's new developments, once completed and operational, including in North Bay and Brantford, two projects which were completed in Q3 2025, and in Keswick, a project which is expected to be completed in early 2027; and • Contributions from the Company's asset optimization initiatives, including from its five assets in Sienna's Optimization portfolio. These initiatives could have a significant positive impact on the value of Sienna’s business and enhance its financial performance. Conference Call Sienna will host a conference call on November 14, 2025 at 10:00 a.m. (ET). The toll-free dial-in number for participants is 1- 800-715-9871, conference ID: 1823023. A webcast of the call will be accessible via Sienna's website at www.siennaliving.ca/investors/events-presentations. It will be available for replay until November 14, 2026 and archived on Sienna’s website. About Sienna Senior Living Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors' living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna's approximately 15,000 employees are passionate about cultivating happiness in daily life. For more information, please visit www.siennaliving.ca. Risk Factors Refer to the risk factors disclosed in the Company’s MD&A for the year ended December 31, 2024, and its most recent Annual Information Form for more information. Forward-Looking Statements Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals”, “target” or other similar words and are based on the Company’s expectations, estimates, forecasts and projections. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law. FOR FURTHER INFORMATION, PLEASE CONTACT: David Hung Chief Financial Officer and Executive Vice President, Investments (905) 489-0258 david.hung@siennaliving.ca Nancy Webb Executive Vice President, Corporate Affairs and Marketing (905) 477-4006 ext. 3030 nancy.webb@siennaliving.ca