Q3 2024 Sienna Senior Living Inc Earnings Call Transcript
Key Points
- Sienna Senior Living Inc (LWSCF) reported a 14.7% year-over-year increase in total adjusted same property NOI, with significant growth in both long-term care and retirement segments.
- The company successfully raised $144 million in equity and issued $150 million in unsecured debentures, both of which were significantly oversubscribed, indicating strong investor interest.
- Occupancy in the retirement segment increased by 250 basis points year-over-year, reaching over 90% for the first time in over five years.
- Sienna Senior Living Inc (LWSCF) announced a strategic expansion into Alberta with the acquisition of a $182 million portfolio of four continuing care homes, enhancing its growth potential.
- The company has a strong financial position with substantial liquidity of $517 million and no major debt maturities until Q1 2026, providing flexibility for future growth initiatives.
- AFFO per share decreased by 1.1% due to temporary dilution from the recent equity issuance.
- The company faces ongoing challenges with staffing, which remains a significant issue in the senior living sector.
- Despite improvements, some retirement homes still have lower occupancy levels, impacting overall performance.
- The care component in retirement homes is compressing margins due to increased demand for services and labor costs.
- There is strong competition for acquisition assets, which could impact the company's ability to secure favorable deals.
Ladies and gentlemen, welcome to Sienna Seniors Living Inc.'s third quarter 2024 conference call. Today's call is hosted by Nitin Jain, President and Chief Executive Officer; and David Hung, Chief Financial Officer of Sienna Senior Living, Inc.
Please be aware that certain statements or information discussed today are forward-looking and actual results could differ materially. The company does not undertake to update any forward-looking statement or information. Please refer to the forward-looking information and risk factors sections in the company's public filings, including its most recent MD&A and AIF for more information.
You'll also find a more fulsome discussion of the company's results in its MD&A and financial statements for the period, which are posted on SEDAR+ and can be found on the company's website, siennaliving.ca.
Today's call is being recorded and a replay will be available. Instructions for accessing the call are posted on the company's website and the details are provided in the company's news release. The company has posted slides which accompany
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