Sienna Senior Living Inc. · TSX:SIA
Sienna Senior Living — Q4 2023 Earnings Presentation
15 slides from Sienna Senior Living's earnings presentation, Feb 21, 2024
Slide 1: Q4 2023 Conference Call
Q4 2023 Conference Call February 21, 2024
Slide 2: Cautionary Note
Cautionary Note Certain information in this presentation may contain forward-looking information. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information, and certain material factors or assumptions were applied in drawing conclusions or m
Slide 3: Presenters
Presenters Nitin Jain Chief Executive Officer, President & Director David Hung Chief Financial Officer & Executive Vice President
Slide 4: Stable Operating Environment Supports Strong Results
Stable Operating Environment Supports Strong Results Same Property Net Operating Income $37.7M Focus on optimizing revenue +16.5% and reducing costs leads to $32.4M notable improvements in Sienna’s Q4 2023 same Q4 2023 property net operating income Q4 2022 Sienna Senior Living 4
Slide 5: Long-Term Care Operations Back at Full Occupancy
Long-Term Care Operations Back at Full Occupancy Reinvigorated growth against backdrop of stable operating environment Exceeded occupancy requirement for full government funding Increased preferred accommodation revenues Reduced agency cost 97.6% 21.1% Average Total Q4 Long-Term Care Long-Te
Slide 6: Steady Progress Towards Stabilized Retirement Occupancy
Steady Progress Towards Stabilized Retirement Occupancy Progressing towards goal of stabilized occupancy of 95% Focus on high opportunity homes with lower occupancy levels Average rate increases of 5% supporting results 88.2% 11.8% ~150 bps Q4 Retirement Q4 Retirement Expected YoY 2024 Same Sa
Slide 7: Growth & Expansion Across Three Provinces
Growth & Expansion Across Three Provinces Alberta Britannia Retirement Residence Calgary, Alberta Elgin Falls Retirement Residence, Niagara Falls, Ontario Management contract for 70-suite retirement residence in Calgary British Columbia Nicola Lodge Long-Term Care Community Acquisition of additi
Slide 8: High Team Member Engagement & Retention
High Team Member Engagement & Retention Distinguishing Sienna as an operator and employer of choice in Canadian senior living 11% Improved Retention 8
Slide 9: Operating & Financial Results
Operating & Financial Results
Slide 10: Q4 Operating Results
Q4 Operating Results Q4 2023 Q4 2022 Long-term care operations benefitting from funding increases, Total Adjusted Revenue $218.9M $193.2M high occupancy levels and higher +13.3% preferred revenues Total Net Operating Income $38.2M $32.5M Retirement operations (“NOI”) +17.5% benefitting from rate gro
Slide 11: Q4 Funds From Operations
Q4 Funds From Operations Q4 2023 Q4 2022 OFFO benefitting form higher NOI AFFO increase as a result of higher $22.1M $17.7M OFFO, offset partly by higher Operating Funds from +24.9% maintenance costs and a decrease in Operations (“OFFO”) construction funding income $0.303 $0.243 OFFO per share +24.7
Slide 12: Strong Financial Position: Debt Maturities
Strong Financial Position 5.9 years Weighted Average Term to Maturity $307M Liquidity $252M Debt Maturities Series A Unsecured $201M $192M $1.0B Debentures $176M Series C Unsecured Series B Unsecured $136M Debentures Debentures Unencumbered Assets $58M $7M 44.6% 2024 2025 2026 2027 2028 2029 2030 -
Slide 13: Outlook
Outlook Retirement Long-Term Care 2024 SP NOI 2024 SP NOI Expected to grow in Expected to grow in high-single digit low to mid-single digit percentage range percentage range Sienna is in a strong position to take advantage of the tremendous growth potential in Canadian senior living 13
Slide 14: Growth Propelled by Demographic Shifts
Growth Propelled by Demographic Shifts Projected Population Growth of 85+ Age Group Notable decline in construction starts in Canada in recent years 33% Construction starts as % of senior housing inventory 25% 6.00% 5.6% 4.9% 1.65 Million 4.8% 5.00% 15% 85+ Population 4.00% 3.7% 3.4% 1.25 Million 3.
Slide 15: Contact Information
Contact Information Sienna Senior Living Inc. David Hung siennaliving.ca Chief Financial Officer and Executive Vice President t: (905) 477-4006 t: (905) 489-0258 e: investors@siennaliving.ca e: david.hung@siennaliving.ca Nancy Webb Senior Vice President, Public Affairs & Marketing t: (905) 489-0788