Welcome!

News Feed Item

Sienna Senior Living Inc. Reports 2016 Fourth Quarter Financial Results

MARKHAM, ON --(Marketwired - February 16, 2017) - Sienna Senior Living Inc. (TSX: SIA) ("Sienna Senior Living" or the "Company") today announced its financial results for the year ended December 31, 2016. The Audited Consolidated Financial Statements and accompanying Management's Discussion and Analysis are available on the Company's website at www.siennaliving.ca and on SEDAR at www.sedar.com.

Fourth Quarter 2016 Highlights

  • Overall Same Property Retirement NOI up 7.1%
  • Diluted Operating Funds from Operations ("OFFO') per share of $0.32, up 4.6%
  • Strong Balance Sheet: Debt to Gross Book Value at 51.5%, vs 55.6% year-over-year, a decline of 410 bps. Debt to Gross Book Value would be 48.4% as at year end if all outstanding Convertible Debentures were converted to equity.

"We are pleased to deliver another strong quarter to round out the year, achieving 94.5% occupancy in our retirement residences," said Lois Cormack, President and Chief Executive Officer of Sienna. "With the successful integration of the portfolio of seniors living residences in British Columbia, focus on improving the resident experience, investment in our operating platform and executing on growth strategies, we believe we are well positioned to continue to deliver value for our shareholders in 2017."

                                                                            
Financial and Operating Highlights:                                         
                                                                            
----------------------------------------------------------------------------
                         Three months Three months   Year ended   Year ended
                                ended        ended December 31, December 31,
                         December 31, December 31,         2016         2015
                                 2016         2015                          
----------------------------------------------------------------------------
Average total occupancy                                                     
 (LTC)                          98.7%        98.8%        98.8%        98.7%
----------------------------------------------------------------------------
Average private                                                             
 occupancy (LTC)                98.7%        99.9%        99.8%        99.8%
----------------------------------------------------------------------------
Average occupancy                                                           
 (Retirement)                   95.2%        93.4%        93.2%        89.3%
----------------------------------------------------------------------------
As at occupancy                                                             
 (Retirement)                   94.5%        93.6%        94.5%        93.6%
----------------------------------------------------------------------------
Average total occupancy                                                     
 (Baltic)                       97.9%          n/a        97.9%          n/a
----------------------------------------------------------------------------
Average private                                                             
 occupancy (Baltic)             96.3%          n/a        96.1%          n/a
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
                         Three months Three months   Year ended   Year ended
$000s except occupancy,         ended        ended December 31, December 31,
 per share and ratio     December 31, December 31,         2016         2015
 data                            2016         2015                          
----------------------------------------------------------------------------
Net Operating Income          $27,409      $22,010      $97,822      $85,402
 (NOI) (1)                                                                  
----------------------------------------------------------------------------
Operating Funds from          $15,106      $11,453      $52,780      $43,007
 Operations (OFFO) (1)                                                      
----------------------------------------------------------------------------
OFFO per share, diluted        $0.318       $0.304       $1.259       $1.148
----------------------------------------------------------------------------
Adjusted Funds from           $15,241      $12,180      $59,116      $49,451
 Operations (AFFO) (1)                                                      
----------------------------------------------------------------------------
AFFO per share, diluted        $0.321       $0.323       $1.405       $1.312
----------------------------------------------------------------------------
AFFO per share, basic          $0.331       $0.334       $1.460       $1.359
----------------------------------------------------------------------------
Dividends declared per         $0.225       $0.225       $0.900       $0.900
 share                                                                      
----------------------------------------------------------------------------
Payout Ratio (2)                68.0%        67.4%        61.6%        66.2%
----------------------------------------------------------------------------
Notes:                                                                      
                                                                            
(1) NOI, FFO, OFFO and AFFO are not measures recognized under IFRS and do   
    not have standardized meanings prescribed by IFRS. NOI, FFO, OFFO and   
    AFFO are supplemental measures of a company's performance and management
    believes that NOI, FFO, OFFO and AFFO are relevant measures of its      
    earnings performance and its ability to pay dividends on the Company's  
    common shares. The IFRS measurement most directly comparable to AFFO is 
    cash flow from operations.                                              
(2) Payout Ratio is calculated using dividends declared per share divided by
    the basic AFFO per share for the respective periods.                    

Fourth Quarter 2016

The Company generated NOI of $27.4 million for the three months ended December 31, 2016, representing an increase of $5.4 million or 24.5% over the comparable prior year period. Same property NOI increased by $0.4 million or 1.8% over the comparable prior year period.

OFFO increased by $3.7 million or 31.9% to $15.1 million over the comparable prior year period. The increase was principally related to improved NOI contribution from same and newly acquired properties.

AFFO increased by $3.1 million or 25.1% to $15.2 million over the comparable prior year period. The increase was principally related to the increase in OFFO noted above, partially offset by timing of capital expenditures.

2016 Year End Results Summary

The Company generated NOI of $97.8 million for the year ended December 31, 2016, representing an increase of $12.4 million or 14.5% over the comparable prior year period. Same property NOI increased by $3.2 million or 3.8% over the prior year.

OFFO increased by $9.8 million or 22.7% to $52.8 million over the prior year. The increase was principally related to improved NOI contribution noted above from same and newly acquired properties.

AFFO increased by $9.7 million or 19.5% to $59.1 million over the prior year. The increase was principally related to the increase in OFFO noted above.

Conference Call

Lois Cormack, President and CEO, and Nitin Jain, Executive Vice President and CFO, will host a conference call for the investment community the following day, Friday, February 17, 2017 at 9:30 a.m. (EST). The call-in numbers for participants are 416-340-2216 or 866-225-0198. A webcast of the call will be accessible via Sienna's website at: www.siennaliving.ca/Investors/Events-Presentations.aspx.

A replay of the call will be available until March 3, 2017. To access the replay, dial 905-694-9451 or 800-408-3053 (pass code: 1152672). The webcast will be archived on Sienna's website.

About Sienna Senior Living
Sienna Senior Living (TSX: SIA) is one of Canada's leading seniors living providers serving the continuum of independent living, independent supportive living, assisted living, memory care and long-term care/ residential care through the operation of its 55 residences. We are committed to national growth, while driving long-term value creation for our shareholders. Our 9,000 employees are dedicated to helping residents live fully, every day. For more information, please visit www.siennaliving.ca.

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" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. 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, including the funding of long-term care facilities by government entities. Other material factors or assumptions that were applied in formulating the forward-looking statements contained herein include the assumption that the business and economic conditions affecting the Company's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity and government regulations.

Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of the Company as at the date of this news release and speak only as at the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
FinTech is the sum of financial and technology, and it’s one of the fastest growing tech industries. Total global investments in FinTech almost reached $50 billion last year, but there is still a great deal of confusion over what it is and what it means – especially as it applies to retirement. Building financial startups is not simple, but with the right team, technology and an innovative approach it can be an extremely interesting domain to disrupt. FinTech heralds a financial revolution that...
SYS-CON Events announced today that IoT Now has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...