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
Regardless of what business you’re in, it’s increasingly a software-driven business. Consumers’ rising expectations for connected digital and physical experiences are driving what some are calling the "Customer Experience Challenge.” In his session at @DevOpsSummit at 20th Cloud Expo, Marco Morales, Director of Global Solutions at CollabNet, will discuss how organizations are increasingly adopting a discipline of Value Stream Mapping to ensure that the software they are producing is poised to o...
This talk centers around how to automate best practices in a multi-/hybrid-cloud world based on our work with customers like GE, Discovery Communications and Fannie Mae. Today’s enterprises are reaping the benefits of cloud computing, but also discovering many risks and challenges. In the age of DevOps and the decentralization of IT, it’s easy to over-provision resources, forget that instances are running, or unintentionally expose vulnerabilities.
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing bes...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
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.
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...