The following is a summary of the Sienna Senior Living Inc. (LWSCF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Sienna Senior Living reported Q1 2024 revenues of $239.4 million, up 19.9% year over year.

• Same property net operating income (NOI) increased to $63.9 million, a growth of $27.6 million year over year.

• Agency staffing costs decreased to $6.1 million in Q1 2024 from $10.3 million in the same period last year.

• Operating Funds from Operations (OFFO) increased by 99.1% and AFFO increased 94.4% over the previous year.

• AFFO payout ratio dropped to 48.2% in Q1 2024.

• The company maintained significant liquidity with a position of $303 million at the end of Q1 2024.

• Debt to adjusted EBITDA ratio improved to 7.1 times in Q1 2024 from 8.8 times in Q1 2023.

Business Progress:

• Sienna is transitioning into a period of stability and growth, making significant strides to overcome pandemic-induced challenges.

• Financial support from the Ontario and BC Government will allow 400 new care positions across Sienna.

• Redevelopment of Cedarvale long-term care home into a state-of-the-art facility suitable for 160 residents will commence from Q4 2024.

• Retirement operations continued to grow, with same property occupancy increasing to 88.1% in Q1.

• Introduction of Learning Bites and Soar and Spark initiatives aimed to improve employee engagement and retention.

• Sienna aims to raise resident occupancy to 95% by the end of 2024.

• The company plans to continue construction projects and pursue investment and acquisition opportunities in long-term care and retirements spaces to bolster growth.

More details: SIENNA SENIOR LIVING INC IR

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