The following is a summary of the Sienna Senior Living Inc. (LWSCF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Sienna Senior Living Inc. reported a 10.7% increase in adjusted revenue, amounting to $219.5 million, with total same-property net operating income rising by 18.5% to $46.1 million.

• The company achieved consistent cost reductions in agency staffing, reducing costs by 1/3.

• Operating funds from operations increased by 21.6% to $26.1 million, and adjusted funds from operations grew by 14.6% to $22.4 million.

Business Progress:

• Sienna Senior Living continued to make progress towards a goal of stabilized retirement occupancy of 95%, with same-property occupancy growing to 88.6%.

• The company successfully implemented targeted marketing and sales initiatives, focusing on community outreach and digital/print campaigns.

• Upcoming developments in North Bay, Brantford, and a redevelopment in Keswick will support the growing senior population and the government's goal of rebuilding Ontario's older long-term care homes.

Opportunities:

• Sienna Senior Living benefits from demographic tailwinds with increasing numbers of baby boomers considering retirement living. The anticipated growth in the senior population will continue to drive demand.

• Limited new supply in the retirement home market alongside growing demand provides a sustained opportunity for growth.

Risks:

• The gradual growth in the baby boomer segment transitioning into retirement might place pressure on maintaining high occupancy and rate growth.

More details: SIENNA SENIOR LIVING INC IR

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