Sienna Senior Living

Sienna Senior Living reported a same-area occupancy of 94.1% in Q2 (+150 basis points) and same-area NOI of $57.6m (+19.4% year-over-year). Operating funds from operations rose 35.0% to $39.6m ($0.370 per share) and AFFO increased 44.9% to $34.9m ($0.326 per share), bringing the AFFO payout ratio down to 72.3%. Year-to-date acquisitions of $188m were completed or agreed, and $248m of equity was raised through the at-the-market program. Sienna formed a joint venture with Fiera Infrastructure to accelerate long-term care redevelopments (targeted construction volume around $625m) and reduced net debt to adjusted gross book value to 34.6%. » More on de.investing.com

Sienna Senior Living and Fiera Infrastructure are forming a joint venture via the Canadian Built Opportunities Fund to accelerate modernization projects for long-term care homes in Ontario. Planned projects have a total construction volume of about CAD 625 million, including Glen Rouge and Streetsville, which together account for roughly CAD 375 million. For selected projects, both partners will each hold 50%; financing will be provided through equal equity contributions and project-level debt. Sienna will take on development management and, subject to regulatory approvals, operate the facilities after completion. » More on de.investing.com

Sienna Senior Living has completed the acquisition of The Bartlett in Oshawa, Ontario, a 129-suite residence, for $59.4 million. The price equates to roughly $461,000 per suite with an initial yield of about 5.75%; the transaction was funded from cash on hand. The residence, opened in 2021, has occupancy of around 96% and includes an 8,000-square-foot medical clinic. Sienna says the purchase strengthens its Greater Toronto Area portfolio both qualitatively and quantitatively; the company operates seniors housing and care services nationwide. » More on de.investing.com