Sienna Senior Living Inc. Announces Robust First Quarter 2024 Financial Results and Progresses with Redevelopment of Long-Term Care Home in Keswick, Ontario

Sienna Senior Living Inc. has reported strong financial results for the first quarter of 2024, showcasing growth and stability in its long-term care and retirement segments. The company saw a 75.9% increase in same-property net operating income (NOI) compared to the same period in 2023, with significant contributions from both its retirement and long-term care segments.

The positive results were attributed to one-time and retroactive government funding for long-term care, which helped alleviate cost pressures the company had faced in recent years. Sienna’s President and CEO, Nitin Jain, expressed gratitude to the Governments of Ontario and British Columbia for prioritizing seniors and providing essential funding to support the sector.

The funding announcements from the governments included significant increases in direct care hours, specialized care funding, and construction subsidies. These investments are expected to strengthen the long-term care sector and address challenges brought on by the pandemic and inflation.

Sienna also announced plans for the redevelopment of its long-term care home in Keswick, Ontario, with construction set to begin in the fourth quarter of 2024. The project will see the addition of 100 new beds and the transformation of the existing facility into a state-of-the-art 160-bed home.

In addition to its financial achievements, Sienna welcomed Geoff McIlmoyle as the new Executive Vice President of Aspira Retirement Living. Geoff’s extensive experience in leadership and strategy will support Sienna’s mission to become Canada’s most trusted senior living provider.

Overall, Sienna’s strong performance in the first quarter of 2024, coupled with government funding support and strategic initiatives, positions the company for continued growth and success in the senior living sector.