Sienna Senior Living Releases Fourth Quarter and Annual Financial Results
On February 19, 2025, Sienna Senior Living Inc. (Sienna), a leading provider of senior living communities in Canada, disclosed its financial results for the period ending December 31, 2024. The financial data, along with the related Management’s Discussion and Analysis (MD&A), can be accessed on Sienna’s website and on SEDAR.
Financial Highlights
In the fourth quarter, Sienna reported revenue of $172.1 million, representing a 3.5% increase compared to the same period in the previous year. The net operating income for the quarter was $54.6 million, up by 3.2%. For the full year, Sienna generated revenue of $684.8 million, representing a 3.3% year-over-year growth. The net operating income for the year was $191.5 million, marking a 3.1% increase.
Operational Updates
As of December 31, 2024, Sienna owned and operated 105 communities, with a total of 8,325 suites. During the year, the Company welcomed 1,485 new residents and completed 1,225 occupancy moves. Sienna’s occupancy rate remained stable at 91.1%, and the average monthly rent increased by 2.2%.
Impact on Individuals
For individuals seeking senior living solutions, Sienna’s financial results indicate continued growth and stability within the industry. This expansion could lead to an increased availability of senior living communities, potentially allowing more options for those in need of care. Additionally, the company’s financial strength suggests a commitment to providing high-quality services and amenities.
Impact on the World
Globally, the aging population trend is a significant demographic shift that will continue to impact economies and societies. According to the World Population Ageing report by the United Nations, the number of people aged 60 years or over is projected to more than double by 2050. Sienna’s financial growth and expansion are indicative of the increasing demand for senior living solutions. As more companies enter this sector and invest in innovative technologies and care models, the industry is poised to address the needs of an aging population more effectively.
Conclusion
Sienna Senior Living’s financial results for the fourth quarter and full year ending December 31, 2024, demonstrate a stable and growing senior living industry. The company’s continued expansion and financial strength provide more options for individuals seeking senior living solutions. Additionally, the industry’s commitment to addressing the needs of the aging population is a significant step towards meeting the challenges posed by demographic shifts. As the world’s population ages, the senior living sector will continue to be an essential component of healthcare and social services.
