- Sienna Senior Living press release ( OTCPK:LWSCF ): Q4 total NOI decreased by 2.8% to $32.5M, compared to Q4 2021
- Revenue of $193.22M (+10.9% Y/Y).
- Same Property NOI decreased by 4.4% to $31.2 million, compared to Q4 2021.
- OFFO per share decreased by 10.7% in Q4 2022, or $0.029, to $0.243.
- AFFO per share decreased 4.0% in Q4 2022, or $0.010, to $0.237.
- AFFO payout ratio was 98.7% for Q4 2022.
- Outlook: Retirement - Heading into 2023, the Company intends to continue to capitalize on the growing demand for quality seniors’ living. Average Q1 2023 occupancy is expected to remain at a similar level as Q4 2022. For the full year ending December 31, 2023, Sienna expects average same property occupancy to exceed 90% and average occupancy in the acquisition portfolio to exceed 87%.
In addition, the Company expects continued unfunded pandemic expenses in its retirement operations to be to be approximately $0.4 million in Q1 2023.
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Taking all factors into account, the operating margin in the Company’s retirement segment in Q1 2023 is expected to be similar to the full year margin of 35.7% in 2022. Sienna further expects the 2023 operating margin for the full year to improve by approximately 150 bps - 200 bps compared to 2022.
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Long-term Care - Sienna expects continued unfunded pandemic expenses of between $2 million to $3 million in Q1 2023 within its long-term care segment, primarily as a result of additional labour costs, although some of these expenses may be covered by retroactive government funding in future periods.
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Taking all factors into account, Sienna expects its 2023 NOI for the full year in the LTC segment to remain at a similar level compared to 2022.
For further details see:
Sienna Senior Living reports Q4 results; initiates FY23 outlook