Sienna’s operating net income jumps 18.2% to C$65.6 million in third quarter
Key Facts
Sienna Senior Living reported on November 12, 2026, results for the three and nine months ended September 30, posting an 18.2% increase in operating net income to C$65.6 million in the third quarter compared with the same period in 2025. The company said the increase was C$10.1 million, with the retirement segment contributing C$7.5 million and long-term care C$2.6 million. Proportionate revenue rose 12.4%, or C$32.6 million, to C$295.7 million. The results show operating growth outpaced revenue growth during the quarter. The company is listed on the Toronto Stock Exchange under the ticker SIA.
On a same-property basis, operating net income rose 8.7% to C$57.8 million in the third quarter. Growth was split between 11.6% in the retirement segment and 6.2% in long-term care, according to the company’s statement. Sienna said overall growth would have been 11.6% excluding one-time items in the corresponding quarter of 2025. This measure allows a comparison of existing properties’ performance apart from the impact of expansion, while overall results also reflect the contribution of operations and acquisitions. The difference between the two segment growth rates highlights faster same-property growth in retirement than in long-term care.
The company attributed higher revenue in the retirement segment to increased rents and acquisitions, as well as growth in care and ancillary services revenue. In long-term care, it linked the increase to acquisitions, redevelopment, government funding and private accommodation revenue. These factors align with the segments’ contributions to the increase in operating net income, as retirement added C$7.5 million and long-term care C$2.6 million year over year. The quarter’s results thus combined growth in existing properties with the impact of acquired assets. The company said rents, care and ancillary services were among the drivers of retirement revenue.
The company’s growth extended from January through the end of September 2026, with proportionate revenue reaching C$870.2 million, up 14.4%, or C$109.5 million, from the first nine months of 2025. Operating net income for the period rose 24.8% to C$189.6 million. The cumulative figures show operating income growing more than revenue, as in the third-quarter results. Chief Executive Nitin Jain said Sienna had added C$1.2 billion in assets since the start of the previous year. He added that the company had recorded 15 consecutive quarters of growth through the third quarter of 2026.
Management expects same-property operating net income growth in its retirement portfolio to exceed 10% in 2026. It also forecast annual growth in the long-term care segment, excluding delayed items, to be in the high single digits. This guidance puts the quarter’s performance in the context of the company’s expectations for the rest of the year, with different target ranges for the two portfolios. Sienna had previously announced that its quarterly results would be released after the market close on November 12 and scheduled its investor call for November 13 at 9:30 a.m. Eastern time. The ticker LWSCF closed at 14.2 in the November 12 session, according to EL7 daily data.