Sienna Senior Dwelling studies This fall outcomes; initiates FY23 outlook

Outlook: Retirement – Heading into 2023, the Firm intends to proceed to capitalize on the rising demand for high quality seniors’ dwelling. Common Q1 2023 occupancy is anticipated to stay at the same degree as This fall 2022. For the total yr ending December 31, 2023, Sienna expects common similar property occupancy to exceed 90% and common occupancy within the acquisition portfolio to exceed 87%.

As well as, the Firm expects continued unfunded pandemic bills in its retirement operations to be to be roughly $0.4 million in Q1 2023.

Taking all components under consideration, the working margin within the Firm’s retirement phase in Q1 2023 is anticipated to be just like the total yr margin of 35.7% in 2022. Sienna additional expects the 2023 working margin for the total yr to enhance by roughly 150 bps – 200 bps in comparison with 2022.

Lengthy-term Care – Sienna expects continued unfunded pandemic bills of between $2 million to $3 million in Q1 2023 inside its long-term care phase, primarily because of extra labour prices, though a few of these bills could also be coated by retroactive authorities funding in future durations.

Taking all components under consideration, Sienna expects its 2023 NOI for the total yr within the LTC phase to stay at the same degree in comparison with 2022.