/EINPresswire.com/ -- MARKHAM, ON--(Marketwired - November 09, 2016) - Sienna Senior Living Inc. (TSX: SIA) ("Sienna Senior Living" or the "Company") today announced its financial results for the three and nine months ended September 30, 2016. The Unaudited Condensed Interim Consolidated Financial Statements and accompanying Management's Discussion and Analysis are available on the Company's website at www.siennaliving.ca and on SEDAR at www.sedar.com.

Third Quarter 2016 Highlights

• Overall Same Property Net Operating Income ("NOI") up 2.6%; Retirement Same Property NOI up 14.4% and As At Occupancy up 2.7%.
• Diluted Operating Funds from Operations ("OFFO') per share is $0.35, up 14%.
• On August 2, 2016, the Company completed the previously announced acquisition (the "BC Acquisition) of a portfolio of seniors living assets in British Columbia, consisting of:
  • two private-pay independent living retirement residences and six seniors living residences providing private-pay and funded long-term care, independent living and assisted living (these six properties referred to as the "Baltic Properties");
  • options to acquire up to a 100% interest in each of Nicola Lodge and Glenmore Lodge, two additional newly built seniors living assets, with the purchase price for each initial 50% interest being at a discount to fair market value (the "Options"); and
  • a 50% interest in Pacific Seniors Management General Partnership ("PSM"), the manager and operator of the Baltic Properties.
• As a result of the completion of the BC Acquisition, the outstanding Subscription Receipts were automatically exchanged for 8,728,500 common shares.
• On September 15, 2016, the Company completed the acquisition of an initial 40% interest in Nicola Lodge, and exercised its first option to acquire an initial 40% interest in Glenmore Lodge currently under construction.

"We are pleased that Q3 represented another positive quarter, as we continue to report strong occupancy in our retirement residences and the completion of the BC Acquisition," said Lois Cormack, President and Chief Executive Officer of Sienna. "We expect to continue to benefit from executing on our strategy, including the Company's rebranding and focus on the resident experience, as well as the integration of the BC Acquisition, which we believe improves the quality of our portfolio and enhances our growth profile."

Financial and Operating Highlights:

Notes:

Third Quarter 2016

The Company generated NOI of $26.4 million for the three months ended September 30, 2016, representing an increase of $4.0 million or 17.7% over the comparable prior year period. Same property NOI increased by $0.6 million or 2.6% over the comparable prior year period.

OFFO increased by $4.0 million or 34.6% to $15.5 million over the comparable prior year period. The increase was principally related to improved NOI contribution noted above, excluding the impact of dividend equivalent payments on Subscription Receipts.

AFFO increased by $4.0 million or 29.9% to $17.2 million over the comparable prior year period. The increase was principally related to the increase in OFFO noted above.

2016 Nine Months Results Summary

The Company generated NOI of $70.4 million for the nine months ended September 30, 2016, representing an increase of $7.0 million or 11.1% over the comparable prior year period. Same property NOI increased by $2.8 million or 4.6% over the comparable prior year period.

OFFO increased by $6.1 million or 19.4% to $37.7 million over the comparable prior year period. The increase was principally related to improved NOI contribution noted above from same and newly acquired properties.

AFFO increased by $6.6 million or 17.7% to $43.9 million over the comparable prior year period. The increase was principally related to the increase in OFFO noted above.

Conference Call

Lois Cormack, President and CEO, and Nitin Jain, Executive Vice President and CFO, will host a conference call and live internet webcast for the investment community on Thursday, November 10, 2016, at 11:00 a.m. (EST) to discuss the Company's financial and operating results. The dial-in numbers for participants are 416-340-2219 (for local callers) and 1-866-225-2055 (for all other callers). A webcast of the call will be accessible via the Company's website at: www.siennaliving.ca/Investors/Events-Presentations.aspx.

A replay of the call will be available until November 24, 2016. To access the replay, dial 905-694-9451 or 1-800-408-3053 (pass code: 7032458). The webcast will be archived on the Company's website.

About Sienna Senior Living
Sienna Senior Living (TSX: SIA) is one of Canada's leading seniors living providers, serving the continuum of independent and assisted living, long-term care and specialized seniors programs and services through the operation of its 55 residences. We are committed to national growth, while driving long-term value creation for our shareholders. Our 9,000 employees are dedicated to helping residents live fully, every day. For more information, please visit www.siennaliving.ca.

Forward-Looking Statements
Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions, including the funding of long-term care facilities by government entities. Other material factors or assumptions that were applied in formulating the forward-looking statements contained herein include the assumption that the business and economic conditions affecting the Company's operations will continue substantially in their current state, including, with respect to industry conditions, general levels of economic activity and government regulations.

Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of the Company as at the date of this news release and speak only as at the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.