Sienna Senior Living Posts Higher AFFO, Revenue for Q2; Forms Joint Venture With Fiera Infrastructure
Sienna Senior Living (SIA.TO) after trade Tuesday reported adjusted funds from operations of C$0.326 per share, compared with C$0.262 per share a year ago.Analysts polled by FactSet had expected AFFO of C$0.31 per share.Revenue, on a proportionate basis for the quarter ended June 30 was C$288.2 million, up from C$253.6 million a year prior.Analysts polled by FactSet projected sales of C$291.6 million.The company also announced a 50-50 joint venture with Fiera Capital's (FSZ.TO) Fiera Infrastructure unit, through its Canadian Built Opportunities Fund, to accelerate its long-term care redevelopment projects in Ontario.The joint venture initially targets redevelopment projects with about C$625 million in total construction costs. The first projects under consideration are Sienna's Glen Rouge and Streetsville communities in the Greater Toronto Area, representing about C$375 million in combined development costs.Under the partnership, Sienna and CBOF will each own a 50% stake in selected projects, subject to regulatory approvals and other conditions, it said.