05:08 PM EDT, 08/08/2024 (MT Newswires) -- Sienna Senior Living ( LWSCF ) on Thursday reported higher adjusted funds from operations (AFFO) for the second quarter.

AFFO per share increased by 14.6% to $0.307 from $0.268. The increase was mainly related to higher operating funds from operations (OFFO), offset by lower construction funding income and higher maintenance capital spending.

Total adjusted revenue increased by 10.7% to $219.5 million.

Average occupancy in its same property portfolio was 88.6% in the quarter, a 180 bps increase.

Sienna had previously announced that as a result of funding improvements, it was moving forward with its long-term care home in Keswick, Ontario, and expects to start construction in the fourth quarter.

The company's shares closed $0.38 higher, to $15.78, on the Toronto Stock Exchange.