04:52 PM EST, 11/11/2024 (MT Newswires) -- Sienna Senior Living ( LWSCF ) on Monday reported lower adjusted funds from operations (AFFO) for the third quarter.

AFFO per share fell 1.1% to $0.266 from $0.269 year-over-year. The decrease was mainly due to temporary dilution from the recent equity issuance, lower construction funding income, and higher maintenance capital expenditures, the company said.

Total adjusted revenue rose by 12.5% to $224.8 million from $199.8 million in the year-ago quarter.

The company said that the Government of Ontario's commitment to new investments in long-term care, as outlined in its 2024 budget, supports its strategy to grow and as a result of this funding, Sienna has decided to proceed with the redevelopment of its long-term care home in Keswick, Ontario, and construction began in October.

"Looking ahead, we expect that the funding improvements to offset inflation in recent years, coupled with our successful cost management strategies, will support our long-term care operations," the company added.

Sienna shares closed up $0.11 to $17.08 on the Toronto Stock Exchange.