Sienna Continues Platform Growth

• Sienna Senior Living Inc. announced two acquisitions totaling approximately $109 million on May 4, 2026.
• Ballycliffe Acquisition (Ajax, Ontario): 224-bed long-term care community purchased for ~$68.3 million (~$305,000 per bed). Includes rights to a 25-year construction funding subsidy; opened Q3 2025. Initial investment yield of ~6.75%. Closing expected H2 2026.
• Rockland Manor Acquisition (Rockland, Ontario): 160-suite retirement residence purchased for ~$41.0 million (~$256,000 per suite). Built in 2015; ~99% occupancy. Initial investment yield of ~6.0%. Closing expected within 60 days.
• Funding: Both acquisitions funded through available cash on hand.
• Strategic Rationale: Expansion across government-funded long-term care and private-pay retirement segments, continuing disciplined capital allocation.

• The acquisition activity is consistent with the company's established growth strategy observed throughout 2025 and early 2026 (e.g., $812.7M portfolio expansion in 2025).
• Investment yields of 6.0% to 6.75% are in line with previous acquisitions such as Cawthra Gardens (6.75%) and The Bartlett (5.75%), indicating no deviation from target return profiles.
• Funding via cash on hand avoids immediate dilution or additional debt issuance, which is positive for capital structure stability given the recent $250M debenture issuance in December 2025.
• While material in absolute dollar terms ($109M), it does not represent a surprise pivot or unexpected catalyst; the market has been pricing in continued M&A based on the pipeline announced in February 2026.
• The news reinforces the company's ability to deploy capital efficiently but lacks the "unexpected" element required for a Material - Positive rating.

• Sienna Senior Living Inc. operates a diversified portfolio of senior living communities across Canada, including long-term care (LTC) and retirement residences.
• Flagship Strategy: Growth through acquisitions and developments in key markets like Greater Toronto Area (GTA), Ontario, and British Columbia.
• Portfolio Composition: Mix of government-funded LTC and private-pay retirement segments.
• Recent Developments: Completed $250M debenture offering in Dec 2025; completed multiple acquisitions including The Bartlett ($59.4M) and Cawthra Gardens ($32.6M) in early 2026.