Sienna Senior Living Announces the Opening of Its Long-Term Care Community in North Bay and Retirement Community in Brantford, Ontario

Executive Summary

• Sienna Senior Living Inc. officially opened its Northern Heights Community, its first completed long-term care redevelopment project, located in North Bay, Ontario.
• The company also completed its campus of care development project in Brantford, Ontario, which includes 160 long-term care beds and 147 retirement suites; resident move-ins for the retirement component begin immediately.
• The greenfield construction of these new projects allowed for the sale of two older Class C properties, generating gross proceeds of $8.5 million.

Key Details

• Northern Heights Community (North Bay, Ontario):
  • 160-bed long-term care community.
  • Replaces 148 older Class C beds.
  • Residents from the older building have already moved in; full occupancy expected within two months.
• Aspira Brants Landing (Brantford, Ontario):
  • Campus of care development featuring 160 long-term care beds and 147 retirement suites.
  • Retirement living move-ins begin the week of the announcement.
  • Long-term care resident relocation expected in the coming weeks.
  • Full occupancy for the entire campus anticipated by the end of 2025.
• Financial Impact of Developments:
  • Projects were constructed on greenfield sites and completed on time and within budget.
  • Sale of two older Class C properties resulted in gross proceeds of $8.5 million.
• Future Pipeline:
  • A long-term care redevelopment is currently under construction in Keswick, Ontario.
  • Expected completion date for Keswick project is early 2027.
• Operational Impact:
  • Each new development project is expected to have a significant impact on operating results.
  • Expected improvement to Adjusted Funds from Operations (AFFO) by an average of approximately 3% per project upon full operation.

Notable Quotes

• “The addition of our first long-term care and campus of care developments marks a significant milestone for Sienna and reflects our deep commitment to seniors in Ontario. These new homes provide a welcoming, modern and supportive environment for residents, families and team members, while also playing a key role in upgrading Sienna’s property portfolio and supporting the continued growth of our asset base.” — Nitin Jain, President and Chief Executive Officer