Sienna Completes Acquisition in Greater Toronto Area

• On April 2, 2026, Sienna Senior Living announced the completion of its acquisition of The Bartlett, a 129-suite independent living retirement residence in Oshawa, Ontario (Greater Toronto Area).
• The purchase price was $59.4 million (~$461,000 per suite), representing an initial investment yield of approximately 5.75%.
• The property is 96% occupied, was built in 2021, and includes an 8,000 sq ft medical clinic.
• The acquisition was fully funded with cash on hand, requiring no new debt or equity issuance.
• Concurrently, Sienna announced its Q1 2026 financial results will be released after market close on May 5, 2026, with a conference call scheduled for May 6, 2026.
• This transaction follows a highly active 2025 where Sienna added over $812.7 million in assets through acquisitions and developments, and aligns with management's stated pipeline for continued 2026 growth.

• The acquisition is financially accretive but represents an incremental, expected step in Sienna's ongoing scale-building strategy rather than a transformative event.
• The 5.75% yield sits at the lower end of Sienna's recent acquisition range (typically 6.0% to 6.75%), reflecting a premium paid for a modern, highly stabilized (96% occupied) asset in a prime GTA submarket.
• Funding entirely from cash reserves avoids immediate dilution or leverage spikes, preserving the company's BBB credit profile and keeping the weighted average cost of debt stable.
• The Q1 earnings date announcement is purely administrative and carries no market-moving weight.
• In the context of the Q4 2025 transcript, management explicitly flagged The Bartlett as part of early 2026 momentum, confirming the market was already anticipating this type of execution. The news validates operational discipline but does not alter the fundamental investment thesis or near-term valuation multiples.

• Sienna Senior Living is a diversified Canadian operator and owner of senior living communities, spanning independent retirement living, assisted living, memory care, and government-funded long-term care (LTC).
• The company operates across Ontario, Alberta, and British Columbia, managing over 15,000 employees and a portfolio exceeding 10,000 beds/suites.
• Flagship Project: The Glen Rouge redevelopment in Scarborough, Ontario. This $250 million project will deliver 448 beds (replacing 363 older beds and adding 85 new ones) on an existing 4-acre site. Targeted development yield is 7.5% to 8%, with completion expected by 2030. It represents Sienna's largest single development and leverages improved Ontario government construction funding.
• Secondary Focus: A six-property optimization portfolio undergoing renovations and service upgrades, currently generating ~24% NOI margins with a target to reach stabilized same-property margins (~30%+).