Sienna Senior Living Inc. Announces Additions to Executive Team and Provides Important Updates
The health and well-being of residents and team members remain Sienna’s top priority in dealing with the extraordinary challenges of the COVID-19 pandemic. The Company is making good progress in implementing important measures, first announced by the Company on
“Earlier this month I was honoured to be appointed President and Chief Executive Officer of
Executive Appointments
Sienna is pleased to announce the following appointments to its executive leadership team:
COVID-19 Update
Cases and Outbreak Status
- As of
June 24, 2020 , 43 of the 48 long-term care residences and all 35 retirement residences of Sienna’s 83 owned or managed residences do not have any active resident cases of COVID-19. Of the 9 residences with COVID-19, 4 residences do not have any active resident cases and 3 residences have less than 5 active resident cases. - As of
June 24, 2020 , we are encouraged with the progress in 18 of Sienna’s long-term care residences and 6 retirement residences, which have been cleared of outbreak status.
For more information on our response to COVID-19 and affected residences, please visit Sienna’s website.
Pandemic Expenses
Sienna expects to continue to incur an increased level of expenses to support the costs of managing COVID-19. While some of these temporary expenses are expected to be covered by government funding, certain expenses, including fees related to hospital management agreements, advisory services and certain pandemic pay programs, may not be covered. In particular where expenses are funded, we anticipate timing differences between the incurrence of expenses and the funding of such expenses.
For the five months ended
Business Update
Retirement Occupancy
The Company’s average same property occupancy in the Retirement portfolio continued to be affected by reduced move-in activity during the pandemic, partially offset by lower move-out activity and conversion of short-term stays to permanent (
Long-Term Care Government Funding
The governments of
Staffing
Sienna continues to address staffing challenges experienced across the seniors’ living sector by recruiting and deploying additional staff and expediting the hiring process, while supporting single worksites. Since the beginning of
Balance Sheet and Liquidity Update
The Company maintains a strong financial position with significant liquidity and a substantial unencumbered asset pool. Sienna will continue to focus on enhancing its liquidity position and expects to continue to delay new expansion projects and limit capital expenditures to essential maintenance capital. With respect to upcoming debt maturities, in particular the refinancing of the Company’s Series B senior secured debentures maturing in Q1 2021, the Company expects it will be able to successfully refinance its maturing debt based on Sienna’s current financial position and debt profile.
- Liquidity was
$208 million as atJune 15, 2020 , comprised of cash and cash equivalents and available credit facilities; - Fair value of unencumbered asset pool remained high at approximately
$540 million as atMarch 31, 2020 ; - Debt-to gross book value improved to 46.9% as at
March 31, 2020 from 47.8% as atDecember 31, 2019 .
About
Risk Factors
Refer to the risk factors on “General Business Risks” and “COVID-19 and Other Outbreaks” disclosed in the Company’s Management Discussion and Analysis for the three months ended
Forward-Looking Information
Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals” or other similar words and include, without limitation, statements with respect to the impact of COVID-19 and measures taken to mitigate the impact. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
For further information, please contact:
Chief Financial Officer and Senior Vice President
(905) 477-4006 x3069
karen.hon@siennaliving.ca
Vice President,
(905) 415-7623
nancy.webb@siennaliving.ca
Source: Sienna Senior Living