Sienna Senior Living Inc. Provides Business Update
Since the onset of COVID-19, the Company has been singularly focused on steering Sienna through the crisis, learning from it, and positioning Sienna to come out stronger. The health and well-being of our residents and team members remains Sienna’s top priority.
“To date, we have made good progress in implementing important measures in our fight against COVID-19,” said
COVID-19 Update
No current resident cases of COVID-19 in any of Sienna’s residences
As of
Business Update
Retirement Occupancy and Rent Collection
The Company’s average same property occupancy in the Retirement portfolio continued to be affected by COVID-19 restrictions that have reduced move-in activity and the ability to conduct in-home tours. Rent collection levels remained high and consistent with past experience.
Retirement same property occupancy (average) | 83.7% | 83.0% | 82.3% |
Retirement rent collection | 98.5% | 99.4% | 99.2% |
Subsequent to the end of Q2, the Company resumed in-person tours in its
Long-term Care Occupancy and Funding
Average occupancy in the
The
Pandemic Expenses
Sienna expects to continue to incur an increased level of expenses to support the costs of managing COVID-19. While certain of these temporary expenses are expected to be covered by government funding, other of these expenses may not be covered. Non-recoverable expenses include expert counsel fees and expenses related to manager pandemic pay programs. There may be timing differences between the time of incurring these expenses and the funding of such expenses.
For the three months ended
Ontario Government Announcement on
We are pleased with the
The Company has started to evaluate how this program will impact and benefit Sienna’s current portfolio of 5,733 long-term care beds in
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.
- Liquidity is approximately
$242 million as atJuly 27, 2020 , comprised of cash and cash equivalents and available credit facilities; and - Fair value of the unencumbered asset pool remained at approximately
$540 million as atJune 30, 2020 .
With respect to upcoming debt maturities, including scheduled debt repayments of
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 and statements with respect to the Company’s ability to refinance debt maturities. 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
Senior Vice President, Public Affairs and Marketing
(905) 415-7623
nancy.webb@siennaliving.ca
Source: Sienna Senior Living