Sienna Senior Living Inc. Provides Business Update
The health and well-being of residents and team members remain the Company’s top priority. Sienna has advanced critical steps necessary to manage COVID-19 across its 83 residences ahead of a second wave, including securing a robust supply of personal protective equipment, strengthening infection prevention and control practices, putting in place staffing plans, and ensuring the Company’s frontline employees have the training and support they need.
“Over the past weeks we further strengthened our financial position and our development plans have been gaining momentum as we continue to navigate through the pandemic and beyond,” said
Business Update
Development and Redevelopment of Long-Term Care Residences: Sienna and Scarborough Health Network explore potential partnership
Sienna has submitted applications with the
The Company’s development plans include the active pursuit of a partnership between Sienna and Scarborough Health Network (“SHN”) to develop a new 320-bed long-term care campus to provide integrated care for the growing needs of the local community. The plans explore the opportunity to develop Sienna’s
In addition to the potential partnership with SHN at Altamont, three development projects previously announced in Keswick, Brantford and North Bay are in advanced stages of planning and approval with regulatory and local authorities.
Sienna continues to evaluate how the Government of Ontario’s new funding model, which caters to regional development needs, will impact and benefit the Company’s portfolio of 5,733 long-term care beds in
Ontario Government Update on Additional Long-term Care Funding
We are encouraged by the Government of Ontario’s recent update with respect to additional funding of over
Major funding components include:
$405 million for infection prevention, staffing and personal protective equipment;$61.4 million for minor capital repairs and renovations;$40 million to support homes impacted by the changes in occupancy due to COVID-19; and$30 million to hire more infection prevention and control staffing.
On
We are also grateful for the Government of Ontario’s support for personal support workers through a temporary wage increase of
COVID-19 Update
As of
Over the past eight weeks, the number of active resident COVID-19 cases across Sienna’s 83 owned or managed residences remained at zero to one case at any given time.
Retirement Occupancy and Rent Collection
In Sienna’s retirement portfolio, average same property occupancy in
July 2020 | August 2020 | September 2020 | |
Retirement same property occupancy (average) | 81.2% | 81.1% | 81.7% |
Retirement rent collection | 99.8% | 99.6% | 99.4% |
During Q3 2020, the Company continued to record an increased level of deposits from prospective residents compared to Q2 2020 and the comparative prior year period as a result of the reopening of residences for in-person visits and increased marketing efforts.
Balance Sheet Update
Sienna continued to strengthen its financial position with the closing of a combined
As at
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 Company’s pursuit of a potential partnership with Scarborough Health Network with respect to the development of
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