Sienna Announces Offering of $175 Million of 4.112% Series E Senior Unsecured Debentures and Closing of Previously Announced Acquisition in Greater Toronto Area

NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MARKHAM, Ontario, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) announced today that it has agreed to issue $175 million aggregate principal amount of series E senior unsecured debentures (the “Debentures”). The Debentures, which will be issued at par, will bear interest at a rate of 4.112% per annum and will mature on August 21, 2030. The Debentures are being offered (the “Offering”) on a best efforts agency basis by a syndicate of agents co-led by BMO Nesbitt Burns Inc., TD Securities and CIBC Capital Markets, as joint lead agents and bookrunners. The Offering is expected to close on or about August 21, 2025, subject to customary closing conditions. It is a condition of closing that the Debentures be rated at least “BBB” with a “Stable” trend by Morningstar DBRS. The Debentures will be direct unsecured obligations of the Company and will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Company.

Sienna intends to use the net proceeds from the Offering to repay existing indebtedness, finance acquisitions, fund developments and for general corporate purposes.

Sienna also announced today that it has completed its previously announced $60.2 million acquisition of Credit River Retirement Residence, a 133-suite retirement residence in Streetsville, Ontario (the “Acquisition”), located within the Greater Toronto Area (GTA). The Acquisition has an initial investment yield of 5.75% and was completed at a discount to replacement cost. The Company anticipates that it will achieve stabilized occupancy of 95% within the first year of operations and believes it will benefit from synergies given the numerous properties owned by the Company in the GTA. Sienna expects the Acquisition to be immediately accretive to the Company’s AFFO per share.

“Sienna’s debenture offering puts us in a strong position to pursue our continued growth plans,” said Nitin Jain, President and Chief Executive Officer. “We are excited that the offering coincides with the completion of another high-quality acquisition. Both transactions further strengthen our Company at a time when Canada’s aging population and limited new construction of senior living residences are expected to generate sustained demand for years to come.”

The Offering is being made by way of a private placement in each of the provinces of Canada.

The Debentures have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Sienna Senior Living

Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors’ living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna’s approximately 14,500 employees are passionate about cultivating happiness in daily life. For more information, please visit .

Forward-Looking Statements

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 intended use of proceeds, the date of closing of the Offering and the expected benefits of the Acquisition to Sienna, including that the Acquisition is expected to be accretive to the Company’s AFFO per share.

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.

Non-IFRS Measures

Certain terms used in this news release, such as AFFO per share, are not measures defined under IFRS^® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and do not have standardized meanings prescribed by IFRS Accounting Standards. AFFO should not be construed as an alternative to “net income” or “cash flow from operating activities” determined in accordance with IFRS Accounting Standards as indicators of the Company’s performance. The Company’s method of calculating AFFO may differ from other issuers’ methods and accordingly, these measures may not be comparable to measures used by other issuers. The Company believes AFFO is a relevant measure of its ability to earn cash and pay dividends on its common shares. The definitions of these non-GAAP measures and an example of the reconciliation of AFFO to the most directly comparable IFRS measure are provided on page 44 of the Company’s management’s discussion and analysis for the three and six months ended June 30, 2025, which is available on SEDAR+ ().

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Hung

Chief Financial Officer and Executive Vice President, Investments

(905) 489-0258