Sienna Senior Living Inc. Provides Business Update
MARKHAM, Ontario, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today provided the following update.
“This year has started with both promise and urgency in the fight against COVID-19,” said Nitin Jain, President and Chief Executive Officer of Sienna. “I have witnessed first-hand at our residences the dedication and courage of our incredible team members as they fight COVID-19 despite rapid spread in their local communities. I am truly grateful to our governments that residents in seniors living, frontline team members and essential caregivers have been prioritized to receive the vaccine so they can have the much needed protection they deserve.”
Vaccination Update
Since mid-December 2020, Sienna’s vaccination task force has been supporting the roll-out of the vaccine across all of our residences in Ontario and British Columbia. As of January 22, 2021, approximately 75% of Sienna’s long-term care residents and approximately 52% of Sienna’s long-term care team members have been vaccinated. While the vaccine roll-out across long-term care residences remains a priority for provincial governments, vaccinations have also commenced at some of Sienna’s retirement residences with approximately 28% of residents and approximately 25% of team members vaccinated to date.
“The arrival of vaccines is a turning point and will be our most impactful defence in the fight against COVID-19,” said Dr. Andrea Moser, Chief Medical Officer of Sienna. “As team members, residents and essential caregivers are being vaccinated, we continue to have stringent precautions in place to reduce the impact of COVID-19 at our residences.”
COVID-19 Update
As of January 24, 2021, 28 residences of Sienna’s 83 owned or managed residences are in outbreak with active cases of COVID-19 at 23 long-term care and 5 retirement residences.
High rates of community transmission remain a key risk factor for COVID-19 outbreaks in long-term care residences, which are especially hard to contain in older Class C homes.
Government Funding Update
On January 5, 2021, the Government of Ontario announced an additional $398 million in funding for costs related to enhanced staff and visitor testing requirements and continued prevention and containment efforts.
In addition, the Government of Ontario announced the extension of its occupancy protection funding for long-term care residences until February 28, 2021 in support of infection and prevention protocols. This will support long-term care providers in limiting rooms with three or four beds to a maximum of two residents per room.
The Government of Ontario continues to fund an increased pay of $3/hour for personal support workers in long-term care communities. We are grateful for the government’s continued support of our frontline team members, which has been in place since the beginning of November 2020, including retroactive payments for the month of October 2020.
Commitment to Redevelop Class C Long-Term Care Homes
Sienna’s development plans include the redevelopment of its Class C long-term care homes as well as the development of new retirement residences with joint-venture partners and expansion projects at existing retirement residences with surplus land.
Sienna is pleased to announce the appointment of Stephen Roy as Senior Vice President, Real Estate Development and Construction. Mr. Roy has worked for some of North America’s premier real estate organizations, bringing with him a superior understanding of project execution, investment analyses and valuations, as well as leading high performing teams who support the achievement of key development and construction goals.
The expansion of Sienna’s leadership team with a seasoned real estate professional highlights the Company’s commitment to grow and enhance its high quality portfolio.
Retirement Occupancy and Rent Collection
Sienna’s December 2020 average same property occupancy level in the retirement portfolio was 79.8%, a decline from the prior months primarily due to renewed access restrictions at many residences amid the second wave of the pandemic. Throughout the pandemic, rent collection levels continued to remain high, at and above 99%.
| September 2020 | October 2020 | November 2020 | December 2020 | |||||||||
| Retirement same property occupancy (average) | 81.7 | % | 82.7 | % | 81.3 | % | 79.8 | % | ||||
| Retirement rent collection | 99.4 | % | 99.5 | % | 99.0 | % | 99.6 | % | ||||
About Sienna Senior Living
Sienna Senior Living Inc. (TSX: SIA) offers a full range of seniors' living options, including independent living, assisted living, long-term care, and specialized programs and services. Sienna's approximately 13,000 employees are passionate about helping residents live fully every day. For more information, please visit .
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 September 30, 2020, and other risk factors disclosed in its most recent annual Management Discussion and Analysis and Annual Information Form for more information.
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, including the effectiveness of the vaccine and availability of government funding. 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:
Karen Hon
Chief Financial Officer and Senior Vice President
(905) 489-0254
Nancy Webb
Senior Vice President, Public Affairs and Marketing
(905) 489-0788
