MARKHAM, Ontario, June 18, 2025 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“Sienna” or the “Company“) (TSX: SIA) announced today that it has finalized its previously announced acquisition of Hazeldean Gardens Retirement Residence, a 172-suite retirement residence consisting of 129 independent living, 31 assisted living, and 12 memory care units in Stittsville, Ontario (“Acquisition”), a suburb located in Ottawa’s west end.
Built in 2018, this high quality residence is expected to reach stabilized occupancy of 95% within the next 12 months, supported by the rapidly improving supply-demand fundamentals in the Ottawa market. The Acquisition is further expected to benefit from significant synergies with the Company’s nearby properties.
“Hazeldean Gardens reflects our confidence to drive growth through operational synergies, supported by the strength of our expanding platform,” said Nitin Jain, President and Chief Executive Officer of Sienna. “With this latest transaction, we have completed over $340 million of acquisitions to date in 2025 and remain very active in the acquisition market as we continue to scale our business.”
The property was acquired for $85.25 million, including a performance-based payment of $3.75 million, and is subject to an additional performance-based contingent payment of $1.25 million. Sienna has financed the full purchase price with a combination of cash on hand and credit facilities, and expects the transaction to be immediately accretive to the Company’s AFFO per share.
The Acquisition was completed at a significant discount to replacement cost with an initial investment yield of 6.33% before accounting for internal synergies, and is expected to deliver a 6.8% investment yield in the first year following closing.
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 www.siennaliving.ca.
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 are based on the Company’s expectations, estimates, forecasts and projections. 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:
David Hung
Chief Financial Officer and Executive Vice President, Investments
(905) 489-0258
david.hung@siennaliving.ca
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