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SIENNA SENIOR LIVING INC. ANNOUNCES STRONG FOURTH QUARTER AND ANNUAL RESULTS, POINTS TOWARDS OPTIMISTIC FUTURE

MARKHAM, Ontario, Feb. 20, 2024 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (ÔÇ£SiennaÔÇØ or the ÔÇ£CompanyÔÇØ) (TSX: SIA) has revealed their financial results for the three months and year ended December 31, 2023. The Consolidated Financial Statements and accompanying ManagementÔÇÖs Discussion and Analysis (ÔÇ£MD&AÔÇØ) are available on the CompanyÔÇÖs website at www.siennaliving.ca and on SEDAR+ at www.sedarplus.ca.

Sienna’s strong fourth quarter and annual results reflect the return to a stable operating environment, the Company’s successful cost management strategy, and sustained reductions in temporary agency staffing costs. Q4 2023 marks the fourth consecutive quarter of significant year-over-year same property net operating income (ÔÇ£NOIÔÇØ) growth in the CompanyÔÇÖs long-term care and retirement segments.

ÔÇ£Earlier in 2023, we outlined where we see significant growth potential in our business over the next several years and how we believe our current initiatives will contribute to a notable expansion of SiennaÔÇÖs NOI,ÔÇØ said Nitin Jain, President and Chief Executive Officer. ÔÇ£SiennaÔÇÖs consistently strong financial performance in 2023 indicates that we are on the right track.ÔÇØ

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Operating Highlights

Same-property NOI increased by 16.5% to $37.7 million in Q4 2023, compared to Q4 2022, including long-term care (ÔÇ£LTCÔÇØ) Occupancy ÔÇô Average occupancy increased by 150 basis points (ÔÇ£bpsÔÇØ) year-over-year to 97.6% Retirement Same Property Occupancy ÔÇô Average same property occupancy increased by 20 bps to 88.2% in Q4 2023 compared to Q4 2022 Significant Reduction in Use of Staffing Agencies resulting in agency costs returning to pre-pandemic levels. Agency staffing costs, which are predominantly covered by flow-through funding from the government for resident care, declined by approximately $8.9 million year-over-year to $5.8 million in Q4 2023.

Growth and Expansion Highlights

Acquisition of Additional Ownership Interest in Nicola Lodge, Port Coquitlam, British Columbia ÔÇô On September 14, 2023, Sienna entered into an agreement to acquire the remaining 60% interest in Nicola Lodge, a 256-bed long-term care community managed and partially owned by the Company. A best-in-class complex care facility, Nicola Lodge was built in 2016 and offers long-term care with specialized services for bariatric care, dementia and mental health care. The transaction is taking place in two stages, each comprising a 30% interest to be purchased for approximately $26.5 million, before closing costs, and representing an expected yield of approximately 6.75%, based on the 2024 NOI projections in relation to the purchase price….

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Financial performance ÔÇô Q4 2023

Total Adjusted Revenue increased by 13.3% in Q4 2023 to $218.9 million, compared to Q4 2022. In the Retirement segment, the increase is mainly driven by annual rental rate increases, occupancy increases, and higher care and ancillary revenue. In the LTC segment, the increase is mainly driven by increased flow-through funding for direct care, annual inflationary funding increases, and higher occupancy compared…

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Outlook

Long-term demand fundamentals in Canadian senior living remain strong, driven by the rising needs of seniors, who make up the fastest-growing demographic in Canada. The return to a stable operating environment across our long-term care operations, coupled with continued occupancy improvements and rate increases in our retirement segment, resulted in strong year-over-year NOI growth, including a 21.1% increase in our LTC segment and an 11.8% increase in our retirement segment.

These positive factors in combination with our successful cost reduction strategy have supported our fourth quarter and full year results in 2023 and give us reason for an optimistic outlook for 2024.

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At the same time, the current higher interest…

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