Mr. Nitin Jain reports

SIENNA EXPANDS RETIREMENT PORTFOLIO IN KEY ONTARIO MARKET

Sienna Senior Living Inc. has entered into a purchase agreement to acquire The Hygate on Lexington, a 216-suite retirement residence in Waterloo, Ont.

Built in 2021, the six-storey property is located in the highly attractive Waterloo market and offers a diverse range of accommodations, including 126 independent supportive living units, 40 assisted living units and 50 seniors apartments. The property also includes a 4.7-acre development site with municipal zoning for a retirement residence or residential condominium.

The gross purchase price for Hygate is $93.3-million, or approximately $432,000 per suite, with a stabilized investment yield of approximately 6.0 per cent. The property, which is currently in lease-up, has an approximate 65-per-cent occupancy rate, and is expected to reach stabilized occupancy within two years of closing. Sienna will acquire the property at a discount to replacement cost and will leverage its extensive experience and market knowledge to achieve its targeted occupancy growth.

"We are excited to continue expanding our retirement portfolio with this recently built, highly desirable property in Waterloo," said Nitin Jain, president and chief executive officer. "Hygate will further strengthen our presence in southwestern Ontario and elevate the quality of our asset base in one of Canada's leading technology and innovation hubs."

Sienna intends to finance the full purchase price of Hygate with cash on hand and its credit facilities. The acquisition is subject to regulatory and governance approvals and customary closing conditions, and is expected to close within 60 days.

About Sienna Senior Living Inc.

Sienna Senior Living 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 15,000 employees are passionate about cultivating happiness in daily life.

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