Mr. David Hung reports

SIENNA ANNOUNCES LONG-TERM CARE REDEVELOPMENT IN GREATER TORONTO AREA

Sienna Senior Living Inc. will proceed with its next redevelopment project in the Greater Toronto Area (GTA).

Sienna expects to start construction on an existing 3.5-acre site at its Streetsville community in Mississauga, Ont., in the first quarter of 2027, further modernizing its GTA platform. The 256-bed redevelopment, which is subject to government approvals, is anticipated to be completed in late 2029 and will replace 118 existing beds in addition to adding 138 new beds.

The project has an estimated development cost of approximately $125-million and a development yield of approximately 8.0 per cent.

Sienna's Streetsville community redevelopment follows the company's previously announced 448-bed Glen Rouge redevelopment in Toronto, Ont. The estimated $250-million project is expected to be completed in 2030.

"The redevelopments of Streetsville and Glen Rouge represent an exciting step forward for our company and for long-term care in the GTA, where they will support the growing needs of seniors," said Nitin Jain, president and chief executive officer of Sienna. "These large-scale projects will enhance the quality and scale of our platform, strengthen local economies through job creation, and provide modern, welcoming homes for residents, families and team members, while building on the exceptional culture and quality of care that define Sienna."

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 15,500 employees are passionate about cultivating happiness in daily life.

We seek Safe Harbor.