MARKHAM, Ontario, Oct. 05, 2020 (GLOBE NEWSWIRE) — Sienna Senior Residing Inc. (“Sienna” or the “Firm”) (TSX: SIA) right now supplied the next enterprise replace.
The well being and well-being of residents and crew members stay the Firm’s prime precedence. Sienna has superior important steps essential to handle COVID-19 throughout its 83 residences forward of a second wave, together with securing a sturdy provide of private protecting tools, strengthening an infection prevention and management practices, setting up staffing plans, and making certain the Firm’s frontline workers have the coaching and help they want.
“Over the previous weeks we additional strengthened our monetary place and our improvement plans have been gaining momentum as we proceed to navigate via the pandemic and past,” mentioned Nitin Jain, President and Chief Government Officer of Sienna Senior Residing. “With the help of the well being care specialists on our crew, the quite a few an infection prevention and management practices we put in place and our request for everybody to do their half in maintaining our residents, caregivers and crew members protected, we are going to battle the pandemic as we enter its second wave.”
Growth and Redevelopment of Long-Term Care Residences: Sienna and Scarborough Well being Community discover potential partnership
Sienna has submitted purposes with the Ministry of Lengthy-term Look after the event/re-development of quite a few its Class B/C long-term care residences in Ontario.
The Firm’s improvement plans embrace the lively pursuit of a partnership between Sienna and Scarborough Well being Community (“SHN”) to develop a brand new 320-bed long-term care campus to offer built-in take care of the rising wants of the local people. The plans discover the chance to develop Sienna’s Altamont Care Neighborhood (“Altamont”) right into a campus-style group, together with the redevelopment of Altamont’s 159 present beds and the event of roughly 161 new beds.
Along with the potential partnership with SHN at Altamont, three improvement initiatives beforehand introduced in Keswick, Brantford and North Bay are in superior phases of planning and approval with regulatory and native authorities.
Sienna continues to judge how the Authorities of Ontario’s new funding mannequin, which caters to regional improvement wants, will influence and profit the Firm’s portfolio of 5,733 long-term care beds in Ontario, of which roughly 2,200 beds are positioned in 15 older Class B/C houses.
Ontario Authorities Replace on Additional Lengthy-term Care Funding
We’re inspired by the Authorities of Ontario’s latest replace with respect to further funding of over $0.5 billion for long-term care.
Main funding parts embrace:
- $405 million for an infection prevention, staffing and private protecting tools;
- $61.4 million for minor capital repairs and renovations;
- $40 million to help houses impacted by the modifications in occupancy as a consequence of COVID-19; and
- $30 million to rent extra an infection prevention and management staffing.
On September 29, Sienna has been allotted further funding of roughly $6.4 million and expects to obtain additional funding within the fourth quarter of 2020.
We’re additionally grateful for the Authorities of Ontario’s help for private help employees via a brief wage improve of $3/hour efficient October 1, 2020, which can assist acknowledge the extraordinary efforts of our frontline workers and stabilize staffing as we enter the second wave of the pandemic.
As of October 4, 2020, 9 residences are in outbreak, with just one lively resident COVID-19 case.
Over the previous eight weeks, the variety of lively resident COVID-19 instances throughout Sienna’s 83 owned or managed residences remained at zero to at least one case at any given time.
Retirement Occupancy and Hire Assortment
In Sienna’s retirement portfolio, common identical property occupancy in September 2020 improved from the earlier month, and lease assortment ranges remained excessive.
|July 2020||August 2020||September 2020|
|Retirement identical property occupancy (common)||81.2%||81.1%||81.7%|
|Retirement lease assortment||99.8%||99.6%||99.4%|
Throughout Q3 2020, the Firm continued to document an elevated degree of deposits from potential residents in comparison with Q2 2020 and the comparative prior yr interval on account of the reopening of residences for in-person visits and elevated advertising efforts.
Steadiness Sheet Replace
Sienna continued to strengthen its monetary place with the closing of a mixed $275 million of debt financings on October 2, 2020, which had been used for basic company functions and to repay present indebtedness, together with the redemption of the entire excellent 3.474% Collection B Senior Secured Debentures due February 3, 2021. Because of this, the Firm additional enhanced its stability sheet and considerably lowered its near-term debt maturities.
As at October 2, 2020, Sienna’s liquidity was roughly $227.7 million, comprised of $86.2 million of money and money equivalents, $40.0 million of short-term investments in addition to $101.5 million of accessible credit score services. The Firm’s pool of unencumbered property elevated by greater than $300 million from $540 million as at June 30, 2020 to roughly $841 million as at October 2, 2020.
About Sienna Senior Residing
Sienna Senior Residing Inc. (TSX:SIA) gives a full vary of seniors’ residing choices, together with unbiased residing, assisted residing, long-term care, and specialised packages and providers. Sienna’s roughly 13,000 workers are keen about serving to residents reside absolutely daily. For extra data, please go to www.siennaliving.ca.
Discuss with the danger components on “Basic Enterprise Dangers” and “COVID-19 and Different Outbreaks” disclosed within the Firm’s Administration Dialogue and Evaluation for the three months ended June 30, 2020, and different danger components disclosed in its most up-to-date annual Administration Dialogue and Evaluation and Annual Info Kind for extra data.
Sure of the statements contained on this information launch are forward-looking statements and are supplied for the aim of presenting details about administration’s present expectations and plans regarding the longer term. Readers are cautioned that such statements will not be applicable for different functions. These statements typically use forward-looking phrases, akin to “anticipate,” “proceed,” “may,” “anticipate,” “could,” “will,” “estimate,” “consider,” “objectives” or different comparable phrases and embrace, with out limitation, statements with respect to the Firm’s pursuit of a possible partnership with Scarborough Well being Community with respect to the event of Altamont Care Neighborhood right into a long-term care campus. These statements are topic to important recognized and unknown dangers and uncertainties that will trigger precise outcomes or occasions to vary materially from these expressed or implied by such statements and, accordingly, shouldn’t be learn as ensures of future efficiency or outcomes and won’t essentially be correct indications of whether or not or not such outcomes will likely be achieved. The forward-looking statements on this information launch are primarily based on data at the moment obtainable and what administration at the moment believes are affordable assumptions. The Firm doesn’t undertake any obligation to publicly replace or revise any forward-looking statements besides as could also be required by relevant regulation.
For additional data, please contact:
Chief Monetary Officer and Senior Vice President
(905) 477-4006 x3069
Senior Vice President, Public Affairs and Advertising and marketing