Mr. David Hung reports

SIENNA SENIOR LIVING COMPLETES PREVIOUSLY ANNOUNCED ACQUISITIONS IN ALBERTA AND BRITISH COLUMBIA

Sienna Senior Living Inc. has finalized its previously announced acquisition of a portfolio of four continuing care homes in Alberta, consisting of 540 suites in the Calgary metropolitan region, Edmonton, Fort Saskatchewan and Medicine Hat, for an aggregate purchase price of $181.6-million.

"This acquisition strengthens Sienna's national presence and further enhances the scale, quality and geographic diversity of our operations," said Nitin Jain, president and chief executive officer of Sienna. "We are excited to welcome the residents and team members at our new locations as we continue on our growth path."

Sienna expects the acquisition to generate an approximately 6.5-per-cent investment yield in the first 12 months of operations, with opportunity for additional growth, including synergies from potential further expansion in Western Canada.

The acquisition was financed through the assumption of approximately $150.6-million of CMHC (Canada Mortgage and Housing Corporation) debt with a weighted average interest rate of 4.6 per cent and a remaining average term of approximately 4.3 years. The balance was financed with cash on hand.

The acquisition follows the purchase of the remaining 30-per-cent interest in Nicola Lodge in Metro Vancouver on Feb. 28, 2025, increasing Sienna's ownership in the 256-bed best-in-class long-term care community to 100 per cent. The transaction was financed through the assumption of the remaining share of an in-place mortgage, as well as cash on hand.

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 13,500 employees are passionate about cultivating happiness in daily life.

We seek Safe Harbor.