Markham, Ontario, March 11, 2022 (GLOBE NEWSWIRE) — Sienna Senior Living Inc. (“”Siena” or “society“) (TSX: SIA) announced today that it has signed an agreement to acquire 50% ownership of a retired residence consisting of 186 high quality private pay suites in Saskatoon, Saskatchewan (TSX: SIA). “The Stonebridge Village” Also “Ishibashi“). Siena will partner with Sabra HealthCare REIT, Inc. to acquire assets (“Sabra”), Has acquired a 50% stake in the remaining assets, and Siena is the asset manager.
Nitinjain, President and Chief Executive Officer of Siena Senior Living, said: “By acquiring one of Saskatoon’s most desirable retirement homes, we will have a significant presence in this market and will be able to build a substantial platform in Saskatchewan. This transaction will scale our business platform. I am confident that the depth will be further expanded and there will be more opportunities to increase shareholder value. “
Built in 2016 with luxurious facilities and contemporary design, The Village at Stonebridge is one of Saskatoon’s most coveted retirement residences, living an independent life of 159 (“IL“) Suite and 27 Assisted Living (“)“AL”) Suite. The property complements the previously announced acquisition of four other retirement homes in Saskatchewan as part of a joint venture with Sabra, strengthening Siena’s scale and leadership in the state.
Siena’s share of Stonebridge’s purchase price is approximately $ 36 million, and we expect the acquisition to yield an unleveraged yield of approximately 6% in the first 12 months after closing the transaction. .. We also contributed from the acquisition of Siena’s operating capital (“OFFO”) And adjusted funds from operations (“AFFO”) Per leveraged neutral-based common stock. Completion of the acquisition requires normal closing conditions and regulatory approval, and the transaction is expected to close in the second half of the second quarter of 2022.
Stonebridge purchase prices and associated transaction costs are covered by the following combinations: (I) The net income of equity offerings recently announced by the Company. (Ii) Income from previously announced Rideau Retirement Residence and Camilla Care Community dispositions. (Iii) Use our existing credit line.
About Sienna Senior Living
Sienna Senior Living Inc. (TSX: SIA) offers a wide range of elderly living options, including independent living, long-term care, long-term care, and professional programs and services. Approximately 12,000 employees in Siena are passionate about helping residents live a full life every day. For more information, please visit www.siennaliving.ca.
This news release contains information about management’s current expectations, estimates, and forecasts of future outcomes, performance, outcomes, outlooks, or opportunities for Siena. Forward-looking statements include: Successful acquisition and its timing. Expected benefits of the acquisition on Siena’s shareholders. This includes the expected increase in our OFFO and AFFO per share of common stock. Expected future growth; financing of acquisitions through equity offerings, disposals, or revenues from withdrawals from our existing credit lines. Expected end date of the acquisition. Forward-looking statements are based on many assumptions and are subject to many known and unknown risks and uncertainties. Many of these are beyond our control and actual results may differ materially from those disclosed or implied. By description of such future prospects.
The forward-looking statements in this news release are based on currently available information and what management believes are currently reasonable assumptions. Key factors or assumptions applied to draw conclusions or make the estimates set forth in the forward-looking statements include: Expected government priorities and spending. There are no significant changes to government and environmental regulations that affect Siena’s business. Management’s view of vital trends. Siena’s ability to maintain good relationships with employees. Successful acquisitions and their financing, as well as the financial and operational attributes of Siena and the acquisition as of today.
Management believes that the expectations reflected in these forward-looking statements are reasonably well-founded, but the actual results are suggested by the forward-looking statements for a variety of reasons. May differ from. The above assumptions, risks, and uncertainties are not exhaustive and other events and risk factors may cause actual results to differ materially from those described in the forward-looking statements. .. These forward-looking statements reflect Siena’s current expectations as of the date of this news release and are only stated as of the date of this news release. Siena undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable law.
Actual results may differ materially from those expected, estimated, or implied by such statements, and there is no guarantee that the forward-looking information will be accurate. Therefore, readers should not place excessive reliance on information about future prospects. These factors are detailed in the “Risk Factors” section of the short prospectus, the “Risk Factors” section of Siena’s latest management discussion and analysis, and the occasional document submitted to Canadian securities regulators. .. However, but not limited to this, our latest annual information form.
Certain terms used in this news release, such as OFFO per common stock and AFFO per common stock, refer to International Financial Reporting Standards (such as OFFO per common stock).“IFRS”) And it does not have the standardized meaning specified by IFRS. OFFO and AFFO should not be construed as an alternative to “net income (loss) from continuing operations” or “cash flow from operating activities” determined in accordance with IFRS as an indicator of our performance. Our OFFO and AFFO calculations may differ from other publishers’ methods and therefore these measurements may not be comparable to those used by other publishers. We believe OFFO is useful for assessing performance, and AFFO is a good measure of our ability to earn cash and pay dividends on common stock. Definitions of these non-IFRS indicators and examples of adjusting OFFO and AFFO to the most directly comparable IFRS indicators are provided in our latest management discussions and analysis.
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Siena Senior Living signs contract to buy retired home in Saskatchewan, Canadian Business Journal
Source link Siena Senior Living signs contract to buy retired home in Saskatchewan, Canadian Business Journal