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Sienna Senior Living Inc. Q2-2020 Earnings, Price Target Update

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Sienna Senior Living Inc. (TSX: SIA) owns and operates (as of Jun-30-2020) 70 seniors' living residences: 27 retirement residences, five in BC and 22 in Ontario; 43 Long Term Care residences including eight seniors' living residences providing both private-pay Independent Living and Assisted Living. They also provide management services to an additional 13 seniors' living residences in the BC and Ontario.

In total there are 11,612 suites of which 3,283 are private pay retirement suites and 6,868 are public pay LTC suites and 1,437 are managed for third parties. Assets of $1.7B have more than doubled since 2010. Suites with either long term or assisted care contribute about 78% of revenues with the balance with Retirement Suites. Long term care suites with funding from the government comprise 56% of revenues, private pay retirement suites contribute 44%.

Key operating strategies including expanding into private pay retirement residences to minimize stress for occupants when moving to LTC. Sienna and its predecessors have been operating since 1972. They closed the initial public offering of shares in Mar-2010. Effective May-2015, the name was changed from Leisure World Inc. (LW) to Sienna Senior Living Inc. (SIA).

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