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Sienna Senior Living Inc. Q1-2022 Earnings, Price Target Update

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Sienna Senior Living Inc. (TSX: SIA) and its predecessors have been operating since 1972 as an independent living (IL), independent supportive living (ISL), assisted living (AL), memory care (MC) and long-term care (LTC Long-term Care) provider through seniors' living residences in BC and Ontario. They own and operate a total of 68 seniors' living residences: 26 retirement residences and 34 LTC communities; eight seniors' living residences providing both private-pay IL/AL and funded LTC, 83% and 17% of total beds/suites are located in Ontario and British Columbia, respectively. Sienna provides management services to an additional 13 seniors' living residences in BC and Ontario.

There are 3,291 independent living private pay retirement suites and 6,868 LTC of which 180 are private pay and 6,688 receive government funding and 1,437 suites managed for third parties. Assets of $1.6B have approximately doubled since 2010. Excluding interim funding support for the pandemic, 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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