MARKHAM, ON–(Marketwired – December 31, 2015) – Sienna Senior Living Inc. (“Sienna” or the “Company“) (
The purchase price was partially settled through an assumption of the existing property level mortgage of approximately $22.7 million, maturing in March 2020 and bearing interest at 3.5%. The remainder of the purchase price was paid using available cash and drawdowns from the Company’s credit facilities. The vendor has provided the Company with an annual net operating income guarantee, in accordance with the transaction terms.
“The acquisition of Traditions complements our growing retirement portfolio of quality residences,” stated Lois Cormack, Sienna’s President and CEO. “We expect a seamless transition and with the completion of this acquisition, our team is delighted to officially welcome the residents and staff to the Sienna family.”
Traditions is a 140-suite independent and assisted living residence located in Oshawa that commenced operations in 2010 with a first phase of 90 suites. A further 50 suites were added pursuant to a second phase in 2012. The current occupancy rate is 91%. Providing both assisted living services (with 37 suites designated as assisted living units) and independent supported living services, the residence has a strong reputation and high visibility in the local community.
ABOUT SIENNA SENIOR LIVING
Sienna Senior Living (
FORWARD LOOKING STATEMENTS
This press release contains forward-looking information based on management’s current expectations, estimates and projections about the future results, performance, achievements, prospects or opportunities for Sienna. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. There can be no assurance that forward-looking information will prove to be accurate, as actual results could differ materially from those expected, estimated or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the “Risks and Uncertainties” section of Sienna’s 2014 MD&A and in materials filed with the securities regulatory authorities in Canada from time to time, including, but not limited to, the Company’s most recent Annual Information Form.