Sienna Senior Living

Sienna Senior Living Inc.
Public
Traded as TSX: SIA
S&P/TSX Composite Component
Industry Senior Housing
Founded 1972
Headquarters Markham, Ontario, Canada
Key people
 Lois Cormack (President and Chief executive officer)
Website https://www.siennaliving.ca

Sienna Senior Living Inc. is a Canadian publicly traded senior housing company based in Markham, Ontario. As of the end of 2017, it had 41 long-term care facilities and 27 retirement residences.[1][2] All of its properties are located in Ontario and British Columbia;[1] it is the largest long-term care operator in Ontario.[3] It is listed on the Toronto Stock Exchange.

History

Sienna was founded in 1972.[4] It was originally known as Leisureworld Senior Care Corporation.[4] In March 2005, Macquarie Bank acquired Leisureworld for $528 million.[5] At the time, the company had 19 long-term care homes, 2 retirement homes, and 3,200 beds.[5] 45% of the company was later transferred to the Macquarie Power Income Fund.[6] It held an initial public offering on the Toronto Stock Exchange in 2010, raising $190 million.[7] As part of the IPO, the Macquarie entities sold their stake in the company.[8] For most of its history, the company was primarily an operator of long-term care facilities. After its IPO, it diversified into retirement residences.[2] As part of this diversification, in April 2013, the company purchased Specialty Care, a private senior home operator., for $254 million.[3] In the process, the president of Specialty Care, Lois Cormack, become president of Leisureworld.[3]

In 2015, Leisureworld changed its name to Sienna Senior Living, because of confusion caused by its previous name.[3] As part of the re-branding, many of the company's homes also changed their names (e.g. from Leisureworld Caregiving Centre – Oxford to Secord Trails Care Community in Ingersoll).[9] In April 2016, Sienna acquired eight seniors' residences in British Columbia for $255 million.[10] In January 2018, Sienna purchased 10 retirement residences in Ontario for $382 million.[11][12] In March 2018, Sienna was added to the S&P/TSX Composite Index.[13]

Properties

Sienna operates facilities providing a range of levels of care. Its long-term care facilities provide full nursing care, funded by the Ontario government (all of Sienna's long-term care facilities are located in Ontario).[3] However, residents are required to pay for room and board. On the other hand, Sienna's assisted living and retirement homes are paid for privately by residents, and provide limited or no nursing care.[3] As of 2015, long-term care homes accounted for 75% of Sienna's net operating income.[4] The operating margin for its retirement residences tends to be higher, but the long-term care revenues are more stable.[4]

There have been a number of incidents at Sienna homes. For instance, at Leisureworld Caregiving Centre – Cheltenham, a staff member abused a resident, and then covered up the abuse.[14] In 2017, one of the residents at Sienna's Camilla Care Community killed another resident.[15] There have been a number of lawsuits launched against the company.[16]

References

  1. 1 2 "Sienna Senior Living 2017 Q4 Financial Report".
  2. 1 2 "Sienna Senior Living enticing investors with focus on retirement housing". The Globe and Mail. 2015-05-10. Retrieved 2018-04-06.
  3. 1 2 3 4 5 6 "Largest Canadian Senior Living Operator Changes Name, Updates Branding - Senior Housing News". Senior Housing News. 2015-05-11. Retrieved 2018-04-06.
  4. 1 2 3 4 "Long-term care is anchor of Sienna Senior Living portfolio". Real Estate News Exchange (RENX). 2016-04-14. Retrieved 2018-04-06.
  5. 1 2 "Leisureworld sold for $528-million". The Globe and Mail. 2005-05-22. Retrieved 2018-04-06.
  6. ↑ "Macquarie managed fund to acquire interest in Canadian aged care provider". www.macquarie.com. Retrieved 2018-04-06.
  7. ↑ "Financings Rise Year over Year". The National Post. 2010-04-28.
  8. ↑ "Macquarie International Infrastructure Fund to divest 55% stake in Canadian Aged Care for $91.5m". The Edge Markets. 2010-02-16. Retrieved 2018-04-06.
  9. ↑ nurun.com. "Leisureworld changes name to Secord Trails". Ingersoll Times. Retrieved 2018-04-06.
  10. ↑ "Sienna Senior Living in $255M deal to acquire B.C. seniors housing assets". Canadian Business. 2016-04-18. Retrieved 2018-04-06.
  11. ↑ "Sienna buys 10 Ontario retirement residences". Real Estate News Exchange (RENX). 2018-01-23. Retrieved 2018-04-06.
  12. ↑ "Ottawa's Bearbrook retirement home purchased by Sienna Senior Living | Ottawa Business Journal". www.obj.ca. Retrieved 2018-04-06.
  13. ↑ "S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian Indices". www.newswire.ca. Retrieved 2018-04-06.
  14. ↑ "Nursing home residents abused | Toronto Star". Toronto Star. 2011-11-07. Retrieved 2018-04-06.
  15. ↑ "82-year-old faces manslaughter charge in the death of fellow long-term care resident | CBC News". CBC. Retrieved 2018-04-06.
  16. ↑ Zarzour, Kim (2017-11-09). "Taking action: Stories of neglect, abuse prompt suit against long-term care home". YorkRegion.com. Retrieved 2018-04-06.
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