Investor Presentation - May 2021 - Sienna Senior Living
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Investor Presentation May 2021
Cautionary Note
Certain information in this presentation may contain forward-looking information. Actual results could differ
materially from conclusions, forecasts or projections in the forward-looking information, and certain material
factors or assumptions were applied in drawing conclusions or making forecasts or projections as reflected in the
forward-looking information.
Additional information about the material factors, assumptions and/or risks that could cause actual results to
differ materially from the conclusions, forecasts or projections in the forward-looking information, and the
material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as
reflected in the forward-looking information are as disclosed in the company’s disclosure documents filed on
SEDAR from time to time, including but not limited to the company’s most recent MD&A and AIF
(www.sedar.com).
2
Our Guiding Principle
In everything we do, we are guided by the
belief that it is both a great privilege and a
tremendous responsibility to serve
Canada’s seniors to ensure that they live
with the utmost dignity and respect.
$250,000 Donation
to Scarborough Health Network
in support of new mental health hub
3
Sienna at-a-glance
$1.6B
Sienna Senior Living Inc. (SIA: TSX) is one of Canada's leading Total Assets
owners and operators of seniors' residences with high quality
assets in great locations in Ontario and British Columbia
13,000+
Dedicated Team Members
43 Long-term 27 Retirement 13 Managed
Care Residences
(6,868 beds)
Residences
(3,291 suites)
Residences
(1,461 beds/suites) 49
Years of Operations
$0.94
Annual Distribution/Share
41% Sienna owns a portfolio of long-term
Retirement 59%
Long-term
Care
care residences and private-pay
retirement residences
$213M
Available Liquidity
As at March 31, 2021
Based on net operating income contribution
for the quarter ended March 31, 2021 4
Portfolio Overview
Long-term Care (“LTC”) Sienna’s Active COVID-19 Cases Declining
Well-located portfolio in highly desirable 8 residences with active cases of COVID-19 among team members and
nodes within Ontario and British Columbia residents
High demand for long-term care with and Only 2 active COVID-19 resident cases
aging population and long waiting lists 99% decline in active COVID-19 resident cases since beginning of 2021
Stable revenue stream supported by
British Columbia:
government funding for resident care and Residences with active
programs COVID-19 cases
Ontario:
Retirement 0 0 Residences with active
COVID-19 cases
High quality portfolio with growth
LTC Residences
potential in key Canadian markets with active COVID-19 cases
Retirement Residences
with active COVID-19 cases 8 0
Community-focused service offerings and As at May 14, 2021
programs based on preferences of each
High Vaccination Rates at Sienna’s Residences
local community
Development and expansion potential
95% 75%
Residents Vaccinated Team Members Vaccinated
*Received first dose of vaccine or are already fully vaccinated as of May 12, 2021
5
Improving Operating Environment
COVID-19 Infrastructure Gradual Lifting of Restrictions
Sienna’s COVID-19 In Ontario & British Columbia:
Infrastructure and IPAC • Lifting of self-isolation
measures remain strongly in requirements for newly
place, including admitted residents; and
• Active screening; • Resumption of communal
• On-site rapid testing; dining and social activities at
• Elevated staffing levels; and most residences
• Robust supply of personal In Ontario:
protective equipment • Frontline staff allowed to work
(“PPE”) at more than one location
High vaccination rates support the return to a more stable
operating environment 6
COVID-19 Response
Government Support Recommendations
Crucial government Recommendation by the
support to help with Commission include
extraordinary expenses and additional staffing; At Sienna, numerous steps
address systemic issues in enhanced IPAC training; outlined in the Commission’s
seniors living sector continued prioritization of recommendations have been
PPE;
Two recent reports by taken to date, including
stronger medical leadership;
Ontario’s Auditor General enhanced collaboration with strengthened medical
and the Long-Term Care healthcare partners; and leadership, increased focus on
COVID-19 Commission the urgent need to redevelop family communication and
(“Commission”) highlight and expand LTC homes to
systemic issues meet growing societal need enhanced IPAC training
7
Financial Results
joi
8
Q1 Operating Performance
Q1 Operating Performance* Q1 Operating Performance
excl. net pandemic expenses or
recoveries
Q1 Same-Property Occupancy
Long-Term Care Q1 2021 $31.3M Q1 2021 $19.5M (average)
Same Property NOI Q1 2020 $20.6M
Long-term Care Retirement
80.3% 78.1%
Retirement Q1 2021 $12.8M Q1 2021 $13.5M
Same Property NOI (0.8%)
Q1 2020 $15.8M
Monthly Same-Property
Retirement Occupancy
Operating Funds Q1 2021 $0.378 Q1 2021 $0.269 (average)
from Operations (per share) (0.8%)
Q1 2020 $0.365
78.6%
78.1%
77.9%
77.7%
Adjusted Funds Q1 2021 $0.394 Q1 2021 $0.292
from Operations (per share) (0.8%)
Q1 2020 $0.382
*Q1 2021 results include $15.3 million of retroactive government assistance to cover a January February March April
portion of expenses incurred in 2020
9
Financial Position
Debt to Gross Book Value Weighted Average Cost of Debt
49.6% 3.8% 3.9%
47.7% 48.2% 3.6%
3.2% 3.3%
46.0% 46.0%
2017 2018 2019 2020 Q1 2021 2017 2018 2019 2020 Q1 2021
Interest Coverage Ratio Debt to Adjusted EBITDA
4.7x 9.4x
3.9x 3.9x 3.9x 8.4x
3.7x 3.5x 7.4x 6.9x 7.5x
3.1x 6.7x 6.2x
2017 2018 2019 2020 2020 Q1 2021 Q1 2021 2017 2018 2019 2020 2020 Q1 2021 Q1 2021
excluding excluding excluding excluding
net net net net
pandemic pandemic pandemic pandemic
expenses expense or expenses expense or
recoveries recoveries
10Debt Profile & Liquidity
Successfully issued Debt Capitalization
as at March 31, 2021
$125M
Series C unsecured debentures
Mortgages - Unsecured
on May 17, 2021 Conventional Debentures
22% 33%
with a coupon rate of 2.82%
maturing in March 2027
$975M
Total
Debt
$840M $213M BBB Mortgages - CMHC
Insured 29%
Credit Facilities
18%
Unencumbered Available investment grade
Asset Pool Liquidity rating from DBRS
as at March 31, 2021
11Development
Long-Term Care Retirement
$600M+ Capital Investments for Strategic development plans include greenfield
redevelopment of Sienna’s Ontario Long-Term development with joint venture partners and
Care Portfolio over 5 – 7 Years expansion of retirement residences with excess
Two projects expected to proceed to land
construction phase in 2021, beginning with Joint venture project in Niagara Falls moving to
redevelopment in North Bay construction phase in Q2 2021
160-bed redevelopment in 150-suite greenfield joint venture with Reichmann Senior Housing
North Bay, Ontario Niagara Falls, Ontario
~$52M-$55M Cost ~$49M-$51M Cost
~8.0% Development Yield ~7.5% Development Yield
12Board of Directors & Senior Leadership Team
Board of Directors Senior Executive Team Diverse leadership team reflects
Dino Chiesa*, Chair Nitin Jain Sienna’s overall workforce
Nitin Jain Director, President & CEO
Dr. Andrea Moser
Janet Graham*
Chief Medical Officer, SVP
Paula Jourdain Coleman * Mark Lugowski 54%
Brian Johnston * Retirement Operations, EVP Female 46%
Jack C. MacDonald * Jennifer Anderson Male
Stephen Sender * Long-Term Care Operations, EVP
4–7
* Independent Karen Hon
Chief Financial Officer, SVP
Years
1/3 of independent directors Olga Giovanniello
are female Chief Human Resources Officer, EVP
30%
3 Years
David Hung BIPOC*
Since Corporate Services, SVP
or less
IPO Stephen Roy 70%
33%
(2010) Other
Female Real Estate Development & Construction, SVP
67% Adam Walsh
Male General Counsel, SVP
*Black, Indigenous, and
Nancy Webb People of Colour
Public Affairs & Marketing, SVP
13Giving Back
Launch of ~$700,000 Contribution to
Sienna for Seniors CaRES Fund
Foundation by Sienna and its Board of Directors
since inception in 2020
to raise funds for a variety
of important causes in
Ontario and British
Columbia
$250,000 Donation
to Scarborough Health Network
in support of new mental health hub
14Strong Fundamentals
Sienna’s strategic approach to operating and growing the Company remains unchanged and focuses on
recruiting and retaining a high-performing and diverse team, optimizing the Company’s balance sheet and
capital structure and building a best-in-class portfolio through development, redevelopment and acquisitions.
Large operating Balanced Strong balance Compelling
platform portfolio sheet and liquidity Outlook
with an experienced of government-funded supported by with an aging
leadership team long-term care and investment grade credit population, high
focused on high quality private-pay retirement rating, a large pool of demand for long-term
care and resident- residences with growth unencumbered assets care and a slowdown in
focused experience; potential in key and financial flexibility the future supply of
health and safety of Canadian markets retirement residences
residents and staff
remains first priority
15siennaliving.ca
(905) 477-4006
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