In a recent operations update, Sienna Living announced plans to launch a new retirement platform called “Aspira” in late 2021 or early 2022. The new brand will be supported by its own designated website and will provide a wider range of choices for residents.
“Over the past year, we conducted an in-depth assessment of our retirement operations and identified opportunities that will set us apart in a competitive market,” said Nitin Jain, President and Chief Executive Officer of Sienna. “Under the Aspira brand, our goal is to provide residents with a wider range of choices. At the centre of our new brand is the conviction that seniors should be able to live the life they desire and deserve, with an increased emphasis on being a vital part of the local community.”
In addition to announcing the new retirement platform, Sienna also provided second quarter financial details and an update on a new joint venture development in Niagara Falls. Sienna’s estimated capital investment in the property is approximately $50 million, with an expected development yield of approximately 7.5 per cent. It’s share of this 150-suite joint venture development is 70 per cent.
Meanwhile in North Bay, the company hosted a ground-breaking ceremony at its 160-bed redevelopment site that was attended by senior government officials, including the Premier of Ontario. Sienna’s estimated capital investment for this redevelopment to be named “Northern Heights Care Community” is approximately $55 million.
In terms of operational changes as COVID restrictions ease, Sienna is reporting an improvement in occupancy coinciding with the resumption of in-person tours at Sienna’s retirement residences, as well as an increase in admissions to its long-term care communities.
Retirement – Same property occupancy up 240 basis points to 80.6% as at June 30, 2021 from March 31, 2021.
Long-term Care – Average occupancy up 130 basis points to 81.6% in Q2 2021 compared to Q1 2021.
Vaccination Rates – According to most recent vaccination data, approximately 96% of Sienna’s residents have received at least one dose of vaccine, with 95% fully vaccinated. 88% of Sienna’s team members have received at least one dose of vaccine, with 79% fully vaccinated.
COVID cases – As of August 10, 2021, none of Sienna’s 83 owned or managed residences had active cases of COVID-19.