With Canada’s elderly citizens being most at risk of COVID-19 complications, Lois Cormack, President and CEO of Sienna Senior Living Inc. issued a statement regarding his company’s continued measures to keep occupants safe.
“Our top priority at this time is the health and safety of our residents, employees and families,” he said. “I am incredibly proud of our team’s dedication and extraordinary work at this unprecedented time. Sienna has no known COVID-19 cases presently, however, we know that this may change, given the rapid spread of the virus. We are taking extensive measures to navigate this situation and have implemented numerous safeguards to protect residents and team members.”
With respect to the business impact of COVID-19, Cormack says he expects that occupancy in Sienna Senior Living’s retirement portfolio could be temporarily impacted, however, the company fundamentals remain strong.
Highlights include:
• Sienna’s strong balance sheet, ample liquidity and healthy payout ratio are expected to continue to support the dividend payments to our shareholders;
• It is important to note that 56% of Sienna’s portfolio is long term care, which receives full funding for vacancies caused by temporary closure of admissions due to an infectious outbreak, including COVID-19;
• Sienna is working extensively with sector associations, peers and all levels of government agencies to navigate this situation together; and
• The Government of Ontario has allocated $50 million in emergency funding for long-term care and $5 million for retirement residences to help cover extraordinary costs related to the prevention and containment of COVID-19.
“I want to express my sincere admiration and gratitude to our team members and the many dedicated health care workers and all other essential workers who are going to work every day to meet the basic needs of our society, when the rest of the world is able to stay at home,” he said in closing.
