RE:RE:RE:RE:RE:No reason for it to be going DOWNYou're a very negative person lapiastre, and a misleading one.
The gap you're talking about was from Feb. 21, 2024 when Sienna beat numbers for their 4Q 2023. That gap should not be covered unless they show bad numbers, but with the new acquisition of the 4 LTC Homes in Alberta which they purchased at a steep discount to a new build, and the 100% funding by the Alberta government should add to AFFO in a very positive way.
We provided services to a new Extendicare facility in Ottawa, which was a new build and cost over $80 million to build. Sienna just got 4 facilities for 40% the cost to build new ones. You're barking up the wrong tree.
Sienna Senior Living Inc. has entered into an agreement to acquire a portfolio of four continuing care homes in Alberta, consisting of 540 suites in the Calgary Metropolitan Region, Edmonton, Fort Saskatchewan and Medicine Hat, for an aggregate purchase price of $181.6-million:
- High-quality portfolio built to the highest building standards with an average age of less than three years;
- Immediate scale in the highly attractive Alberta continuing care segment with strong supply/demand fundamentals;
- Government funding for 100 per cent of care services from the Alberta Health Services (AHS);
- High occupancy with three of the four properties exceeding 98 per cent and one property currently in lease-up;
- Immediately accretive to operating funds from operations (OFFO) and adjusted funds from operations (AFFO) per common share subsequent to closing of the acquisition;
- Acquisition at a discount to replacement value;
- Investment yield expected to be approximately 6.5 per cent during the first year of operations, with opportunity for additional growth.