{{Short description|Canadian senior housing company}} {{Infobox company | name = Sienna Senior Living Inc. | logo = Sienna Senior Living logo.svg | type = [[Public company|Public]] | traded_as = {{tsx|SIA}}<br>[[S&P/TSX Composite Index|S&P/TSX Composite Component]] | industry = [[Retirement home|Seniors' housing]] | founded = 1972 | founder = | hq_location_city = [[Markham, Ontario]] | hq_location_country = Canada | key_people = Nitin Jain (President and [[Chief executive officer]]) | website = {{URL|https://www.siennaliving.ca/}} }} '''Sienna Senior Living Inc.''' is a Canadian publicly traded senior housing company based in [[Markham, Ontario]]. As at 31 December 2019, the company owned and operated 70 seniors’ living residences in addition to managing 13 residences for third parties; all were located either in Ontario or B.C. <ref>{{cite web |url=https://www.siennaliving.ca/investors/company-profile/our-properties |title=Our Properties |date=30 January 2020|publisher=Sienna Living |access-date=13 June 2020 |quote=}}</ref> In Ontario, Sienna was the largest long-term care operator.<ref name=":2">{{Cite news|url=https://seniorhousingnews.com/2015/05/11/largest-canadian-senior-living-operator-changes-name-updates-branding/|title=Largest Canadian Senior Living Operator Changes Name, Updates Branding - Senior Housing News|date=2015-05-11|work=Senior Housing News|access-date=2018-04-06|language=en-US}}</ref> The company is listed on the [[Toronto Stock Exchange]].
== History == Sienna was founded in 1972.<ref name=":3">{{Cite news|url=https://renx.ca/long-term-care-anchor-sienna-senior-living-portfolio/|title=Long-term care is anchor of Sienna Senior Living portfolio|date=2016-04-14|work=Real Estate News Exchange (RENX)|access-date=2018-04-06|language=en-US}}</ref> It was originally known as '''Leisureworld Senior Care Corporation'''.<ref name=":3" /> In March 2005, [[Macquarie Group|Macquarie Bank]] acquired Leisureworld for $528 million.<ref name=":4">{{Cite news|url=https://www.theglobeandmail.com/report-on-business/leisureworld-sold-for-528-million/article1116283/|title=Leisureworld sold for $528-million|date=2005-05-22|work=The Globe and Mail|access-date=2018-04-06}}</ref> At the time, the company had 19 long-term care homes, 2 retirement homes, and 3,200 beds.<ref name=":4" /> 45% of the company was later transferred to the [[Capstone Infrastructure|Macquarie Power Income Fund]].<ref>{{Cite web|url=https://www.macquarie.com/mgl/com/news/2005/20050913a.htm|title=Macquarie managed fund to acquire interest in Canadian aged care provider|website=www.macquarie.com|access-date=2018-04-06}}</ref> It held an [[initial public offering]] on the Toronto Stock Exchange in 2010, raising $190 million.<ref>{{Cite news|url=http://www.pressreader.com/canada/national-post-latest-edition/20100428/284219461756964|title=Financings Rise Year over Year|date=2010-04-28|work=The National Post}}</ref> As part of the IPO, the Macquarie entities sold their stake in the company.<ref>{{Cite news|url=http://www.theedgemarkets.com/article/macquarie-international-infrastructure-fund-divest-55-stake-canadian-aged-care-915m|title=Macquarie International Infrastructure Fund to divest 55% stake in Canadian Aged Care for $91.5m|date=2010-02-16|work=The Edge Markets|access-date=2018-04-06}}</ref> For most of its history, the company was primarily an operator of long-term care facilities. After its IPO, it diversified into retirement residences.<ref name=":1">{{Cite news|url=https://www.theglobeandmail.com/globe-investor/sienna-senior-living-enticing-investors-with-focus-on-retirement-housing/article24605072/|title=Sienna Senior Living enticing investors with focus on retirement housing|date=2015-05-10|work=The Globe and Mail|access-date=2018-04-06}}</ref> As part of this diversification, in April 2013, the company purchased Specialty Care, a private senior home operator., for $254 million.<ref name=":2" /> In the process, the president of Specialty Care, Lois Cormack, become president of Leisureworld.<ref name=":2" />
In 2015, Leisureworld changed its name to Sienna Senior Living, because of confusion caused by its previous name.<ref name=":2" /> As part of the re-branding, which was managed by [[branding agency]] Bob's Your Uncle, many of the company's homes also changed their names (e.g. from Leisureworld Caregiving Centre – Oxford to Secord Trails Care Community in [[Ingersoll, Ontario|Ingersoll]]).<ref>{{Cite web|url=http://www.ingersolltimes.com/2015/05/04/leisureworld-changes-name-to-secord-trails-care-community|title=Leisureworld changes name to Secord Trails|last=nurun.com|website=Ingersoll Times|language=en-CA|access-date=2018-04-06}}</ref> In April 2016, Sienna acquired eight seniors' residences in British Columbia for $255 million.<ref>{{Cite news|url=http://www.canadianbusiness.com/business-news/sienna-senior-living-in-255m-deal-to-acquire-b-c-seniors-housing-assets/|title=Sienna Senior Living in $255M deal to acquire B.C. seniors housing assets|date=2016-04-18|work=Canadian Business|access-date=2018-04-06|language=en-US}}</ref> In January 2018, Sienna purchased 10 retirement residences in Ontario for $382 million.<ref>{{Cite news|url=https://renx.ca/sienna-buys-10-ontario-retirement-residences/|title=Sienna buys 10 Ontario retirement residences|date=2018-01-23|work=Real Estate News Exchange (RENX)|access-date=2018-04-06|language=en-US}}</ref><ref>{{Cite web|url=http://www.obj.ca/article/ottawas-bearbrook-retirement-home-purchased-sienna-senior-living|title=Ottawa's Bearbrook retirement home purchased by Sienna Senior Living {{!}} Ottawa Business Journal|website=www.obj.ca|language=en|access-date=2018-04-06}}</ref> In March 2018, Sienna was added to the [[S&P/TSX Composite Index]].<ref>{{Cite web|url=https://www.newswire.ca/news-releases/sp-dow-jones-indices-announces-changes-to-the-sptsx-canadian-indices-676415563.html|title=S&P Dow Jones Indices Announces Changes to the S&P/TSX Canadian Indices|website=www.newswire.ca|language=en|access-date=2018-04-06}}</ref>
In 2017, the company declared a profit of $21.8-million and in 2019, a profit of $7.5-million.<ref>{{cite web |url=https://globalnews.ca/news/6998665/long-term-care-homes-ownership-coronavirus/ |title=Who owns the 5 Ontario long-term care homes cited by military for extreme neglect, abuse? |date=29 May 2020 |publisher=Global News |access-date=13 June 2020 |quote=}}</ref><ref>{{cite news|title=SHARES IN LONG TERM CARE OPERATIONS TAKE A DIVE|date=29 May 2020|url=http://bayobserver.ca/2020/05/29/shares-in-long-term-care-operations-take-a-dive/|work=Bay Observer|access-date=13 June 2020|quote=Sienna Senior’s stock plummeted this year, erasing C$550 million in value.}}</ref>
During the 2020 [[COVID-19 pandemic in Ontario]], the company's long-term care facilities experienced significant numbers of residents who tested positive for the virus and over 290 deaths. In June 2020, Joanne Dykeman, executive VP of operations was dismissed<ref>{{cite web |url=https://www.ctvnews.ca/toronto/article/president-of-ontario-nursing-home-operator-sienna-senior-living-resigns/ |title=President of Ontario nursing home operator Sienna Senior Living resigns |date=12 June 2020 |publisher=CBC News |access-date=13 June 2020 |quote=}}</ref> and Lois Cormack, the CEO, resigned, for "personal reasons".<ref>{{cite web |url=https://www.cbc.ca/news/canada/toronto/sienna-senior-president-resigns-1.5609459 |title=Head of private long-term care company resigns after hundreds of deaths in Ontario homes |date=12 June 2020 |publisher=CBC News |access-date=13 June 2020 |quote=}}</ref> The management of three Siena long-term care homes was taken over by the Province of Ontario. The new CEO, Nitin Jain, previously [[chief financial officer]] and [[chief investment officer]], said in a statement that the management team would work to "stabilize this company and reposition it for success".<ref>{{cite news|title=CEO of Sienna Senior Living, a private long-term-care company hit hard by COVID-19, resigns|date=12 June 2020|url=https://www.thestar.com/business/2020/06/12/ceo-of-sienna-senior-living-a-private-long-term-care-company-hit-hard-by-covid-19-resigns.html|work=Toronto Star|access-date=13 June 2020|quote=the company’s homes have had some of the province’s highest rates of COVID-19 infection and deaths }}</ref>
== 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.<ref name=":2" /> 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.
== References == {{Reflist}} [[Category:Companies listed on the Toronto Stock Exchange]] [[Category:Companies based in Markham, Ontario]] [[Category:Health care companies of Canada]] [[Category:Real estate companies of Canada]] [[Category:Housing for the elderly in Canada]]