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years after COVID-19 ravaged long-term-care homes, for-profit operators like Extendicare and Sienna are raking in millions in earnings. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”In May, Markham-based Extendicare sold its retirement living segment — comprised of 11 retirement communities with more than 1,000 suites — to Sienna-Sabra LP, a partnership between Sienna Senior Living and Sabra Health Care REIT. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”ad”,”heading”:”ARTICLE CONTINUES BELOW”,”name”:”ArticleFirstBigBox”,”display”:”medium-down”,”pos”:”1″,”interstitial”:true,”sizes”:[[300,250]]},{“text”:”The sale, worth $307.5 million, helped boost Extendicare’s net earnings for the quarter to $71.4 million, up from $960,000 last year, according to Extendicare’s latest report, released Tuesday.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”In a note to clients, CIBC analyst Scott Fromson, said the sale is a “strategic positive in streamlining the portfolio, bolstering the asset-light management business, and providing new development capital sources.””,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”With the transaction completed, Extendicare will focus on its long-term-care and home-health-care sectors. The operator has three long-term-care homes under construction in Sudbury, Kingston and Stittsville. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Looking ahead, the company said labour shortages have been affecting operations. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”ad”,”heading”:”ARTICLE CONTINUES BELOW”,”name”:”ArticleSecondBigBox”,”display”:”medium-down”,”pos”:”2″,”interstitial”:true,”sizes”:[[300,250]]},{“text”:”“The situation in health care is particularly challenging, most notably in our home-health-care segment where we have not been able to find sufficient caregivers to meet the strong and increasing demand for care,” said president and CEO Dr. Michael Guerriere.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”textBreakPoint”,”insertAt”:”contentMiddleBreakPoint”},{“type”:”articleRelatedInlinePrimary”},{“text”:”The company said COVID-19 is still a concern, with new variants driving a resurgence of cases late in the second quarter. As of Monday, 15 OF ITS long-term-care homes are in an outbreak. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Sienna Senior Living sees occupancy growth, preparing for “unprecedented demographic shift”“,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”stn-smart-player”},{“snippet”:”“,”heading”:””,”fullWindow”:false,”fullBleed”:false,”showFullBleedOnMobile”:false,”headColor”:””,”type”:”html5mobile”,”textColor”:””,”mobileImageUrl”:””,”bgColor”:””,”imageUrl”:””,”registeredOnly”:false,”linkUrl”:””,”aodaTitle”:” “,”internalScroll”:false,”displayStyle”:”small-up”},{“text”:”Sienna Senior Living was on the receiving end of the sale of Extendicare’s retirement residences. The joint-venture acquisition with Sabra Health Care REIT is just one of several portfolio growth and expansion plans for Sienna, which, like Extendicare, is also based in Markham. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”The company also plans to purchase the Woods Park Care Centre in Barrie and enter into a joint venture to acquire The Village at Stonebridge in Saskatoon, Sask. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”slimcut”},{“text”:”“Our strategic initiatives to enhance our operating platforms and grow our company are positioning us to meet the needs of an unprecedented demographic shift and growth of Canada’s seniors’ population,” said president and CEO Nitin Jain in the company’s latest quarterly report, released May 12. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”“The (Extendicare) acquisition demonstrates execution of Sienna’s strategy to seek growth through their retirement segment while maintaining stability through their long-term-care segment,” said Christopher Tsichlas, vice-president of credit ratings, real estate and public finance at DBRS Morningstar, in an email to the Star. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Sienna reported strong occupancy growth over the past year. Retirement homes were 85.5 per cent filled in the last quarter, up from 79.1 per cent last year, while long-term-care occupancy is at 87.0 per cent, up from 81.5 per cent in 2021. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”relatedStories”,”relatedStories”:[{“url”:”https://www.thestar.com/news/investigations/2022/05/27/doug-ford-is-spending-billions-to-expand-nursing-home-chains-with-some-of-the-worst-covid-19-death-rates.html”,”assetId”:”d3d14f70-ff68-401e-903c-56ebe1d39777″,”headline”:”Doug Ford is spending billions to expand nursing home chains with some of the worst COVID-19 death rates”,”abstract”:”The end result is locking decades worth of taxpayer dollars into an antiquated model of elderly care that’s failed during the pandemic.”,”image”:{“origImageSize”:”1200×876″,”lastmodified”:1653599323193,”alt”:”Ontario Premier Doug Ford answers questions about a report from the Canadian military regarding five Ontario long-term-care homes at Queen’s Park in Toronto, Tuesday, May 26, 2020. 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It’s net income was $26.0 million, more than double its net income of $10.1 million in the same quarter last year. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”CIBC’s Fromson said the quarterly results were “solid” and in line with expectations. “Occupancy growth and strong cost control exemplify (Sienna) management’s strong operational capabilities,” he wrote in a note to clients.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“heading”:””,”pollid”:”11176969″,”type”:”poll”},{“text”:”The Bottom Line“,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Though Extendicare reported higher earnings this quarter compared to Sienna, largely due to the sale of its retirement home segment, the latter operator takes the win because of its “operational proficiency,” as Fromson described. “,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“type”:”textBreakPoint”,”insertAt”:”contentEndBreakPoint”},{“text”:”“Sienna is well positioned to benefit from favourable demographic trends,” said Tsichlas.”,”type”:”text”,”isParagraph”:true,”isHeading”:false},{“text”:”Joshua Chong is a Toronto-based staff reporter for the Star. 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‘A heartless punishment’: They raised concerns about the care of their loved ones and ended up paying the price
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Old age homes: Extendicare vs. Sienna Senior Living
Extendicare sells off retirement living segment, focusing on long-term care
Two years after COVID-19 ravaged long-term-care homes, for-profit operators like Extendicare and Sienna are raking in millions in earnings.
In May, Markham-based Extendicare sold its retirement living segment — comprised of 11 retirement communities with more than 1,000 suites — to Sienna-Sabra LP, a partnership between Sienna Senior Living and Sabra Health Care REIT.
The sale, worth $307.5 million, helped boost Extendicare’s net earnings for the quarter to $71.4 million, up from $960,000 last year, according to Extendicare’s latest report, released Tuesday.
In a note to clients, CIBC analyst Scott Fromson, said the sale is a “strategic positive in streamlining the portfolio, bolstering the asset-light management business, and providing new development capital sources.”
With the transaction completed, Extendicare will focus on its long-term-care and home-health-care sectors. The operator has three long-term-care homes under construction in Sudbury, Kingston and Stittsville.
Looking ahead, the company said labour shortages have been affecting operations.
“The situation in health care is particularly challenging, most notably in our home-health-care segment where we have not been able to find sufficient caregivers to meet the strong and increasing demand for care,” said president and CEO Dr. Michael Guerriere.
The company said COVID-19 is still a concern, with new variants driving a resurgence of cases late in the second quarter. As of Monday, 15 OF ITS long-term-care homes are in an outbreak.
Sienna Senior Living sees occupancy growth, preparing for “unprecedented demographic shift”
Sienna Senior Living was on the receiving end of the sale of Extendicare’s retirement residences. The joint-venture acquisition with Sabra Health Care REIT is just one of several portfolio growth and expansion plans for Sienna, which, like Extendicare, is also based in Markham.
The company also plans to purchase the Woods Park Care Centre in Barrie and enter into a joint venture to acquire The Village at Stonebridge in Saskatoon, Sask.
“Our strategic initiatives to enhance our operating platforms and grow our company are positioning us to meet the needs of an unprecedented demographic shift and growth of Canada’s seniors’ population,” said president and CEO Nitin Jain in the company’s latest quarterly report, released May 12.
“The (Extendicare) acquisition demonstrates execution of Sienna’s strategy to seek growth through their retirement segment while maintaining stability through their long-term-care segment,” said Christopher Tsichlas, vice-president of credit ratings, real estate and public finance at DBRS Morningstar, in an email to the Star.
Sienna reported strong occupancy growth over the past year. Retirement homes were 85.5 per cent filled in the last quarter, up from 79.1 per cent last year, while long-term-care occupancy is at 87.0 per cent, up from 81.5 per cent in 2021.
The company, which owns and operates 80 seniors’ living residences in addition to managing 13 residences for third parties as of June 15, reported $174.3 million in revenue for its latest quarter, up 8.1 per cent year-over-year. It’s net income was $26.0 million, more than double its net income of $10.1 million in the same quarter last year.
CIBC’s Fromson said the quarterly results were “solid” and in line with expectations. “Occupancy growth and strong cost control exemplify (Sienna) management’s strong operational capabilities,” he wrote in a note to clients.
The Bottom Line
Though Extendicare reported higher earnings this quarter compared to Sienna, largely due to the sale of its retirement home segment, the latter operator takes the win because of its “operational proficiency,” as Fromson described.
“Sienna is well positioned to benefit from favourable demographic trends,” said Tsichlas.
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