Sienna Senior Living Inc. (TSX:SIA) and Sabra Health Care REIT, Inc. (NasdaqGS:SBRA) agreed to acquire The Village at Stonebridge on March 11, 2022. Sienna's share of the purchase price is approximately $36 million. Sienna's share of the purchase price is being financed through a combination of: (i) net proceeds of the Company's recently announced equity offering; (ii) proceeds from the previously announced dispositions of Rideau Retirement Residence and Camilla Care Community; and (iii) draws on the Company's existing credit facilities.

Both the buyers will be acquiring an interest of 50% each in the asset, with Sienna acting as the manager of the property. Completion of the acquisition is subject to customary closing conditions and regulatory approvals, with closing of the transaction expected to occur in late Q2 2022. Sienna also expects the contributions of the acquisition to be accretive to Sienna's Operating Funds From Operations ("OFFO") and Adjusted Funds From Operations ("AFFO") per common share on a leverage neutral basis.