Sienna Senior Living Inc. (TSX:SIA) entered into an agreement to acquire Woods Park Care Centre in Barrie, Ontario for CAD 26 million on February 28, 2022. The acquisition is being financed through a combination of: (i) net proceeds of the Offering of CAD 75 million (ii) an acquisition term loan for up to CAD 150 million (iii) the assumption of the approximately CAD 11 million existing mortgage on Woods Park (iv) proceeds from the sale of Rideau Retirement Residence and Camilla Care Community; and (v) draws on Sienna's existing credit facilities. Completion of the acquisition is subject to customary closing conditions for transactions of this nature, including the receipt of all necessary third party approvals, all necessary regulatory approvals, including approvals from the Ontario Retirement Homes Regulatory Authority, Saskatchewan Health Authority and Ontario Ministry of Long-Term Care, and pursuant to the Competition Act (Canada).

Completion of the acquisition of Woods Park to occur in Q4 2022. Sienna expects the acquisition to be accretive to Sienna's Operating Funds From Operations and Adjusted Funds From Operations per common share on a leverage neutral basis.