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Sienna Senior Living Inc. (SIA.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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15.48+0.45 (+2.99%)
At close: 4:00PM EDT
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Previous Close15.03
Open15.15
Bid15.47 x 0
Ask15.48 x 0
Day's Range15.10 - 15.68
52 Week Range8.85 - 15.68
Volume281,297
Avg. Volume283,074
Market Cap1.038B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)-0.18
Earnings DateAug. 10, 2021 - Aug. 16, 2021
Forward Dividend & Yield0.94 (6.25%)
Ex-Dividend DateApr. 29, 2021
1y Target Est14.78
  • Sienna Announces May Dividend
    GlobeNewswire

    Sienna Announces May Dividend

    MARKHAM, Ontario, May 14, 2021 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today announced a dividend of $0.078 per common share of the Company (each, a “Common Share”) for the month of May 2021, representing $0.936 per Common Share on an annualized basis. The dividend will be payable on June 15, 2021 to shareholders of record as at May 31, 2021. The Company's dividends are designated as eligible dividends for Canadian tax purposes in accordance with subsection 89(14) of the Income Tax Act (Canada), and any applicable corresponding provincial and territorial legislation. About Sienna Senior Living Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors’ living options, including independent living, assisted living, long-term care, and specialized programs and services. Sienna’s approximately 13,000 employees are passionate about helping residents live fully every day. For more information, please visit www.siennaliving.ca. For further information, please contact: Karen HonChief Financial Officer & Senior Vice President(905) 489-0254karen.hon@siennaliving.ca

  • ACCESSWIRE

    Sienna Senior Living, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / May 13, 2021 / Sienna Senior Living, Inc. (OTC PINK:LWSCF) will be discussing their earnings results in their 2021 First Quarter Earnings call to be held on May 13, 2021 at 9:30 AM Eastern Time.

  • Sienna Senior Living Inc. Provides Operations Update and Reports First Quarter 2021 Financial Results
    GlobeNewswire

    Sienna Senior Living Inc. Provides Operations Update and Reports First Quarter 2021 Financial Results

    MARKHAM, Ontario, May 12, 2021 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) today provided an update on its operations and announced its financial results for the three months ended March 31, 2021. The Consolidated Financial Statements and accompanying Management’s Discussion and Analysis (“MD&A”) are available on the Company’s website at www.siennaliving.ca and on SEDAR at www.sedar.com. “With the crucial decrease in active COVID-19 cases at Sienna’s residences and the Canadian seniors living sector overall, we have been returning to a more stable operating environment and expect further improvements as various restrictions begin to be lifted at both our long-term care and retirement residences,” said Nitin Jain, President and Chief Executive Officer of Sienna. “In addition to continuing to protect residents and team members, we are focused on working with stakeholders to support and improve our healthcare sector and advancing our development plans that will modernize seniors living over time.” Operations Update The early roll-out of vaccines among residents and team members was a significant factor in the 99% decline of active COVID-19 resident cases since the beginning of 2021. Vaccinations – According to our most recent vaccination date, approximately 95% of Sienna’s residents and74% of Sienna’s team members have been vaccinated with the first dose of vaccine. COVID-19 Cases – As of May 11, 2021, 10 residences of Sienna’s 83 owned or managed residences have active cases of COVID-19, including one retirement and nine long-term care residences. From the beginning of 2021, active COVID-19 cases among Sienna’s residents declined by approximately 99% with currently three active resident cases across our portfolio. Lifting of Restrictions – The Governments of Ontario and British Columbia eased self-isolation requirements in seniors living residences, and communal dining and social activities in residences with high immunization rates are starting to resume. The Government of Ontario has also removed single-site orders for fully immunized staff members, allowing them to work at more than one location. Additional Government Funding On March 24, 2021, the Government of Ontario’s 2021-22 budget included an additional $650 million to protect long-term care residents, amongst other funding programs, increasing total funding announced to date to approximately $2.1 billion.The Government of Ontario also extended occupancy protection funding until August 2021 and a temporary wage increase of $3/hour for personal support workers until June 2021.On April 19, 2021, the Federal Government announced $3 billion in funding over the next five years to support long-term care across Canada’s provinces and territories in its budget. Addition to Leadership Team – On April 19, 2021, Jennifer Anderson joined Sienna’s leadership team as Executive Vice President of the Company’s long-term care operations. Jennifer is a highly experienced operator known for her focused approach to improving customer and team member experience and optimizing operational performance in her previous roles as Chief of Operations and Service Excellence Officer at one of the largest workplace insurance organizations in North America. Development Update Retirement – Sienna’s development of a retirement residence in Niagara Falls is progressing well with construction scheduled to start in Q2 2021. The estimated total capital investment is $49 million to $51 million, with an expected development yield of approximately 7.5%. Sienna’s share of this 150-suite greenfield joint venture development is 70%. Long-term Care – Construction of two new development projects is scheduled to commence by the end of 2021, beginning with a new 160-bed development in North Bay to replace the existing 148 older beds. The Company’s estimated capital investment for this redevelopment is approximately $52 million to $55 million, with an expected development yield of approximately 8.0%. These projects are part of Sienna’s development plans to invest over $600 million in capital to redevelop its Ontario Class C long-term care portfolio through new and upgraded facilities over the next five to seven years. Launch of Sienna for Seniors Foundation On April 7, 2021, the Company finalized the formation of the Sienna for Seniors Foundation (“Foundation”). The Foundation allows Sienna to raise funds for a variety of important causes in both Ontario and British Columbia. In connection with an enhanced focus on mental health and wellness, Sienna made a $250,000 donation to Scarborough Health Network (“SHN”) in support of its new mental health hub, which will support quality care for seniors. $0.7 Million Donated to CaRES Fund On May 11, 2021, the Company made an additional $0.1 million contribution to the CaRES Fund, increasing its corporate and Board of Director’s contributions to approximately $0.7 million. The CaRES Fund, which provides one-time financial grants to eligible employees of long-term care and retirement operators in Canada who are facing extraordinary circumstances amid the COVID-19 crisis, was launched by Sienna and a number of sector peers. The Fund has helped nearly 800 frontline staff with over $2.4 million in emergency financial assistance to date. First Quarter Operating and Financial Performance The Company’s financial performance continues to be impacted by extraordinary expenses incurred to manage the pandemic. In Q1 2021, $15.3 million in retroactive government assistance was received to cover a portion of Sienna’s pandemic expenses incurred in 2020 in excess of available funding, which was recognized in Q1 2021. Revenue decreased by 2.7% to $161.2 million in Q1 2021, compared to Q1 2020;Operating expenses, net were $117.0 million in Q1 2021, a decrease of 9.4% compared to Q1 2020, driven by timing of pandemic-related government assistance (“net pandemic recovery”);Net Operating Income (“NOI”), excluding net pandemic recovery, decreased by 9.2% (or $3.4 million) to $33.2 million in Q1 2021, compared to Q1 2020, mainly due to lower occupancy in the retirement portfolio and lower preferred accommodation revenue in the long-term care portfolio;Net income increased by $12.6 million year-over-year to $10.1 million, primarily related to timing of after-tax net pandemic recovery of $7.3 million;Average occupancy in Sienna’s Long-Term Care (“LTC”) portfolio was 80.3%;Average same property occupancy in Sienna’s Retirement portfolio was 78.1%;Operating Funds from Operations (“OFFO”) per share increased by $0.013 year-over-year to $0.378 per share; excluding net pandemic recovery, OFFO per share decreased by 26.5% year-over-year to $0.269 per share;Adjusted Funds from Operations (“AFFO”) per share increased by $0.012 year-over-year to $0.394 per share; excluding net pandemic recovery, AFFO per share decreased by 23.9% year-over-year to $0.292 per share;Payout ratio was 59.4% for the three months ended March 31, 2021; excluding the net pandemic recovery, the payout ratio was 80.2%. Solid Financial Position The Company maintained a strong financial position during Q1 2021: Maintained high liquidity of $213 million and a substantial unencumbered asset pool of $840 million as at March 31, 2021;Decreased debt to gross book value by 90 basis points to 46.0% as at March 31, 2021, from 46.9% at March 31, 2020; and,Lowered weighted average cost of debt by 30 basis points to 3.3% as at March 31, 2021, from 3.6% as at March 31, 2020. Financial and Operating Results The following table represents key performance indicators for the periods ended March 31: $000s except occupancy, per share and ratio dataThree months ended March 31, 2021Three months ended March 31, 2020Retirement - Average same property occupancy(1)(2) 78.1% 85.1% Retirement - As at same property occupancy(1)(2) 78.6% 84.5% Retirement - As at total occupancy(1)(2) 78.2% 83.6% LTC - Average total occupancy(3) 80.3% 97.9% LTC - Average private occupancy 78.2% 97.3% Revenue $161,228 $165,627 Operating expenses, net$116,961 $129,116 Same property NOI(4)$44,101 $36,436 Total NOI(4)$44,267 $36,511 EBITDA(5)$35,948 $33,737 Net (loss) income$10,143 $(2,496) OFFO(6)$25,343 $24,418 AFFO(7)$26,430 $25,584 Total assets(8)$1,616,357 $1,718,716 OFFO per share(6)$0.378 $0.365 AFFO per share(7)$0.394 $0.382 Dividends per share$0.234 $0.234 Payout ratio(9) 59.4% 61.3% Notes: Retirement same property occupancy excludes the results from the expansion at Island Park Retirement Residence, which opened in July 2019 and is in lease-up. Retirement total average occupancy is 77.7% for Q1 2021 (2020 - 84.2%).The year-over-year declines in Retirement occupancy are primarily related to a decline in new residents moving in due to the general impact of the COVID-19 pandemic, including access restrictions.Long-term care residences are receiving occupancy protection funding for vacancies caused by temporary closure of admissions due to an outbreak, including COVID-19, and for capacity limitations of two beds per room as residents cannot be placed in rooms with three or four beds.NOI for Q1 2021 includes net pandemic (recovery) expenses of $(11,027) (2020 - $104), respectively.EBITDA for Q1 2021 increased by $2,211 to $35,948 compared to Q1 2020 primarily due to the net pandemic recovery of $9,907, offset by lower Retirement revenues of $1,806 and lower LTC preferred accommodation revenues of $1,123 primarily due to occupancy.OFFO for Q1 2021 includes an after-tax net pandemic (recovery) expense of $(7,275) (2020 - $99) and mark-to-market recovery on share-based compensation of $(25) (2020 - $(2,541)). OFFO per share for the three months ended March 31, 2021 excluding after-tax net pandemic recovery and net mark-to-market recovery on share-based compensation will decrease by $0.109 to $0.269 (2020 - decrease by $0.037 to $0.328).AFFO for Q1 2021 includes net pandemic capital expenditures of $417 (2020 - $nil), after-tax net pandemic (recovery) expense of $(7,275) (2020 - $99) and mark-to-market recovery on share-based compensation of $(25) (2020 - $(2,541)). AFFO per share for the three months ended March 31, 2021 excluding net pandemic capital expenditures and after-tax net pandemic recovery and net mark-to-market recovery on share-based compensation will decrease by $0.102 to $0.292 (2020 - decrease by $0.037 to $0.345).Property and equipment and intangible assets included in total assets are measured at cost less accumulated depreciation and amortization.Payout ratio for Q1 2021 excluding after-tax net pandemic recovery and net mark-to-market recovery on share-based compensation would be 80.1% (2020 - 61.3%). Financial and Operating Results, excluding net pandemic expenses The following table represents key performance indicators excluding net pandemic (recovery) expenses for the periods ended March 31: $000s except occupancy, per share and ratio dataThree months ended March 31, 2021Three months ended March 31, 2020Operating expenses, excluding net pandemic (recovery) expenses(1)$127,988 $129,012 Same property NOI, excluding net pandemic (recovery) expenses(1)$33,074 $36,540 Total NOI, excluding net pandemic (recovery) expenses(1)$33,240 $36,615 EBITDA, excluding net pandemic (recovery) expenses(2)$26,041 $33,872 Net income (loss), excluding net pandemic (recovery) expenses(3)$2,868 $(2,397) OFFO, excluding net pandemic (recovery) expenses(3)(5)$18,068 $24,517 AFFO, excluding net pandemic (recovery) expenses(4)(5)$19,572 $25,683 OFFO per share, excluding net pandemic (recovery) expenses(3)(5)(6)$0.269 $0.366 AFFO per share, excluding net pandemic (recovery) expenses and net pandemic capital expenditures(4)(5)(7)$0.292 $0.383 Payout ratio, excluding net pandemic (recovery) expenses and net pandemic capital expenditures(8) 80.1% 61.1% Notes: Operating expenses, same property NOI and total NOI for the three months ended March 31, 2021 exclude net pandemic (recovery) expenses of $(11,027) (2020 - $104).EBITDA for the three months ended March 31, 2021 excludes net pandemic (recovery) expenses of $(9,907) (2020 - $135).Net income (loss) and OFFO for the three months ended March 31, 2021 exclude after-tax net pandemic (recovery) expenses of $(7,275) (2020 - $99).AFFO for the three months ended March 31, 2021 excludes after-tax net pandemic (recovery) expenses of $(7,275) and net pandemic capital expenditures of $417 (2020 - $99 and $nil, respectively).OFFO and AFFO for the three months ended March 31, 2021 include an after-tax mark-to-market recovery on share-based compensation of $(25) (2020 - $(2,541)).OFFO per share for the three months ended March 31, 2021 excluding after-tax net pandemic recovery and mark-to-market recovery on share-based compensation will increase by $0.109 to $0.269 (2020 - decrease by $0.037 to $0.328).AFFO per share for the three months ended March 31, 2021 excluding net pandemic capital expenditures and after-tax net pandemic recovery and mark-to-market recovery on share-based compensation will decrease by $0.102 to $0.292 (2020 - decrease by $0.037 to $0.345).Payout ratio for Q1 2021 excluding after-tax net pandemic impact and mark-to-market on share-based compensation after tax would be 80.1% (2020 - 61.3%). First Quarter 2021 Summary Average same property occupancy in Retirement was 78.1% in Q1 2021. The decrease in occupancy was primarily related to a decline in new residents moving in due to the impact of the COVID-19 pandemic, including access restrictions. Subsequent to Q1 2021, monthly average same property occupancy improved modestly from 77.7% in March to 77.9% in April, reflecting numerous marketing and sales initiatives, offset by the impact of the third wave of COVID-19. Rent collections remained high and consistent with pre-pandemic levels. The following table provides an update on the monthly average same property occupancy and rent collections in Sienna’s Retirement portfolio during and subsequent to the end of Q1 2021: 2021 JanFebMarAprRetirement same property occupancy (average)78.6%78.1%77.7%77.9%Retirement rent collection (%)99.3%99.1%99.0%98.8% Average occupancy in LTC was 80.3% in Q1 2021. Long-term care residences are fully funded for vacancies caused by temporary closure of admissions due to an outbreak, including COVID-19, and for capacity limitations of two beds per room as residents cannot be placed in rooms with three or four beds. The Government of Ontario has announced that the occupancy protection funding will be in place for long-term care residences until August 31, 2021. Effective September 1, 2021, as new admissions gradually resume, occupancy targets of 97% for long-stay beds and 90% for interim short-stay beds, excluding unavailable beds as a result of capacity limitations in multi-bed rooms and the provision of isolation rooms, will be reinstated. Net Pandemic Expenses decreased by $10.0 million to a net recovery of $9.9 million in Q1 2021, compared to Q1 2020. The net pandemic recovery for Q1 2021 was mainly due to timing of government assistance of $15.3 million in the LTC segment received in Q1 2021 related to pandemic expenses incurred in excess of available funding during the year ended December 31, 2020, partially offset by investments in higher levels of staffing, personal protective equipment (“PPE”), infection prevention and control (“IPAC”) supplies and advisory fees to support the management of the pandemic. There are various programs and financial assistance provided by the governments to support pandemic expenses. The following table summarizes the government assistance to Sienna and expenses recognized related to COVID-19 included in operating expenses in the Company's consolidated statements of operations for the three months ended March 31, 2021: Three months endedThree months endedThousands of Canadian dollarsMarch 31, 2021March 31, 2020 RetirementLTCAdministrativeTotalTotalGovernment assistance - temporary pandemic pay521 4,824 — 5,345 — Government assistance1,438 35,285 — 36,723 810 Total government assistance1,959 40,109 — 42,068 810 Pandemic labour - temporary pandemic pay521 4,824 — 5,345 — Pandemic labour1,592 19,260 — 20,852 547 Personal protective equipment377 1,704 — 2,081 280 Other201 2,562 1,120 3,883 118 Total pandemic expense2,691 28,350 1,120 32,161 945 Total net pandemic (recovery) expenses(1)732 (11,759)1,120 (9,907)135 Note: $15.3 million in retroactive government assistance was received to support a portion of Sienna’s 2020 pandemic expenses spent in excess of available funding in the LTC segment, which was recognized in Q1 2021. In addition, for the three months ended March 31, 2021, the Company has recognized pandemic capital expenditures in its interim consolidated statements of financial position of $9.4 million, reduced by related government assistance which have not been included in the table above of $9.0 million. Pandemic expenses are mainly related to additional staffing, temporary pandemic pay programs for team members and PPE. Other pandemic expenses for the Retirement and LTC residences include investments in cleaning supplies for IPAC, meals and accommodations to support team members. Furthermore, other pandemic expenses recorded in administrative costs include advisory fees to support the management of the pandemic. NOI increased by 21.2% in Q1 2021, or $7.8 million, to $44.3 million, compared to Q1 2020, mainly due to net recovery of pandemic expenses of $11.0 million, as a result of $15.3 million retroactive pandemic funding received in Q1 2021 related to pandemic expenses incurred in excess of available funding during the year ended December 31, 2020. Excluding net pandemic recovery, NOI decreased by 9.2% in Q1 2021, or $3.4 million, to $33.2 million, mainly due to lower Retirement occupancy levels, lower LTC preferred accommodation revenue from lower occupancy in private and semi-private rooms, annual inflationary labour cost increases and higher property expenses, partially offset by annual rental rate increases in Retirement and annual inflationary funding increases in LTC. LTC same property NOI increased by $10.7 million to $31.3 million, compared to Q1 2020. Excluding net recovery of pandemic expenses, LTC's NOI for Q1 2021 decreased by $1.1 million to $19.6 million, compared to Q1 2020, primarily due to lower preferred accommodation revenue from lower occupancy in private and semi-private rooms, annual inflationary labour cost increases and higher property expenses, partially offset by annual inflationary funding increases. Retirement same property NOI decreased by $3.0 million to $13.0 million, compared to Q1 2020. Excluding net pandemic expenses, Retirement's same property NOI for Q1 2021 decreased by $2.4 million to $13.5 million, compared to Q1 2020, primarily attributable to lower occupancy and higher property expenses, partially offset by annual rental rate increases in line with market conditions. Revenue decreased by 2.7% in Q1 2021, or $4.4 million, to $161.2 million, compared to Q1 2020. In the Retirement segment, the decrease of $1.8 million in Q1 2021 compared to Q1 2020 was mainly a result of lower occupancy, partially offset by annual rental rate increases in line with market conditions. LTC's revenues for Q1 2021 decreased by $2.6 million compared to Q1 2020, as a result of $0.7 million of government funding, which would have typically been included in LTC revenues, has been recorded against eligible operating expenses related to the pandemic, and lower LTC preferred accommodation revenue from lower occupancy in private and semi-private rooms and timing of flow-through funding, partially offset by annual inflationary funding increases. Q1 2021 rent collection levels have remained similar to past experience. Operating expenses, net decreased by 9.4% in Q1 2021, or $12.2 million, to $117.0 million, compared to Q1 2020. The decrease was mainly a result of net pandemic recovery of $11.8 million in the LTC segment, as a result of the timing of government assistance related to pandemic expenses incurred during the year ended December 31, 2020, and timing of expenses associated with flow-through funding in the LTC segment, partially offset by annual inflationary labour cost increases and higher property expenses. Net income was $10.1 million for Q1 2021, representing an increase of $12.6 million over Q1 2020, largely due to timing of net pandemic recovery. Excluding after-tax net pandemic recovery of $7.2 million, net income was $2.9 million for Q1 2021, representing an increase of $5.3 million in net income compared to Q1 2020, due to annual rental rate increases in Retirement and the fair value gain on interest rate swap contracts, partially offset by lower Retirement occupancy levels, lower preferred accommodation revenues in LTC and higher income taxes. OFFO increased by 3.8% in Q1 2021, or $0.9 million, to $25.3 million over Q1 2020. The increase was primarily due to net pandemic recovery as a result of the timing of government assistance related to pandemic expenses, partially offset by lower Retirement occupancy, annual inflationary increases in labour costs and higher property expenses. Excluding after-tax net pandemic recovery, OFFO would decrease by 26.3% in Q1 2021, or $6.4 million, to $24.5 million over Q1 2020. AFFO increased by 3.3% in Q1 2021, or $0.8 million, to $26.4 million over Q1 2020. The increase was primarily related to the increase in OFFO noted above, timing of maintenance capital expenditures and pandemic capital expenditures. Excluding after-tax net impact from pandemic expenses and net pandemic capital expenditures, AFFO would decrease by 23.1% in Q1 2021, or $6.1 million to $19.6 million in Q1 2021. Outlook Sienna forecasts that occupancy in its Retirement portfolio will remain below historic levels in the first half of 2021 as COVID-19 access restrictions continue to impact occupancy, in particular with respect to residences located in COVID-19 hotspots. Based on the assumption that restrictions at its residences will ease, Sienna forecasts gradual occupancy improvements during the second half of the year, supported by anticipated pent-up demand and its continued investment in sales and marketing initiatives. Occupancy in Sienna's LTC portfolio is expected to gradually improve in the coming months as admissions resume and occupancy protection funding expires. Excluding the impact of net pandemic expenses or recoveries, the Company expects the financial performance of Sienna’s LTC portfolio in 2021 to be slightly below 2020. Management’s internal forecasts are based on the impact of new and prolonged access restrictions during the third wave of the pandemic on preferred accommodation revenues and additional investments in Sienna’s properties to elevate resident experience. Although it is impossible to ascertain the ultimate impacts of COVID-19 on the Company’s operating results at this time, with an anticipated economic recovery, the positive impact of early vaccinations in the seniors living sector and the return to a more stable operating environment, Sienna remains optimistic in its post-pandemic outlook. Conference Call The conference call will be on Thursday May 13, 2021 at 9:30 a.m. (ET). The toll-free dial-in number for participants is 1-844-543-5234, conference ID: 7187068. A webcast of the call will be accessible via Sienna's website at: www.siennaliving.ca/investors/events-presentations. The webcast of the call will be available for replay until May 13, 2022 and archived on Sienna's website. About Sienna Senior Living Sienna Senior Living Inc. (TSX:SIA) offers a full range of seniors' living options, including independent living, assisted living, long-term care, and specialized programs and services. Sienna's approximately 13,000 employees are passionate about helping residents live fully every day. For more information, please visit www.siennaliving.ca. Risk Factors Refer to the risk factors disclosed in the Company’s MD&A for the three months ended March 31, 2021, and its most recent Annual Information Form for more information. Forward-Looking Statements Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate,” “continue,” “could,” “expect,” “may,” “will,” “estimate,” “believe,” “goals” or other similar words and include, without limitation, statements with respect to the impact of COVID-19 and measures taken to mitigate the impact including the effectiveness of the vaccine, availability of government funding, the availability of various government programs, government funding, and financial assistance. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law. FOR FURTHER INFORMATION, PLEASE CONTACT: Karen HonChief Financial Officer and Senior Vice President(905) 489-0254karen.hon@siennaliving.ca Nancy WebbSenior Vice President, Public Affairs and Marketing (905) 489-0788nancy.webb@siennaliving.ca