Sienna Senior Living is a leading Canadian provider of seniors’ housing, with a diversified portfolio spanning retirement residences and long-term care (LTC) facilities across major provinces. The investment case is anchored on three pillars: (1) powerful demographic tailwinds as the 85+ cohort is set to triple, providing robust, inelastic demand for Sienna’s offerings; (2) substantial internal value-creation opportunities from occupancy gains and efficiency improvements; and (3) a clear, multi-pronged external growth strategy via accretive acquisitions and a high-return development pipeline. Financial performance has accelerated, shown by eight straight quarters of NOI growth and meaningful deleveraging. While the business faces risks—including regulatory, labor, and interest rate headwinds—its diversified model, strong balance sheet, and clear catalysts form a compelling outlook for double-digit total returns underpinned by AFFO growth and a secure dividend.