Sienna Senior Living (SIA) expanded its presence in the GTA this week with the $60M purchase of Credit River Retirement Residence, a 133-suite complex (+1.5%) that SIA expects it can increase to 95% occupancy (from 90%) in the first year of operations.

The deal looks accretive but the stock was up small, because that’s not really what’s driving the sector. Age demographics are finally in the sweet spot where demand growth is here and has years of runway…

… justifying a big acquisition pipeline and creating a window for what’s historically been a dead money trade to handily outperform markets.