-- Average daily rate for the same-community portfolio increased 5.4 percent in the second quarter of 2008 as compared to the prior-year second quarter to $161.96. The Company's average daily rate includes room rates, extended care fees and community fees. Rate growth was largely due to room rate increases and an increase in the Company's Medicare mix within its skilled nursing area particularly in the same-community consolidated portfolio. Medicare rates are typically higher than private pay for skilled nursing.
-- During the second quarter of 2008, Sunrise opened seven new communities and began construction on three new communities. As of June 30, 2008, the Company had 36 communities under construction, with capacity for an additional 4,600 residents. Five of these communities are projects being developed by Greystone.
-- As of June 30, 2008, Sunrise operated 445 communities with resident capacity for approximately 55,000 residents, located in the United States, Canada, the United Kingdom and Germany.
-- The same-community average occupancy rate was 90.0 percent for the second quarter of 2008 compared to 89.9 percent in the prior-year second quarter. Growth in occupancy was driven by the consolidated portfolio.
-- Same-community operating expenses increased 6.7 percent in the
second quarter 2008 to $220.8 million, as compared to $207.0 million in the
prior- year second quarter. Same-community operating expense excludes
management fees paid to Sunrise with respect to same-community ventures in
order to make comparisons between consolidated communities and
unconsolidated venture communities consistent. Labor costs increased,
largely due to the higher level of extended care services, which require
additional labor hours. Same- community operating expense also included
increases for food and utilities. These increases were partially offset by
|SOURCE Sunrise Senior Living, Inc.|
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