Navigation Links
Sunrise Provides Update on HCN Transaction
Date:10/31/2008

MCLEAN, Va., Oct. 31 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today announced that the previously disclosed transaction between an affiliate of Arcapita Inc. and Health Care REIT (HCN), under which HCN would have purchased a 90% interest in a venture owning 29 senior housing properties managed by Sunrise, has been terminated. The termination of the transaction will have no impact on Sunrise's 10% interest in the venture. Sunrise will continue to manage the properties under long term contracts expiring in 2025. Due to the termination of the HCN transaction, Sunrise will not receive the estimated cash distributions of approximately $50 million to $60 million and will not realize the estimated gain of approximately $41 million to $51 million in the fourth quarter of 2008 that Sunrise anticipated in connection with this transaction.

"We understand Health Care REIT's decision not to complete this transaction was due to current market conditions," said Mark Ordan, Sunrise's chief investment and administrative officer and CEO-designate. "We are pleased to continue owning 10% of these properties and to continue managing them for our capital partner. We have had a long and successful relationship with Arcapita and we look forward to continuing to partner with them on future projects. These are excellent communities in large and attractive markets and they are performing well.

"Given the extreme uncertainty of the current capital markets, in order to maintain as much financial flexibility as possible, we are working closely with our banks and other sources of capital to provide additional sources of liquidity. Although there can be no assurance as to these or other prospective matters in the current turbulent environment (including whether our bank lenders will exercise the rights previously described in our SEC filings if, as we expect to happen at the end of the fourth quarter of 2008, we fall out of compliance with our covenants under our bank credit facility, and whether we are able to secure alternative financing, if needed), as we will detail in our upcoming earnings call, we believe we have a strong collateral base and that Sunrise will continue to be the leading brand in the growing senior living sector. We intend to focus on managing efficiently, reducing overhead and conserving cash so that we can make Sunrise a leaner, more efficient company."

About Sunrise Senior Living

Sunrise Senior Living, a McLean, Va.-based company, employs approximately 40,000 people. As of June 30, 2008, Sunrise operated 445 communities in the United States, Canada, Germany and the United Kingdom, with a combined capacity for approximately 55,000 residents. At quarter end, Sunrise also had 36 communities under construction in these countries with a combined capacity for 4,600 additional residents. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing, rehabilitative and hospice care. Sunrise's senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise, please visit http://www.sunriseseniorliving.com.

Forward-Looking Statements

Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Sunrise believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurances that its expectations will be realized. Sunrise's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors, including, but not limited to, the Company's ability to obtain a further modification or waiver of the financial covenants under its amended Bank Credit Facility; the Company's ability to raise funds from other potential capital sources; the Company's ability to achieve the anticipated savings from its cost- savings program; the outcome of the SEC's investigation; the outcomes of pending putative class action and derivative litigation; the outcome of the Trinity OIG investigation and qui tam proceeding; the outcome of the IRS audit of the Company's tax return for the tax year ended December 31, 2006 and employment tax returns for 2004, 2005 and 2006; the status of the exploration of strategic alternatives; Sunrise's ability to continue to recognize income from refinancings and sales of communities by ventures; risk of changes in Sunrise's critical accounting estimates; risk of further write-downs or impairments of its assets; risk of future fundings of guarantees and other support arrangements to some of its ventures, lenders to the ventures or third party owners; risk of declining occupancies in existing communities or slower than expected leasing of new communities; risk resulting from any international expansion; risk associated with any new service offerings; development and construction risks; risks associated with past or any future acquisition; compliance with government regulations; risk of new legislation or regulatory developments; business conditions; competition; changes in interest rates; unanticipated expenses; market factors that could affect the value of the Company's properties; the risks of downturns in general economic conditions; availability of financing for development; and other risks detailed in the Company's latest annual report on Form 10-K filed with the SEC, as may be amended or supplemented in our Form 10-Q filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.


'/>"/>
SOURCE Sunrise Senior Living, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Sunrise to Host Conference Call and Webcast to Discuss the Companys Financial Results for the Third Quarter 2008
2. Sunrise Senior Living Appoints Glyn Aeppel and David Fuente to its Board
3. Sunrise Files 2007 Form 10-K
4. Sunrise Updates Date and Time of Conference Call to Discuss 2007 Financial Results and Second-Quarter 2008 Preliminary Selected Financial and Operating Data
5. Sunrise Senior Living Founder and CEO to Become Chairman
6. Sunrise to Present at Jefferies 2nd Annual Healthcare Conference
7. Sunrise to Present at Bank of America Healthcare Conference
8. Hawks Cay Hosts Redbone Sunrise/Sunset Tarpon Tournament
9. Sunrise Files 2006 Form 10-K
10. Sunrise Senior Living Names Mark Ordan Chief Investment and Administrative Officer
11. Sunrise Announces NYSE Deadline Extended
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/1/2017)... MA (PRWEB) , ... March 01, 2017 , ... ... Americans, while increasing access to the Supplemental Nutrition Assistance Program (SNAP) can reduce ... in a special issue of the American Journal of Preventive Medicine . ...
(Date:3/1/2017)... ... 01, 2017 , ... On January 27, 2017, Laffey, Bucci & Kent together ... lawsuit in the Circuit Court of Kanawha County, West Virginia. The lawsuit was filed ... initials. See L.B. and T.B. v. Seventh-Day Adventist Church et al. Case #: 17-C-146. ...
(Date:3/1/2017)... Sandy, Utah (PRWEB) , ... March 01, 2017 ... ... made the pledge to help increase colorectal cancer screening rates by supporting the ... for Disease Control and Prevention (CDC) and the National Colorectal Cancer Roundtable (an ...
(Date:3/1/2017)... ... ... “McFarnia”: a suspenseful tale of a father who vanishes without a trace and his ... the creation of published author Tony Pierzchala, a former Army man, steel worker and ... Transport for Christ at a truck stop in the Greensboro area. , Published ...
(Date:3/1/2017)... ... March 01, 2017 , ... Adherence Compliance, ... its Cannabis Compliance Program for Regulatory Agencies. The regulatory agency program is the ... with internal or outsourced compliance program options, as well as an app for ...
Breaking Medicine News(10 mins):
(Date:3/1/2017)... , March 1, 2017  The Welch Foundation, ... for basic research, today announced that Drs. Neal ... are the 2017 recipients of the Norman Hackerman ... recognized as ,rising stars, having contributed significant scientific discoveries ... first time in the 15 years of the Hackerman ...
(Date:3/1/2017)... , Mar 01, 2017 Research and ... Drugs Price Analysis and Strategies - 2016" report to their ... The ... 2016, provides drug pricing data and benchmarks in the global Acute ... clinical attributes of your competitor drugs and find out how the ...
(Date:3/1/2017)... stesso sistema sara, visibile nello stand a ECR, il Congresso Europeo di Radiologia ... la settima unità MROpen in Gran Bretagna, la prima in Galles. Il sistema ... Cardiff. ESC attualmente gestisce altri due sistemi di risonanza magnetica MROpen a Londra ... ... The open MRI scanner - ...
Breaking Medicine Technology: