Navigation Links
Sunrise Receives Proceeds from Venture Refinancing
Date:12/5/2008

MCLEAN, Va., Dec. 5 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today announced the receipt of approximately $8.3 million of proceeds resulting from the refinancing of the existing debt of one of its joint ventures.

As disclosed yesterday by Ventas, Inc., a venture owned 85 percent by Ventas and 15 percent by Sunrise closed eight first-mortgage loans with Freddie Mac, secured by eight senior housing communities managed by Sunrise, aggregating $126 million. Proceeds of the new $126 million Freddie Mac loan were used to repay in full $71 million of existing debt of the venture which was secured by the same eight assisted living communities and was scheduled to mature in mid-2009. The balance of the new loan proceeds was distributed pro-rata to Ventas and Sunrise, with Sunrise's portion totaling approximately $8.3 million.

"We are pleased that Freddie Mac recognized the strength of this portfolio of our core management product in this difficult economic environment," said Mark Ordan, Sunrise's chief executive officer.

On a preliminary basis, Sunrise expects to recognize approximately $8.3 million in equity in earnings as a result of this transaction in the fourth quarter.

About Sunrise Senior Living

Sunrise Senior Living, a McLean, Va.-based company, employs approximately 40,000 people. As of September 30, 2008, Sunrise operated 448 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 34 communities under construction in these countries with a combined capacity for 4,277 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 covenant waiver or further modification of its Bank Credit Facility; the Company's ability to refinance its Bank Credit Facility and other debt due in 2009 and/or raise funds from other capital sources; the Company's ability to achieve the anticipated savings from the Company's 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; the Company's ability to continue to recognize income from refinancings and sales of communities by ventures; risk of changes in the Company's critical accounting estimates; risk of further write-downs or impairments of the Company's assets; risk of future fundings of guarantees and other support arrangements to some of the Company's 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 further downturns in general economic conditions; availability of financing for development; and other risks detailed in the Company's amended 2007 Annual Report on Form 10-K filed with the SEC, as may be amended or supplemented in the Company's 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 Provides Status Report on Special Independent Committee Investigation; Provides Updates on Managements Internal Control Review Efforts and on Legal Proceedings
2. SingHealth Selects Eclipsys Solutions to Help Improve Clinical Outcomes, First Sunrise Clinical Manager Client Outside of North America
3. Sunrise Settles Litigation Regarding Its 2007 Annual Meeting
4. Eclipsys Sunrise Acute Care Receives CCHIT Certification
5. Sunrise Reports Preliminary Selected Financial and Operating Data for Third-Quarter 2007
6. Sunrise Senior Living Opens First Custom-Built Community for Early, Mid and Late Stage Alzheimers Care Programs
7. Eclipsys Sunrise Radiology Helps Trinitas Hospital Achieve Financial Outcome Improvements
8. Eclipsys Announces Strong Market Momentum for Sunrise Pharmacy
9. Sunrise to Unveil New Residence for Seniors at Clayton on the Park
10. Sunrise Announces Release Date for Fourth-Quarter Preliminary Selected Financial and Operating Data
11. Sunrise Reports Preliminary Selected Financial and Operating Data for Fourth-Quarter 2007
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/29/2016)... ... April 29, 2016 , ... ... enterprise focused entirely on patients with cancer, today announced that Lynne Malestic, RN, ... the 2016 CURE® Extraordinary Healer® for Oncology Nursing , which honors nurses ...
(Date:4/29/2016)... ... April 29, 2016 , ... Natren, ... animal line of probiotics, Petbiotics ™, as they fondly call them. As ... rescue groups networking for their non-profit organizations. Animal rescues across the nation face ...
(Date:4/29/2016)... ... April 29, 2016 , ... Coalition ... muscular dystrophy, and funding for Duchenne research, participated in the April 25 U.S. ... Therapeutic’s novel Duchenne drug eteplirsen. The meeting at the Marriott Conference Center in ...
(Date:4/29/2016)... ... 29, 2016 , ... The Society for Assisted Reproductive Technology ... required to report in vitro fertilization (IVF) delivery rates to both ... of assisted reproductive technologies in the United States. , This year, SART’s ...
(Date:4/29/2016)... CA (PRWEB) , ... April 29, 2016 , ... The ... the workforce is aging – meaning that there is an urgent need for highly ... and interactive training solution, delivering a multi-pronged approach to train and retain care managers, ...
Breaking Medicine News(10 mins):
(Date:4/29/2016)... ReportsnReports.com adds "Pulmonary Arterial ... report that provides an overview of the PAH ... stages, therapeutics assessment by drug target, mechanism of ... type, along with latest updates, and featured news ... involved in the therapeutic development for Pulmonary Arterial ...
(Date:4/29/2016)... 29, 2016 ... Sanofi, leader mondial et ... résultats pour le premier trimestre 2016. ... Contamine, commente les résultats du premier ... pour le reste de l,année. ...
(Date:4/29/2016)... April 29, 2016 Automation is ... laboratory due to the growing demands for productivity in ... contemporary automated systems are already adept of a wide ... tedious and manual labor. Instrumentation continues to evolve, and ... conceivable just a few years ago. Originally used mostly ...
Breaking Medicine Technology: