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Sunrise Reports Financial Results for First-Quarter 2009
Date:5/8/2009

MCLEAN, Va., May 8 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the first quarter of 2009. Sunrise will host a conference call and webcast Friday, May 8, 2009, at 9:00 a.m. ET, to discuss the financial results.

"We are pleased with our restructuring efforts and the steps we have taken to date to put the company on more solid footing," said Mark Ordan, Sunrise's chief executive officer. "We remain especially focused on strengthening our core business, selling cash-draining non-core assets, eliminating non-core activities, shoring up our liquidity, and securing additional capital. Throughout our restructuring efforts, we have never, and will never, make decisions that take away from our mission or the seniors we serve as we move toward profitability."

Financial Results for First-Quarter 2009

Sunrise reported revenues of $404.4 million for the first quarter of 2009, as compared to $413.5 million for the first quarter of 2008. Net loss for the first quarter of 2009 was ($18.2) million, or ($0.36) per fully diluted share, as compared to net loss of ($33.1) million, or ($0.66) per fully diluted share, for the first quarter of 2008. The loss before income taxes and discontinued operations for the first quarter of 2009 was ($35.7) million as compared to loss before income taxes and discontinued operations for the first quarter of 2008 of ($39.2) million. The operations of Sunrise's former hospice subsidiary (which ceased operations in December 31, 2008) and the operations of Sunrise's Greystone subsidiary (which was sold on March 18, 2009) are reported as discontinued operations. During the first quarter of 2009, Sunrise recorded net income from discontinued operations of $14.0 million primarily from the sale of Greystone.

Also during the first quarter of 2009, a venture in which Sunrise is a 20-percent member, sold three of its UK communities to a venture in which Sunrise has a 10-percent interest. As a result of these sales, Sunrise recorded its share in earnings of $19.0 million.

Cash and Liquidity Update

On April 28, 2009, Sunrise announced it had entered into a twelfth amendment to its Bank Credit Facility, which eliminates all financial covenants, except a minimum liquidity covenant of $5 million measured on the last day of each month, through the December 2, 2009 maturity date. In addition, consistent with prior amendments, the twelfth amendment extends the suspension of the obligation of Sunrise's lenders and letter of credit issuers to advance any additional proceeds from the loans to the borrowers and to issue any new letters of credit for the benefit of Sunrise through the maturity date. However, this amendment provides for the renewal of certain scheduled letters of credit in accordance with their annual renewal provisions for up to twelve months beyond the expiration dates of such letters of credit. In April 2009, Sunrise paid down part of its outstanding borrowings under its Bank Credit Facility, including a pay down of $20.8 million made on April 2, 2009 using federal income tax refunds received by Sunrise and a pay down of $1 million made on April 30, 2009 using proceeds from the sale of Aston Gardens as further described below. On May 8, 2009, Sunrise had under its Bank Credit Facility outstanding borrowings of $71.7 million and outstanding letters of credit of $24.5 million.

As previously announced, Sunrise is working with its lenders and the lenders to its joint ventures to reschedule or obtain waivers for certain of its obligations or reach other accommodations. Sunrise is engaged in discussions with various venture partners and third parties regarding the sale of certain assets with the purpose of increasing liquidity and reducing obligations to enable Sunrise to continue its operations. There can be no assurance that any of these discussions will result in the consummation of any transaction. Assuming Sunrise is able to refinance the scheduled maturities and obtain the covenant waivers with respect to the consolidated debt that is in default, Sunrise believes it has adequate cash resources to fund operations and meet its obligations as they come due until the December 2, 2009 maturity date of the Bank Credit Facility.

Sunrise had $33.9 million and $29.5 million of unrestricted cash at March 31, 2009 and December 31, 2008, respectively. As of March 31, 2009, Sunrise and its consolidated subsidiaries had debt of $622.5 million, of which $196.6 million of debt is scheduled to mature in 2009, and $265.8 million of debt was in default, including $202.2 million of debt that is in default as a result of the failure to pay principal and interest to the lenders of Sunrise's German communities, as further described below, and $63.6 million of debt that is in default as a result of Sunrise's failure to meet certain financial covenants.

As previously announced, Sunrise has standstill agreements with all of the lenders to its German communities, which standstills will generally remain in effect either until May 31, 2009 or June 30, 2009. Sunrise continues its discussions with the lenders to its German communities with the objective of settling their claims against Sunrise, in order to allow Sunrise to exit the German market altogether.

At the beginning of 2009, Sunrise stopped making payments under its guarantee obligations relating to the Fountains portfolio. The $330.6 million of venture debt is in default. Sunrise continues its discussion with the lenders to the Fountains portfolio and its venture partner. The lender to Sunrise's Fountains venture had not yet agreed to Sunrise's request for a standstill agreement.

Overhead Reduction Plan

On May 4, 2009, Sunrise announced it continues to reduce overhead spending with the objective of becoming a leaner organization. Sunrise expects to realize approximately $20 million of annual recurring savings from a reduction in non-care related administrative costs. As a result of the overhead downsizing plan, Sunrise expects to reduce its annual recurring general and administrative expenses to approximately $100 million, down from its previously budgeted annual recurring level of expenses of approximately $120 million. Sunrise currently expects to record additional severance expense of approximately $4.5 million in 2009 as a result of this plan, which is expected to be completed by early 2010.

Development Update

Sunrise has no construction starts planned for 2009 in North America or the United Kingdom. On March 31, 2009, Sunrise had 14 communities under construction in North America and the United Kingdom. Sunrise estimates it will cost approximately $114.1 million to complete these 14 communities, and anticipates funding this cost with the proceeds of committed construction financing. Assuming the lenders continue to fund financing commitments under existing construction loans, Sunrise does not expect that it will need to make any further equity contribution commitments for projects under construction as of March 31, 2009. Certain construction lenders have previously notified Sunrise that they believe there are certain defaults under some of the existing construction loans; however, with the exception of one project as described below, all lenders continue to fund under their financing commitments.

In March 2009, a venture in which Sunrise has a 20-percent interest, received a notice of default from its lender for alleged violation of financial covenants and other matters. Based on discussions with the lender, Sunrise believes the lender does not intend to provide further draws on the construction loan. Accordingly, Sunrise believes that its equity interest in the venture is impaired and its receivable from the venture is doubtful of collection. The results for the first quarter of 2009 include a charge of approximately $6.5 million attributable to this community.

As previously disclosed, Sunrise sold the majority interest in its senior living condominium project to third parties in 2006. Sunrise incurred losses of approximately $51.1 million in connection with its completion guarantee for this project, which has all been fully accrued and paid. Recovery of Sunrise's investment balance of $17.2 million is dependent upon the pace and the price of condominium sales.

Greystone

As previously announced, on March 18, 2009, Sunrise completed the sale of its Greystone subsidiaries and related seed money investments in five CCRC developments to two senior Greystone executives and other investors. Sunrise announced in the fourth-quarter 2008 that it intended to explore strategic alternatives for Greystone because of the significant capital requirements and lack of profitability. Total consideration for the sale was (i) $2,000,000 in cash at closing; (ii) $5,700,000 in short-term notes; (iii) a $6,000,000 7-year note; (iv) a $2,500,000 note payable in installments equal to 50 percent of certain cash distributions to its partners, with any unpaid principal due at maturity on March 21, 2029; and (v) 35 percent of the net proceeds received by the seed capital investors for certain of the seed capital interests purchased from Sunrise. Sunrise collected $5.7 million of short-term notes through May 8, 2009.

Aston Gardens

On April 30, 2009, Sunrise sold its equity interest in the unprofitable Aston Gardens venture and was released from all related guarantee obligations. In connection with this sale and release, Sunrise's management contracts for the six communities in the venture were terminated on April 30, 2009. Sunrise received proceeds of approximately $5.2 million for its equity interest and its receivable from the venture for fundings under the operating deficit guarantees.

Operating Data for First-Quarter 2009

The Aston Gardens portfolio has been excluded from Sunrise's 2009 first quarter operating results because Sunrise discontinued managing it on April 30, 2009.

  • Comparable community revenues for the first quarter of 2009 decreased by 1.1 percent, from $562.1 million for the first quarter of 2008 to $555.7 million for the first quarter of 2009. Excluding the impact of foreign exchange rates, comparable community for the first quarter of 2009 increased 1.1 percent as compared to revenues for the first quarter of 2008. Sunrise's comparable community portfolio consists of communities that were open and operating as of January 1, 2007, and include consolidated, unconsolidated venture, and managed communities in the United States, Canada, United Kingdom and Germany.

  • Average unit occupancy for the comparable communities for the first quarter of 2009 was 88.1 percent, which was down from 89.5 percent for the first quarter of 2008. Sunrise's assisted living and memory care occupancy was slightly more resilient to the challenging economy, as it only declined 0.5 percentage points, while its independent living segment was more unfavorably impacted. As previously announced, Sunrise began reporting unit occupancy (occupied units divided by unit capacity) for the first quarter of 2009 to be more consistent with industry reporting standards.

  • Average daily revenue per occupied unit increased 1.8 percent from $182.54 for the first quarter of 2008 to $185.91 for the first quarter of 2009. Excluding the impact of foreign exchange rates, average daily revenue per occupied unit for the comparable community portfolio increased 4.2 percent for the first quarter of 2009 as compared to the first quarter of 2008.

  • Comparable community operating expenses for the first quarter of 2009 grew 1.4 percent over the first-quarter of 2008 to $390.3 million. Excluding a $4.6 million health and dental credit experienced in the first quarter of 2008, these operating expenses grew 0.2%. Excluding the impact of foreign exchange rates, comparable community operating expenses grew 3.6 percent. Excluding both the impact of the health and dental credit and the foreign exchange rates, these operating expenses grew 2.3%. Comparable community operating expense results for the quarter demonstrate Sunrise's system-wide focus on aggressively managing all operating expenses, without compromising quality of care, to reflect current occupancy levels and to maximize community profitability.

  • In the first quarter of 2009, Sunrise opened nine new communities, with a combined capacity of approximately 854 units. As of March 31, 2009, Sunrise had 14 communities under construction, with capacity for an additional 1,332 units.

  • As of March 31, 2009, Sunrise operated 417 communities located in the United States, Canada, the United Kingdom and Germany, with a unit capacity of approximately 44,000 units. Following the transition of the six Aston Gardens management contracts on April 30, 2009, Sunrise operated 411 communities with a unit capacity of approximately 42,000.

Sunrise's management believes that total comparable-community revenues, average daily revenue per occupied unit, average unit occupancy rates and total comparable-community expenses are useful indicators of trends in Sunrise's management business. For additional details on Sunrise's comparable-community operations data, please refer to the Supplemental Information attached.

Conference Call and Webcast

Sunrise will host a conference call and webcast at 9:00 a.m. ET on Friday, May 8, 2009, to discuss the financial results for the first quarter of 2009 and the other matters discussed in this press release. The call-in number for the conference call is 877-719-9796 or 719-325-4827 (from outside the U.S.). Callers should reference the "Sunrise Senior Living Q1 Earnings Call" or the participant passcode: 1059514. Those interested may also go to the Investor Relations section of Sunrise's Web site (http://www.sunriseseniorliving.com) to listen to the earnings call. A telephone replay of the call will be available until May 22, 2009 at 12 p.m. ET, by dialing 888-203-1112 or 719-457-0820 (passcode: 1059514); a replay will also be available on Sunrise's Web site during that period.

About Sunrise Senior Living

Sunrise Senior Living, a McLean, Va.-based company, employs approximately 40,000 people. As of May 8, 2009, Sunrise operated 411 communities in the United States, Canada, Germany and the United Kingdom, with a combined unit capacity of approximately 42,000 units. 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 and rehabilitative services. 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, changes in the Company's anticipated cash flow and liquidity; the Company's ability to maintain adequate liquidity to operate its business and execute its restructuring; the Company's ability to obtain waivers, cure or reach agreements with respect to defaults under the Company's loan, joint venture and construction agreements; the Company's ability to negotiate a comprehensive restructuring of the Company's obligations in respect of its Germany communities, its Fountains portfolio and certain other of its ventures; 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 anticipated savings from the Company's cost reduction program; the outcome of the U.S. Securities and Exchange Commission's investigation; the outcomes of pending putative class action and shareholders' derivative litigation; the outcome of the Trinity investigation by the Office of the Inspector General of the Department of Health and Human Services and qui tam lawsuit relating to Trinity in which we are a defendant; the outcome of the IRS audit of the Company's tax returns for the tax years ended December 31, 2005, 2006 and 2007; 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 obligations to fund 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; development and construction risks; risks associated with past or any future acquisitions; compliance with government regulations; risk of new legislation or regulatory developments; business conditions and market factors that could affect the value of the Company's properties; competition and our response to pricing and promotional activities of our competitors; changes in interest rates; unanticipated expenses; the risks of further downturns in general economic conditions including, but not limited to, financial market performance, consumer credit availability, interest rates, inflation, energy prices, unemployment and consumer sentiment about the economy in general; risks associated with the ownership and operation of assisted living and independent living communities; and other risks detailed in the Company's 2008 Annual Report on Form 10-K filed with the SEC, as may be amended or supplemented in the Company's Form 10-Q filings or otherwise. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

                           SUNRISE SENIOR LIVING, INC.
                           CONSOLIDATED BALANCE SHEETS

                                                      March 31,   December 31,
    (In thousands, except per share and share
     amounts)                                           2009          2008
                                                        ----          ----
    ASSETS                                           (Unaudited)
      Current Assets:
        Cash and cash equivalents                     $33,879       $29,513
        Accounts receivable, net                       52,334        54,842
        Income taxes receivable                        28,700        30,351
        Notes receivable                                5,721             -
        Due from unconsolidated communities            31,679        45,255
        Deferred income taxes, net                     20,452        25,341
        Restricted cash                                35,062        37,392
        Assets held for sale                           54,371        49,076
        Prepaid insurance                               8,453         8,850
        Prepaid expenses and other current assets      20,773        24,288
                                                       ------        ------
          Total current assets                        291,424       304,908
      Property and equipment, net                     639,830       681,352
      Investment in marketable securities              29,775        31,080
      Due from unconsolidated communities              23,560        31,693
      Intangible assets, net                           60,385        70,642
      Goodwill                                              -        39,025
      Investments in unconsolidated communities        80,792        66,852
      Investments accounted for under the profit-
       sharing method                                  17,240        22,005
      Restricted cash                                  94,612       123,772
      Other assets, net                                10,141        10,228
                                                       ------        ------
          Total assets                             $1,247,759    $1,381,557
                                                   ==========    ==========

    LIABILITIES AND STOCKHOLDERS' EQUITY
      Current Liabilities:
        Current maturities of debt                   $368,919      $377,449
        Outstanding draws on bank credit facility      93,500        95,000
        Accounts payable and accrued expenses         184,213       184,144
        Due to unconsolidated communities               1,401           914
        Deferred revenue                                7,570         7,327
        Entrance fees                                  34,240        35,270
        Self-insurance liabilities                     36,377        35,317
                                                       ------        ------
          Total current liabilities                   726,220       735,421
      Debt, less current maturities                   160,062       163,682
      Investment accounted for under the profit-
       sharing method                                   8,670         8,332
      Guarantee liabilities                            13,787        13,972
      Self-insurance liabilities                       69,865        68,858
      Deferred gains on the sale of real estate
       and deferred revenues                           24,253        88,706
      Deferred income tax liabilities                  20,452        28,129
      Other long-term liabilities, net                100,103       126,543
                                                      -------       -------
          Total liabilities                         1,123,412     1,233,643
                                                    ---------     ---------
      Stockholders' Equity:
        Preferred stock, $0.01 par value,
         10,000,000 shares authorized,
         no shares issued and outstanding                   -             -
        Common stock, $0.01 par value,
         120,000,000 shares authorized,
         50,833,215 and 50,872,711 shares
         issued and outstanding, net of
         382,021 and 342,525, at March 31,
         2009 and December 31, 2008,
         respectively                                     508           509
        Additional paid-in capital                    459,363       458,404
        Retained loss                                (345,217)     (327,056)
        Accumulated other comprehensive income          7,469         6,671
                                                        -----         -----
          Total stockholders' equity                  122,123       138,528
                                                      -------       -------
      Noncontrolling interests                          2,224         9,386
                                                        -----         -----
          Total equity                                124,347       147,914
                                                      -------       -------
    Commitments and contingencies
          Total liabilities and  stockholders'
           equity                                  $1,247,759    $1,381,557
                                                   ==========    ==========



                           SUNRISE SENIOR LIVING, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                                           Three Months Ended
                                                               March 31,
                                                               ---------
    (In thousands, except per share amounts)                 2009      2008
                                                             ----      ----
                                                              (Unaudited)
    Operating revenue:
      Management fees                                      $28,438   $33,658
      Resident fees for consolidated communities           115,885   105,572
      Ancillary fees                                        11,221    13,623
      Professional fees from development, marketing and
       other                                                 6,725     7,868
      Reimbursed contract services                         242,092   252,763
                                                           -------   -------
        Total operating revenues                           404,361   413,484
    Operating expenses:
      Community expense for consolidated communities        91,394    76,913
      Community lease expense                               15,120    14,848
      Depreciation and amortization                         16,725    11,581
      Ancillary expenses                                    10,361    15,781
      General and administrative                            30,463    31,780
      Development expense                                    5,171    12,428
      Write-off of capitalized project costs                12,221    24,978
      Accounting Restatement, Special Independent Committee
        inquiry, SEC investigation and stockholder
        litigation                                           1,257    18,490
      Restructuring costs                                    7,687         -
      Provision for doubtful accounts                        8,997     1,998
      Loss on financial guarantees and other contracts       1,097       156
      Reimbursable contract services                       245,417   250,593
                                                           -------   -------
        Total operating expenses                           445,910   459,546
                                                           -------   -------
          Loss from operations                             (41,549)  (46,062)
    Other non-operating income (expense):
      Interest income                                          737     1,466
      Interest expense                                      (8,848)   (1,325)
      Loss on investments                                   (1,305)   (4,000)
      Other expense                                         (1,046)   (6,176)
                                                            ------    ------
        Total other non-operating expense                  (10,462)  (10,035)
    Gain on the sale and development of real estate and
     equity interests                                        1,742    10,360
    Sunrise's share of earnings and return on investment
      in unconsolidated communities                         18,375     6,295
    (Loss) income from investments accounted for under
     the profit-sharing method                              (3,812)      292
                                                            ------       ---
          Loss before benefit from income
            taxes and discontinued operations              (35,706)  (39,150)
    Benefit from income taxes                                3,415    13,072
                                                             -----    ------
          Loss before discontinued operations              (32,291)  (26,078)
    Discontinued operations, net of tax of $(4,842) and
     $4,425, respectively                                   14,007    (8,181)
                                                            ------    ------
          Net loss                                         (18,284)  (34,259)
            Less: Net loss attributable to
             noncontrolling interests                          123     1,134
                                                               ---     -----
          Net loss attributable to common shareholders    $(18,161) $(33,125)
                                                          ========  ========

    Earnings per share data:
      Basic net loss per common share
        Loss before discontinued operations                 $(0.64)   $(0.52)
        Discontinued operations, net of tax                   0.28     (0.14)
                                                              ----     -----
          Net loss                                          $(0.36)   $(0.66)
                                                            ======    ======

      Diluted net loss per common share
        Loss before discontinued operations                 $(0.64)   $(0.52)
        Discontinued operations, net of tax                   0.28     (0.14)
                                                              ----     -----
          Net loss                                          $(0.36)   $(0.66)
                                                            ======    ======



                            Sunrise Senior Living, Inc.
                              Supplemental Information
                               As of  March 31, 2009
                     ($ in thousand except average daily rate)


                                                                 Resident
                            Communities      Unit Capacity       Capacity
                            -----------      -------------      ---------
                          Q1 09   Q1 08     Q1 09     Q1 08    Q1 09  Q1 08
                          -----   -----     -----     -----    -----  -----
    Community Data (1,2)
    Communities managed
     for third-party
     owners                 136      151    14,125    15,696  15,520 17,213
    Communities in
     ventures               211      204    20,856    20,211  23,552 22,764
    Communities
     consolidated            70       62     9,214     8,362   9,719  8,742
    Greystone
     communities              -       20         -     5,411       -  5,411
                              -       --         -     -----       -  -----
             Total communities
              operated      417      437    44,195    49,680  48,791 54,130
                            ===      ===    ======    ======  ====== ======


    Percentage of Total Operating Portfolio
      Assisted Living                           73%       69%
       Independent Living                       22%       24%
      Skilled Nursing                            5%        7%
                                                 -         -
             Total                             100%      100%
                                               ===       ===

    Selected Operating Results
    Comparable Community Owned
     Portfolio Operating
     Results (3,4,5,6)            Q1 09     Q1 08   % Change
    --------------------------    -----     -----   --------

    Total Comparable-Community
     Portfolio
    ---------------------------
    Number of Communities            365       365
    Unit Capacity                 37,706    37,797
    Resident Capacity             41,637    41,693
    Community Revenues          $555,655  $562,092      -1.1%
    Community Revenues
     Excluding Impact of '09
     Exchange Rates             $568,400  $562,092       1.1%
    Community Operating
     Expenses                   $390,317  $384,755       1.4%
    Community Operating
     Expenses Excluding Impact
     of '09 Exchange Rates      $398,483  $384,755       3.6%
    Average Daily Revenue Per
     Occupied Unit               $185.91   $182.54       1.8%
    Average Daily Revenue Per
     Occupied Unit Excluding
     Impact of '09 Exchange
     Rates                       $190.17   $182.54       4.2%
    Average Unit Occupancy Rate     88.1%     89.5%     -1.4  pts

    Communities in ventures
     and managed for third-
     party owners
    -----------------------
    Number of Communities            302       302
    Unit Capacity                 29,124    29,202
    Resident Capacity             32,655    32,698
    Community Revenues          $443,790  $450,625      -1.5%
    Community Revenues
     Excluding Impact of '09
     Exchange Rates             $455,377  $450,625       1.1%
    Community Operating
     Expenses                   $305,702  $302,530       1.0%
    Community Operating
     Expenses Excluding Impact
     of '09 Exchange Rates      $312,997  $302,530       3.5%
    Average Daily Revenue Per
     Occupied Unit               $192.97   $189.55       1.8%
    Average Daily Revenue Per
     Occupied Unit Excluding
     Impact of '09 Exchange
     Rates                       $198.01   $189.55       4.5%
    Average Unit Occupancy Rate     87.7%     89.4%     -1.7  pts

    Communities consolidated
    -------------------------
    Number of Communities             63        63
    Unit Capacity                  8,582     8,595
    Resident Capacity              8,982     8,995
    Community Revenues          $111,865  $111,467       0.4%
    Community Revenues
     Excluding Impact of '09
     Exchange Rates             $113,023  $111,467       1.4%
    Community Operating
     Expenses                    $84,615   $82,225       2.9%
    Community Operating
     Expenses Excluding Impact
     of '09 Exchange Rates       $85,486   $82,225       4.0%
    Average Daily Revenue Per
     Occupied Unit               $162.35   $158.80       2.2%
    Average Daily Revenue Per
     Occupied Unit Excluding
     Impact of '09 Exchange
     Rates                       $164.03   $158.80       3.3%
    Average Unit Occupancy Rate     89.2%     89.7%     -0.5  pts


    Development Communities to be Opened (# Communities)
    ----------------------------------------------------

                           Q209   Q3 09     Q4 09     Q1 10        Total
                           ----   -----     -----     -----        -----
    Consolidated
     communities              -        -         -         -           -
    Venture communities       6        5         3         -          14
                              -        -         -         -          --
                              6        5         3         -          14

    Development Communities to be Opened (# Units)
    ----------------------------------------------
                           Q209   Q3 09     Q4 09     Q1 10        Total
                           ----   -----     -----     -----        -----
    Consolidated
     communities              -        -         -         -           -
    Venture communities     661      428       243         -       1,332
                            ---      ---       ---         -    -  -----
                            661      428       243         -    -  1,332

    Development Communities to be Opened (# Residents)
    --------------------------------------------------
                           Q209   Q3 09     Q4 09     Q1 10        Total
                           ----   -----     -----     -----        -----
    Consolidated
     communities              -        -         -         -           -
    Venture communities     770      511       282         -       1,563
                            ---      ---       ---         -    -  -----
                            770      511       282         -    -  1,563

    Notes
    -----
    (1)  During the first quarter of 2009, Sunrise opened nine communities of
         which eight are in ventures and one was wholly owned.
         There were also three consolidated communities sold or disposed and
         one management contract terminated in the first quarter.
    (2)  The Comparable community portfolio consists of all communities that
         have been open and operating for at least 24 months as of January 1,
         2009. This portfolio includes consolidated communities, communities
         in ventures and communities managed for third-parties.
    (3)  Community revenues include resident fees and ancillary services.
         Community expenses include community and ancillary expenses.
    (4)  Comparable community portfolio excludes six joint venture communities
         sold in April 2009.
    (5)  Community operating expenses exclude management fees paid to Sunrise
         with respect to comparable-community ventures in order to make
         comparisons between consolidated and venture communities consistent.
    (6)  The impact of the foreign exchange rate was calculated by applying
         the 2008 foreign exchange rates to Sunrise's Q1 2009 results.



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SOURCE Sunrise Senior Living, Inc.
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(Date:5/27/2016)... ... 2016 , ... An influential resource amongst nurses and professionals in the health ... the variety of topics detailing why we appreciate nurses in so many different ways. ... gone from being in a major recession to one of the hottest growing professions ...
(Date:5/27/2016)... York, NY (PRWEB) , ... May 27, 2016 ... ... partnered with Mediaplanet to help educate the many who are unaware of the ... dedicated to aphasia will run within the “Stroke Awareness” campaign. , The link ...
(Date:5/27/2016)... ... May 27, 2016 , ... Each year ... medicine. Allison Outerbridge is this year’s Life University winner of a ... the university’s Student Leadership Awards ceremony. , Outerbridge is approaching her last quarter ...
(Date:5/26/2016)... Gilsum, New Hampshire (PRWEB) , ... May 26, 2016 , ... ... natural skin care products, has been honored with a 2016 When Work Works Award ... This prestigious award, part of the national When Work Works project administered by the ...
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(Date:5/24/2016)... -- Niederländische Chirurgen haben eine innovative ... erlaubt, ihre Expertise weltweit zu teilen und so ... mit einer Instant-Messaging-Funktion und der Möglichkeit, in einem ... Afrika, Asien und den USA ... Information und Weiterbildung   "MDLinking ...
(Date:5/24/2016)... HENDERSON, Nev. , May 24, 2016  Diana ... painfully "eats" her organs from the inside out.  This ... her completely dependent on her children and grandchildren to ... of her wheelchair, Diana,s family cannot haul the wheelchair.  ... rides in the car, and Diana is left to ...
(Date:5/24/2016)... May 24, 2016  Joe Marziani has joined VMS BioMarketing as senior vice president ... today. In his new role, Marziani will lead the company,s business development and sales ... improve outcomes. Photo - http://photos.prnewswire.com/prnh/20160523/371089 ... ... ...
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