Navigation Links
Sunrise Reports Financial Results for Fourth Quarter and Full-Year 2008
Date:3/2/2009

- In discussions with lenders to restructure debt -

MCLEAN, Va., March 2 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the fourth quarter and the full-year 2008. Sunrise will host a conference call and webcast Monday, March 2, 2009, at 9:00 a.m. ET, to discuss the financial results.

"Championing quality of life for seniors has been Sunrise's mission since 1981, and the delivery of high-quality care and service to more than 50,000 seniors remains our primary goal. Our 2008 Annual Report on Form 10-K filed today with the U.S. Securities and Exchange Commission described a very challenging 2008 at Sunrise, while also pointing to the continued overall strong demand for our core senior living services," said Mark Ordan, Sunrise's chief executive officer. "Without ever diminishing our legendary care for our residents, we are fully engaged in a process seeking to restructure Sunrise, our obligations and how we operate. We think all of our stakeholders could benefit from such a restructuring but we cannot assure anyone of the outcome of our efforts."

Financial Results for Fourth-Quarter and Full-Year 2008

The Company reported revenues of $435.6 million and $1.7 billion for the fourth quarter and twelve months ended December 31, 2008, respectively, as compared to $403.0 million and $1.6 billion for the fourth quarter and twelve months ended December 31, 2007. Net loss for the fourth quarter and twelve months ended December 31, 2008 was $305.6 million and $439.2 million, or $6.07 and $8.72 per fully diluted share, respectively, as compared to net loss of $124.0 million and $70.3 million, or $2.48 and $1.41 per fully diluted share, for the fourth quarter and twelve months ended December 31, 2007, respectively. The loss before income taxes, extraordinary loss and discontinued operations for the fourth quarter and twelve months ended December 31, 2008 was $261.3 million and $423.2 million, respectively, as compared to the loss before income taxes and discontinued operations of $96.5 million and $9.2 million for the fourth quarter and twelve months ended December 31, 2007, respectively.

Included in the net loss (income) for the previous three years are the following large and/or unusual items:



    (In millions)                                  2008     2007     2006

    Impairment of goodwill                        $(122)      $-       $-
    Write-off of abandoned development projects     (96)     (28)      (1)
    Loss from discontinued operations               (37)     (52)       -
    Impairment of owned communities                 (37)      (8)     (15)
    Expenses relating to Accounting
     Restatement, Special Independent
     Committee inquiry, SEC investigation and
     pending stockholder litigation                 (30)     (52)      (3)
    Extraordinary loss due to consolidation of
     German venture                                 (22)       -        -
    Restructuring costs                             (18)       -        -
    Write-down of equity investments                (16)     (25)       -
    Loss on guarantees related to our
     condominium project                             (3)      (6)     (17)
    Loss on guarantees related to The
     Fountains venture                               (2)       -      (22)
    Write-off of intangible assets associated
     with buyout of management contracts              -        -      (25)
    Loss on guarantees related to our Germany
     venture                                          -      (16)     (50)
    Venture recapitalizations and refinancing        21       57       48
    Real estate gains deferred from prior
     years recognized in the current period           8       85       35
    Buyout of management contracts                    1        2      135
                                                  $(353)    $(43)     $85


Cash and Liquidity Update

On January 20, 2009, the Company entered into the Tenth Amendment to the Bank Credit Facility, effective as of December 31, 2008. The Tenth Amendment suspends through March 30, 2009, unless further extended, the Company's obligations to comply with the financial covenants contained in the Bank Credit Facility, but the Company cannot borrow any additional amounts or receive any new letters of credit under the Bank Credit Facility. As of December 31, 2008, there were $95 million of outstanding borrowings and $24.4 million of letters of credit outstanding under the Company's Bank Credit Facility.

Prior to the execution of the Tenth Amendment, the Company was not in compliance with the financial covenants in the Bank Credit Facility at December 31, 2008, and the Company currently does not expect to be in compliance with such financial covenants on March 30, 2009, when the waiver set forth in the Tenth Amendment is currently set to expire. In the event that the Company is unable to revise or restructure the Bank Credit Facility before March 30, 2009, the lenders under the Bank Credit Facility could, among other things, exercise their rights to accelerate the payment of all amounts then outstanding under the Bank Credit Facility, exercise remedies against the collateral securing the Bank Credit Facility, require the Company to replace or provide cash collateral for the outstanding letters of credit or pursue further modification with respect to the Bank Credit Facility. In the event of an acceleration of the Bank Credit Facility, the Company does not currently expect that it would be able to fully repay its outstanding borrowings.

Sunrise currently expects that its cash balances and cash flow will be sufficient to enable the Company to meet its obligations only through March 30, 2009. Because of these factors and the Company's current financial position, Sunrise is seeking to preserve cash, reduce its financial obligations and reach negotiated settlements with various creditors to preserve its liquidity. The Company has also stopped funding certain projects and other obligations, and is seeking waivers with respect to existing defaults under many of its debt obligations to avoid acceleration of such obligations. Specifically, Sunrise has stopped or reduced payments associated with its German communities, development projects and its Fountains venture, each as described in more detail in the Company's 2008 Annual Report on Form 10-K filed today with the U.S. Securities and Exchange Commission.

The Company is in the process of discussing a comprehensive restructuring plan with the lenders to its German communities, the lender to the Fountains portfolio, the Company's venture partner in the Fountains portfolio and certain other lenders. Sunrise has requested that the lenders to the German communities and the lender for the Fountains portfolio agree not to foreclose on the communities that are collateral for their loans, or to commence or prosecute any action or proceeding to enforce any demand for payment by Sunrise pursuant to its operating deficit guarantees through March 31, 2009. In this context, the lenders to eight of Sunrise's nine German communities have agreed not to foreclose on the communities that are collateral for their loans or to commence or prosecute any action or proceeding to enforce their demand for payment by us pursuant to the Company's operating deficit agreements until the earliest of the occurrence of certain other events relating to the loans or March 31, 2009. Such an agreement has not been made with the lender to Sunrise's ninth community as such community is not currently in default on its payments. As of February 27, 2009, the lender to Sunrise's Fountains venture had not yet agreed to Sunrise's request for a standstill agreement through March 31, 2009. Sunrise is also 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 operations. There can be no assurance that any of these discussions will result in the consummation of any transaction.

The Company believes it is in the best interests of all of its creditors to grant such waivers or reach negotiated settlements with Sunrise to enable the Company to continue operating. However, there can be no assurance that such waivers will be received or such settlements will be reached. If the defaults are not cured within applicable cure periods, if any, and if waivers or other relief are not obtained, the defaults can cause acceleration of the Company's financial obligations under certain of its agreements, which the Company may not be in a position to satisfy. There can be no assurance that any of these efforts will prove successful. In the event of a failure to obtain necessary waivers or otherwise achieve a restructuring of its financial obligations, Sunrise may be forced to seek reorganization under the U.S. Bankruptcy Code. The existence of these factors raises substantial doubt about the Company's ability to continue as a going concern and its auditors have modified their report with respect to the 2008 consolidated financial statements to include a going concern reference.

Corporate Expenses and Operating Cost Structure

As previously announced, in light of the difficult financial environment, the Company initiated a plan in the third quarter of 2008 to reduce its general and administrative expense, development and venture support headcount and certain non-payroll costs with the expectation of reducing the Company's general and administrative spending level. Through December 31, 2008, the Company recorded severance expenses of $15.2 million and expects to record additional severance charges of $2.0 million in each of the first and second quarters of 2009 based on actions taken to date. The Company does not expect its cost reduction initiative to result in any reduction to the level of service it provides to residents.

Development Update

Based on current credit market conditions, Sunrise does not intend to begin construction on any project in the United States in 2009 and has only two construction starts projected for the United Kingdom this year. At December 31, 2008, Sunrise had 26 communities under construction in North America and the United Kingdom. The Company has committed construction financing for all but two projects, both of which are wholly owned. The Company is not in compliance with many of these construction loans and the lenders could discontinue funding the projects. The Company is working with its lenders and venture partners to address the defaults, and Sunrise has explained to them that the Company does not believe there will be material cost overruns, and there are adequate established reserves to fund the lease-up period once the projects are completed. Sunrise believes, and has stated to its lenders, that the best course of action for these construction lenders is to continue to fund these projects through completion. There can be no assurance, however, that these lenders will continue to fund the construction and development of these projects. The Company estimates that it will cost approximately $251 million to complete the 26 communities (excluding the two suspended projects) as of December 31, 2008. Sunrise does not believe it will have further equity contributions for projects under construction (excluding the two suspended projects) as of December 31, 2008, assuming the lenders continue to fund existing construction loan financing commitments. The Company will reconsider future development when market conditions stabilize and the cost of capital for development projects is in line with projected returns.

Greystone

As previously announced, the Company has determined that it will not fund any new seed capital projects of its Greystone subsidiary. Sunrise has also informed the management of Greystone that it is exploring strategic options for the subsidiary, and is currently working with financial advisors to assist in this matter. The carrying value of Greystone at December 31, 2008 is $(9.3) million, which includes $43.6 million of goodwill and intangible assets, $2.6 million of working capital and $62.4 million of deferred revenue. Since the carrying value of Greystone is negative, there is no impairment as a result of the Company's decision to sell this business.

Trinity Subsidiary

In October 2008, the Company determined not to provide any additional funding for ongoing operations to the Trinity subsidiary due to the continued losses experienced by that subsidiary. As a result, the Company wrote-off the remaining goodwill and other intangible assets related to Trinity of approximately $9.8 million in the fourth quarter of 2008. As of December 31, 2008, Trinity had ceased operations.

Operating Data for Fourth-Quarter 2008

  • Same-community revenues for the fourth quarter of 2008 increased 1.7 percent to $365.8 million as compared to $359.7 million for the fourth quarter of 2007. The increase relates to growth in average daily rates. Sunrise's same-community portfolio consists of communities in which Sunrise has an ownership interest (i.e., consolidated communities and unconsolidated venture communities) that were stabilized in both the fourth quarter of 2008 and 2007, which Sunrise defines as being open for 12 months or having achieved 95 percent occupancy, whichever occurs first.

  • The same-community average occupancy rate for the fourth quarter of 2008 was 89.9 percent, which remained flat with occupancy rates of 89.9 percent for the fourth quarter of 2007 and the third quarter of 2008. The Company's core assisted living and memory care occupancy increased, but were offset by a decline in independent living and skilled nursing. Occupancy is defined as resident occupancy and is equal to the number of resident days for the time period divided by the resident day capacity for the time period. Resident capacity is equal to the number of units plus a factor for the units available to be sold as shared units. Beginning in the first quarter of 2009, the Company intends to begin reporting additional operating metrics including: unit occupancy (occupied units divided by unit capacity) and revenue per unit.

  • Average daily rate (ADR) for the same-community portfolio for the fourth quarter of 2008 increased 1.7 percent to $158.26 as compared to $155.60 for the fourth quarter of 2007. The Company's average daily rate includes room rates, extended care fees and community fees. Rate growth was largely due to room rate increases for existing residents, as well as increases in extended care rate and utilization. The Company's transition to a uniform January 1 rate increase for the majority of U.S. residents resulted in a stronger ADR growth in the first quarter of 2008 (6.9 percent versus first quarter of 2007) and suppressed rate growth in subsequent quarters. Rate growth in Canada and Europe was also suppressed year-over-year due to unfavorable exchange rates against the U.S. dollar in these regions. The Company offered price promotions for select inventory in certain markets to sustain occupancy and revenue, which has also contributed to suppressed ADR growth in the fourth quarter of 2008 as compared to the prior-year fourth quarter.

  • Excluding an expense credit of $19.5 million in the fourth quarter of 2007 due to favorable loss experience related to the Company's insurance programs, same-community operating expenses for the fourth-quarter 2008 grew 3.5 percent over the fourth-quarter 2007. Same-community operating expenses exclude 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 and repairs and maintenance expense categories contributed to the year-over-year expense increase but were offset by year-over-year declines in employee benefits costs and marketing/advertising expense, as compared to the prior-year fourth quarter.

  • In 2008, Sunrise opened 19 new communities, with a combined capacity of approximately 2,600 residents. As of December 31, 2008, the Company (excluding Greystone) had 26 communities under construction, with capacity for an additional 2,700 residents.

  • As of December 31, 2008, Sunrise operated 435 communities located in the United States, Canada, the United Kingdom and Germany, with resident capacity for approximately 54,000 residents.

Sunrise's management believes that total same-community revenues, average daily rate, average occupancy rate and total same-community expenses are useful indicators of trends in Sunrise's management business. For such data broken down by consolidated communities and communities in unconsolidated ventures, 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 Monday, March 2, 2009, to discuss the financial results for the fourth quarter and full year of 2008 and the other matters discussed in this press release. The call-in number for the conference call is 877-795-3638 or 719-325-4841 (from outside the U.S.). Callers should reference the "Sunrise Q4 Earnings Call." Those interested may also go to the Investor Relations section of the Company's Web site (www.sunriseseniorliving.com) to listen to the earnings call. A telephone replay of the call will be available until March 16, 2009, at 12 p.m. ET, by dialing 1-888-203-1112 or 719-457-0820 (passcode 6514206); 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 December 31, 2008, Sunrise operated 435 communities in the United States, Canada, Germany and the United Kingdom, with a combined capacity for approximately 54,000 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, 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 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 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 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 200; the status and outcome of the exploration of strategic alternatives; the ability of the Company's Greystone subsidiary to continue to provide development services in the absence of liquid bond financing markets; the risk of loss of the Company's seed capital investments with its Greystone subsidiary if it fails to fund further seed capital requirements; 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 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; 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

                                                            December 31,
    (In thousands, except per share and share amounts)    2008        2007
    ASSETS
      Current Assets:
        Cash and cash equivalents                      $29,513    $138,212
        Accounts receivable, net                        54,842      76,909
        Income taxes receivable                         30,351      63,624
        Due from unconsolidated communities             45,255      61,854
        Deferred income taxes, net                      25,341      33,567
        Restricted cash                                 37,392      61,999
        Assets held for sale                            49,076      12,716
        Prepaid insurance                                8,850      23,720
        Prepaid expenses and other current assets       24,288      57,363
          Total current assets                         304,908     529,964
      Property and equipment, net                      681,352     656,211
      Property and equipment subject to financing, net       -      58,871
      Investment in marketable securities               31,080           -
      Due from unconsolidated communities               31,693      19,555
      Intangible assets, net                            70,642      83,769
      Goodwill                                          39,025     169,736
      Investments in unconsolidated communities         66,852      97,173
      Investments accounted for under the
       profit-sharing method                            22,005           -
      Restricted cash                                  123,772     165,386
      Other assets, net                                 10,228      17,932
          Total assets                              $1,381,557  $1,798,597

    LIABILITIES AND STOCKHOLDERS' EQUITY
      Current Liabilities:
        Current maturities of long-term debt          $377,455    $122,541
        Outstanding draws on bank credit facility       95,000     100,000
        Accounts payable and accrued expenses          184,144     275,362
        Due to unconsolidated communities                  914      37,344
        Deferred revenue                                 7,327       9,285
        Entrance fees                                   35,270      34,512
        Self-insurance liabilities                      35,317      67,267
          Total current liabilities                    735,427     646,311
      Long-term debt, less current maturities          163,676      31,347
      Liabilities related to properties accounted
       for under the financing method                        -      54,317
      Investment accounted for under the
       profit-sharing method                             8,332      51,377
      Guarantee liabilities                             13,972      65,814
      Self-insurance liabilities                        68,858      74,971
      Deferred gains on the sale of real estate
       and deferred revenues                            88,706      74,367
      Deferred income tax liabilities                   28,129      82,605
      Other long-term liabilities, net                 126,543     133,717
          Total liabilities                          1,233,643   1,214,826
      Minority interests                                 9,386      10,208
      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, 50,872,711 and
        50,556,925 shares issued and outstanding,
        net of 342,525 and 103,696, at December 31,
        2008 and 2007, respectively                        509         506
       Additional paid-in capital                      458,404     452,640
       Retained (loss) earnings                       (327,056)    112,123
       Accumulated other comprehensive income            6,671       8,294
          Total stockholders' equity                   138,528     573,563
    Commitments and contingencies
          Total liabilities and stockholders'
           equity                                   $1,381,557  $1,798,597

    See accompanying notes



                                 SUNRISE SENIOR LIVING, INC.
                             CONSOLIDATED STATEMENTS OF INCOME

                                   Three Months Ended   Twelve Months Ended
                                       December 31,          December 31,
    (In thousands, except per        2008       2007       2008       2007
     share amounts)
    Operating revenue:
     Management fees              $33,814    $33,882   $139,409   $127,830
     Buyout fees                      621      1,626        621      1,626
     Resident fees for
      consolidated communities    116,835    103,407    435,580    400,238
     Ancillary fees                 9,633     13,056     54,633     58,645
     Professional fees from
      development, marketing
      and other                    14,428     13,673     59,969     38,855
     Reimbursed contract
      services                    260,273    237,368  1,011,431    956,047
      Total operating revenues    435,604    403,012  1,701,643  1,583,241
    Operating expenses:
     Community expense for
      consolidated communities     97,051     74,090    335,739    288,180
     Community lease expense       15,229     16,603     60,145     62,588
     Depreciation and amortization 13,870     12,295     51,276     52,701
     Ancillary expenses            10,304     16,020     60,620     68,958
     General and administrative    47,476     46,711    163,159    181,325
     Venture expense                1,211      2,039      6,807      7,187
     Development expense           17,873     21,692     78,305     72,016
     Impairment of goodwill and
      intangible assets           121,828          -    121,828          -
     Write-off of abandoned
      development projects         11,554      3,883     95,763     28,430
     Impairment of owned
      communities and land
      parcels                      34,161      4,034     36,510      7,641
     Accounting Restatement, Special
      Independent Committee inquiry,
      SEC investigation and pending
      stockholder litigation        3,788     19,655     30,224     51,707
     Restructuring cost            10,846          -     18,065          -
     Provision for doubtful
      accounts                     16,097      5,499     22,628      8,910
     Loss on financial guarantees
      and other contracts           3,320     16,674      5,022     22,005
     Reimbursable contract
      services                    255,590    237,368  1,004,974    956,047
      Total operating expenses    660,198    476,563  2,091,065  1,807,695
       Loss from operations      (224,594)   (73,551)  (389,422)  (224,454)
    Other non-operating income
     (expense):
     Interest income                2,381      2,595      6,600      9,514
     Interest expense             (11,036)      (479)   (21,406)    (6,650)
     Loss on investments           (3,770)         -     (7,770)         -
     Other (expense) income       (16,583)    (4,632)   (21,602)    (6,089)
      Total other non-operating
       expense                    (29,008)    (2,516)   (44,178)    (3,225)
    (Loss) gain on the sale
     and development of real
     estate and equity interests   (1,654)     5,677     17,374    105,081
    Sunrise's share of (loss)
     earnings and return on
     investment in unconsolidated
     communities                   (6,639)   (27,341)   (13,846)   108,947
    (Loss) income from investments
     accounted for under the
     profit-sharing method         (1,424)       193     (1,329)        22
    Minority interests              2,032      1,079      8,154      4,470
        Loss before benefit from
         (provision for) income
         taxes, discontinued
         operations and
         extraordinary loss      (261,287)   (96,459)  (423,247)    (9,159)
    Benefit from (provision for)
     income taxes                 (11,147)    22,598     43,483     (9,068)
        Loss before discontinued
         operations and
         extraordinary loss      (272,434)   (73,861)  (379,764)   (18,227)
    Discontinued operations,
     net of tax                   (24,302)   (50,116)   (37,284)   (52,048)
        Loss before extraordinary
         loss                    (296,736)  (123,977)  (417,048)   (70,275)
    Extraordinary loss,
     net of tax                    (8,876)         -    (22,131)         -
        Net loss                $(305,612) $(123,977) $(439,179)  $(70,275)

    Earnings per share data:
      Basic net loss per common share
       Loss before discontinued
        operations and
        extraordinary loss         $(5.41)    $(1.48)    $(7.54)    $(0.37)
       Discontinued operations,
        net of tax                  (0.48)     (1.00)     (0.74)     (1.04)
       Extraordinary loss,
        net of tax                  (0.18)         -      (0.44)         -
         Net loss                  $(6.07)    $(2.48)    $(8.72)    $(1.41)

    Diluted net loss per common share
     Loss before discontinued
      operations and
      extraordinary loss           $(5.41)    $(1.48)    $(7.54)    $(0.37)
     Discontinued operations,
      net of tax                    (0.48)     (1.00)     (0.74)     (1.04)
     Extraordinary loss, net
      of tax                        (0.18)         -      (0.44)         -
         Net loss                  $(6.07)    $(2.48)    $(8.72)     (1.41)

    See accompanying notes



                               Sunrise Senior Living, Inc.
                                Supplemental Information
                                As of  December 31, 2008
                         ($in thousand except average daily rate)

                        Communities        Unit Capacity    Resident Capacity
                      Q4 08     Q4 07     Q4 08     Q4 07     Q4 08     Q4 07
    Community Data (1,2)
    Communities managed
     for third-party
     owners (excluding
     Greystone)         137       154    13,967    15,993    15,366    17,483
    Communities in
     ventures           203       199    20,225    19,776    22,826    22,340
    Communities
     consolidated        72        62     9,417     8,401     9,909     8,683
    Greystone
     Communities         23        20     6,242     5,411     6,242     5,411
        Total
         communities
         operated       435       435    49,851    49,581    54,343    53,917

    Percentage of Total Operating Portfolio
      Assisted Living                        73%       72%
      Independent Living                     22%       23%
      Skilled Nursing                         5%        5%
        Total                               100%      100%



    Selected Operating Results
    Same-Community Owned Portfolio
     Operating Results (3,4)                   Q4 08       Q4 07     % Change

    Total Same-Community Portfolio
    Number of Communities                        231         231
    Unit Capacity                             25,481      25,481
    Resident Capacity                         27,922      27,922
    Community Revenues                      $365,799    $359,666        1.7%
    Community operating expenses
     before insurance credits               $262,477    $253,634        3.5%
    Insurance credits                             $-    $<19,538>         -
    Average Daily Rate                       $158.26     $155.60        1.7%
    Average Occupancy Rate                      89.9%       89.9%         -

    Communities in ventures
    Number of Communities                        166         166
    Unit Capacity                             16,843      16,843
    Resident Capacity                         18,907      18,907
    Community Revenues                      $254,701    $254,609        0.0%
    Community operating expenses
     before insurance credits               $172,088    $170,704        0.8%
    Insurance credits                             $-    $<11,046>         -
    Average Daily Rate                       $162.51     $161.68        0.5%
    Average Occupancy Rate                      89.5%       90.0%      -0.6%

    Communities consolidated
    Number of Communities                         65          65
    Unit Capacity                              8,638       8,638
    Resident Capacity                          9,015       9,015
    Community Revenues                      $111,098    $105,057        5.8%
    Community operating expenses before
     insurance credits                       $90,389     $82,930        9.0%
    Insurance credits                             $-     $<8,492>         -
    Average Daily Rate                       $149.31     $142.61        4.7%
    Average Occupancy Rate                      90.5%       89.5%       1.1%



    Development Communities to be Opened (# Communities)

                             Q109      Q209     Q3 09     Q4 09     Total
    Consolidated communities    1         1         -         1         3
    Venture communities         9         6         3         5        23
                               10         7         3         6        26

    Development Communities to be Opened (# Residents)

                             Q109      Q209     Q3 09     Q4 09     Total
    Consolidated communities  112        95         -        94       301
    Venture communities       867       846       250       462     2,425
                              979       941       250       556     2,726


    Notes
    (1) During the fourth quarter of 2008, Sunrise opened four communities of
        which three are in ventures and one was developed by Greystone. There
        were also two consolidated communities sold and eleven management
        contracts terminated in the fourth quarter.
    (2) Same-community portfolio consists of all communities in which Sunrise
        has an ownership interest in and that were open for at least 12 months
        or had achieved 95% occupancy (whichever occurred sooner) as of the
        fourth quarter of 2008.  This includes consolidated communities and
        communities in ventures.
    (3) Community operating expenses exclude management fees paid to Sunrise
        with respect to same-community ventures in order to make comparisons
        between consolidated and venture communities consistent.
    (4) Average Daily Rate includes resident room fees, extended care fees and
        community fees.


'/>"/>
SOURCE Sunrise Senior Living, Inc.
Copyright©2009 PR Newswire.
All rights reserved


Related medicine news :

1. Sunrise to Host Conference Call and Webcast to Discuss Fourth-Quarter and Full-Year 2008 Financial Results
2. Sunrise Senior Living Helps Families Explore Senior Care Financing Options with New Guide
3. Sunrise Receives Proceeds from Venture Refinancing
4. Sunrise Reports Financial Results for Third Quarter 2008
5. Sunrise Provides Update on HCN Transaction
6. Sunrise to Host Conference Call and Webcast to Discuss the Companys Financial Results for the Third Quarter 2008
7. Sunrise Senior Living Appoints Glyn Aeppel and David Fuente to its Board
8. Sunrise Files 2007 Form 10-K
9. Sunrise Updates Date and Time of Conference Call to Discuss 2007 Financial Results and Second-Quarter 2008 Preliminary Selected Financial and Operating Data
10. Sunrise Senior Living Founder and CEO to Become Chairman
11. Sunrise to Present at Jefferies 2nd Annual Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... ... February 12, 2016 , ... Donor Network West, the organ ... Nevada, announced a partnership with San Ramon Regional Medical Center. Under the collaboration, the ... as a way to accommodate a more certain time frame for donor families for ...
(Date:2/12/2016)... ... 12, 2016 , ... Mediaplanet today announces the launch of ... of “Revolutionizing Cancer Care” is distributed within the February 12 issue of USA ... circulation of approximately 250,000 copies and an estimated readership of 750,000 readers. The ...
(Date:2/12/2016)... ... February 12, 2016 , ... US Sport Camps is pleased to ... Club, located in Norwalk, serves as the host site and directing the camps is ... “We have had successful camps in recent years around Des Moines and are fortunate ...
(Date:2/12/2016)... ... February 12, 2016 , ... The ... the field of long term care. With that, says Patrick Loughney, president of ... in administrative roles in long term care environments. His company, which offers prep ...
(Date:2/12/2016)... ... February 12, 2016 , ... With the exception of restorative dentistry, to date there ... With the recent approval by the FDA, there is a now a new protocol ... varnish, SDF is very simple and quick to apply. The application is as simple ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... , Feb. 11, 2016 ... commonly used in laboratories. These may range from microscope ... Laboratory glassware is made from borosilicate glass because of ... plasticware, on the other hand, started gaining popularity over ... was easier to replace glass with plastic in several ...
(Date:2/11/2016)... 2016  Governor Andrew M. Cuomo today announced a ... throughout Western New York . This ... Polytechnic Institute, includes a major expansion of Athenex,s North ... Buffalo , as well as the creation of ... Dunkirk . The combined projects are expected ...
(Date:2/11/2016)... -- NOIT™ Research LLC, a private, leading-edge autism research group, ... assist needy families in obtaining one of its special ... 10, 2016 and March 31, 2016, the company will ... is an auditory stimulus that plays a key role ... Beth Shier , NOIT Research director. "The ...
Breaking Medicine Technology: