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

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 contin
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SOURCE Sunrise Senior Living, Inc.
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Related medicine news :

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