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

ue 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 define
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SOURCE Sunrise Senior Living, Inc.
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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
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6. Sunrise to Host Conference Call and Webcast to Discuss the Companys Financial Results for the Third Quarter 2008
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