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

s 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 s
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SOURCE Sunrise Senior Living, Inc.
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1. Sunrise to Host Conference Call and Webcast to Discuss Fourth-Quarter and Full-Year 2008 Financial Results
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3. Sunrise Receives Proceeds from Venture Refinancing
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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
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