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Sunrise Reports Financial Results for Second-Quarter 2009
Date:8/6/2009

MCLEAN, Va., Aug. 6 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the second quarter of 2009. Sunrise will host a conference call and webcast Thursday, August 6, 2009, at 9:00 a.m. ET, to discuss the financial results.

"Our restructuring activities have progressed and we have seen signs of progress in expense controls. In recent weeks we have seen a modest lift in occupancy," said Mark Ordan, Sunrise's chief executive officer. "While we are pleased by these accomplishments, we have much more to do and our organization is fully committed to this task."

Financial Results for Second-Quarter 2009

Sunrise reported revenues of $380.9 million for the second quarter of 2009, as compared to $411.3 million for the second quarter of 2008. Net loss for the second quarter of 2009 was ($81.8) million, or ($1.62) per fully diluted share, as compared to net loss of ($31.8) million, or ($0.63) per fully diluted share, for the second quarter of 2008.

Included in the loss from discontinued operations of ($46.9) million for the three months ended June 30, 2009, is an operating loss of approximately $8 million, as well as an impairment loss of $52.4 million, both relating to Sunrise's nine German communities, which are now considered assets held for sale. Also included in discontinued operations is a $7.1 million gain from the settlement between us and the previous owners of Trinity.

In the second quarter, net loss from operations for the three months ended June 30, 2009, was ($43.2) million. Excluding SEC investigation costs of $1.2 million and restructuring costs of $9.2 million and non-cash charges including depreciation and amortization of $14.4 million, the provision for doubtful accounts of $2.0 million, write-off of capitalized project costs of $1.4 million and impairment of long lived assets of $25.0 million, adjusted income from ongoing operations is $10.0 million. Adjusted income from ongoing operations is a measure of operating performance that is not calculated in accordance with U.S. GAAP and should not be considered as a substitute for income or loss from operations or net income or loss. Adjusted income from ongoing operations is used by management to focus on income generated from the ongoing operations of the Company and to help management assess if adjustments to current spending decisions are needed. For a reconciliation of these items, please refer to the attached table "Income from Ongoing Operations."

Cash and Liquidity Update

As previously announced, on April 28, 2009, Sunrise entered into the Twelfth Amendment to the Bank Credit Facility. Sunrise has reduced outstanding borrowings on its Bank Credit Facility with its $20.8 million from federal tax refunds, $1 million of the proceeds from the sale of its equity interest and receivable from the Aston Gardens venture, and in June 2009, $2.5 million of the proceeds from a settlement agreement with Trinity Hospice's prior owners. On June 30, 2009, Sunrise had under its Bank Credit Facility outstanding borrowings of $69.2 million and outstanding letters of credit of $23.9 million. Sunrise has no borrowing availability under the Bank Credit Facility.

Sunrise had $37.0 million and $29.5 million of unrestricted cash at June 30, 2009 and December 31, 2008, respectively. As of June 30, 2009, Sunrise and its consolidated subsidiaries had debt of $614.5 million, of which $99.1 million of debt is scheduled to mature in 2009, along with $69.2 million of draws on the Bank Credit Facility. Long-term debt that is in default totals $360.4 million, including $190.2 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 $170.2 million of debt that is in default as a result of Sunrise's failure to meet certain financial covenants. Sunrise has reflected current debt and long-term debt that is in default as a current liability.

Sunrise is engaged in discussions to extend the maturity dates of, and to obtain covenant waivers with respect to, some of its debt. Even if these efforts are successful, additional financing resources will be required to refinance existing indebtedness that comes due within the next 12 months. 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 its obligations to enable Sunrise to continue its operations. Assuming Sunrise is able to extend or 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.

Germany

As previously announced, Sunrise has standstill agreements with all of the lenders to its German communities, which standstills will generally remain in effect until the end of August. 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. In the second quarter of 2009, Sunrise engaged a broker to assist in the sale of its nine German communities and the Company expects a sale to occur within 90 days, although there can be no assurance that the initial bids received will result in the consummation of a sale. If a sale does not occur, Sunrise will proceed with closing the communities and negotiating a settlement with the lenders. Based on the bids the Company has received, Sunrise determined that the book value of the assets was in excess of the fair value less estimated costs to sell, and has therefore recorded an impairment charge of $52.4 million in discontinued operations. Sunrise expects to settle the German debt for an amount that is less than the carrying amount on our consolidated balance sheet of $190.2 million, which was recorded at fair value on September 1, 2008 in connection with the consolidation of the venture, as the debt is only partially recourse to Sunrise. Any difference between the recorded amount of debt and the amount ultimately paid to the lenders as a settlement will be recorded as a gain once the debt is legally satisfied.

Trinity Hospice Settlement

During the second quarter of 2009, Sunrise received approximately $9.8 million as part of a settlement agreement with the former majority stockholders of its wholly owned subsidiary, Trinity Hospice. Sunrise received a release all claims and causes of action against it as part of the settlement agreement.

Putative Class Action and Shareholder Litigation Settlements

On June 26, 2009, the U.S. District Court for the District of Columbia granted final approval of the settlement of the two previously disclosed federal securities and shareholder class action lawsuits entitled In Re: Sunrise Senior Living Systems Securities Litigation and In re Sunrise Senior Living Derivative Litigation, Inc., respectively. Under the settlements, all claims against the Company and the individual defendants have been dismissed with prejudice, in exchange for, among other things, payment to the class of $13.5 million, of which $13.4 million has been paid by insurance proceeds and $100,000 has been paid by the Company.

EdenCare Portfolio Transition

As the Company previously disclosed, Sunrise could be terminated in 2009 from management of a portfolio of communities owned by HCP, Inc. for failure to meet performance thresholds. On June 18, 2009, HCP announced that this termination right had been exercised. Sunrise's management, which earned fees totaling $3.0 million in 2008, is expected to transition to another manager by October 2009.

Operating Data for Second-Quarter 2009

The nine German communities have been excluded from Sunrise's 2009 second quarter operating results set forth below because they are considered discontinued operations.

  • Comparable community revenues for the second quarter of 2009 decreased by 1.4 percent, from $553.3 million for the second quarter of 2008 to $545.3 million for the second quarter of 2009. Excluding the impact of foreign exchange rates, comparable community revenues for the second quarter of 2009 remained flat year over year. 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 and the United Kingdom.

  • Average unit occupancy in comparable communities for the second quarter of 2009 was 86.9 percent, which was down from 89.6 percent for the second quarter of 2008. Pricing incentives were conservative in the first half of 2009. Toward the end of the second quarter, Sunrise implemented focused initiatives to build census, and is beginning to see positive results in the third quarter of 2009.

  • Average daily revenue per occupied unit increased 2.0 percent from $181.42 for the second quarter of 2008 to $185.04 for the second quarter of 2009. Excluding the impact of foreign exchange rates, average daily revenue per occupied unit for the comparable community portfolio increased 3.5 percent for the second quarter of 2009 as compared to the second quarter of 2008.

  • Comparable community operating expenses for the second quarter of 2009 decreased 1.8 percent over the second-quarter of 2008 from $412.7 million to $405.3 million. Excluding a $5 million health and dental credit experienced in the second quarter of 2008, and excluding the impact of foreign exchange rates, comparable community operating expenses decreased 1.7 percent. Comparable community operating expense results for the quarter continue to 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 second quarter of 2009, Sunrise opened five new communities, with a combined capacity of 587 units. As of June 30, 2009, Sunrise had nine communities under construction, with capacity for an additional 745 units.

  • As of June 30, 2009, Sunrise operated 415 communities located in the United States, Canada, the United Kingdom and Germany, with a unit capacity of approximately 42,750 units.

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 Thursday, August 6, 2009, to discuss the financial results for the second quarter of 2009 and the other matters discussed in this press release. The call-in number for the conference call is 888-298-3451 and 719-457-1529 (from outside the U.S.). Callers should reference the "Sunrise Senior Living Q2 Earnings Call" or the participant passcode: 4727771. 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 August 20, 2009 at 12 p.m. ET, by dialing 888-203-1112 or 719-457-0820 (passcode: 4727771); 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 June 30, 2009, Sunrise operated 415 communities in the United States, Canada, Germany and the United Kingdom, with a combined unit capacity of approximately 42,750 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 visithttp://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 these 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 risk that a group of the Company's creditors, acting together, could force the Company into an involuntary bankruptcy proceeding; the Company's ability to sell its Germany communities and settle the related debt within a reasonable time period, and to negotiate a comprehensive restructuring of the Company's obligations in respect of 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 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 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; availability of financing for development, including construction loans as to which we are in default; 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 occupancy rates at and revenues from the Company's communities and the value of the Company's properties generally; 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

    (In thousands, except per share and share      June 30,  December 31,
     amounts)                                         2009          2008
                                                      ----          ----
    ASSETS                                     (Unaudited)
      Current Assets:
        Cash and cash equivalents                  $36,965       $29,513
        Accounts receivable, net                    33,673        54,842
        Income taxes receivable                      6,486        30,351
        Notes receivable                               170             -
        Due from unconsolidated communities         24,237        45,255
        Deferred income taxes, net                  21,832        25,341
        Restricted cash                             34,816        37,392
        Assets held for sale                        52,424        49,076
        German assets held for sale                101,893             -
        Prepaid insurance                            3,571         8,850
        Prepaid expenses and other current assets   42,165        24,288
                                                    ------        ------
          Total current assets                     358,232       304,908
      Property and equipment, net                  473,015       681,352
      Investment in marketable securities           31,389        31,080
      Due from unconsolidated communities           15,444        31,693
      Intangible assets, net                        56,517        70,642
      Goodwill                                           -        39,025
      Investments in unconsolidated communities     78,845        66,852
      Investments accounted for under the
       profit-sharing method                        14,622        22,005
      Restricted cash                              104,516       123,772
      Other assets, net                              9,891        10,228
                                                     -----        ------
          Total assets                          $1,142,471    $1,381,557
                                                ==========    ==========

    LIABILITIES AND EQUITY
      Current Liabilities:
        Current maturities of debt                $334,681      $377,449
        Outstanding draws on bank credit facility   69,200        95,000
        Debt relating to German assets held for
         sale                                      190,213             -
        Accounts payable and accrued expenses      160,474       184,144
        Liabilities associated with German
         assets held for sale                        8,061             -
        Due to unconsolidated communities            1,775           914
        Deferred revenue                             7,455         7,327
        Entrance fees                               34,461        35,270
        Self-insurance liabilities                  46,613        35,317
                                                    ------        ------
          Total current liabilities                852,933       735,421
      Debt, less current maturities                 20,439       163,682
      Investment accounted for under the
       profit-sharing method                             -         8,332
      Guarantee liabilities                         13,339        13,972
      Self-insurance liabilities                    62,145        68,858
      Deferred gains on the sale of real
       estate and deferred revenues                 19,950        88,706
      Deferred income tax liabilities               21,832        28,129
      Other long-term liabilities, net             101,755       126,543
                                                   -------       -------
          Total liabilities                      1,092,393     1,233,643
                                                 ---------     ---------
      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,
         50,825,364 and 50,872,711 shares
         issued and outstanding, net of 389,872
         and 342,525, at June 30, 2009 and
         December 31, 2008, respectively               508           509
        Additional paid-in capital                 460,899       458,404
        Retained loss                             (427,005)     (327,056)
        Accumulated other comprehensive income      13,434         6,671
                                                    ------         -----
          Total stockholders' equity                47,836       138,528
                                                    ------       -------
      Noncontrolling interests                       2,242         9,386
                                                     -----         -----
          Total equity                              50,078       147,914
                                                    ------       -------
          Total liabilities and equity          $1,142,471    $1,381,557
                                                ==========    ==========

    See accompanying notes



                            SUNRISE SENIOR LIVING, INC.
                         CONSOLIDATED STATEMENTS OF INCOME

                                       Three Months Ended   Six Months Ended
                                            June 30,            June 30,
     (In thousands, except per share        --------            --------
     amounts)                              2009      2008      2009      2008
                                           ----      ----      ----      ----
                                           (Unaudited)         (Unaudited)
    Operating revenue:
      Management fees                   $29,072   $31,234   $57,510   $64,892
      Resident fees for consolidated
       communities                      106,862   104,286   214,489   209,247
      Ancillary fees                     11,860    10,672    23,081    20,962
      Professional fees from development,
       marketing and other                3,809    13,133    10,534    21,001
      Reimbursed costs incurred on
       behalf of managed communities    229,256   251,935   471,348   504,698
                                        -------   -------   -------   -------
        Total operating revenues        380,859   411,260   776,962   820,800
    Operating expenses:
      Community expense for
       consolidated communities          80,867    77,514   162,364   153,891
      Community lease expense            14,603    14,884    29,157    29,732
      Depreciation and amortization      14,357    11,110    29,795    22,654
      Ancillary expenses                 11,141     9,365    21,502    18,858
      General and administrative         27,372    44,830    57,805    76,611
      Development expense                 3,494     8,190     8,665    20,617
      Write-off of capitalized
       project costs                      1,417    11,719    13,495    36,697
      Accounting Restatement, Special
       Independent Committee inquiry,
       SEC investigation and
       stockholder litigation             1,176     4,938     2,433    23,428
      Restructuring costs                 9,236         -    16,923         -
      Provision for doubtful accounts     2,016     1,458    11,004     3,440
      (Gain) loss on financial
       guarantees and other contracts      (443)      572       654       727
      Impairment of long-lived assets    25,040     2,349    25,040     2,349
      Costs incurred on behalf of
       managed communities              233,824   252,715   479,241   503,308
                                        -------   -------   -------   -------
        Total operating expenses        424,100   439,644   858,078   892,312
                                        -------   -------   -------   -------
          Loss from operations          (43,241)  (28,384)  (81,116)  (71,512)
    Other non-operating income (expense):
      Interest income                       119     1,508       856     2,974
      Interest expense                   (3,210)   (2,615)   (7,148)   (3,940)
      Gain (loss) on investments          2,114      (720)      809    (4,720)
      Other income (expense)              2,365       530     1,319    (5,646)
                                          -----       ---     -----    ------
        Total other non-operating
         income (expense)                 1,388    (1,297)   (4,164)  (11,332)
    Gain on the sale and development
     of real estate and equity
     interests                           14,961     3,952    16,703    14,312
    Sunrise's share of (loss) earnings
     and return on investment in
     unconsolidated communities          (4,400)    2,047    13,975     8,342
    Loss from investments accounted
     for under the profit-sharing
     method                              (2,448)     (791)   (6,260)     (499)
                                         ------      ----    ------      ----
          Loss before (provision for)
           benefit from income taxes
           and discontinued operations  (33,740)  (24,473)  (60,862)  (60,689)
    (Provision for) benefit from
     income taxes                          (956)    4,124     2,459    16,228
                                           ----     -----     -----    ------
          Loss before discontinued
           operations                   (34,696)  (20,349)  (58,403)  (44,461)
    Discontinued operations, net of
     tax                                (46,863)  (12,890)  (41,440)  (23,036)
                                        -------   -------   -------   -------
          Net loss                      (81,559)  (33,239)  (99,843)  (67,497)
            Less: Net (income) loss
             attributable to
             noncontrolling interests      (229)    1,463      (106)    2,596
                                           ----     -----      ----     -----
          Net loss attributable to
           common shareholders         $(81,788) $(31,776) $(99,949) $(64,901)
                                       ========  ========  ========  ========

    Earnings per share data:
      Basic net loss per common share
        Loss before discontinued
         operations                      $(0.69)   $(0.40)   $(1.16)   $(0.88)
        Discontinued operations, net
         of tax                           (0.93)    (0.23)    (0.82)    (0.41)
                                          -----     -----     -----     -----
          Net loss                       $(1.62)   $(0.63)   $(1.98)   $(1.29)
                                         ======    ======    ======    ======

      Diluted net loss per common share
        Loss before discontinued
         operations                      $(0.69)   $(0.40)   $(1.16)   $(0.88)
        Discontinued operations, net
         of tax                           (0.93)    (0.23)    (0.82)    (0.41)
                                          -----     -----     -----     -----
          Net loss                       $(1.62)   $(0.63)   $(1.98)   $(1.29)
                                         ======    ======    ======    ======

    See accompanying notes



                          SUNRISE SENIOR LIVING, INC.
                         INCOME FROM ONGOING OPERATIONS

                                    Three Months Ended   Six Months Ended
                                         June 30,            June 30,
                                         --------            --------
    (In thousands)                      2009      2008      2009      2008
                                        ----      ----      ----      ----
                                        (Unaudited)         (Unaudited)
    Loss From Operations            $(43,241) $(28,384) $(81,116) $(71,512)
      Non-cash expenses:
      Depreciation and amortization   14,357    11,110    29,795    22,654
      Write-off of capitalized
       project costs                   1,417    11,719    13,495    36,697
      Provision for doubtful
       accounts                        2,016     1,458    11,004     3,440
      Impairment of long-lived
       assets                         25,040     2,349    25,040     2,349
                                      ------     -----    ------     -----
    Loss From Operations before
     non-cash expenses                  (411)   (1,748)   (1,782)   (6,372)
      Accounting Restatement,
       Special Independent Committee
       inquiry, SEC investigation and
       stockholder litigation          1,176     4,938     2,433    23,428
      Restructuring costs              9,236         -    16,923         -
                                       -----       ---    ------       ---
    Adjusted income from ongoing
     operations                      $10,001    $3,190   $17,574   $17,056
                                     =======    ======   =======   =======


    Adjusted income from ongoing operations is a measure of operating
    performance that is not calculated in accordance with U.S. generally
    accepted accounting principles ("GAAP") and should not be considered
    as a substitute for income/loss from operations or net income/loss.
    Adjusted income from ongoing operations is used by management to
    focus on liquidity generated from the ongoing operations of the
    Company and to help management assess if adjustments to current
    spending decisions are needed.




                          Sunrise Senior Living, Inc.
                            Supplemental Information
                              As of  June 30, 2009
                   ($ in thousand except average daily rate)


                                                 Unit           Resident
                            Communities        Capacity         Capacity
                            -----------        --------         --------
                          Q2 09    Q2 08     Q2 09     Q2 08   Q2 09  Q2 08
                          -----    -----     -----     -----   -----  -----
    Community Data (1,2)
    Communities managed
     for third-party
     owners (excluding
     Greystone)             136      149    14,109    15,496  15,509 16,966
    Communities in
     ventures               209      206    19,434    20,421  22,211 23,027
    Communities
     consolidated            70       64     9,211     8,527   9,720  8,940
    Greystone
     communities              -       22         -     5,850       -  5,850
                            ---       --       ---     -----     ---  -----
             Total
              communities
              operated      415      441    42,754    50,294  47,440 54,783
                            ===      ===    ======    ======  ====== ======

    Percentage of Total
     Operating Portfolio
      Assisted Living                           76%       73%
       Independent Living                       19%       22%
      Skilled Nursing                            5%        5%
                                               ---       ---
             Total                             100%      100%
                                               ===       ===

    Selected Operating Results
    Comparable Community Owned
     Portfolio Operating
     Results (3)                  Q2 09     Q2 08   % Change
    --------------------------    -----     -----   --------

    Total Comparable-Community
     Portfolio
    ---------------------------
    Number of Communities            361       361
    Unit Capacity                 37,282    37,370
    Resident Capacity             41,151    41,286
    Community Revenues          $545,313  $553,300      -1.4%
    Community Revenues
     Excluding Impact of '09
     Exchange Rates             $553,197  $553,300       0.0%
    Community Operating
     Expenses                   $405,304  $412,734      -1.8%
    Community Operating
     Expenses Excluding Impact
     of '09 Exchange Rates and
     Health and Dental Credit   $410,412  $417,692      -1.7%
    Average Daily Revenue Per
     Occupied Unit               $185.04   $181.42       2.0%
    Average Daily Revenue Per
     Occupied Unit Excluding
     Impact of '09 Exchange
     Rates                       $187.72   $181.42       3.5%
    Average Unit Occupancy Rate     86.9%     89.6%     (270) basis points

    Communities in ventures
     and managed for third-
     party owners (excluding
     Greystone)
    ------------------------
    Number of Communities            302       302
    Unit Capacity                 29,124    29,150
    Resident Capacity             32,351    32,704
    Community Revenues          $441,895  $449,892      -1.8%
    Community Revenues
     Excluding Impact of '09
     Exchange Rates             $449,778  $449,892       0.0%
    Community Operating
     Expenses                   $325,303  $330,472      -1.6%
    Community Operating
     Expenses Excluding Impact
     of '09 Exchange Rates and
     Health and Dental Credit   $330,410  $334,281      -1.2%
    Average Daily Revenue Per
     Occupied Unit               $192.81   $190.19       1.4%
    Average Daily Revenue Per
     Occupied Unit Excluding
     Impact of '09 Exchange
     Rates                       $196.25   $190.19       3.2%
    Average Unit Occupancy Rate     86.5%     89.1%     (260) basis points

    Communities consolidated
    -------------------------
    Number of Communities             59        59
    Unit Capacity                  8,158     8,220
    Resident Capacity              8,500     8,582
    Community Revenues          $103,419  $103,409       0.0%
    Community Revenues
     Excluding Impact of '09
     Exchange Rates             $103,419  $103,409       0.0%
    Community Operating
     Expenses                    $80,002   $82,263      -2.7%
    Community Operating
     Expenses Excluding Impact
     of '09 Exchange Rates and
     Health and Dental Credit    $80,002   $83,411      -4.1%
    Average Daily Revenue Per
     Occupied Unit               $157.86   $151.09       4.5%
    Average Daily Revenue Per
     Occupied Unit Excluding
     Impact of '09 Exchange
     Rates                       $157.86   $151.09       4.5%
    Average Unit Occupancy Rate     88.2%     91.5%     (330) basis points



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

                           Q309    Q4 09     Q1 10     Q2 10   Total
                           ----    -----     -----     -----   -----
    Consolidated
     communities              -        -         -         -       -
    Venture communities       6        3                   -       9
                            ---      ---       ---       ---     ---
                              6        3         -         -       9

    Development Communities to be Opened (# Units)
    ----------------------------------------------
                           Q309    Q4 09     Q1 10     Q2 10   Total
                           ----    -----     -----     -----   -----
    Consolidated
     communities              -        -         -         -       -
    Venture communities     502      243                   -     745
                            ---      ---       ---       ---     ---
                            502      243         -         -     745

    Development Communities to be Opened (# Residents)
    --------------------------------------------------
                           Q309    Q4 09     Q1 10     Q2 10   Total
                           ----    -----     -----     -----   -----
    Consolidated
     communities              -        -         -         -       -
    Venture communities     596      282                   -     878
                            ---      ---       ---       ---     ---
                            596      282         -         -     878

    Notes
    -----
    (1) During the second quarter of 2009, Sunrise opened five venture
        communities.
        There were also six venture communities sold or disposed and one
        management contract terminated in the second quarter.
    (2) Comparable community portfolio consists of all communities in which
        Sunrise has an ownership interest in or management agreement with and
        were under Sunrise ownership or management for at least 24 months as
        of the January 1, 2009.  This includes consolidated communities,
        communities in ventures and communities managed for third-party
        owners.
    (3) 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.




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SOURCE Sunrise Senior Living, Inc.
Copyright©2009 PR Newswire.
All rights reserved


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