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

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.

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SOURCE Sunrise Senior Living, Inc.
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