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

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