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Sunrise Reports Financial Results for Third Quarter 2008
Date:11/7/2008

he same-community pool for the first time. U.S.-only occupancy for the same store portfolio was 90.9 percent, up from 90.6 percent in the prior-year third quarter.

-- Same-community operating expenses for the third quarter of 2008 increased 3.1 percent to $231.6 million, as compared to $224.6 million for the prior-year third quarter. Included in the expense are credits due to favorable loss experience related to the Company's insurance programs of $10.2 million and $3.6 million for the third quarter 2008 and 2007, respectively. Same-community operating expenses exclude management fees paid to Sunrise with respect to same-community ventures in order to make comparisons between consolidated communities and unconsolidated venture communities consistent. Labor costs increased, largely due to the higher level of extended care services, which require additional labor hours. Same-community operating expense also included increases for repairs and maintenance and utilities.

Sunrise's management believes that total revenue under management and total same-community revenues, average daily rate, average occupancy rate and total same-community expenses are useful indicators of trends in Sunrise's management business. For such data broken down by consolidated communities and communities in unconsolidated ventures (and also broken down by communities managed for third-party owners, in the case of revenues under management), please refer to the Supplemental Information attached.

Cash and Liquidity Update

As of September 30, 2008 there were $95 million in borrowings and $21.7 million in letters of credit outstanding under the Company's amended Bank Credit Facility. The Company had borrowing availability of approximately $43.3 million under the amended Bank Credit Facility. As of September 30, 2008, the Company had approximately $52.8 million in unrestricted cash and cash equivalents and was in compliance with the minimum liquidity covenant of $50 million
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SOURCE Sunrise Senior Living, Inc.
Copyright©2008 PR Newswire.
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