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Sunrise Reports Preliminary Selected Financial and Operating Data for Fourth-Quarter 2007

ngs, sales of

assets and recapitalizations the substantial majority of the income and

gains deferred in the restatement will be recaptured during the three-

year period of 2006-2008. More than half of the cumulative net income

impact of the adjustments (excluding stock option expense and Greystone

adjustments) has already been recaptured for the period through

December 31, 2007.

European Ventures

The Company has ventures in the United Kingdom and Germany to develop and operate senior living communities.
-- United Kingdom. As previously disclosed, during the third quarter of

2007, this venture, in which the Company has a 20 percent equity

interest sold six communities to a venture in which the Company has a

10 percent interest. The Company received cash proceeds of

approximately $42 million related to the transaction. In addition, the

Company received approximately $47 million resulting from a loan to the

venture collateralized by a forward-sale purchase agreement for nine

additional communities. In the fourth quarter of 2007 the Company

completed the first of the forward-sales and will receive additional

cash proceeds of $3 million.

-- Germany. As previously disclosed, the Company expects to fund cash

shortfalls related to operating deficit guarantees related to its

Germany venture in which it has a 20 percent interest. To date,

Sunrise has funded approximately $29 million under these guarantees and

other loans, and expects to fund an additional net $60 million through

2012, the date at which the Company estimates that no further funding

will be required. The Company expects to record a pre-tax charge of

$50 million as it does not expect full repayment of the loans resulting

from the funding. The Company has now determined t

SOURCE Sunrise Senior Living, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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