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Sunrise Reports Preliminary Selected Financial and Operating Data for Fourth-Quarter 2007
Date:3/3/2008

hat this charge

should be recorded in 2006, instead of 2007 as previously disclosed.

No assurance can be given that additional pre-tax charges will not be

required in subsequent periods.

Other Anticipated Pre-Tax Charges and Impairments

-- Impairment of Long-Lived Assets. The Company expects to record an

impairment charge of $14.6 million in 2006 related to four small senior

living communities, two of which the Company acquired in 1996 and two

of which the Company acquired in 1999. The Company also expects to

record an impairment charge of approximately $4.0 million in 2007

related to another senior living community acquired in 1999.

-- Acquired Venture. As disclosed in the Company's press release dated

November 9, 2007, in the third quarter of 2005, Sunrise acquired a 20

percent interest in a venture and entered into management agreements

for the 16 communities owned by the venture. In conjunction with this

transaction, the Company guaranteed to fund shortfalls between actual

net operating income and a specified level of net operating income up

to $7 million per year through July 2010. The Company paid $12 million

to the venture to enter into the management agreements, which was

recorded as an intangible asset and is being amortized over the 30-year

life of the management agreements. The $12 million was placed into a

reserve account by the venture, and the first $12 million of shortfalls

were to be funded from that reserve account by the venture. The Company

determined that shortfalls will exceed the amount held in the reserve

account. As a result, the Company expected to record a pre-tax charge

of $21 million. The Company has now determined that the entire $21

million charge will be recorded in 2006.

-- Trinity Hospice Impairment. As
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SOURCE Sunrise Senior Living, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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