the revenues of Sunrise's consolidated communities, communities owned
in unconsolidated ventures and communities owned by third parties that
are managed by Sunrise. The prior-year third quarter included
approximately $21.4 million in revenues related to the management
contracts that were bought out by Five Star Quality Care, Inc. during
2006, as previously disclosed. Excluding the third quarter 2006 revenue
under management attributable to these management agreements, revenue
under management grew 15.8 percent. Revenue under management grew due
to new openings, stabilization of new properties opened during the
prior year, acquisitions and increases in average daily rate.
-- Same-community revenues continued to grow during the quarter,
increasing 6 percent to $277 million as compared to the prior-year
third quarter. Same-community revenues consist of revenues from all
communities in which Sunrise has an ownership interest (i.e.,
consolidated communities and venture communities) and that were
stabilized in both the third quarter of 2007 and 2006. Revenue growth
from communities in ventures was 5.9 percent and growth from
consolidated communities was 6.4 percent. Growth in same community
revenues was largely driven by rate increases.
-- Average daily rate for the same-community portfolio increased 7.2
percent over the prior-year third quarter to $155.48. Average daily
rate for the same community venture portfolio increased 6.8 percent
over the prior-year third quarter to $161.18, while average daily rate
for same community consolidated portfolio increased 8 percent over the
prior-year third quarter to $146.05. Rates grew primarily through
increases in resident fees for new and existing residents.
|SOURCE Sunrise Senior Living, Inc.|
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