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Sunrise Reports Preliminary Selected Financial and Operating Data for Third-Quarter 2007
Date:11/9/2007

ure 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, and the first $12 million of shortfalls were to be funded from this reserve account. The Company has recently determined that shortfalls will exceed the amount held in the reserve account. As a result, the Company expects to record a pre-tax charge of $21 million. This adjustment is expected to be recorded as follows: $16.5 million in the third quarter of 2007, $2.5 million in the second quarter of 2007 and $2 million in the fourth quarter of 2006. The Company is continuing to receive management fees with respect to these communities.

Germany Venture

At September 30, 2007, Sunrise operated eight communities and was providing pre-opening management and professional services to one other community under construction in Germany. As part of the venture agreements for these communities, Sunrise provided operating deficit credit facilities to cover cash shortfalls until the communities reach stabilization. These communities have not performed as well as originally expected and funding is required to cover operating shortfalls. As of September 30, 2007, Sunrise had funded approximately $9 million under these credit facilities and projects to fund an additional $46 million through 2012, the date at which the Company estimates that no further funding will be required. The Company's current projections show that approximately $30 million of funding and interest will not be recovered from anticipated future cash flows from the
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SOURCE Sunrise Senior Living, Inc.
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