MCLEAN, Va., June 18 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today announced that it will transition from management of the EdenCare portfolio of communities.
As previously disclosed in its 2008 10-K, Sunrise could be terminated in 2009 from management of a portfolio of communities that failed to comply with their financial covenants in 2008. HCP announced today that this termination right has been exercised.
"While we regret the loss of these communities, it was not unexpected," said Mark Ordan, Sunrise's chief executive officer. "Sunrise looks forward to continuing to manage 75 communities for HCP through its long-term management contracts."
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 40,000 people. As of May 8, 2009, Sunrise operated 411 communities in the United States, Canada, Germany and the United Kingdom, with a combined unit capacity of approximately 42,000 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services. Sunrise's senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise, please visit http://www.sunriseseniorliving.com.
|SOURCE Sunrise Senior Living, Inc.|
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