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8-K - FORM 8-K - SUNRISE SENIOR LIVING INC | d8k.htm |
EX-99.1 - PRESS RELEASE ISSUED BY SUNRISE SENIOR LIVING, INC. - SUNRISE SENIOR LIVING INC | dex991.htm |
Exhibit 99.2
Sunrise Senior Living
Community Data
Consolidated Communities
Stabilized Properties 2) |
Unit Occupancy | Net Operating Income 1) | ||||||||||||||||||||||||||||||||||||||||||||||
Community |
Comm. | Units | Ownership Interest |
State/ Province |
Three Months Ended June 30, |
Six Months Ended June 30, |
Three Months
Ended June 30, |
Six Months
Ended June 30, |
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2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||
Connecticut Avenue 4) |
1 | 100 | 100.0 | % | DC | 89.3 | % | 81.3 | % | 87.9 | % | 82.1 | % | $ | 992,189 | $ | 767,658 | $ | 1,884,540 | $ | 1,459,288 | |||||||||||||||||||||||||||
AL US 6) |
15 | 1,091 | 100.0 | % | Various | 87.5 | % | 87.4 | % | 87.5 | % | 87.3 | % | 8,082,604 | 8,071,325 | 15,666,047 | 15,734,463 | |||||||||||||||||||||||||||||||
Other Consolidated 4) |
1 | 371 | 0.0 | % | NJ | 74.0 | % | 74.6 | % | 73.6 | % | 75.5 | % | 728,010 | 578,645 | 1,098,893 | 1,056,177 | |||||||||||||||||||||||||||||||
Other Consolidated 4) |
1 | 137 | 50.0 | % | MD | 98.5 | % | 95.4 | % | 97.5 | % | 95.1 | % | 1,413,922 | 1,293,284 | 2,690,629 | 2,495,227 | |||||||||||||||||||||||||||||||
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Total Stabilized Excluding 3 Condos |
18 | 1,699 | 85.6 | % | 84.9 | % | 85.3 | % | 85.1 | % | 11,216,725 | 10,710,912 | 21,340,109 | 20,745,155 | ||||||||||||||||||||||||||||||||||
Other Consolidated 4), 5) |
3 | 199 | 100.0 | % | Various | 101.4 | % | 97.6 | % | 102.0 | % | 97.2 | % | 401,493 | (293,405 | ) | (462,741 | ) | (123,544 | ) | ||||||||||||||||||||||||||||
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Total Stablilized |
21 | 1,898 | 87.2 | % | 86.2 | % | 87.0 | % | 86.3 | % | $ | 11,618,218 | $ | 10,417,507 | $ | 20,877,368 | $ | 20,621,611 | ||||||||||||||||||||||||||||||
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Lease-Up Properties 3) |
Unit Occupancy | Net Operating Income 1) | ||||||||||||||||||||||||||||||||||||||||||||||
Community |
Comm. | Units | Ownership Interest |
State/ Province |
Three Months Ended June 30, |
Six Months Ended June 30, |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||
Quebec 4), |
3 | 246 | 100.0 | % | QU | 61.9 | % | 51.6 | % | 60.1 | % | 50.2 | % | $ | 669,725 | $ | 258,818 | $ | 925,181 | $ | 338,261 | |||||||||||||||||||||||||||
Monterey 4) |
1 | 99 | 100.0 | % | CA | 59.5 | % | 61.1 | % | 61.1 | % | 57.5 | % | 348,219 | 479,015 | 645,238 | 593,428 | |||||||||||||||||||||||||||||||
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Total Lease-Up |
4 | 345 | 61.2 | % | 54.4 | % | 60.4 | % | 52.3 | % | $ | 1,017,944 | $ | 737,833 | $ | 1,570,419 | $ | 931,689 | ||||||||||||||||||||||||||||||
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Total Properties |
Unit Occupancy | Net Operating Income 1) | ||||||||||||||||||||||||||||||||||||||||||||||
Comm. | Units | Ownership Interest |
State/ Province |
Three Months Ended June 30, |
Six Months Ended June 30, |
Three Months Ended June 30, |
Six Months Ended June 30, |
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Community |
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||
Connecticut Avenue 4) |
1 | 100 | 100.0 | % | DC | 89.3 | % | 81.3 | % | 87.9 | % | 82.1 | % | $ | 992,189 | $ | 767,658 | $ | 1,884,540 | $ | 1,459,288 | |||||||||||||||||||||||||||
AL US 6) |
15 | 1,091 | 100.0 | % | Various | 87.5 | % | 87.4 | % | 87.5 | % | 87.3 | % | 8,082,604 | 8,071,325 | 15,666,047 | 15,734,463 | |||||||||||||||||||||||||||||||
Other Consolidated 4) |
1 | 371 | 0.0 | % | NJ | 74.0 | % | 74.6 | % | 73.6 | % | 75.5 | % | 728,010 | 578,645 | 1,098,893 | 1,056,177 | |||||||||||||||||||||||||||||||
Other Consolidated 4) |
1 | 137 | 50.0 | % | MD | 98.5 | % | 95.4 | % | 97.5 | % | 95.1 | % | 1,413,922 | 1,293,284 | 2,690,629 | 2,495,227 | |||||||||||||||||||||||||||||||
Other Consolidated 4), 5) |
3 | 199 | 100.0 | % | Various | 101.4 | % | 97.6 | % | 102.0 | % | 97.2 | % | 401,493 | (293,405 | ) | (462,741 | ) | (123,544 | ) | ||||||||||||||||||||||||||||
Quebec 4) |
3 | 246 | 100.0 | % | QU | 61.9 | % | 51.6 | % | 60.1 | % | 50.2 | % | 669,725 | 258,818 | 925,181 | 338,261 | |||||||||||||||||||||||||||||||
Monterey 4) |
1 | 99 | 100.0 | % | CA | 59.5 | % | 61.1 | % | 61.1 | % | 57.5 | % | 348,219 | 479,015 | 645,238 | 593,428 | |||||||||||||||||||||||||||||||
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Total Properties |
25 | 2,243 | 83.2 | % | 81.3 | % | 82.9 | % | 81.1 | % | $ | 12,636,162 | $ | 11,155,340 | $ | 22,447,787 | $ | 21,553,300 | ||||||||||||||||||||||||||||||
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Footnotes:
1) | Net operating income from consolidated communities is not reduced by allocated management fees as we eliminate management fees from consolidated communities. |
2) | Stabilized properties are single properties or pools of properties owned or leased by us or owned by a joint venture where the single property or all of the communities in the pool have been open and operating for more than 36 months as of June 30, 2011. This differs from our comparable community definition which defines comparable at the individual community level as having been open and operating as of January 1, 2009. All managed communities are stabilized properties. |
3) | Lease-up properties are single properties or pools of properties owned or leased by us or owned by a joint venture where the single property or any of the communities in the pool have been open and operating for less than 36 months as of June 30, 2011. |
4) | Net operating income is a non-GAAP measure. Our nearest GAAP measure on our consolidated statement of operations is income/(loss) from operations. Net operating income excludes depreciation, amortization, lease expense, and impairment charges from these communities. On page 7 of the supplemental tables please refer to a complete reconciliation of net operating income to income/(loss) from operations. |
5) | Property types are primarily condominium units and not typical Sunrise communities. One of the three communities is also collateral for the liquidating trust. |
6) | Net operating income is consolidated from June 2, 2011 forward. The portfolio was a joint venture prior to June 2. |
Sunrise Senior Living
Community Data
Leased Communities
Leased Communities |
Unit Occupancy | Net Operating Income 1) | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
Three Months
Ended June 30, |
Six Months
Ended June 30, |
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Lessor |
Comm. | Units | Country | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||||
HRPT 3) |
14 | 3,902 | US | 88.4 | % | 88.7 | % | 88.7 | % | 88.8 | % | $ | 12,940,026 | $ | 11,299,794 | $ | 25,830,380 | $ | 23,046,317 | |||||||||||||||||||||||
HCP 3) |
2 | 1,055 | US | 86.7 | % | 88.6 | % | 87.4 | % | 89.5 | % | 4,342,504 | 4,878,945 | 9,376,400 | 9,960,961 | |||||||||||||||||||||||||||
LTC 3) |
3 | 186 | US | 86.2 | % | 90.1 | % | 86.2 | % | 90.6 | % | 798,869 | 788,349 | 1,584,307 | 1,529,606 | |||||||||||||||||||||||||||
Missouri River Corp. 3) |
2 | 133 | US | 85.9 | % | 85.0 | % | 85.2 | % | 84.6 | % | 462,557 | 283,280 | 729,510 | 656,180 | |||||||||||||||||||||||||||
Oakmont 3) |
3 | 228 | US | 91.3 | % | 88.1 | % | 92.4 | % | 87.8 | % | 1,411,328 | 1,180,175 | 2,836,805 | 2,323,954 | |||||||||||||||||||||||||||
Other 3) |
2 | 171 | US | 94.3 | % | 89.7 | % | 92.9 | % | 90.7 | % | 979,583 | 583,854 | 1,651,788 | 1,130,530 | |||||||||||||||||||||||||||
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Total Leased |
26 | 5,675 | 88.3 | % | 88.6 | % | 88.5 | % | 88.9 | % | $ | 20,934,867 | $ | 19,014,397 | $ | 42,009,190 | $ | 38,647,548 | ||||||||||||||||||||||||
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Leased Communities |
Lease Coverage- Straight-Line Lease Expense 2) |
Lease Coverage- Straight-Line Lease Expense 2) |
Lease Coverage-Cash Lease Expense 2) |
Lease Coverage-Cash Lease Expense 2) |
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Lessor |
Current Lease Term Expiration 4) |
Three Months Ended June 30, |
Six Months Ended June 30, |
Three Months Ended June 30, |
Six Months Ended June 30, |
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2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
HRPT |
2013 | 1.56 | 1.39 | 1.56 | 1.41 | 1.67 | 1.35 | 1.67 | 1.38 | |||||||||||||||||||||||||||||||||
HCP |
2018 | 1.09 | 1.22 | 1.18 | 1.26 | 1.10 | 1.25 | 1.19 | 1.29 | |||||||||||||||||||||||||||||||||
LTC |
2018 | 1.18 | 1.19 | 1.18 | 1.16 | 1.18 | 1.19 | 1.18 | 1.16 | |||||||||||||||||||||||||||||||||
Missouri River Corp. |
2018 | 0.99 | 0.62 | 0.79 | 0.72 | 0.99 | 0.62 | 0.79 | 0.72 | |||||||||||||||||||||||||||||||||
Oakmont |
2012-2013 | 2.07 | 1.76 | 2.09 | 1.73 | 2.01 | 1.71 | 2.03 | 1.68 | |||||||||||||||||||||||||||||||||
Other |
2013 | 2.51 | 1.50 | 2.12 | 1.45 | 2.40 | 1.45 | 2.02 | 1.41 | |||||||||||||||||||||||||||||||||
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Total Leased |
1.44 | 1.33 | 1.45 | 1.35 | 1.50 | 1.31 | 1.51 | 1.34 | ||||||||||||||||||||||||||||||||||
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Footnotes:
1) | Net operating income from leased communities is not reduced by allocated management fees as we eliminate management fees from leased communities. |
2) | Lease coverage is defined as net operating income divided by lease expense. |
3) | Net operating income is a non-GAAP measure. Our nearest GAAP measure on our consolidated statement of operations is income/(loss) from operations. Net operating income excludes depreciation, amortization, lease expense, and impairment charges from these communities. On page 7 of the supplemental tables please refer to a complete reconciliation of net operating income to income/(loss) from operations. |
4) | Lease agreements may include possible lease extensions. For HRPT an extension will require 3rd party approval. |
2
Sunrise Senior Living
Community Data
Joint Venture Communities
Stabilized Properties 5) |
Unit Occupancy | Net Operating Income of Venture | ||||||||||||||||||||||||||||||||||||||||||||
Ownership Interest 4) |
Three Months Ended June 30, | Six Months Ended June 30, |
Three Months Ended
June 30, |
Six Months Ended
June 30, |
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Venture Pool 1) |
Comm. | Units | Country | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
Pool 1 |
5 | 434 | UK | 20.00 | % | 92.9 | % | 88.7 | % | 92.7 | % | 89.2 | % | $ | 3,896,445 | $ | 3,493,707 | $ | 7,726,155 | $ | 7,239,620 | |||||||||||||||||||||||||
Pool 7 3), 7) |
29 | 2,082 | US | 40.00 | % | 87.9 | % | 86.9 | % | 88.4 | % | 86.4 | % | 12,869,428 | 10,904,527 | 24,030,104 | 20,665,338 | |||||||||||||||||||||||||||||
Pool 8 |
4 | 310 | US | 20.00 | % | 88.4 | % | 83.8 | % | 89.4 | % | 84.5 | % | 2,209,664 | 2,003,734 | 4,283,585 | 3,915,606 | |||||||||||||||||||||||||||||
Pool 9 |
12 | 872 | US | 25.00 | % | 88.8 | % | 88.9 | % | 89.6 | % | 88.5 | % | 5,038,539 | 4,611,394 | 9,530,295 | 8,795,700 | |||||||||||||||||||||||||||||
Pool 10 |
2 | 106 | US | 25.00 | % | 85.4 | % | 88.2 | % | 85.4 | % | 87.8 | % | 310,333 | 370,972 | 492,854 | 651,258 | |||||||||||||||||||||||||||||
Pool 11 |
2 | 152 | US | 30.00 | % | 90.7 | % | 84.3 | % | 90.1 | % | 83.1 | % | 1,135,391 | 842,475 | 2,071,602 | 1,463,453 | |||||||||||||||||||||||||||||
Pool 13 |
1 | 79 | US | 20.00 | % | 95.1 | % | 98.0 | % | 96.0 | % | 98.5 | % | 696,726 | 667,907 | 1,293,564 | 1,283,923 | |||||||||||||||||||||||||||||
Pool 14 |
3 | 219 | US | 20.00 | % | 87.9 | % | 85.9 | % | 88.0 | % | 84.5 | % | 964,350 | 814,609 | 1,817,309 | 1,492,375 | |||||||||||||||||||||||||||||
Pool 15 2) |
7 | 601 | US | 20%/50% | 87.6 | % | 84.3 | % | 87.3 | % | 84.6 | % | 3,530,640 | 3,108,670 | 6,705,753 | 6,104,992 | ||||||||||||||||||||||||||||||
Pool 16 |
8 | 621 | US | 20.00 | % | 85.9 | % | 84.0 | % | 84.5 | % | 83.2 | % | 3,175,170 | 2,693,646 | 5,924,028 | 5,076,410 | |||||||||||||||||||||||||||||
Pool 24 |
6 | 412 | US | 10%-50% | 88.2 | % | 88.7 | % | 88.6 | % | 89.0 | % | 2,759,799 | 2,609,231 | 5,429,127 | 5,194,093 | ||||||||||||||||||||||||||||||
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Total JVs-Stabilized |
79 | 5,888 | 88.3 | % | 86.8 | % | 88.5 | % | 86.5 | % | $ | 36,586,485 | $ | 32,120,872 | $ | 69,304,376 | $ | 61,882,768 | ||||||||||||||||||||||||||||
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Lease-Up Properties 6) |
Unit Occupancy | Net Operating Income of Venture | ||||||||||||||||||||||||||||||||||||||||||||
Ownership Interest 4) |
Three Months Ended June 30, |
Six Months Ended June 30, |
Three Months Ended June 30, |
Six Months Ended June 30, |
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Venture Pool 1) |
Comm. | Units | Country | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
Pool 2 |
2 | 156 | UK | 9.81 | % | 93.2 | % | 81.7 | % | 92.0 | % | 78.1 | % | $ | 1,704,032 | $ | 1,290,989 | $ | 3,261,480 | $ | 2,457,396 | |||||||||||||||||||||||||
Pool 3 |
15 | 1,243 | UK | 9.81 | % | 85.4 | % | 74.9 | % | 84.2 | % | 73.7 | % | 7,984,683 | 7,259,011 | 15,561,633 | 13,640,759 | |||||||||||||||||||||||||||||
Pool 4 |
3 | 237 | UK | 20.00 | % | 87.9 | % | 70.9 | % | 86.5 | % | 64.7 | % | 2,028,498 | 1,336,037 | 4,082,502 | 2,411,731 | |||||||||||||||||||||||||||||
Pool 5 |
1 | 81 | UK | 17.30 | % | 74.3 | % | 60.1 | % | 70.1 | % | 56.3 | % | 198,276 | 110,254 | 301,462 | 132,637 | |||||||||||||||||||||||||||||
Pool 6 |
1 | 114 | UK | 17.30 | % | 79.7 | % | 54.5 | % | 78.0 | % | 52.2 | % | 229,024 | 47,717 | 547,861 | 149,587 | |||||||||||||||||||||||||||||
Pool 17 |
3 | 229 | US | 20.00 | % | 81.0 | % | 71.4 | % | 80.5 | % | 69.6 | % | 809,603 | 424,786 | 1,442,136 | 785,788 | |||||||||||||||||||||||||||||
Pool 18 |
4 | 348 | US | 20.00 | % | 67.4 | % | 50.2 | % | 67.2 | % | 44.6 | % | 1,297,676 | 237,864 | 2,393,387 | (81,799 | ) | ||||||||||||||||||||||||||||
Pool 19 |
3 | 295 | US | 20.00 | % | 77.5 | % | 57.0 | % | 76.3 | % | 54.8 | % | 845,789 | 462,354 | 1,598,907 | 650,248 | |||||||||||||||||||||||||||||
Pool 20 |
6 | 598 | US | 20.00 | % | 68.3 | % | 51.7 | % | 66.4 | % | 48.6 | % | 2,030,060 | 736,860 | 3,605,562 | 763,754 | |||||||||||||||||||||||||||||
Pool 21 |
2 | 222 | US | 20.00 | % | 65.7 | % | 40.1 | % | 60.7 | % | 36.0 | % | 672,387 | (73,140 | ) | 942,563 | (552,487 | ) | |||||||||||||||||||||||||||
Pool 22 |
1 | 76 | US | 20.00 | % | 88.8 | % | 77.1 | % | 90.7 | % | 76.8 | % | 512,752 | 295,737 | 940,251 | 573,069 | |||||||||||||||||||||||||||||
Pool 23 8) |
1 | 323 | US | 30.00 | % | 45.4 | % | 38.7 | % | 44.7 | % | 38.3 | % | 313,393 | (234,320 | ) | 539,019 | (355,806 | ) | |||||||||||||||||||||||||||
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Total JVs-Lease Up |
42 | 3,922 | 76.1 | % | 61.8 | % | 74.7 | % | 59.3 | % | $ | 18,626,173 | $ | 11,894,149 | $ | 35,216,763 | $ | 20,574,877 | ||||||||||||||||||||||||||||
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Total Properties |
Unit Occupancy | Net Operating Income of Venture | ||||||||||||||||||||||||||||||||||||||||||||
Ownership Interest 4) |
Three Months Ended June 30, |
Six Months Ended June 30, |
Three Months Ended June 30, |
Six Months Ended June 30, |
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Venture Pool 1) |
Comm. | Units | Country | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||
Pool 1 |
5 | 434 | UK | 20.00 | % | 92.9 | % | 88.7 | % | 92.7 | % | 89.2 | % | $ | 3,896,445 | $ | 3,493,707 | $ | 7,726,155 | $ | 7,239,620 | |||||||||||||||||||||||||
Pool 2 |
2 | 156 | UK | 9.81 | % | 93.2 | % | 81.7 | % | 92.0 | % | 78.1 | % | 1,704,032 | 1,290,989 | 3,261,480 | 2,457,396 | |||||||||||||||||||||||||||||
Pool 3 |
15 | 1,243 | UK | 9.81 | % | 85.4 | % | 74.9 | % | 84.2 | % | 73.7 | % | 7,984,683 | 7,259,011 | 15,561,633 | 13,640,759 | |||||||||||||||||||||||||||||
Pool 4 |
3 | 237 | UK | 20.00 | % | 87.9 | % | 70.9 | % | 86.5 | % | 64.7 | % | 2,028,498 | 1,336,037 | 4,082,502 | 2,411,731 | |||||||||||||||||||||||||||||
Pool 5 |
1 | 81 | UK | 17.30 | % | 74.3 | % | 60.1 | % | 70.1 | % | 56.3 | % | 198,276 | 110,254 | 301,462 | 132,637 | |||||||||||||||||||||||||||||
Pool 6 |
1 | 114 | UK | 17.30 | % | 79.7 | % | 54.5 | % | 78.0 | % | 52.2 | % | 229,024 | 47,717 | 547,861 | 149,587 | |||||||||||||||||||||||||||||
Pool 7 3), 7) |
29 | 2,082 | US | 40.00 | % | 87.9 | % | 86.9 | % | 88.4 | % | 86.4 | % | 12,869,428 | 10,904,527 | 24,030,104 | 20,665,338 | |||||||||||||||||||||||||||||
Pool 8 |
4 | 310 | US | 20.00 | % | 88.4 | % | 83.8 | % | 89.4 | % | 84.5 | % | 2,209,664 | 2,003,734 | 4,283,585 | 3,915,606 | |||||||||||||||||||||||||||||
Pool 9 |
12 | 872 | US | 25.00 | % | 88.8 | % | 88.9 | % | 89.6 | % | 88.5 | % | 5,038,539 | 4,611,394 | 9,530,295 | 8,795,700 | |||||||||||||||||||||||||||||
Pool 10 |
2 | 106 | US | 25.00 | % | 85.4 | % | 88.2 | % | 85.4 | % | 87.8 | % | 310,333 | 370,972 | 492,854 | 651,258 | |||||||||||||||||||||||||||||
Pool 11 |
2 | 152 | US | 30.00 | % | 90.7 | % | 84.3 | % | 90.1 | % | 83.1 | % | 1,135,391 | 842,475 | 2,071,602 | 1,463,453 | |||||||||||||||||||||||||||||
Pool 13 |
1 | 79 | US | 20.00 | % | 95.1 | % | 98.0 | % | 96.0 | % | 98.5 | % | 696,726 | 667,907 | 1,293,564 | 1,283,923 | |||||||||||||||||||||||||||||
Pool 14 |
3 | 219 | US | 20.00 | % | 87.9 | % | 85.9 | % | 88.0 | % | 84.5 | % | 964,350 | 814,609 | 1,817,309 | 1,492,375 | |||||||||||||||||||||||||||||
Pool 15 2) |
7 | 601 | US | 20%/50% | 87.6 | % | 84.3 | % | 87.3 | % | 84.6 | % | 3,530,640 | 3,108,670 | 6,705,753 | 6,104,992 | ||||||||||||||||||||||||||||||
Pool 16 |
8 | 621 | US | 20.00 | % | 85.9 | % | 84.0 | % | 84.5 | % | 83.2 | % | 3,175,170 | 2,693,646 | 5,924,028 | 5,076,410 | |||||||||||||||||||||||||||||
Pool 17 |
3 | 229 | US | 20.00 | % | 81.0 | % | 71.4 | % | 80.5 | % | 69.6 | % | 809,603 | 424,786 | 1,442,136 | 785,788 | |||||||||||||||||||||||||||||
Pool 18 |
4 | 348 | US | 20.00 | % | 67.4 | % | 50.2 | % | 67.2 | % | 44.6 | % | 1,297,676 | 237,864 | 2,393,387 | (81,799 | ) | ||||||||||||||||||||||||||||
Pool 19 |
3 | 295 | US | 20.00 | % | 77.5 | % | 57.0 | % | 76.3 | % | 54.8 | % | 845,789 | 462,354 | 1,598,907 | 650,248 | |||||||||||||||||||||||||||||
Pool 20 |
6 | 598 | US | 20.00 | % | 68.3 | % | 51.7 | % | 66.4 | % | 48.6 | % | 2,030,060 | 736,860 | 3,605,562 | 763,754 | |||||||||||||||||||||||||||||
Pool 21 |
2 | 222 | US | 20.00 | % | 65.7 | % | 40.1 | % | 60.7 | % | 36.0 | % | 672,387 | (73,140 | ) | 942,563 | (552,487 | ) | |||||||||||||||||||||||||||
Pool 22 |
1 | 76 | US | 20.00 | % | 88.8 | % | 77.1 | % | 90.7 | % | 76.8 | % | 512,752 | 295,737 | 940,251 | 573,069 | |||||||||||||||||||||||||||||
Pool 23 8) |
1 | 323 | US | 30.00 | % | 45.4 | % | 38.7 | % | 44.7 | % | 38.3 | % | 313,393 | (234,320 | ) | 539,019 | (355,806 | ) | |||||||||||||||||||||||||||
Pool 24 |
6 | 412 | US | 10%-50% | 88.2 | % | 88.7 | % | 88.6 | % | 89.0 | % | 2,759,799 | 2,609,231 | 5,429,127 | 5,194,093 | ||||||||||||||||||||||||||||||
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Total Joint Ventures |
121 | 9,810 | 83.4 | % | 76.8 | % | 83.0 | % | 75.6 | % | $ | 55,212,658 | $ | 44,015,021 | $ | 104,521,139 | $ | 82,457,645 | ||||||||||||||||||||||||||||
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Footnotes:
1) | Legal names of the venture and partner are omitted due to possible confidentiality concerns in the governing documents. Venture pools represent pools of properties owned by a joint venture that were financed together as a distinct loan pool, other than pool 24 which is an amalgamation of six single property joint ventures. |
2) | We own a 50% interest in Tenant LP; however, our economic ownership in the venture is 20% interest in Venture LP. |
3) | In January 2011, we increased our ownership percentage from 10% to 40% and the venture was recapitalized. Operating results include the results from 6 New York entities that are leased and operated by Sunrise but owned by the venture. |
4) | In certain situations, our share of cash distributions, profits or losses, are not equal to our ownership percentage. |
5) | Stabilized properties are single properties or pools of properties owned or leased by us or owned by a joint venture where the single property or all of the communities in the pool have been open and operating for more than 36 months as of June 30, 2011. This differs from our comparable community definition which defines comparable at the individual community level as having been open and operating as of January 1, 2009. |
6) | Lease-up properties are single properties or pools of properties owned or leased by us or owned by a joint venture where the single property or any of the communities in the pool have been open and operating for less than 36 months as of June 30, 2011. |
7) | The venture net operating income reflects a 7% management fee expense for quarter and year to date 2010 and a 5% management fee expense for quarter and year to date 2011. |
8) | Unit count includes 240 condo units associated with pool 25, however, NOI and occupancy only reflects the assisted living component of this venture. |
3
Sunrise Senior Living
Community Data
Management Contracts
Joint Venture Communities |
Management Fees 2) | |||||||||||||||||||||||||||
Average Maturity Date |
Three Months
Ended June 30, |
Six Months
Ended June 30, |
||||||||||||||||||||||||||
Venture Pool 1) |
Comm. | Units | Country | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||
Pool 1 3) |
5 | 434 | UK | 2028 | $ | 800,286 | $ | 750,226 | $ | 1,570,535 | $ | 1,563,677 | ||||||||||||||||
Pool 2 |
2 | 156 | UK | 2037 | 325,779 | 249,226 | 627,671 | 401,494 | ||||||||||||||||||||
Pool 3 |
15 | 1,243 | UK | 2037 | 1,908,902 | 1,611,879 | 3,712,190 | 3,253,391 | ||||||||||||||||||||
Pool 4 |
3 | 237 | UK | 2024 | 310,168 | 211,642 | 597,360 | 453,640 | ||||||||||||||||||||
Pool 5 |
1 | 81 | UK | 2039 | 96,683 | 104,053 | 210,255 | 210,383 | ||||||||||||||||||||
Pool 6 |
1 | 114 | UK | 2039 | 166,784 | 105,462 | 354,655 | 209,062 | ||||||||||||||||||||
Pool 7 7) |
29 | 2,082 | US | 2028 | 1,418,998 | 2,384,303 | 2,933,963 | 4,705,215 | ||||||||||||||||||||
Pool 8 |
4 | 310 | US | 2032 | 440,823 | 410,406 | 880,145 | 821,691 | ||||||||||||||||||||
Pool 9 5) |
12 | 872 | US | 2030 | 1,106,141 | 1,064,157 | 2,204,518 | 2,104,306 | ||||||||||||||||||||
Pool 10 |
2 | 106 | US | 2037 | 95,178 | 114,372 | 186,349 | 230,264 | ||||||||||||||||||||
Pool 11 |
2 | 152 | US | 2038 | 153,371 | 133,529 | 297,952 | 258,919 | ||||||||||||||||||||
Pool 13 |
1 | 79 | US | 2037 | 78,091 | 111,891 | 208,643 | 213,679 | ||||||||||||||||||||
Pool 14 |
3 | 219 | US | 2037 | 159,095 | 213,049 | 425,970 | 404,607 | ||||||||||||||||||||
Pool 15 |
7 | 601 | US | 2030 | 732,408 | 677,974 | 1,443,010 | 1,360,127 | ||||||||||||||||||||
Pool 16 3) |
8 | 621 | US | 2030 | 719,696 | 310,833 | 1,397,175 | 968,332 | ||||||||||||||||||||
Pool 17 3) |
3 | 229 | US | 2030 | 242,823 | 198,044 | 476,217 | 388,353 | ||||||||||||||||||||
Pool 18 |
4 | 348 | US | 2037 | 358,739 | 317,199 | 637,042 | 627,410 | ||||||||||||||||||||
Pool 19 6) |
3 | 295 | US | 2037 | 256,683 | 231,066 | 509,169 | 456,215 | ||||||||||||||||||||
Pool 20 |
6 | 598 | US | 2037 | 630,457 | 524,803 | 1,238,440 | 1,005,493 | ||||||||||||||||||||
Pool 21 |
2 | 222 | US | 2038 | 188,410 | 166,500 | 365,280 | 326,082 | ||||||||||||||||||||
Pool 22 |
1 | 76 | US | 2038 | 109,140 | 88,939 | 216,465 | 185,870 | ||||||||||||||||||||
Pool 23 & Pool 25 9) |
1 | 323 | US | 2034 | | | | | ||||||||||||||||||||
Pool 24 |
6 | 412 | US | Various | 494,344 | 487,499 | 995,949 | 971,822 | ||||||||||||||||||||
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Total Joint Ventures |
121 | 9,810 | $ | 10,792,999 | $ | 10,467,052 | $ | 21,488,953 | $ | 21,120,032 | ||||||||||||||||||
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Managed Communities |
Management Fees 2) | |||||||||||||||||||||||||||
Average Maturity Date |
Three Months Ended June 30, |
Six Months Ended June 30, |
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Owner |
Comm. | Units | Country | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||
Care Institute |
2 | 209 | US | 2011 | $ | 163,481 | $ | 159,064 | $ | 316,963 | $ | 310,129 | ||||||||||||||||
Cooperative |
2 | 684 | US | 2012 and 2034 | 635,328 | 613,576 | 1,264,605 | 1,258,029 | ||||||||||||||||||||
HCPI 8) |
46 | 4,513 | US | 2028-2038 | 4,675,473 | 4,151,096 | 8,818,355 | 7,981,476 | ||||||||||||||||||||
Inova |
4 | 313 | US | 2013 | 371,105 | 354,676 | 847,312 | 708,511 | ||||||||||||||||||||
Live Oaks Living Ctrs 11) |
2 | 92 | US | 2021 | 75,263 | 75,699 | 150,127 | 153,066 | ||||||||||||||||||||
Ventas 4) |
79 | 6,507 | US | 2034-2037 | 5,771,868 | 2,556,899 | 11,357,915 | 7,950,545 | ||||||||||||||||||||
Wedum Foundation |
4 | 235 | US | 2013 | 235,640 | 238,744 | 478,682 | 477,487 | ||||||||||||||||||||
Other |
5 | 681 | US | Various | 578,152 | 484,045 | 1,148,951 | 987,388 | ||||||||||||||||||||
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Total Managed |
144 | 13,234 | $ | 12,506,310 | $ | 8,633,799 | $ | 24,382,910 | $ | 19,826,631 | ||||||||||||||||||
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Total JV and Managed Communities |
265 | 23,044 | $ | 23,299,309 | $ | 19,100,851 | $ | 45,871,863 | $ | 40,946,663 | ||||||||||||||||||
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Other/Terminated Management Fees 10) |
$ | 1,100,879 | $ | 5,062,462 | $ | 2,742,160 | $ | 11,823,366 | ||||||||||||||||||||
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Total Management Fees |
$ | 24,400,188 | $ | 24,163,313 | $ | 48,614,023 | $ | 52,770,029 | ||||||||||||||||||||
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Footnotes:
1) | Legal names of the venture and partner are omitted due to possible confidentiality concerns in the governing documents. Venture pools represent pools of properties owned by a joint venture that were financed together as a distinct loan pool, other than pool 24 which is an amalgamation of six single property joint ventures. |
2) | The majority of our management contracts contain performance based termination tests with cure rights. |
3) | Sunrise made a cure payment to this venture related to community financial performance. |
4) | Sunrise entered into amended and restated master and management agreements governing these communities effective as of December 1, 2010. |
5) | Contracts contain at-will termination provisions for a specified fee to Sunrise. |
6) | Current fee partially subordinated due to lender related financial covenants. |
7) | In January 2011, as part of the recapitalization of the venture our management contract was amended, restated and extended to 2041. |
8) | The contracts relating to one portfolio of 14 properties contain at-will termination provisions for a specified fee to Sunrise. |
9) | No management fees are associated with this venture as these fees are eliminated due to accounting for this venture under the profit sharing method. |
10) | Includes $0.9 million and $2.4 million, respectively, for the three months and six months ended June 30, 2011 from the previous AL US venture. |
11) | These contracts were terminated in July, 2011 in connection with the sale of the facilities by the owner for a fee. |
4
Sunrise Senior Living
Consolidated and Joint Venture Debt
Scheduled Debt Maturities as of June 30, 2011
(dollars in thousands) | ||||||||||||||||||||||||
Consolidated Debt |
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Consolidated Communities |
Ownership Percentage |
Number of Communities |
Maturity Date 6) |
Weighted Aver. Interest Rate |
Outstanding Debt |
In Default |
SRZ Guaranty | |||||||||||||||||
AL US Development Portfolio |
100.00 | % | 15 | Jun 15 | 4.24 | % | $ | 325,376 | $ | | N | |||||||||||||
Connecticut Ave |
100.00 | % | 1 | Jun 12 | 4.87 | % | 27,911 | | Y | |||||||||||||||
Monterey |
100.00 | % | 1 | Jun 13 | 3.50 | % | 21,021 | | N | |||||||||||||||
Quebec 7) |
100.00 | % | 3 | Apr 11 | 4.75 | % | 47,936 | 47,936 | Y | |||||||||||||||
Cedar Parke |
0.00 | % | 1 | Jul 29 | 0.58 | % | 22,145 | 1,365 | Y | |||||||||||||||
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Consolidated Community Debt |
21 | $ | 444,389 | $ | 49,301 | |||||||||||||||||||
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Convertible Notes |
100.00 | % | 0 | Apr 41 | 5.00 | % | $ | 86,250 | $ | | Y | |||||||||||||
Restructure Note |
100.00 | % | 0 | Oct 12 | 0.00 | % | 29,846 | | Y | |||||||||||||||
Restructure Note |
100.00 | % | 0 | Apr 14 | 0.00 | % | 4,975 | | Y | |||||||||||||||
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Other Consolidated Debt |
0 | $ | 121,071 | $ | | |||||||||||||||||||
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Total Consolidated Debt |
21 | $ | 565,460 | $ | 49,301 | |||||||||||||||||||
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Joint Venture Entities | ||||||||||||||||||||||||
Venture Pool 1) |
Ownership Percentage 4) |
Number of Communities |
Maturity Date 6) | Weighted Aver. Interest Rate |
Outstanding Debt |
In Default | SRZ Guaranty | |||||||||||||||||
Pool 1 |
20.00 | % | 5 | May 13 | 4.64 | % | $ | 137,111 | | N | ||||||||||||||
Pool 2 |
9.81 | % | 2 | Jan 15 | 5.13 | % | 60,066 | | N | |||||||||||||||
Pool 3 10) |
9.81 | % | 15 | Jul 14 | 3.41 | % | 643,714 | | N | |||||||||||||||
Pool 4 |
20.00 | % | 3 | Nov 2012 -Jun 2013 | 2.43 | % | 93,882 | | Y | |||||||||||||||
Pool 5 |
17.30 | % | 1 | Dec 12 | 2.13 | % | 30,253 | 30,253 | Y | |||||||||||||||
Pool 6 |
17.30 | % | 1 | Apr 13 | 3.88 | % | 43,065 | | Y | |||||||||||||||
Pool 7 3) |
40.00 | % | 29 | Feb 14 | 6.76 | % | 435,000 | | N | |||||||||||||||
Pool 8 |
20.00 | % | 4 | Apr 14 | 5.89 | % | 76,627 | | N | |||||||||||||||
Pool 9 |
25.00 | % | 12 | Jan 14 | 6.00 | % | 184,480 | | N | |||||||||||||||
Pool 10 |
25.00 | % | 2 | May 13 | 7.25 | % | 9,156 | 1,545 | N | |||||||||||||||
Pool 11 |
30.00 | % | 2 | Mar 13 | 5.23 | % | 35,864 | | N | |||||||||||||||
Pool 13 |
20.00 | % | 1 | Mar 12 | 4.25 | % | 13,766 | | Y | |||||||||||||||
Pool 14 |
20.00 | % | 3 | Dec 11 | 3.50 | % | 45,641 | | Y | |||||||||||||||
Pool 15 2) |
20 | %/50% | 7 | Oct 11 | 6.25 | % | 100,951 | | N | |||||||||||||||
Pool 16 |
20.00 | % | 8 | Dec 11 | 6.50 | % | 110,850 | | Y | |||||||||||||||
Pool 17 |
20.00 | % | 3 | Dec 12 | 6.50 | % | 41,964 | | Y | |||||||||||||||
Pool 18 |
20.00 | % | 4 | Dec 2011 -Jul 2012 | 3.25 | % | 76,244 | | Y | |||||||||||||||
Pool 19 |
20.00 | % | 3 | Sep 10 | 5.00 | % | 65,813 | 65,813 | Y | |||||||||||||||
Pool 20 8) |
20.00 | % | 6 | Apr 11 | 9.58 | % | 133,249 | 133,249 | Y | |||||||||||||||
Pool 21 11) |
20.00 | % | 2 | Oct 11 | 5.75 | % | 56,666 | 56,666 | Y | |||||||||||||||
Pool 22 |
20.00 | % | 1 | Dec 11 | 6.00 | % | 14,561 | | Y | |||||||||||||||
Pool 23 5) |
30.00 | % | 1 | Dec 11 | 5.69 | % | 30,117 | 30,117 | Y | |||||||||||||||
Pool 24 |
10 | %-50% | 6 | Dec 2011 -Jan 2020 | 6.29 | % | 59,016 | | N | |||||||||||||||
Pool 25 |
30.00 | % | 0 | Dec 11 | 3.40 | % | 116,355 | | Y | |||||||||||||||
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Total Joint Ventures 9) |
121 | $ | 2,614,411 | $ | 317,643 | |||||||||||||||||||
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Footnotes:
1) | Legal names of the venture and partner are omitted due to possible confidentiality concerns in the governing documents. Venture pools represent pools of properties owned by a joint venture that were financed together as a distinct loan pool, other than pool 24 which is an amalgamation of six single property joint ventures. |
2) | We own a 50% interest in Tenant LP; however, our economic ownership in the venture is 20% interest in Venture LP. |
3) | In January 2011, we increased our ownership percentage from 10% to 40% and the venture was recapitalized. |
4) | In certain situations, our respective percentage shares of cash distributions, profits or losses, are not equal to our ownership percentage. |
5) | Outstanding debt includes default interest that is accruing, but remains unpaid. |
6) | Maturity dates assume exercising extensions allowable under the loan documents. |
7) | Three communities in Canada that are wholly owned have been slow to lease up. The outstanding loan balance relating to these communities is non-recourse to us but we have provided operating deficit guarantees to the lender. We are not currently funding under these operating deficit guarantees. The principal balance of $47.9 million was due on April 30, 2011. We are in discussions with the lender and are working toward implementing a revised business plan at the communities and obtaining a loan extension. If we are unable to extend the mortgage, it may have an adverse impact on our financial condition, cash flows and results of operations. |
8) | On August 2, 2011, we and our venture partner in a portfolio of six communities transferred ownership of the portfolio to a new joint venture owned 70 percent by a wholly-owned subsidiary of CNL Lifestyle Properties (CNL Sub) and 30 percent by us. As part of our new venture agreement with CNL Sub, from the start of year four to the end of year six, we will have a buyout option to purchase CNL Subs 70 percent interest in the venture for a 16% internal rate of return to CNL Sub. In addition, the new venture modified the existing mortgage loan in the amount of $133.2 million to provide for, among other things, (i) pay down of the loan by approximately $28.7 million and (ii) an extension of the maturity date of the loan to April 2014 which may be extended by two additional years under certain conditions. In connection with the transaction, we contributed $8.1 million and CNL Sub contributed $19.0 million to the new venture. |
9) | Sunrises share of joint venture debt as of June 30, 2011 is $567 million. |
10) | The ventures mortgage loan includes loan to value and debt service covenants, and it is uncertain whether the venture will continue to be in compliance with these covenants. The mortgage loan balance was $643.7 million as of June 30, 2011. The loan is collateralized by 15 communities owned by the venture located in the United Kingdom. If the venture breaches the loan to value and/or debt service covenants and the default is not cured, the lender has rights which include foreclosure and/or termination of our management agreement. During the six months ended June 30, 2011, we recognized $3.7 million in management fees from this venture. Our United Kingdom Management segment reported $2.6 million in income from operations for the six months ended June 30, 2011. Our investment balance in this venture was zero at June 30, 2011. |
11) | The debt default was cured and the maturity date extended to October 2012 subsequent to June 30, 2011. |
5
SUNRISE SENIOR LIVING, INC.
Reconciliation For Consolidated Net Operating Income
Consolidated Net Operating Income
Net operating income is a measure of operating performance that is not calculated in accordance with U.S. generally accepted accounting principles and should not be considered as a substitute for income/loss from operations or net income/loss. Management considers net operating income to be a useful measure in analyzing our community operating income without regard to management fees and other adjustments.
The following table reconciles net operating income from consolidated communities to loss from operations.
(in thousands)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Consolidated Community NOI |
$ | 12,636 | $ | 11,155 | $ | 22,448 | $ | 21,553 | ||||||||
Leased Community NOI |
20,935 | 19,014 | 42,009 | 38,648 | ||||||||||||
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Total Consolidated NOI |
33,571 | 30,170 | 64,457 | 60,201 | ||||||||||||
Less: AL US NOI (during period the venture was not consolidated) |
(6,097 | ) | (8,071 | ) | (13,681 | ) | (15,734 | ) | ||||||||
Plus: NOI from Consolidated New York communities leased from a venture (NOI is reflected in Joint Venture loan pool analysis) |
4,268 | | 8,290 | | ||||||||||||
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Adjusted Total Consolidated NOI |
31,742 | 22,098 | 59,066 | 44,467 | ||||||||||||
Less: Consolidated Community Lease Expense (includes $4.2 million and $8.1 million, respectively, for the three months ended and six month ended of lease expense from consolidated New York communities leased from a venture) |
19,108 | 14,896 | 37,805 | 29,639 | ||||||||||||
Less: Depreciation and Amortization |
8,786 | 8,591 | 16,203 | 17,035 | ||||||||||||
Less: Impairment of long-lived assets |
5,355 | 2,659 | 5,355 | 3,359 | ||||||||||||
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$ | (1,507 | ) | $ | (4,048 | ) | $ | (297 | ) | $ | (5,566 | ) | |||||
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Plus: Other Sunrise Revenue |
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Management fees |
24,400 | 24,163 | 48,614 | 52,770 | ||||||||||||
Buyout fees |
| 12,717 | | 13,471 | ||||||||||||
Ancillary fees |
7,513 | 10,829 | 15,110 | 21,422 | ||||||||||||
Professional fees from development, marketing and other |
522 | 590 | 845 | 2,692 | ||||||||||||
Reimbursed costs incurred on behalf of managed communities |
178,265 | 211,768 | 364,130 | 436,093 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Revenue |
210,700 | 260,067 | 428,699 | 526,448 | ||||||||||||
Less: Other Sunrise Expense |
||||||||||||||||
Ancillary expenses |
6,968 | 10,146 | 13,972 | 19,946 | ||||||||||||
General and administrative |
27,564 | 28,321 | 59,953 | 61,615 | ||||||||||||
Carrying costs of liquidating trust assets |
635 | 614 | 1,042 | 1,239 | ||||||||||||
Accounting Restatement, Special Independent Committee inquiry, SEC investigation and stockholder litigation |
| 301 | | 359 | ||||||||||||
Restructuring costs |
| 5,209 | | 9,824 | ||||||||||||
Allowance for uncollectible receivables from owners |
(205 | ) | 550 | 892 | 1,470 | |||||||||||
Loss on financial guarantees and other contracts |
(12 | ) | 310 | (12 | ) | 310 | ||||||||||
Costs incurred on behalf of managed communities |
179,294 | 210,775 | 365,678 | 435,141 | ||||||||||||
Misc. Expense for Non-Operating Communities |
21 | (25 | ) | 26 | 285 | |||||||||||
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|
|
|
|
|
|
|
|||||||||
Total Other Expense |
214,265 | 256,201 | 441,551 | 530,189 | ||||||||||||
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|
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|
|
|
|
|||||||||
Loss from operations |
$ | (5,072 | ) | $ | (182 | ) | $ | (13,149 | ) | $ | (9,307 | ) | ||||
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6
Sunrise Senior Living, Inc.
Supplemental Information
As of June, 30, 2011
($ in thousands except average daily revenues)
Communities June 30, 2011 |
Unit Capacity June 30, 2011 |
Resident Capacity June 30, 2011 |
||||||||||
Total Community Data (1,2) |
||||||||||||
Communities managed for third-party owners |
144 | 13,234 | 15,128 | |||||||||
Communities in ventures |
121 | 9,810 | 11,443 | |||||||||
Communities consolidated |
51 | 7,918 | 8,312 | |||||||||
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|
|
|
|
|||||||
Total communities operated |
316 | 30,962 | 34,883 | |||||||||
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|
|
|
|
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Percentage of Total Operating Portfolio |
||||||||||||
Assisted Living |
80.9 | % | ||||||||||
Independent Living |
16.1 | % | ||||||||||
Skilled Nursing |
3.0 | % | ||||||||||
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|
|||||||||||
Total |
100.0 | % | ||||||||||
|
|
Selected Operating Results
QTD | QTD | |||||||||||||
Comparable Community Portfolio Operating Results (3,4) |
June 30, 2011 | June 30, 2010 | % Change | |||||||||||
Total Comparable-Community Portfolio |
||||||||||||||
Number of Communities |
293 | 293 | 0.0 | % | ||||||||||
Unit Capacity |
28,633 | 28,633 | 0.0 | % | ||||||||||
Resident Capacity |
32,232 | 32,232 | 0.0 | % | ||||||||||
Community Revenues |
$ | 489,972 | $ | 459,439 | 6.6 | % | ||||||||
Community Revenues Excluding Impact of Exchange Rates |
$ | 484,931 | $ | 459,439 | 5.5 | % | ||||||||
Community Operating Expenses |
$ | 345,696 | $ | 329,788 | -4.8 | % | ||||||||
Community Operating Expenses Excluding Impact of Exchange Rates |
$ | 341,870 | $ | 329,788 | -3.7 | % | ||||||||
Average Daily Revenue Per Occupied Unit |
$ | 214.37 | $ | 203.54 | 5.3 | % | ||||||||
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates |
$ | 212.15 | $ | 203.54 | 4.2 | % | ||||||||
Average Unit Occupancy Rate |
87.4 | % | 86.3 | % | 110 | basis points | ||||||||
Communities in ventures and managed for third-party owners |
||||||||||||||
Number of Communities |
243 | 243 | 0.0 | % | ||||||||||
Unit Capacity |
20,814 | 20,814 | 0.0 | % | ||||||||||
Resident Capacity |
24,032 | 24,032 | 0.0 | % | ||||||||||
Community Revenues |
$ | 375,696 | $ | 352,285 | 6.6 | % | ||||||||
Community Revenues Excluding Impact of Exchange Rates |
$ | 370,852 | $ | 352,285 | 5.3 | % | ||||||||
Community Operating Expenses |
$ | 260,744 | $ | 248,558 | -4.9 | % | ||||||||
Community Operating Expenses Excluding Impact of Exchange Rates |
$ | 257,092 | $ | 248,558 | -3.4 | % | ||||||||
Average Daily Revenue Per Occupied Unit |
$ | 226.69 | $ | 215.86 | 5.0 | % | ||||||||
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates |
$ | 223.77 | $ | 215.86 | 3.7 | % | ||||||||
Average Unit Occupancy Rate |
87.4 | % | 86.1 | % | 130 | basis points | ||||||||
Communities consolidated |
||||||||||||||
Number of Communities |
50 | 50 | 0.0 | % | ||||||||||
Unit Capacity |
7,819 | 7,819 | 0.0 | % | ||||||||||
Resident Capacity |
8,200 | 8,200 | 0.0 | % | ||||||||||
Community Revenues |
$ | 114,275 | $ | 107,154 | 6.6 | % | ||||||||
Community Revenues Excluding Impact of Exchange Rates |
$ | 114,079 | $ | 107,154 | 6.5 | % | ||||||||
Community Operating Expenses |
$ | 84,952 | $ | 81,231 | -4.6 | % | ||||||||
Community Operating Expenses Excluding Impact of Exchange Rates |
$ | 84,778 | $ | 81,231 | -4.4 | % | ||||||||
Average Daily Revenue Per Occupied Unit |
$ | 181.46 | $ | 171.02 | 6.1 | % | ||||||||
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates |
$ | 181.14 | $ | 171.02 | 5.9 | % | ||||||||
Average Unit Occupancy Rate |
87.2 | % | 86.9 | % | 30 | basis points |
Notes
(1) | During the fourth quarter of 2009, Sunrise opened five venture communities and sold or disposed of one joint ventture community. Additionally, Sunrise transitioned 16 joint venture communities to managed. There were also 21 consolidated communities sold or disposed. |
(2) | Comparable community portfolio consists of all communities in which Sunrise has an ownership interest in or management agreement with and were under Sunrise ownership or management for at least 24 months as of the January 1, 2009. This includes consolidated communities, communities in ventures and communities managed for third-party owners. |
(3) | Community operating expenses exclude management fees paid to Sunrise with respect to comparable-community ventures in order to make comparisons between consolidated and venture communities consistent. |
7
Sunrise Senior Living, Inc.
Supplemental Information
As of June, 30, 2011
($ in thousands except average daily revenues)
Communities June 30, 2011 |
Unit Capacity June 30, 2011 |
Resident Capacity June 30, 2011 |
||||||||||
Total Community Data (1,2) |
||||||||||||
Communities managed for third-party owners |
144 | 13,234 | 15,128 | |||||||||
Communities in ventures |
121 | 9,810 | 11,443 | |||||||||
Communities consolidated |
51 | 7,918 | 8,312 | |||||||||
|
|
|
|
|
|
|||||||
Total communities operated |
316 | 30,962 | 34,883 | |||||||||
|
|
|
|
|
|
|||||||
Percentage of Total Operating Portfolio |
||||||||||||
Assisted Living |
80.9 | % | ||||||||||
Independent Living |
16.1 | % | ||||||||||
Skilled Nursing |
3.0 | % | ||||||||||
|
|
|||||||||||
Total |
100.0 | % | ||||||||||
|
|
Selected Operating Results
QTD | QTD | |||||||||||||
All Community Portfolio Operating Results (3,4) |
June 30, 2011 | June 30, 2010 | % Change | |||||||||||
Total Community Portfolio |
||||||||||||||
Number of Communities |
316 | 316 | 0.0 | % | ||||||||||
Unit Capacity |
30,962 | 30,962 | 0.0 | % | ||||||||||
Resident Capacity |
34,883 | 34,883 | 0.0 | % | ||||||||||
Community Revenues |
$ | 527,414 | $ | 487,293 | 8.2 | % | ||||||||
Community Revenues Excluding Impact of Exchange Rates |
$ | 521,082 | $ | 487,293 | 6.9 | % | ||||||||
Community Operating Expenses |
$ | 373,862 | $ | 353,456 | -5.8 | % | ||||||||
Community Operating Expenses Excluding Impact of Exchange Rates |
$ | 369,047 | $ | 353,456 | -4.4 | % | ||||||||
Average Daily Revenue Per Occupied Unit |
$ | 216.87 | $ | 205.56 | 5.5 | % | ||||||||
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates |
$ | 214.26 | $ | 205.56 | 4.2 | % | ||||||||
Average Unit Occupancy Rate |
86.0 | % | 83.8 | % | 220 | basis points | ||||||||
Communities in ventures and managed for third-party owners |
||||||||||||||
Number of Communities |
265 | 265 | 0.0 | % | ||||||||||
Unit Capacity |
23,044 | 23,044 | 0.0 | % | ||||||||||
Resident Capacity |
26,571 | 26,571 | 0.0 | % | ||||||||||
Community Revenues |
$ | 411,767 | $ | 378,757 | 8.7 | % | ||||||||
Community Revenues Excluding Impact of Exchange Rates |
$ | 405,632 | $ | 378,757 | 7.1 | % | ||||||||
Community Operating Expenses |
$ | 287,791 | $ | 271,226 | -6.1 | % | ||||||||
Community Operating Expenses Excluding Impact of Exchange Rates |
$ | 283,150 | $ | 271,226 | -4.4 | % | ||||||||
Average Daily Revenue Per Occupied Unit |
$ | 228.97 | $ | 217.69 | 5.2 | % | ||||||||
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates |
$ | 225.56 | $ | 217.69 | 3.6 | % | ||||||||
Average Unit Occupancy Rate |
85.7 | % | 82.9 | % | 280 | basis points | ||||||||
Communities consolidated |
||||||||||||||
Number of Communities |
51 | 51 | 0.0 | % | ||||||||||
Unit Capacity |
7,918 | 7,918 | 0.0 | % | ||||||||||
Resident Capacity |
8,312 | 8,312 | 0.0 | % | ||||||||||
Community Revenues |
$ | 115,647 | $ | 108,537 | 6.6 | % | ||||||||
Community Revenues Excluding Impact of Exchange Rates |
$ | 115,450 | $ | 108,537 | 6.4 | % | ||||||||
Community Operating Expenses |
$ | 86,071 | $ | 82,230 | -4.7 | % | ||||||||
Community Operating Expenses Excluding Impact of Exchange Rates |
$ | 85,898 | $ | 82,230 | -4.5 | % | ||||||||
Average Daily Revenue Per Occupied Unit |
$ | 182.10 | $ | 171.72 | 6.0 | % | ||||||||
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates |
$ | 181.79 | $ | 171.72 | 5.9 | % | ||||||||
Average Unit Occupancy Rate |
86.8 | % | 86.5 | % | 30 | basis points |
Notes
(1) | During the fourth quarter of 2009, Sunrise opened five venture communities and sold or disposed of one joint ventture community. Additionally, Sunrise transitioned 16 joint venture communities to managed. There were also 21 consolidated communities sold or disposed. |
(2) | Comparable community portfolio consists of all communities in which Sunrise has an ownership interest in or management agreement with and were under Sunrise ownership or management for at least 24 months as of the January 1, 2009. This includes consolidated communities, communities in ventures and communities managed for third-party owners. |
(3) | Community operating expenses exclude management fees paid to Sunrise with respect to comparable-community ventures in order to make comparisons between consolidated and venture communities consistent. |
8