Sunrise Senior Living, Inc. provides senior living services in the United States, Canada, the United Kingdom, and Germany. It offers independent living services, which include housing, meals, transportation, activities, and housekeeping, as well as licensed skilled nursing services for residents who require 24-hour skilled nursing care; and determination of the appropriate level of care and service for such resident. The company�s assisted living communities also offer a reminiscence neighborhood that provides specially designed accommodations, service, and care to support cognitively impaired residents, including residents with Alzheimer�s disease and other forms of memory loss. In addition, it provides medication management program, which includes the storage of medications, the distribution of medications as directed by the resident�s physician, and compliance monitoring. Further, the company also develops senior living communities for the company, for ventures in which it retains an ownership interest, and for third parties. Its hospice services include supervision of the patient�s medical needs; pastoral care and religious services; and bereavement services; and other services comprising physician care, infusion therapy, and physical and speech therapy. As of December 31, 2007, the company operated 439 communities, including 402 communities in the United States, 12 communities in Canada, 17 communities in the United Kingdom, and 8 communities in Germany with a resident capacity of approximately 54,000. It also provided pre-opening management and professional services to 44 communities under construction, of which 32 communities were in the United States, 3 communities were in Canada, 8 communities were in the United Kingdom, and 1 community was in Germany with a combined capacity for approximately 5,600 residents. Sunrise Senior Living, Inc. was founded in 1981 and is headquartered in McLean, Virginia.
05.12.2008 Presse: Sunrise Receives Proceeds from Venture Refinancing
MCLEAN, Va., Dec. 5 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE:SRZ) today announced the receipt of approximately $8.3 million of proceeds resulting from the refinancing of the existing debt of one of its joint ventures.
As disclosed yesterday by Ventas, Inc., a venture owned 85 percent by Ventas and 15 percent by Sunrise closed eight first-mortgage loans with Freddie Mac, secured by eight senior housing communities managed by Sunrise, aggregating $126 million. Proceeds of the new $126 million Freddie Mac loan were used to repay in full $71 million of existing debt of the venture which was secured by the same eight assisted living communities and was scheduled to mature in mid-2009. The balance of the new loan proceeds was distributed pro-rata to Ventas and Sunrise, with Sunrise's portion totaling approximately $8.3 million.
"We are pleased that Freddie Mac recognized the strength of this portfolio of our core management product in this difficult economic environment," said Mark Ordan, Sunrise's chief executive officer.
On a preliminary basis, Sunrise expects to recognize approximately $8.3 million in equity in earnings as a result of this transaction in the fourth quarter.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 40,000 people. As of September 30, 2008, Sunrise operated 448 communities in the United States, Canada, Germany and the United Kingdom, with a combined capacity for approximately 55,000 residents. At quarter end, Sunrise also had 34 communities under construction in these countries with a combined capacity for 4,277 additional residents. 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, rehabilitative and hospice care. 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/.
Certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Sunrise believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, there can be no assurances that its expectations will be realized. Sunrise's actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors, including, but not limited to, the Company's ability to obtain a covenant waiver or further modification of its Bank Credit Facility; the Company's ability to refinance its Bank Credit Facility and other debt due in 2009 and/or raise funds from other capital sources; the Company's ability to achieve the anticipated savings from the Company's cost-savings program; the outcome of the SEC's investigation; the outcomes of pending putative class action and derivative litigation; the outcome of the Trinity OIG investigation and qui tam proceeding; the outcome of the IRS audit of the Company's tax return for the tax year ended December 31, 2006 and employment tax returns for 2004, 2005 and 2006; the status of the exploration of strategic alternatives; the Company's ability to continue to recognize income from refinancings and sales of communities by ventures; risk of changes in the Company's critical accounting estimates; risk of further write-downs or impairments of the Company's assets; risk of future fundings of guarantees and other support arrangements to some of the Company's ventures, lenders to the ventures or third party owners; risk of declining occupancies in existing communities or slower than expected leasing of new communities; risk resulting from any international expansion; risk associated with any new service offerings; development and construction risks; risks associated with past or any future acquisition; compliance with government regulations; risk of new legislation or regulatory developments; business conditions; competition; changes in interest rates; unanticipated expenses; market factors that could affect the value of the Company's properties; the risks of further downturns in general economic conditions; availability of financing for development; and other risks detailed in the Company's amended 2007 Annual Report on Form 10-K filed with the SEC, as may be amended or supplemented in the Company's Form 10-Q filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
DATASOURCE: Sunrise Senior Living, Inc.
CONTACT: Media: Meghan Lublin, +1-703-854-0299, or Investors: Aaron
Deyerle, +1-703-854-0285, both of Sunrise Senior Living, Inc.
Web site: http://www.sunriseseniorliving.com
HIG PLD GNW SRZ DRYS
DFB-Pokal 1.Runde '08: RWE-Bayern München 3:4