Sunrise Offers A Glimpse Of Its Quarterly Results

Sunrise Senior Living, which put itself up for sale last month, said revenues under management during the second quarter rose 8.2 percent to $581.9 million.

The McLean-based assisted living provider said the rise in revenue under management, or revenue from properties the firm owns or manages, was due to the opening of more facilities during the quarter and increases in daily rates.

Same-community revenues, or revenues from properties in which Sunrise had ownership stakes in 2006 and 2007, rose 5.3 percent to $258.3 million.

The firm is under review by the Securities and Exchange Commission for its accounting practices dating back several years. Sunrise didn't release results on income and didn't provide a conference call with executives on the quarterly results.

Sunrise opened nine new communities during the quarter, bringing the total number of communities it operates to 453 serving more than 53,000 residents in the U.S., Canada, U.K. and Germany. The company previously said it hopes to break ground on new communities serving 15,000 more residents by 2009.

"We continue to see strong sector fundamentals and product demand, as evidenced by our strong average daily rate growth and our high levels of occupancy," the company's chief executive, Paul Klaassen said in a statement.

-Cecilia Kang

By Dan Beyers  |  August 10, 2007; 12:07 PM ET  | Category:  Sunrise Senior Living
Previous: Lockheed Names New Finance Chief | Next: Fannie, Freddie Press Requests To Ease Investment Caps

Comments

Please email us to report offensive comments.



The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company