Exhibit 99.2
Sunrise Senior Living
Community Data
Ownership Type
Stabilized Properties2)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Unit Occupancy | | | Net Operating Income 1) | |
| | | | | | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
Ownership Type | | Comm. | | | Units | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Consolidated4) 5) | | | 8 | | | | 913 | | | | 83.9 | % | | | 84.2 | % | | | 83.0 | % | | | 85.2 | % | | $ | 10,066,576 | | | $ | 7,171,644 | |
Leased5) | | | 26 | | | | 5,673 | | | | 89.3 | % | | | 89.4 | % | | | 89.1 | % | | | 89.2 | % | | | 78,594,096 | | | | 74,606,279 | |
Joint Ventures-US | | | 78 | | | | 5,712 | | | | 89.2 | % | | | 87.2 | % | | | 87.7 | % | | | 88.6 | % | | | 124,460,790 | | | | 120,019,163 | |
Joint Ventures-UK | | | 5 | | | | 434 | | | | 89.2 | % | | | 90.5 | % | | | 89.5 | % | | | 87.4 | % | | | 14,984,647 | | | | 15,578,620 | |
Managed | | | 144 | | | | 13,252 | | | | 88.6 | % | | | 88.0 | % | | | 87.8 | % | | | 88.0 | % | | | 257,691,177 | | | | 235,193,049 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Stabilized | | | 261 | | | | 25,984 | | | | 88.7 | % | | | 88.0 | % | | | 87.9 | % | | | 88.3 | % | | $ | 485,797,286 | | | $ | 452,568,755 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Lease-Up Properties3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | Unit Occupancy | | | Net Operating Income1) | |
| | | | | | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
Ownership Type | | Comm. | | | Units | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Consolidated5) | | | 4 | | | | 345 | | | | 58.4 | % | | | 45.8 | % | | | 54.9 | % | | | 37.8 | % | | $ | 2,484,982 | | | $ | (1,825,007 | ) |
Joint Ventures-US | | | 32 | | | | 3,010 | | | | 69.6 | % | | | 52.7 | % | | | 64.0 | % | | | 45.0 | % | | | 26,017,360 | | | | 3,966,849 | |
Joint Ventures-UK | | | 22 | | | | 1,831 | | | | 78.1 | % | | | 65.4 | % | | | 74.2 | % | | | 58.8 | % | | | 41,213,692 | | | | 21,368,419 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Lease Up | | | 58 | | | | 5,186 | | | | 71.8 | % | | | 56.7 | % | | | 67.0 | % | | | 49.4 | % | | $ | 69,716,034 | | | $ | 23,510,260 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
Total Properties | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | Unit Occupancy | | | Net Operating Income1) | |
| | | | | | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
Ownership Type | | Comm. | | | Units | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Consolidated5) | | | 12 | | | | 1,258 | | | | 76.9 | % | | | 73.7 | % | | | 75.3 | % | | | 72.2 | % | | $ | 12,551,558 | | | $ | 5,346,637 | |
Leased5) | | | 26 | | | | 5,673 | | | | 89.3 | % | | | 89.4 | % | | | 89.1 | % | | | 89.2 | % | | | 78,594,096 | | | | 74,606,279 | |
Joint Ventures-US | | | 110 | | | | 8,722 | | | | 82.4 | % | | | 75.3 | % | | | 79.5 | % | | | 73.5 | % | | | 150,478,150 | | | | 123,986,012 | |
Joint Ventures-UK | | | 27 | | | | 2,265 | | | | 80.3 | % | | | 70.2 | % | | | 77.1 | % | | | 64.3 | % | | | 56,198,339 | | | | 36,947,039 | |
Managed | | | 144 | | | | 13,252 | | | | 88.6 | % | | | 88.0 | % | | | 87.8 | % | | | 88.0 | % | | | 257,691,177 | | | | 235,193,049 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Properties | | | 319 | | | | 31,170 | | | | 85.9 | % | | | 82.8 | % | | | 84.4 | % | | | 81.8 | % | | $ | 555,513,320 | | | $ | 476,079,015 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Footnotes:
1) | Net operating income from consolidated and leased communities is not reduced by allocated management fees as we eliminate management fees from consolidated and leased 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 December 31, 2010. 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, 2008. 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 December 31, 2010. |
4) | Includes 3 properties that were being marketed for sale at year end totaling 148 units that contributed ($.4) million of NOI in 2010. |
5) | 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. |
1
Sunrise Senior Living
Community Data
Consolidated Communities
Stabilized Properties2)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Unit Occupancy | | | Net Operating Income 1) | |
| | | | | | | | Ownership | | | State/ | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
Community | | Comm. | | | Units | | | Interest | | | Province | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Connecticut Avenue 4) | | | 1 | | | | 100 | | | | 100.0 | % | | | DC | | | | 86.4 | % | | | 82.3 | % | | | 82.7 | % | | | 82.6 | % | | $ | 3,165,711 | | | $ | 2,808,105 | |
Other Consolidated 4), 5) | | | 5 | | | | 305 | | | | 100.0 | % | | | Various | | | | 90.8 | % | | | 87.4 | % | | | 87.5 | % | | | 88.9 | % | | | 54,360 | | | | (905,539 | ) |
Other Consolidated4) | | | 1 | | | | 371 | | | | 0.0 | % | | | NJ | | | | 72.5 | % | | | 78.6 | % | | | 74.4 | % | | | 80.4 | % | | | 1,735,361 | | | | 540,103 | |
Other Consolidated4) | | | 1 | | | | 137 | | | | 50.0 | % | | | MD | | | | 97.5 | % | | | 93.8 | % | | | 96.4 | % | | | 92.2 | % | | | 5,111,144 | | | | 4,728,976 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Stablilized | | | 8 | | | | 913 | | | | | | | | | | | | 83.9 | % | | | 84.2 | % | | | 83.0 | % | | | 85.2 | % | | $ | 10,066,576 | | | $ | 7,171,644 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease-Up Properties3) | |
| | | | | | |
| | | | | | | | | | | | | | Unit Occupancy | | | Net Operating Income1) | |
| | | | | | | | Ownership | | | State/ | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
Community | | Comm. | | | Units | | | Interest | | | Province | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Quebec 4) | | | 3 | | | | 246 | | | | 100.0 | % | | | QU | | | | 57.8 | % | | | 46.1 | % | | | 53.3 | % | | | 39.7 | % | | $ | 1,296,547 | | | $ | (1,354,695 | ) |
Monterey4) | | | 1 | | | | 99 | | | | 100.0 | % | | | CA | | | | 59.7 | % | | | 45.2 | % | | | 58.7 | % | | | 32.9 | % | | | 1,188,435 | | | | (470,312 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Lease-Up | | | 4 | | | | 345 | | | | | | | | | | | | 58.4 | % | | | 45.8 | % | | | 54.9 | % | | | 37.8 | % | | $ | 2,484,982 | | | $ | (1,825,007 | ) |
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| | | | | | | | | | |
Total Properties | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | Unit Occupancy | | | Net Operating Income1) | |
| | | | | | | | Ownership | | | State/ | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
Community | | Comm. | | | Units | | | Interest | | | Province | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Connecticut Avenue4) | | | 1 | | | | 100 | | | | 100.0 | % | | | DC | | | | 86.4 | % | | | 82.3 | % | | | 82.7 | % | | | 82.6 | % | | $ | 3,165,711 | | | $ | 2,808,105 | |
Other Consolidated4) | | | 5 | | | | 305 | | | | 100.0 | % | | | Various | | | | 90.8 | % | | | 87.4 | % | | | 87.5 | % | | | 88.9 | % | | | 54,360 | | | | (905,539 | ) |
Other Consolidated4) | | | 1 | | | | 371 | | | | 0.0 | % | | | NJ | | | | 72.5 | % | | | 78.6 | % | | | 74.4 | % | | | 80.4 | % | | | 1,735,361 | | | | 540,103 | |
Other Consolidated4) | | | 1 | | | | 137 | | | | 50.0 | % | | | MD | | | | 97.5 | % | | | 93.8 | % | | | 96.4 | % | | | 92.2 | % | | | 5,111,144 | | | | 4,728,976 | |
Quebec 4) | | | 3 | | | | 246 | | | | 100.0 | % | | | QU | | | | 57.8 | % | | | 46.1 | % | | | 53.3 | % | | | 39.7 | % | | | 1,296,547 | | | | (1,354,695 | ) |
Monterey4) | | | 1 | | | | 99 | | | | 100.0 | % | | | CA | | | | 59.7 | % | | | 45.2 | % | | | 58.7 | % | | | 32.9 | % | | | 1,188,435 | | | | (470,312 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Properties | | | 12 | | | | 1,258 | | | | | | | | | | | | 76.9 | % | | | 73.7 | % | | | 75.3 | % | | | 72.2 | % | | $ | 12,551,558 | | | $ | 5,346,637 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 December 31, 2010. 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, 2008. |
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 December 31, 2010. |
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) | Includes 3 properties that were being marketed for sale at year end totaling 148 units that contributed ($.4) million of NOI in 2010. |
2
Sunrise Senior Living
Community Data
Leased Communities
Leased Communities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | Unit Occupancy | | | Net Operating Income1) | |
| | | | | | | | | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
Lessor | | Comm. | | | Units | | | Country | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
HRPT3) | | | 14 | | | | 3,900 | | | | US | | | | 89.6 | % | | | 89.1 | % | | | 89.2 | % | | | 88.7 | % | | $ | 47,862,234 | | | $ | 45,167,399 | |
HCP3) | | | 2 | | | | 1,055 | | | | US | | | | 87.4 | % | | | 91.2 | % | | | 88.6 | % | | | 91.8 | % | | | 19,251,060 | | | | 18,724,634 | |
LTC3) | | | 3 | | | | 186 | | | | US | | | | 86.9 | % | | | 89.8 | % | | | 89.0 | % | | | 89.2 | % | | | 3,003,555 | | | | 2,759,758 | |
Missouri River Corp.3) | | | 2 | | | | 133 | | | | US | | | | 88.6 | % | | | 79.7 | % | | | 86.3 | % | | | 81.2 | % | | | 1,430,899 | | | | 1,211,163 | |
Oakmont3) | | | 3 | | | | 228 | | | | US | | | | 93.6 | % | | | 88.8 | % | | | 89.9 | % | | | 87.5 | % | | | 4,873,211 | | | | 4,275,137 | |
Other3) | | | 2 | | | | 171 | | | | US | | | | 89.7 | % | | | 94.0 | % | | | 90.2 | % | | | 93.1 | % | | | 2,173,138 | | | | 2,468,188 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Leased | | | 26 | | | | 5,673 | | | | | | | | 89.3 | % | | | 89.4 | % | | | 89.1 | % | | | 89.2 | % | | $ | 78,594,096 | | | $ | 74,606,279 | |
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Leased Communities
| | | | | | | | | | | | | | | | | | |
| | Lease Coverage-Straight-Line Lease Expense 2) | | | Lease Coverage-Cash Lease Expense 2) | | | |
| | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | | | Current Lease Term Expiration 4) |
Lessor | | 2010 | | | 2009 | | | 2010 | | | 2009 | | |
HRPT | | | 1.46 | | | | 1.39 | | | | 1.43 | | | | 1.35 | | | 2013 |
HCP | | | 1.16 | | | | 1.14 | | | | 1.20 | | | | 1.19 | | | 2018 |
LTC | | | 1.13 | | | | 1.03 | | | | 1.13 | | | | 1.05 | | | 2018 |
Missouri River Corp. | | | 0.78 | | | | 0.67 | | | | 0.78 | | | | 0.67 | | | 2018 |
Oakmont | | | 1.81 | | | | 1.59 | | | | 1.76 | | | | 1.55 | | | 2012-2013 |
Other | | | 1.40 | | | | 1.59 | | | | 1.34 | | | | 1.58 | | | 2013 |
| | | | | | | | | | | | | | | | | | |
Total Leased | | | 1.35 | | | | 1.29 | | | | 1.34 | | | | 1.29 | | | |
| | | | | | | | | | | | | | | | | | |
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. |
3
Sunrise Senior Living
Community Data
Joint Venture Communities
Stabilized Properties 5)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Unit Occupancy | | | Net Operating Income of Venture | |
Venture Pool 1) | | | | | | | | | | | Ownership Interest4) | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
| Comm. | | | Units | | | Country | | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Pool 1 | | | 5 | | | | 434 | | | | UK | | | | 20.00 | % | | | 89.2 | % | | | 90.5 | % | | | 89.5 | % | | | 87.4 | % | | $ | 14,984,647 | | | $ | 15,578,620 | |
Pool 73) | | | 29 | | | | 2,082 | | | | US | | | | 10.00 | % | | | 89.7 | % | | | 86.4 | % | | | 87.7 | % | | | 88.0 | % | | | 43,505,757 | | | | 42,749,495 | |
Pool 8 | | | 4 | | | | 310 | | | | US | | | | 20.00 | % | | | 92.6 | % | | | 88.1 | % | | | 87.3 | % | | | 90.5 | % | | | 8,233,858 | | | | 8,200,729 | |
Pool 9 | | | 12 | | | | 872 | | | | US | | | | 25.00 | % | | | 92.4 | % | | | 88.0 | % | | | 90.3 | % | | | 89.7 | % | | | 18,945,302 | | | | 17,333,546 | |
Pool 10 | | | 2 | | | | 106 | | | | US | | | | 25.00 | % | | | 88.9 | % | | | 86.9 | % | | | 87.2 | % | | | 93.3 | % | | | 1,164,547 | | | | 1,222,658 | |
Pool 11 | | | 2 | | | | 152 | | | | US | | | | 30.00 | % | | | 87.6 | % | | | 88.2 | % | | | 85.5 | % | | | 90.2 | % | | | 3,318,027 | | | | 3,123,857 | |
Pool 12 | | | 15 | | | | 1,091 | | | | US | | | | 20.00 | % | | | 87.1 | % | | | 87.4 | % | | | 87.3 | % | | | 88.7 | % | | | 25,896,593 | | | | 24,950,101 | |
Pool 152) | | | 7 | | | | 601 | | | | US | | | | 20%/50 | % | | | 86.0 | % | | | 86.0 | % | | | 85.1 | % | | | 86.0 | % | | | 12,226,186 | | | | 11,618,790 | |
Pool 24 | | | 7 | | | | 498 | | | | US | | | | 10%-50 | % | | | 88.0 | % | | | 89.0 | % | | | 87.8 | % | | | 89.3 | % | | | 11,170,520 | | | | 10,819,987 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total JV’s-Stabilized | | | 83 | | | | 6,146 | | | | | | | | | | | | 89.2 | % | | | 87.4 | % | | | 87.8 | % | | | 88.5 | % | | $ | 139,445,437 | | | $ | 135,597,783 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Lease-Up Properties6) | |
| | | | | | |
| | | | | | | | | | | | | | Unit Occupancy | | | Net Operating Income of Venture | |
Venture Pool 1) | | | | | | | | | | | Ownership Interest4) | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
| Comm. | | | Units | | | Country | | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Pool 2 | | | 2 | | | | 156 | | | | UK | | | | 9.81 | % | | | 88.7 | % | | | 59.7 | % | | | 84.1 | % | | | 41.9 | % | | $ | 5,777,119 | | | $ | 1,146,327 | |
Pool 3 | | | 15 | | | | 1,243 | | | | UK | | | | 9.81 | % | | | 77.4 | % | | | 71.4 | % | | | 75.4 | % | | | 66.7 | % | | | 28,194,727 | | | | 21,686,110 | |
Pool 4 | | | 3 | | | | 237 | | | | UK | | | | 20.00 | % | | | 85.2 | % | | | 49.9 | % | | | 73.6 | % | | | 45.9 | % | | | 6,165,210 | | | | (226,751 | ) |
Pool 5 | | | 1 | | | | 81 | | | | UK | | | | 17.30 | % | | | 63.2 | % | | | 45.3 | % | | | 58.7 | % | | | 34.5 | % | | | 438,938 | | | | (725,048 | ) |
Pool 6 | | | 1 | | | | 114 | | | | UK | | | | 17.30 | % | | | 67.5 | % | | | 54.1 | % | | | 59.3 | % | | | 39.8 | % | | | 637,698 | | | | (512,219 | ) |
Pool 13 | | | 1 | | | | 79 | | | | US | | | | 20.00 | % | | | 97.2 | % | | | 95.3 | % | | | 97.6 | % | | | 86.3 | % | | | 2,476,705 | | | | 1,712,050 | |
Pool 14 | | | 3 | | | | 219 | | | | US | | | | 20.00 | % | | | 87.1 | % | | | 78.3 | % | | | 85.5 | % | | | 69.9 | % | | | 3,220,326 | | | | 1,515,356 | |
Pool 16 | | | 8 | | | | 621 | | | | US | | | | 20.00 | % | | | 83.8 | % | | | 82.5 | % | | | 83.5 | % | | | 77.3 | % | | | 10,640,592 | | | | 7,704,474 | |
Pool 17 | | | 3 | | | | 229 | | | | US | | | | 20.00 | % | | | 77.5 | % | | | 63.1 | % | | | 72.7 | % | | | 55.0 | % | | | 1,984,656 | | | | 533,356 | |
Pool 18 | | | 4 | | | | 348 | | | | US | | | | 20.00 | % | | | 63.6 | % | | | 27.1 | % | | | 52.5 | % | | | 21.7 | % | | | 1,217,129 | | | | (1,128,146 | ) |
Pool 19 | | | 3 | | | | 295 | | | | US | | | | 20.00 | % | | | 72.0 | % | | | 46.8 | % | | | 62.6 | % | | | 37.4 | % | | | 1,903,494 | | | | (535,820 | ) |
Pool 20 | | | 6 | | | | 598 | | | | US | | | | 20.00 | % | | | 62.6 | % | | | 39.8 | % | | | 54.1 | % | | | 30.0 | % | | | 3,673,983 | | | | (2,612,092 | ) |
Pool 21 | | | 2 | | | | 222 | | | | US | | | | 20.00 | % | | | 49.1 | % | | | 17.7 | % | | | 41.0 | % | | | 13.2 | % | | | (256,960 | ) | | | (1,501,104 | ) |
Pool 22 | | | 1 | | | | 76 | | | | US | | | | 20.00 | % | | | 92.4 | % | | | 70.8 | % | | | 83.0 | % | | | 61.5 | % | | | 1,338,738 | | | | 699,428 | |
Pool 23 | | | 1 | | | | 323 | | | | US | | | | 30.00 | % | | | 43.9 | % | | | 36.8 | % | | | 40.5 | % | | | 26.1 | % | | | (181,303 | ) | | | (2,420,653 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total JV’s-Lease Up | | | 54 | | | | 4,841 | | | | | | | | | | | | 72.8 | % | | | 57.5 | % | | | 67.8 | % | | | 50.2 | % | | $ | 67,231,052 | | | $ | 25,335,268 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Total Properties | |
| | | | | | |
| | | | | | | | | | | | | | Unit Occupancy | | | Net Operating Income of Venture | |
Venture Pool1) | | | | | | | | | | | Ownership Interest4) | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | | | Twelve Months Ended December 31, | |
| Comm. | | | Units | | | Country | | | | 2010 | | | 2009 | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Pool 1 | | | 5 | | | | 434 | | | | UK | | | | 20.00 | % | | | 89.2 | % | | | 90.5 | % | | | 89.5 | % | | | 87.4 | % | | $ | 14,984,647 | | | $ | 15,578,620 | |
Pool 2 | | | 2 | | | | 156 | | | | UK | | | | 9.81 | % | | | 88.7 | % | | | 59.7 | % | | | 84.1 | % | | | 41.9 | % | | | 5,777,119 | | | | 1,146,327 | |
Pool 3 | | | 15 | | | | 1,243 | | | | UK | | | | 9.81 | % | | | 77.4 | % | | | 71.4 | % | | | 75.4 | % | | | 66.7 | % | | | 28,194,727 | | | | 21,686,110 | |
Pool 4 | | | 3 | | | | 237 | | | | UK | | | | 20.00 | % | | | 85.2 | % | | | 49.9 | % | | | 73.6 | % | | | 45.9 | % | | | 6,165,210 | | | | (226,751 | ) |
Pool 5 | | | 1 | | | | 81 | | | | UK | | | | 17.30 | % | | | 63.2 | % | | | 45.3 | % | | | 58.7 | % | | | 34.5 | % | | | 438,938 | | | | (725,048 | ) |
Pool 6 | | | 1 | | | | 114 | | | | UK | | | | 17.30 | % | | | 67.5 | % | | | 54.1 | % | | | 59.3 | % | | | 39.8 | % | | | 637,698 | | | | (512,219 | ) |
Pool 73) | | | 29 | | | | 2,082 | | | | US | | | | 10.00 | % | | | 89.7 | % | | | 86.4 | % | | | 87.7 | % | | | 88.0 | % | | | 43,505,757 | | | | 42,749,495 | |
Pool 8 | | | 4 | | | | 310 | | | | US | | | | 20.00 | % | | | 92.6 | % | | | 88.1 | % | | | 87.3 | % | | | 90.5 | % | | | 8,233,858 | | | | 8,200,729 | |
Pool 9 | | | 12 | | | | 872 | | | | US | | | | 25.00 | % | | | 92.4 | % | | | 88.0 | % | | | 90.3 | % | | | 89.7 | % | | | 18,945,302 | | | | 17,333,546 | |
Pool 10 | | | 2 | | | | 106 | | | | US | | | | 25.00 | % | | | 88.9 | % | | | 86.9 | % | | | 87.2 | % | | | 93.3 | % | | | 1,164,547 | | | | 1,222,658 | |
Pool 11 | | | 2 | | | | 152 | | | | US | | | | 30.00 | % | | | 87.6 | % | | | 88.2 | % | | | 85.5 | % | | | 90.2 | % | | | 3,318,027 | | | | 3,123,857 | |
Pool 12 | | | 15 | | | | 1,091 | | | | US | | | | 20.00 | % | | | 87.1 | % | | | 87.4 | % | | | 87.3 | % | | | 88.7 | % | | | 25,896,593 | | | | 24,950,101 | |
Pool 13 | | | 1 | | | | 79 | | | | US | | | | 20.00 | % | | | 97.2 | % | | | 95.3 | % | | | 97.6 | % | | | 86.3 | % | | | 2,476,705 | | | | 1,712,050 | |
Pool 14 | | | 3 | | | | 219 | | | | US | | | | 20.00 | % | | | 87.1 | % | | | 78.3 | % | | | 85.5 | % | | | 69.9 | % | | | 3,220,326 | | | | 1,515,356 | |
Pool 152) | | | 7 | | | | 601 | | | | US | | | | 20%/50 | % | | | 86.0 | % | | | 86.0 | % | | | 85.1 | % | | | 86.0 | % | | | 12,226,186 | | | | 11,618,790 | |
Pool 16 | | | 8 | | | | 621 | | | | US | | | | 20.00 | % | | | 83.8 | % | | | 82.5 | % | | | 83.5 | % | | | 77.3 | % | | | 10,640,592 | | | | 7,704,474 | |
Pool 17 | | | 3 | | | | 229 | | | | US | | | | 20.00 | % | | | 77.5 | % | | | 63.1 | % | | | 72.7 | % | | | 55.0 | % | | | 1,984,656 | | | | 533,356 | |
Pool 18 | | | 4 | | | | 348 | | | | US | | | | 20.00 | % | | | 63.6 | % | | | 27.1 | % | | | 52.5 | % | | | 21.7 | % | | | 1,217,129 | | | | (1,128,146 | ) |
Pool 19 | | | 3 | | | | 295 | | | | US | | | | 20.00 | % | | | 72.0 | % | | | 46.8 | % | | | 62.6 | % | | | 37.4 | % | | | 1,903,494 | | | | (535,820 | ) |
Pool 20 | | | 6 | | | | 598 | | | | US | | | | 20.00 | % | | | 62.6 | % | | | 39.8 | % | | | 54.1 | % | | | 30.0 | % | | | 3,673,983 | | | | (2,612,092 | ) |
Pool 21 | | | 2 | | | | 222 | | | | US | | | | 20.00 | % | | | 49.1 | % | | | 17.7 | % | | | 41.0 | % | | | 13.2 | % | | | (256,960 | ) | | | (1,501,104 | ) |
Pool 22 | | | 1 | | | | 76 | | | | US | | | | 20.00 | % | | | 92.4 | % | | | 70.8 | % | | | 83.0 | % | | | 61.5 | % | | | 1,338,738 | | | | 699,428 | |
Pool 23 | | | 1 | | | | 323 | | | | US | | | | 30.00 | % | | | 43.9 | % | | | 36.8 | % | | | 40.5 | % | | | 26.1 | % | | | (181,303 | ) | | | (2,420,653 | ) |
Pool 24 | | | 7 | | | | 498 | | | | US | | | | 10%-50 | % | | | 88.0 | % | | | 89.0 | % | | | 87.8 | % | | | 89.3 | % | | | 11,170,520 | | | | 10,819,987 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Joint Ventures | | | 137 | | | | 10,987 | | | | | | | | | | | | 82.0 | % | | | 74.2 | % | | | 79.0 | % | | | 71.6 | % | | $ | 206,676,489 | | | $ | 160,933,051 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 seven 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 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 December 31, 2010. 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, 2008. |
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 December 31, 2010. |
4
Sunrise Senior Living
Community Data
Management Contracts
Joint Venture Communities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Management Fees2) | |
| | | | | | | | | | | Average | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | |
Venture Pool1) | | Comm. | | | Units | | | Country | | | Maturity Date | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Pool 13) | | | 5 | | | | 434 | | | | UK | | | | 2028 | | | $ | 11,152 | | | $ | 860,371 | | | $ | 2,329,443 | | | $ | 3,214,787 | |
Pool 2 | | | 2 | | | | 156 | | | | UK | | | | 2037 | | | | 304,794 | | | | — | | | | 1,005,473 | | | | — | |
Pool 3 | | | 15 | | | | 1,243 | | | | UK | | | | 2037 | | | | 1,835,842 | | | | 1,847,034 | | | | 6,712,008 | | | | 5,730,652 | |
Pool 4 | | | 3 | | | | 237 | | | | UK | | | | 2024 | | | | 283,042 | | | | 318,930 | | | | 1,045,638 | | | | 1,010,338 | |
Pool 5 | | | 1 | | | | 81 | | | | UK | | | | 2039 | | | | 118,633 | | | | 111,160 | | | | 438,453 | | | | 323,829 | |
Pool 6 | | | 1 | | | | 114 | | | | UK | | | | 2039 | | | | 145,991 | | | | 101,928 | | | | 493,840 | | | | 266,534 | |
Pool 77) | | | 29 | | | | 2,082 | | | | US | | | | 2028 | | | | 2,484,116 | | | | 2,350,403 | | | | 9,646,466 | | | | 9,480,782 | |
Pool 8 | | | 4 | | | | 310 | | | | US | | | | 2032 | | | | 447,328 | | | | 308,715 | | | | 1,695,463 | | | | 1,604,624 | |
Pool 95) | | | 12 | | | | 872 | | | | US | | | | 2030 | | | | 1,115,353 | | | | 868,747 | | | | 4,326,172 | | | | 4,010,623 | |
Pool 10 | | | 2 | | | | 106 | | | | US | | | | 2037 | | | | 101,241 | | | | 97,023 | | | | 410,827 | | | | 411,629 | |
Pool 11 | | | 2 | | | | 152 | | | | US | | | | 2038 | | | | 142,203 | | | | 135,294 | | | | 542,391 | | | | 545,627 | |
Pool 126) | | | 15 | | | | 1,091 | | | | US | | | | 2037 | | | | 1,466,995 | | | | 1,379,445 | | | | 5,824,130 | | | | 5,718,740 | |
Pool 13 | | | 1 | | | | 79 | | | | US | | | | 2037 | | | | 111,123 | | | | 94,608 | | | | 439,281 | | | | 341,902 | |
Pool 14 | | | 3 | | | | 219 | | | | US | | | | 2037 | | | | 221,169 | | | | 182,489 | | | | 850,072 | | | | 646,125 | |
Pool 15 | | | 7 | | | | 601 | | | | US | | | | 2030 | | | | 690,110 | | | | 684,253 | | | | 2,736,542 | | | | 2,715,253 | |
Pool 163) | | | 8 | | | | 621 | | | | US | | | | 2030 | | | | 675,119 | | | | 654,942 | | | | 2,320,455 | | | | 2,460,658 | |
Pool 173) | | | 3 | | | | 229 | | | | US | | | | 2030 | | | | 225,549 | | | | 187,342 | | | | 825,763 | | | | 705,757 | |
Pool 18 | | | 4 | | | | 348 | | | | US | | | | 2037 | | | | 340,043 | | | | 231,411 | | | | 1,275,983 | | | | 326,193 | |
Pool 196) | | | 3 | | | | 295 | | | | US | | | | 2037 | | | | 247,715 | | | | 224,256 | | | | 945,063 | | | | 779,774 | |
Pool 20 | | | 6 | | | | 598 | | | | US | | | | 2037 | | | | 599,299 | | | | 476,440 | | | | 2,182,911 | | | | 1,119,645 | |
Pool 21 | | | 2 | | | | 222 | | | | US | | | | 2038 | | | | 167,588 | | | | 154,887 | | | | 667,088 | | | | 269,670 | |
Pool 22 | | | 1 | | | | 76 | | | | US | | | | 2038 | | | | 108,566 | | | | 81,563 | | | | 359,476 | | | | 283,313 | |
Pool 23 | | | 1 | | | | 323 | | | | US | | | | 2034 | | | | — | | | | — | | | | — | | | | — | |
Pool 24 | | | 7 | | | | 498 | | | | US | | | | Various | | | | 557,723 | | | | 591,962 | | | | 2,268,019 | | | | 2,262,744 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Joint Ventures | | | 137 | | | | 10,987 | | | | | | | | | | | $ | 12,400,694 | | | $ | 11,943,202 | | | $ | 49,340,956 | | | $ | 44,229,198 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Managed Communities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Management Fees2) | |
| | | | | | | | | | | Average | | | Three Months Ended December 31, | | | Twelve Months Ended December 31, | |
Owner | | Comm. | | | Units | | | Country | | | Maturity Date | | | 2010 | | | 2009 | | | 2010 | | | 2009 | |
Care Institute | | | 2 | | | | 209 | | | | US | | | | 2011 | | | $ | 162,565 | | | $ | 174,065 | | | $ | 630,258 | | | $ | 627,258 | |
Cooperative | | | 2 | | | | 684 | | | | US | | | | 2012 and 2034 | | | | 697,729 | | | | 685,223 | | | | 2,616,039 | | | | 2,594,640 | |
HCPI8) | | | 46 | | | | 4,512 | | | | US | | | | 2028-2038 | | | | 4,670,643 | | | | 3,963,560 | | | | 17,078,543 | | | | 15,029,345 | |
Inova | | | 4 | | | | 314 | | | | US | | | | 2013 | | | | 358,753 | | | | 351,171 | | | | 1,425,973 | | | | 1,372,665 | |
Living Oaks Living Ctrs | | | 2 | | | | 92 | | | | US | | | | 2021 | | | | 77,021 | | | | 76,594 | | | | 305,760 | | | | 287,544 | |
Ventas4) | | | 79 | | | | 6,511 | | | | US | | | | 2034-2037 | | | | 5,752,236 | | | | 4,331,142 | | | | 19,307,343 | | | | 18,946,699 | |
Wedum Foundation | | | 4 | | | | 235 | | | | US | | | | 2013 | | | | 238,744 | | | | 239,968 | | | | 954,975 | | | | 959,881 | |
Other | | | 5 | | | | 695 | | | | US | | | | Various | | | | 475,755 | | | | 440,137 | | | | 1,832,748 | | | | 1,747,706 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Managed | | | 144 | | | | 13,252 | | | | | | | | | | | $ | 12,433,446 | | | $ | 10,261,860 | | | $ | 44,151,639 | | | $ | 41,565,738 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total JV and Managed Communities | | | 281 | | | | 24,239 | | | | | | | | | | | $ | 24,834,140 | | | $ | 22,205,062 | | | $ | 93,492,595 | | | $ | 85,794,936 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other Management Fees | | | | | | | | | | | | | | | | | | $ | 1,564,101 | | | $ | 5,957,144 | | | $ | 14,339,115 | | | $ | 26,672,013 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Management Fees | | | | | | | | | | | | | | | | | | $ | 26,398,242 | | | $ | 28,162,206 | | | $ | 107,831,710 | | | $ | 112,466,948 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 seven 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 15 properties contain at-will termination provisions for a specified fee to Sunrise. |
5
Sunrise Senior Living
Consolidated and Joint Venture Debt
Scheduled Debt Maturities as of December 31, 2010
(dollars in thousands)
Consolidated Debt
| | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Communities | | Ownership Percentage | | | Number of Communities | | | Maturity Date6) | | | Weighted Aver. Interest Rate | | | Outstanding Debt | | | SRZ Guaranty | |
Connecticut Ave 8) | | | 100.00 | % | | | 1 | | | | Dec 11 | | | | 4.92 | % | | $ | 29,109 | | | | Y | |
Monterey | | | 100.00 | % | | | 1 | | | | Jun 13 | | | | 3.50 | % | | | 21,021 | | | | N | |
Quebec9) | | | 100.00 | % | | | 3 | | | | Apr 11 | | | | 4.75 | % | | | 46,812 | | | | Y | |
Cedar Parke | | | 0.00 | % | | | 1 | | | | Jul 29 | | | | 0.64 | % | | | 22,510 | | | | Y | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Community Debt | | | | | | | 6 | | | | | | | | | | | $ | 119,451 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Restructure Note | | | 100.00 | % | | | 0 | | | | Oct 12 | | | | 0.00 | % | | | 38,264 | | | | Y | |
Restructure Note | | | 100.00 | % | | | 0 | | | | Apr 14 | | | | 0.00 | % | | | 5,284 | | | | Y | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Other Consolidated Debt | | | | | | | 0 | | | | | | | | | | | $ | 43,549 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Consolidated Debt | | | | | | | 6 | | | | | | | | | | | $ | 163,000 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Joint Venture Entities | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Venture Pool1) | | Ownership Percentage 4) | | | Number of Communities | | | Maturity Date6) | | | Weighted Aver. Interest Rate | | | Outstanding Debt | | | SRZ ODA | |
Pool 1 | | | 20.00 | % | | | 5 | | | | May 13 | | | | 4.64 | % | | $ | 133,952 | | | | N | |
Pool 2 | | | 9.81 | % | | | 2 | | | | Feb 15 | | | | 4.75 | % | | | 58,005 | | | | N | |
Pool 3 | | | 9.81 | % | | | 15 | | | | Jul 14 | | | | 1.40 | % | | | 621,622 | | | | N | |
Pool 4 | | | 20.00 | % | | | 3 | | | | Nov 2012 - Jun 2013 | | | | 2.05 | % | | | 91,789 | | | | Y | |
Pool 5 | | | 17.30 | % | | | 1 | | | | Apr 13 | | | | 3.50 | % | | | 41,325 | | | | Y | |
Pool 6 | | | 17.30 | % | | | 1 | | | | Dec 12 | | | | 1.75 | % | | | 29,609 | | | | Y | |
Pool 73) | | | 10.00 | % | | | 29 | | | | Oct 2012 - Jun 2014 | | | | 4.12 | % | | | 288,809 | | | | N | |
Pool 8 | | | 20.00 | % | | | 4 | | | | Apr 14 | | | | 5.89 | % | | | 77,227 | | | | N | |
Pool 9 | | | 25.00 | % | | | 12 | | | | Jan 14 | | | | 6.00 | % | | | 185,697 | | | | N | |
Pool 10 | | | 25.00 | % | | | 2 | | | | May 13 | | | | 6.87 | % | | | 9,212 | | | | N | |
Pool 11 | | | 30.00 | % | | | 2 | | | | Mar 13 | | | | 5.23 | % | | | 36,154 | | | | N | |
Pool 12 | | | 20.00 | % | | | 15 | | | | Jun 12 | | | | 4.48 | % | | | 366,278 | | | | N | |
Pool 13 | | | 20.00 | % | | | 1 | | | | Mar 11 | | | | 4.25 | % | | | 13,955 | | | | Y | |
Pool 14 | | | 20.00 | % | | | 3 | | | | Dec 10 | | | | 3.50 | % | | | 48,007 | | | | Y | |
Pool 152) | | | 20%/50 | % | | | 7 | | | | Apr 11 | | | | 6.25 | % | | | 101,867 | | | | N | |
Pool 16 | | | 20.00 | % | | | 8 | | | | Dec 11 | | | | 6.50 | % | | | 111,850 | | | | Y | |
Pool 177) | | | 20.00 | % | | | 3 | | | | Dec 10 | | | | 6.50 | % | | | 41,718 | | | | Y | |
Pool 18 | | | 20.00 | % | | | 4 | | | | Dec 2011 - Jul 2012 | | | | 3.75 | % | | | 76,105 | | | | Y | |
Pool 19 | | | 20.00 | % | | | 3 | | | | Sep 10 | | | | 2.00 | % | | | 65,813 | | | | Y | |
Pool 20 | | | 20.00 | % | | | 6 | | | | Apr 11 | | | | 5.30 | % | | | 133,249 | | | | Y | |
Pool 21 | | | 20.00 | % | | | 2 | | | | Oct 11 | | | | 5.75 | % | | | 55,722 | | | | Y | |
Pool 22 | | | 20.00 | % | | | 1 | | | | Mar 11 | | | | 2.50 | % | | | 14,561 | | | | Y | |
Pool 235) | | | 30.00 | % | | | 1 | | | | Mar 11 | | | | 5.75 | % | | | 30,369 | | | | Y | |
Pool 24 | | | 10%-50 | % | | | 7 | | | | Jun 2011 - Jan 2020 | | | | 6.51 | % | | | 65,583 | | | | N | |
Pool 25 | | | 30.00 | % | | | 0 | | | | Mar 11 | | | | 3.93 | % | | | 116,355 | | | | Y | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total Joint Ventures | | | | | | | 137 | | | | | | | | | | | $ | 2,814,831 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
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 seven 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) | In February 2011, loans for three communities were extended two years from December 2010 to December 2012. |
8) | In February 2011, we extended the maturity date from December 2011 to June 2012. |
9) | These communities have been slow to lease up. The debt relating to these communities is non-recourse to us but we have provided operating deficit guarantees to the lender. The principal balance of $46.8 million is due in April 2011. We are marketing the communities for sale and expect that the net proceeds from the sale will be sufficient to repay the related debt. |
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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 income (loss) from operations. (in thousands)
| | | | | | | | |
| | Twelve Months Ended December 31, | |
| | 2010 | | | 2009 | |
Consolidated Community NOI | | $ | 12,552 | | | $ | 5,347 | |
Leased Community NOI | | | 78,594 | | | | 74,606 | |
| | | | | | | | |
Total Consolidated NOI | | | 91,146 | | | | 79,953 | |
Less: Community Lease Expense | | | 60,215 | | | | 59,315 | |
Less: Depreciation and Amortization | | | 41,083 | | | | 46,312 | |
Less: Impairment of long-lived assets | | | 5,907 | | | | 31,685 | |
| | | | | | | | |
| | $ | (16,059 | ) | | $ | (57,359 | ) |
| | | | | | | | |
| | |
Other Sunrise Revenue | | | | | | | | |
Management fees | | | 107,832 | | | | 112,467 | |
Buyout fees | | | 63,286 | | | | — | |
Ancillary fees | | | 43,136 | | | | 45,397 | |
Professional fees from development, marketing and other | | | 4,278 | | | | 13,193 | |
Reimbursed costs incurred on behalf of managed communities | | | 827,240 | | | | 942,809 | |
| | | | | | | | |
Total Other Revenue | | | 1,045,772 | | | | 1,113,866 | |
| | |
Less: Other Sunrise Expense | | | | | | | | |
Ancillary expenses | | | 40,504 | | | | 42,457 | |
General and administrative | | | 124,728 | | | | 114,566 | |
Development expense | | | 4,484 | | | | 12,374 | |
Write-off of capitalized project costs | | | — | | | | 14,879 | |
Accounting Restatement, Special Independent Committee inquiry, SEC investigation and stockholder litigation | | | (1,305 | ) | | | 3,887 | |
Restructuring costs | | | 11,690 | | | | 32,534 | |
Provision for doubtful accounts (unrelated to consolidated) | | | 4,992 | | | | 11,555 | |
Loss on financial guarantees and other contracts | | | 518 | | | | 2,053 | |
Costs incurred on behalf of managed communities | | | 831,008 | | | | 949,331 | |
Misc. Expense for Non-Operating Communities | | | 455 | | | | 616 | |
| | | | | | | | |
Total Other Expense | | | 1,017,074 | | | | 1,184,251 | |
| | | | | | | | |
Income/(Loss) from operations | | $ | 12,639 | | | $ | (127,744 | ) |
| | | | | | | | |
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Sunrise Senior Living, Inc.
Supplemental Information
As of December 31, 2010
($ in thousand except average daily rate)
| | | | | | | | | | | | |
| | Communities Q4 10 | | | Unit Capacity Q4 10 | | | Resident Capacity Q4 10 | |
Total Community Data (1) | | | | | | | | | | | | |
Communities managed for third-party owners | | | 144 | | | | 13,252 | | | | 15,144 | |
Communities in ventures | | | 137 | | | | 10,987 | | | | 12,843 | |
Communities consolidated | | | 38 | | | | 6,931 | | | | 7,135 | |
| | | | | | | | | | | | |
Total communities operated | | | 319 | | | | 31,170 | | | | 35,122 | |
| | | | | | | | | | | | |
| | | |
Percentage of Total Operating Portfolio | | | | | | | | | | | | |
Assisted Living | | | | | | | 81.0 | % | | | | |
Independent Living | | | | | | | 16.0 | % | | | | |
Skilled Nursing | | | | | | | 3.0 | % | | | | |
| | | | | | | | | | | | |
Total | | | | | | | 100.0 | % | | | | |
| | | | | | | | | | | | |
Selected Operating Results
| | | | | | | | | | | | | | |
All Community Portfolio Operating Results | | Q4 10 | | | Q4 09 | | | % Change | | | |
| | | | |
Total Community Portfolio | | | | | | | | | | | | | | |
Number of Communities | | | 319 | | | | 319 | | | | 0.0 | % | | |
Unit Capacity | | | 31,170 | | | | 31,170 | | | | 0.0 | % | | |
Resident Capacity | | | 35,122 | | | | 35,122 | | | | 0.0 | % | | |
Community Revenues | | $ | 517,116 | | | $ | 477,815 | | | | 8.2 | % | | |
Community Revenues Excluding Impact of Exchange Rates | | $ | 517,468 | | | $ | 477,815 | | | | 8.3 | % | | |
Community Operating Expenses | | $ | 368,032 | | | $ | 363,009 | | | | -1.4 | % | | |
Community Operating Expenses Excluding Impact of Exchange Rates | | $ | 368,378 | | | $ | 363,009 | | | | -1.5 | % | | |
Average Daily Revenue Per Occupied Unit | | $ | 209.23 | | | $ | 201.11 | | | | 4.0 | % | | |
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates | | $ | 209.37 | | | $ | 201.11 | | | | 4.1 | % | | |
Average Unit Occupancy Rate | | | 85.9 | % | | | 83.0 | % | | | 290 | | | basis points |
| | | | |
Communities in ventures and managed for third-party owners | | | | | | | | | | | | | | |
Number of Communities | | | 281 | | | | 281 | | | | 0.0 | % | | |
Unit Capacity | | | 24,239 | | | | 24,239 | | | | 0.0 | % | | |
Resident Capacity | | | 27,987 | | | | 27,987 | | | | 0.0 | % | | |
Community Revenues | | $ | 424,059 | | | $ | 389,645 | | | | 8.8 | % | | |
Community Revenues Excluding Impact of Exchange Rates | | $ | 424,548 | | | $ | 389.645 | | | | 9.0 | % | | |
Community Operating Expenses | | $ | 295,544 | | | $ | 292,529 | | | | -1.0 | % | | |
Community Operating Expenses Excluding Impact of Exchange Rates | | $ | 296,003 | | | $ | 292,529 | | | | -1.2 | % | | |
Average Daily Revenue Per Occupied Unit | | $ | 222.12 | | | $ | 214.04 | | | | 3.8 | % | | |
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates | | $ | 222.37 | | | $ | 214.04 | | | | 3.9 | % | | |
Average Unit Occupancy Rate | | | 85.6 | % | | | 82.0 | % | | | 360 | | | basis points |
| | | | |
Communities consolidated | | | | | | | | | | | | | | |
Number of Communities | | | 38 | | | | 38 | | | | 0.0 | % | | |
Unit Capacity | | | 6,931 | | | | 6,931 | | | | 0.0 | % | | |
Resident Capacity | | | 7,135 | | | | 7,135 | | | | 0.0 | % | | |
Community Revenues | | $ | 93,057 | | | $ | 88,169 | | | | 5.5 | % | | |
Community Revenues Excluding Impact of Exchange Rates | | $ | 92,920 | | | $ | 88,169 | | | | 5.4 | % | | |
Community Operating Expenses | | $ | 72,488 | | | $ | 70,480 | | | | -2.9 | % | | |
Community Operating Expenses Excluding Impact of Exchange Rates | | $ | 72,375 | | | $ | 70,480 | | | | -2.7 | % | | |
Average Daily Revenue Per Occupied Unit | | $ | 164.89 | | | $ | 158.30 | | | | 4.2 | % | | |
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates | | $ | 164.64 | | | $ | 158.30 | | | | 4.0 | % | | |
Average Unit Occupancy Rate | | | 87.0 | % | | | 86.6 | % | | | 40 | | | basis points |
Notes
(1) | During the fourth quarter of 2010, Sunrise sold or disposed of 28 communities managed for third-parties, one joint venture community and one consolidated community. Sunrise also transitioned 58 joint-venture communities to “manage for third-parties.” |
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