Sunrise Senior Living 8-K Sunrise Reports Financial Results for Second Quarter of 2011

Exhibit 99.1

Investor Relations Contact

Tim Smith, 703-854-0348

For immediate release	Media Contact
August 3, 2011	Sara Krueger, 703-744-1829

Sunrise Reports Financial Results for Second Quarter of 2011

MCLEAN, VA - Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the second quarter of 2011. Sunrise will host a conference call and webcast on Thursday, August 4, 2011, at 9:00 a.m. ET, to discuss the financial results.

2011 Second Quarter Results

In the second quarter of 2011, Sunrise reported revenues of $322.0 million as compared to $348.1 million for the second quarter of 2010. Net income for the second quarter of 2011 was $1.3 million or $0.02 per fully diluted share, as compared to net income of $46.3 million, or $0.81 per fully diluted share, for the second quarter of 2010. Sunrise’s second quarter 2011 results included an $11.3 million gain on the fair value of pre-existing equity interest relating to acquiring the AL US portfolio. Sunrise’s second quarter 2010 results included a $52.0 million gain from the German debt restructuring and a $12.7 million gain from the termination of certain management contracts.

Adjusted EBITDAR for the second quarter of 2011 was $39.1 million as compared to $32.0 million for the second quarter of 2010. This measure is used by management to focus on income generated from the ongoing operations of the Company. Adjusted EBITDAR is a measure of operating performance that is not calculated in accordance with U.S. GAAP and should not be considered as a substitute for income/(loss) from operations or net income/(loss). For a reconciliation of this measure, please refer to the attached table “Reconciliation for EBITDA, Adjusted EBITDA and Adjusted EBITDAR.”

Cash and Liquidity Update

Sunrise had $65.1 million of unrestricted cash at June 30, 2011. As of June 30, 2011, Sunrise’s consolidated debt was $565.5 million, as compared to $163.0 million at December 31, 2010, an increase of $402.5 million. The increase in consolidated debt relates to the AL US acquisition totaling $325.4 million (at fair value) and the issuance of junior subordinated convertible notes totaling $86.3 million during the second quarter of 2011.

Sunrise entered into a new $50 million senior revolving line of credit with KeyBank which closed during the second quarter of 2011. As of June 30, 2011, there were no outstanding draws against this credit facility and $0.5 million of letters of credit were issued and outstanding. Sunrise has $13.4 million in outstanding letters of credit on its terminated Bank of America Bank Credit Facility that are fully cash collateralized. Sunrise is in the process of transferring these letters of credit to its new credit facility with KeyBank, at which point the current cash collateral will be available for general corporate purposes.

AL US Acquisition

On June 2, 2011 the Company purchased from a group of funds affiliated with Morgan Stanley an 80 percent ownership interest in a joint venture entity, AL US Development Venture, LLC, that owns 15 senior living communities for a purchase price of $45 million. The Company now owns 100 percent of the ownership interest in the portfolio of 15 Sunrise-managed senior living communities. In connection with the closing of the transaction, the Company entered into a loan modification agreement with AL US’s lender, HSH Nordbank, that provides for an extension of the maturity date through June 14, 2015, a partial pay down of $25 million, a cash sweep through maturity, and the release of certain management fees that were escrowed. In addition, the loan modification eliminated the requirement to further subordinate or defer management fees provided no event of default occurs. The loan modification also provides relief under current debt service coverage requirements and restructures other terms of the loan.

General and Administrative Expenses

In connection with the Company’s ongoing efforts to reduce its general and administrative expenses, Sunrise eliminated 20 positions during the quarter ended June 30, 2011 and incurred $1.1 million of severance costs associated with these terminations. Further, during the quarter ended June 30, 2011, Sunrise’s general and administrative expenses included $1.0 million in professional expenses associated with its previously announced transactions.

Operating Data for Second Quarter 2011

• Average unit occupancy for total stabilized properties for the second quarter of 2011 was 87.8 percent, which was up 40 basis points from 87.4 percent for the second quarter of 2010, but down 50 basis points sequentially compared to 88.3 percent for the first quarter of 2011.

• Average daily revenue per occupied unit for total stabilized properties increased 5.2 percent from $200.84 for the second quarter of 2010 to $211.27 for the second quarter of 2011.

• Total stabilized property net operating income for the second quarter of 2011 increased 10.3 percent over the second quarter of 2010 from $125.1 million to $137.9 million. Overall, net operating income including lease up properties increased 14.4 percent for the second quarter of 2011 over the second quarter of 2010.

Mark Ordan, Sunrise’s chief executive officer, commented on the quarter, “We are pleased with our second quarter performance which shows continued strength in occupancy, rate and operating results. We are also pleased with our continuing progress in achieving our strategic goals. While our second quarter sequential occupancy dropped by 50 basis points from the first quarter to the second quarter, we have seen renewed strength in recent weeks.”

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.

Venture Transaction – Subsequent to Quarter End

On August 2, 2011, Sunrise and its 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 Sunrise. As part of the new venture agreement with CNL Sub, from the start of year four to the end of year six, Sunrise will have a buyout option to purchase CNL Sub’s 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, Sunrise contributed $8.1 million and CNL Sub contributed $19.0 million to the new venture. See below for key financial statistics on this portfolio.

Key Financial Statistics*

Avg Unit Occ% (1)	66.40%
Total Avg Daily Rate	$187.65
Total Revenue (‘000s)	$32,661
5% Management Fee (‘000s) (2)	$1,633
NOI w/ 5% MF (‘000s)	$8,135
Principal Loan Balance after Paydown (‘000,000s)	$104.5
Interest Rate (3)	4.58%
CNL Sub Annual Preference on Cash Flow	13% (year 1), 12% (year 2), 11.5% (year 3-6), pro-rata (year 7+)

*June 2011 YTD Annualized

1) The portfolio is still in the lease-up phase.

2) In connection with this transaction, our management fee was reduced from 7% of revenue to 5% of revenue. However, we have an incentive management fee opportunity if certain operating results are achieved.

3) Interest rate is libor plus 208 with a 250 bps floor on libor resulting in a current all in rate of 4.58%.

Supplemental Information

For additional details on Sunrise’s stabilized and lease up properties, please refer to the Supplemental Information attached. Also, additional supplemental information has been furnished to the Securities and Exchange Commission in a Form 8-K, and can also be found on the Supplemental Data link on the Investor Relations section of the Company’s Web site athttp://suppdata.sunriseseniorliving.com/

Conference Call and Webcast

Sunrise will host a conference call and webcast at 9:00 a.m. ET on Thursday, August 4, 2011, to discuss the financial results for the second quarter of 2011 and the other matters discussed in this press release. The call-in number for the conference call is 888-215-6896 or 913-312-1444 (from outside the U.S.). Callers should reference the “Sunrise Senior Living Q2 Earnings Call” or the participant passcode: 4094017. Those interested may also go to the Investor Relations section of the Company’s Web site (http://www.sunriseseniorliving.com) to listen to the earnings call. A telephone replay of the call will be available until August 18, 2011 at 1 p.m. ET, by dialing 888-203-1112 or 719-457-0820 (passcode: 4094017); a replay will also be available on Sunrise’s Web site during that period.

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About Sunrise Senior Living

Sunrise Senior Living, a McLean, Va.-based company, employs approximately 31,700 people. As of June 30, 2011, Sunrise operated 316 communities located in the United States, Canada and the United Kingdom, with a unit capacity of approximately 31,000 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer’s and other forms of memory loss, as well as nursing and rehabilitative services. Sunrise’s senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise, please visithttp://www.sunriseseniorliving.com.

Forward-Looking Statements

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 these 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 risk that we may not be able to successfully execute our plan to sell certain assets mortgaged to our German restructure transaction or the net sale proceeds of the mortgaged North American properties are not sufficient to pay the minimum amount guaranteed by Sunrise to the lenders that are party to the German restructure transactions; the risk that we may be unable to reduce expenses and generate positive operating cash flows; the risk of future obligations to fund guarantees to some of our ventures and lenders to the ventures; the risk of further write-downs or impairments of our assets; the risk that we are unable to obtain waivers, cure or reach agreements with respect to existing or future defaults under our loan, venture and construction agreements; the risk that we will be unable to repay, extend or refinance our indebtedness as it matures, or that we will not comply with loan covenants; the risk that our ventures will be unable to repay, extend or refinance their indebtedness as it matures, or that they will not comply with loan covenants creating a foreclosure risk to our venture interest and a termination risk to our management agreements; the risk that we are unable to continue to recognize income from refinancings and sales of communities by ventures; the risk of declining occupancies in existing communities or slower than expected leasing of newer communities; the risk that we are unable to extend leases on our operating properties at expiration, in some cases, the expiration is as early as 2013; the risk that some of our management agreements, subject to early termination provisions based on various performance measures, could be terminated due to failure to achieve the performance measures; the risk that our management agreements can be terminated in certain circumstances due to our failure to comply with the terms of the management agreements or to fulfill our obligations thereunder; the risk that ownership of the communities we manage is heavily concentrated in a limited number of business partners; the risk our current and future investments in ventures could be adversely affected by our lack of sole decision-making authority, our reliance on venture partners’ financial condition, any disputes that may arise between us and our venture partners and our exposure to potential losses from the actions of our venture partners; the risks from our international operations which are subject to a variety of risks that could adversely affect those operations and thus our profitability and operating results; the risk from competition and our response to pricing and promotional activities of our competitors; the risk of liability claims against us in excess of insurance limits could adversely affect our financial condition and results of operations including publicity surrounding some claims that may damage our reputation, which would not be covered by insurance; the risk of not complying with government regulations; the risk of new legislation or regulatory developments; the risk of changes in interest rates; the risk of unanticipated expenses; the risks of further downturns in general economic conditions including, but not limited to, financial market performance, downturns in the housing market, consumer credit availability, interest rates, inflation, energy prices, unemployment and consumer sentiment about the economy in general; the risks associated with the ownership and operation of assisted living and independent living communities; and other risk factors detailed in our Current Report on Form 8-K filed with the SEC on April 14, 2011, and as may be further amended or supplemented in our Form 10-Q filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Unless the context suggests otherwise, references herein to “Sunrise,” the “Company,” “we,” “us” and “our” mean Sunrise Senior Living, Inc. and our consolidated subsidiaries.

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SUNRISE SENIOR LIVING, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share and share amounts)	June 30, 2011			December 31, 2010
	(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	65,126		$	66,720
Accounts receivable, net		35,716			37,484
Income taxes receivable		2,937			4,532
Due from unconsolidated communities		15,096			19,135
Deferred income taxes, net		15,676			20,318
Restricted cash		47,738			43,355
Assets held for sale		1,404			1,099
Prepaid expenses and other current assets		10,395			20,167
Total current assets		194,088			212,810
Property and equipment, net		637,694			238,674
Due from unconsolidated communities		3,869			3,868
Intangible assets, net		39,577			40,749
Investments in unconsolidated communities		34,942			38,675
Restricted cash		112,067			103,334
Restricted investments in marketable securities		2,610			2,509
Assets held in the liquidating trust		43,661			50,750
Other assets, net		16,316			10,089
Total assets	$	1,084,824		$	701,458
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of debt	$	80,308		$	80,176
Accounts payable and accrued expenses		117,551			131,904
Due to unconsolidated communities		702			502
Deferred revenue		16,828			15,946
Entrance fees		30,629			30,688
Self-insurance liabilities		39,971			35,514
Total current liabilities		285,989			294,730
Debt, less current maturities		455,306			44,560
Liquidating trust notes, at fair value		29,846			38,264
Investments accounted for under the profit-sharing method		5,844			419
Self-insurance liabilities		44,154			51,870
Deferred gains on the sale of real estate and deferred revenues		14,293			16,187
Deferred income tax liabilities		15,676			20,318
Interest rate swap, at fair value		16,986			0
Other long-term liabilities, net		105,871			110,553
Total liabilities		973,965			576,901
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding		0			0
Common stock, $0.01 par value, 120,000,000 shares authorized, 57,633,610 and 56,453,192 shares issued and outstanding, net of 445,238 and 428,026 treasury shares, at June 30, 2011 and December 31, 2010, respectively		576			565
Additional paid-in capital		483,477			478,605
Retained loss		(378,331	)		(361,904	)
Accumulated other comprehensive income		597			2,885
Total stockholders’ equity		106,319			120,151
Noncontrolling interests		4,540			4,406
Total equity		110,859			124,557
Total liabilities and equity	$	1,084,824		$	701,458

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SUNRISE SENIOR LIVING, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands, except per share amounts)	2011			2010			2011			2010
	(Unaudited)						(Unaudited)
Operating revenue:
Management fees	$	24,400		$	24,163		$	48,614		$	52,770
Buyout fees		0			12,717			0			13,471
Resident fees for consolidated communities		111,260			88,030			213,997			175,964
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 operating revenues		321,960			348,097			642,696			702,412
Operating expenses:
Community expense for consolidated communities		79,248			65,490			154,325			131,174
Community lease expense		19,108			14,896			37,805			29,639
Depreciation and amortization		8,786			8,591			16,203			17,035
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		0			301			0			359
Restructuring costs		0			5,209			0			9,824
Provision for doubtful accounts		86			967			1,524			2,078
Impairment of long-lived assets		5,355			2,659			5,355			3,359
(Gain) 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
Total operating expenses		327,032			348,279			655,845			711,719
Loss from operations		(5,072	)		(182	)		(13,149	)		(9,307	)
Other non-operating income (expense):
Interest income		323			243			1,163			610
Interest expense		(4,493	)		(2,102	)		(5,840	)		(4,238	)
Gain on investments		0			94			0			647
Gain on fair value of pre-existing equity interest from a business combination		11,250			0			11,250			0
Gain on fair value of liquidating trust note		88			1,113			88			1,113
Other expense		(961	)		(2,408	)		(28	)		(1,235	)
Total other non-operating income (expense)		6,207			(3,060	)		6,633			(3,103	)
Gain on the sale and development of real estate and equity interests		2,598			1,745			3,090			2,210
Sunrise’s share of earnings (loss) and return on investment in unconsolidated communities		931			(828	)		(6,758	)		(2,341	)
Loss from investments accounted for under the profit-sharing method		(1,740	)		(2,259	)		(4,764	)		(4,777	)
Income (loss) before provision for income taxes and discontinued operations		2,924			(4,584	)		(14,948	)		(17,318	)
Provision for income taxes		(773	)		(678	)		(1,503	)		(1,118	)
Income (loss) before discontinued operations		2,151			(5,262	)		(16,451	)		(18,436	)
Discontinued operations, net of tax		(333	)		52,019			1,025			49,727
Net income (loss)		1,818			46,757			(15,426	)		31,291
Less: Net income attributable to noncontrolling interests		(540	)		(429	)		(1,001	)		(980	)
Net income (loss) attributable to common shareholders	$	1,278		$	46,328		$	(16,427	)	$	30,311
Earnings per share data:
Basic net income (loss) per common share
Income (loss) before discontinued operations	$	0.03		$	(0.10	)	$	(0.31	)	$	(0.35	)
Discontinued operations, net of tax		(0.01	)		0.93			0.02			0.89
Net income (loss)	$	0.02		$	0.83		$	(0.29	)	$	0.54
Diluted net income (loss) per common share
Income (loss) before discontinued operations	$	0.03		$	(0.10	)	$	(0.31	)	$	(0.35	)
Discontinued operations, net of tax		(0.01	)		0.91			0.02			0.88
Net income (loss)	$	0.02		$	0.81		$	(0.29	)	$	0.53

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SUNRISE SENIOR LIVING, INC.

Reconciliation For EBITDA, Adjusted EBITDA, and Adjusted EBITDAR

EBITDA, Adjusted EBITDA, and Adjusted EBITDAR

EBITDA, adjusted EBITDA, and adjusted EBITDAR are measures of operating performance that are 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. EBITDA, adjusted EBITDA, and adjusted EBITDAR are used by management to focus on performance and liquidity as EBITDA excludes depreciation and amortization, interest income, interest expense, and provision for income taxes. Adjusted EBITDA further excludes accounting restatement, special independent committee inquiry, SEC investigation, stockholder litigation, buyout fees, restructuring costs, write-off of capitalized project costs, allowance for uncollectible receivables from owners, impairment of long-lived assets, gain on investments, other income (expense), stock compensation, gain on the sale and development of real estate and equity interests, proportionate share of joint venture interest, taxes, depreciation, and amortization, loss from investments accounted for under the profit-sharing method, and discontinued operations (net of tax). Adjusted EBITDAR further excludes consolidated community lease expense and our share of lease expense from consolidated New York communities leased from a venture.

The following table reconciles adjusted EBITDA and adjusted EBITDAR to net income (loss) attributable to common shareholders (in millions):

	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Net income (loss) attributable to common shareholders	$	1.3		$	46.3		$	(16.4	)	$	30.3
Depreciation and amortization		8.8			8.6			16.2			17.0
Interest income		(0.3	)		(0.2	)		(1.2	)		(0.6	)
Interest expense		4.5			2.1			5.8			4.2
Provision for income taxes		0.8			0.7			1.5			1.1
EBITDA		15.1			57.5			5.9			52.0
Accounting Restatement, Special Independent Committee inquiry, SEC investigation and stockholder litigation		—			0.3			—			0.4
Buyout Fees		—			(12.7	)		—			(13.5	)
Restructuring costs		—			5.2			—			9.8
Allowance for uncollectible receivables from owners		(0.2	)		0.5			0.9			1.4
Impairment of long-lived assets		5.4			2.7			5.4			3.4
(Gain) loss on financial guarantees and other contracts		(0.0	)		0.3			(0.0	)		0.3
Gain on investments		—			(0.1	)		—			(0.6	)
Gain on fair value of pre-existing equity interest from a business combination		(11.3	)		—			(11.3	)		—
Gain on fair value of liquidating trust note		(0.1	)		(1.1	)		(0.1	)		(1.1	)
Other expense		1.0			2.4			0.0			1.2
Stock compensation		2.0			1.1			3.7			2.0
Gain on the sale and development of real estate and equity interests		(2.6	)		(1.7	)		(3.1	)		(2.2	)
Proportionate Share of Joint Venture Interest, Taxes, Transaction Costs, Depr., and Amort., net of equity in earnings		11.2			12.4			29.0			25.2
Loss from investments accounted for under the profit-sharing method		1.7			2.3			4.8			4.8
Discontinued operations, net of tax		0.3			(52.0	)		(1.0	)		(49.7	)
Adjusted EBITDA	$	22.5		$	17.1		$	34.2		$	33.4
Consolidated Community Lease Expense		14.9			14.9			29.7			29.6
Lease expense from Consolidated New York communities leased from a venture (Sunrise share)		1.7			—			3.2
Adjusted EBITDAR	$	39.1		$	32.0		$	67.1		$	63.0

Footnotes:

In connection with the Company’s ongoing efforts to reduce its general and administrative expenses, Sunrise eliminated 20 positions during the quarter ended June 30, 2011 and incurred $1.1 million of severance costs associated with these terminations. Further, during the quarter ended June 30, 2011, Sunrise’s general and administrative expenses included $1.0 million in professional expenses associated with its previously announced venture transactions.

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Sunrise Senior Living

Community Data

Ownership Type

Stabilized Properties 2)					Unit Occupancy												Net Operating Income1)								Revenue per Occupied Unit
					Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,
Ownership Type	Comm.		Units		2011			2010			2011			2010			2011		2010		2011		2010		2011		2010
Consolidated4)		21		1,898		87.2	%		86.2	%		87.0	%		86.3	%	$	11,618,218	$	10,417,507	$	20,877,368	$	20,621,611	$	217.09	$	208.16
Leased4)		26		5,675		88.3	%		88.6	%		88.5	%		88.9	%		20,934,867		19,014,397		42,009,190		38,647,548		167.84		157.51
Joint Ventures-US		74		5,454		88.0	%		86.6	%		88.2	%		86.3	%		32,690,040		28,627,165		61,578,221		54,643,148		232.80		224.17
Joint Ventures-UK		5		434		92.9	%		88.7	%		92.7	%		89.2	%		3,896,445		3,493,707		7,726,155		7,239,620		311.58		287.72
Managed		144		13,234		87.4	%		87.4	%		87.6	%		87.4	%		68,763,696		63,515,706		131,587,858		123,038,171		216.81		206.20
Total Stabilized		270		26,695		87.8	%		87.4	%		88.0	%		87.4	%	$	137,903,266	$	125,068,482	$	263,778,792	$	244,190,098		211.27		200.84
Lease-Up Properties 3)					Unit Occupancy												Net Operating Income1)								Revenue per Occupied Unit
					Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,
Ownership Type	Comm.		Units		2011			2010			2011			2010			2011		2010		2011		2010		2011		2010
Consolidated4)		4		345		61.2	%		54.4	%		60.4	%		52.3	%	$	1,017,944	$	737,833	$	1,570,419	$	931,689	$	245.95	$	234.76
Joint Ventures-US		20		2,091		67.8	%		52.0	%		66.4	%		49.2	%		6,481,660		1,850,141		11,461,825		1,782,767		220.09		215.33
Joint Ventures-UK		22		1,831		85.6	%		73.0	%		84.2	%		70.8	%		12,144,513		10,044,008		23,754,938		18,792,110		293.78		275.98
Total Lease Up		46		4,267		74.9	%		61.2	%		73.5	%		58.7	%	$	19,644,117	$	12,631,982	$	36,787,182	$	21,506,566		257.94		247.76
Total Properties					Unit Occupancy												Net Operating Income1)								Revenue per Occupied Unit
					Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended June 30,
Ownership Type	Comm.		Units		2011			2010			2011			2010			2011		2010		2011		2010		2011		2010
Consolidated4)		25		2,243		83.2	%		81.3	%		82.9	%		81.1	%	$	12,636,162	$	11,155,340	$	22,447,787	$	21,553,300	$	220.35	$	210.89
Leased4)		26		5,675		88.3	%		88.6	%		88.5	%		88.9	%		20,934,867		19,014,397		42,009,190		38,647,548		167.84		157.51
Joint Ventures-US		94		7,545		82.4	%		77.0	%		82.2	%		76.0	%		39,171,700		30,477,306		73,040,046		56,425,915		229.90		222.51
Joint Ventures-UK		27		2,265		87.0	%		76.0	%		85.8	%		74.3	%		16,040,958		13,537,715		31,481,094		26,031,731		297.42		278.60
Managed		144		13,234		87.4	%		87.4	%		87.6	%		87.4	%		68,763,696		63,515,706		131,587,858		123,038,171		216.81		206.20
Total Properties		316		30,962		86.0	%		83.8	%		86.0	%		83.5	%	$	157,547,383	$	137,700,464	$	300,565,975	$	265,696,665		216.87		205.56

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 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.

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