Sunrise Senior Living 8-K Sunrise Reports Financial Results for First Quarter of 2012

Exhibit 99.2

Sunrise Senior Living

Community Data

Ownership Type

Stabilized Properties1)					Sequential Same Community-Unit Occupancy
					Three Months Ended			Three Months Ended
					March 31,			December 31,
Ownership Type	Comm.		Units		2012			20113)
Consolidated		25		2,281		85.2	%		85.2	%
Leased		26		5,673		88.2	%		88.0	%
Joint Ventures-US		76		5,666		88.0	%		88.5	%
Joint Ventures-UK		23		1,947		88.0	%		89.1	%
Managed		139		12,676		88.7	%		88.6	%
Total Stabilized		289		28,243		88.2	%		88.2	%
Lease-Up Properties2)					Sequential Same Community-Unit Occupancy
					Three Months Ended			Three Months Ended
					March 31,			December 31,
Ownership Type	Comm.		Units		2012			20113)
Consolidated		5		517		80.3	%		79.8	%
Joint Ventures-US		10		1,186		69.1	%		66.5	%
Joint Ventures-UK		4		318		93.6	%		93.3	%
Total Lease Up		19		2,021		75.8	%		74.1	%
Total Properties					Sequential Same Community-Unit Occupancy
					Three Months Ended			Three Months Ended
					March 31,			December 31,
Ownership Type	Comm.		Units		2012			20113)
Consolidated		30		2,798		84.3	%		84.2	%
Leased		26		5,673		88.2	%		88.0	%
Joint Ventures-US		86		6,852		84.7	%		84.7	%
Joint Ventures-UK		27		2,265		88.8	%		89.6	%
Managed		139		12,676		88.7	%		88.6	%
Total Properties		308		30,264		87.3	%		87.3	%

Footnotes:

1) 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 March 31, 2012. All managed communities are stabilized properties.

2) 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 March 31, 2012.

3) For sequential same community purposes, we have provided a revised December 31, 2011 occupancy table which includes the same community count that exists as of the period ended March 31, 2012.

1

Sunrise Senior Living

Community Data

Consolidated Communities

Stabilized Properties2)									Unit Occupancy						Net Operating Income1), 4)
									Three Months Ended						Three Months Ended
	Comm.		Units		Ownership			State/	March 31,						March 31,
Community					Interest			Province	2012			2011			2012		2011
Connecticut Avenue		1		100		100.0	%	DC		97.1	%		86.5	%	$	1,169,828	$	886,898
Santa Monica8)		1		70		100.0	%	CA		96.4	%		95.5	%		654,220		682,102
AL US6)		15		1,091		100.0	%	Various		89.2	%		87.4	%		8,273,045		7,583,446
Quebec		3		246		100.0	%	QU		72.5	%		58.3	%		925,034		250,843
Monterey		1		99		100.0	%	CA		71.3	%		62.7	%		495,416		291,465
Other Consolidated		1		371		0.0	%	NJ		70.5	%		73.2	%		289,166		317,561
Other Consolidated7)		1		137		50.0	%	MD		95.9	%		96.6	%		1,379,246		1,273,250
Total Stabilized Excluding 2 Condos		23		2,114						84.2	%		81.2	%		13,185,955		11,285,565
Other Consolidated5)		2		167		100.0	%	Various		97.8	%		102.7	%		51,344		(521,474	)
Total Stabilized		25		2,281						85.2	%		82.7	%	$	13,237,299	$	10,764,091
Lease-Up Properties3)									Unit Occupancy						Net Operating Income1), 4)
									Three Months Ended						Three Months Ended
	Comm.		Units		Ownership			State/	March 31,						March 31,
Community					Interest			Province	2012			2011			2012		2011
Pool 199)		3		295		100.0	%	Various		89.7	%		75.2	%	$	1,511,412	$	1,005,604
Pool 219)		2		222		100.0	%	Various		67.8	%		55.7	%		788,450		447,045
Total Lease-Up		5		517						80.3	%		66.8	%	$	2,299,862	$	1,452,649
Total Properties									Unit Occupancy						Net Operating Income1), 4)
									Three Months Ended						Three Months Ended
	Comm.		Units		Ownership			State/	March 31,						March 31,
Community					Interest			Province	2012			2011			2012		2011
Connecticut Avenue		1		100		100.0	%	DC		97.1	%		86.5	%	$	1,169,828	$	886,898
Santa Monica8)		1		70		100.0	%	CA		96.4	%		95.5	%		654,220		682,102
AL US6)		15		1,091		100.0	%	Various		89.2	%		87.4	%		8,273,045		7,583,446
Quebec		3		246		100.0	%	QU		72.5	%		58.3	%		925,034		250,843
Monterey		1		99		100.0	%	CA		71.3	%		62.7	%		495,416		291,465
Pool 199)		3		295		100.0	%	Various		89.7	%		75.2	%		1,511,412		1,005,604
Pool 219)		2		222		100.0	%	Various		67.8	%		55.7	%		788,450		447,045
Other Consolidated		1		371		0.0	%	NJ		70.5	%		73.2	%		289,166		317,561
Other Consolidated7)		1		137		50.0	%	MD		95.9	%		96.6	%		1,379,246		1,273,250
Total Properties Excluding 2 Condos		28		2,631						83.4	%		78.3	%		15,485,817		12,738,214
Other Consolidated5)		2		167		100.0	%	Various		97.8	%		102.7	%		51,344		(521,474	)
Total Properties		30		2,798						84.3	%		79.7	%	$	15,537,161	$	12,216,740

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 March 31, 2012. 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 March 31, 2012.

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.

6) Net operating income is consolidated from June 2, 2011 forward. The portfolio was a joint venture prior to June 2.

7) This community is a joint venture community that we consolidate under the accounting guidelines. The information provided above only includes the results of operations of the operator who has a lease with an unconsolidated 3rd party. In 2011, the consolidated venture paid $1.7 million to the landlord in rent. In 2012, the terms of the lease will be re-negotiated and we expect the rent expense to increase significantly.

8) Net operating income is consolidated from February 28, 2012 forward. The community was a joint venture prior to February 28.

9) Net operating income is consolidated from March 20, 2012 forward. The portfolio was a joint venture prior to March 20.

2

Sunrise Senior Living

Community Data

Leased Communities

Leased Communities						Unit Occupancy						Net Operating Income 1), 3)
						Three Months Ended						Three Months Ended
						March 31,						March 31,
Lessor	Comm.		Units		Country	2012			2011			2012		2011
HRPT5)		4		1,594	US		93.6	%		91.8	%	$	6,957,723	$	6,677,065
HRPT6)		10		2,306	US		85.5	%		86.8	%		4,529,140		6,128,212
HCP		2		1,055	US		86.7	%		88.1	%		4,537,623		5,001,708
LTC		3		186	US		80.4	%		86.3	%		773,186		778,566
Missouri River Corp.		2		133	US		82.2	%		84.5	%		482,264		262,226
Oakmont		3		228	US		93.4	%		93.5	%		1,409,228		1,411,619
Other		2		171	US		90.7	%		91.5	%		800,175		667,712
Total Leased		26		5,673			88.2	%		88.8	%	$	19,489,339	$	20,927,108

Leased Communities		Lease Coverage- Straight-Line  Lease Expense 2)				Lease Coverage-Cash Lease  Expense 2)
	Current	Three Months Ended				Three Months Ended
	Lease Term	March 31,				March 31,
Lessor	Expiration 4)	2012		2011		2012		2011
HRPT (4 communities)5)	2013		1.91		1.84		1.91		1.84
HRPT (10 communities)6)	2013		0.98		1.32		1.11		1.49
HCP	2018		1.14		1.26		1.13		1.28
LTC	2018		1.02		1.17		1.02		1.16
Missouri River Corp.	2018		0.84		0.57		0.84		0.57
Oakmont	2012-2013		2.02		2.10		1.97		2.04
Other	2013		2.05		1.71		1.93		1.64
Total Leased			1.33		1.45		1.37		1.51

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.

5) On December 29, 2011, we received 3rd party consent to the extension of the term of the four leases for an additional five-year term commencing January 1, 2014.

6) We notified the landlord that the ten leases will terminate effective December 31, 2013.

3

Sunrise Senior Living

Community Data

Joint Venture Communities

Stabilized Properties4)									Unit Occupancy						Net Operating Income of Venture
									Three Months Ended						Three Months Ended
						Ownership			March 31,						March 31,
Venture Pool1)	Comm.		Units		Country	Interest3)			2012			2011			2012		2011
Pool 1		5		434	UK		20.00	%		94.8	%		92.5	%	$	4,345,638	$	3,866,223
Pool 2		2		156	UK		9.81	%		93.3	%		90.9	%		1,838,764		1,557,450
Pool 3		15		1,243	UK		9.81	%		84.9	%		83.0	%		8,863,382		7,576,949
Pool 6		1		114	UK		17.30	%		88.9	%		76.3	%		774,546		318,837
Pool 72)		29		2,082	US		40.00	%		87.5	%		89.0	%		11,824,393		11,145,013
Pool 8		4		310	US		20.00	%		90.5	%		90.5	%		2,358,019		2,073,920
Pool 9		12		872	US		25.00	%		91.0	%		90.5	%		5,630,958		4,491,755
Pool 11		2		152	US		30.00	%		91.8	%		89.6	%		991,742		936,212
Pool 13/14		4		298	US		20.00	%		88.9	%		90.3	%		1,508,045		1,449,798
Pool 15		7		601	US		32.12	%		87.8	%		86.9	%		3,590,619		3,175,113
Pool 166)		8		621	US		20.00	%		85.3	%		83.1	%		3,180,539		2,748,860
Pool 176)		3		229	US		20.00	%		81.9	%		80.0	%		923,261		632,534
Pool 226)		1		76	US		20.00	%		86.4	%		92.6	%		366,259		427,499
Pool 238)		1		83	US		30.00	%		89.1	%		85.5	%		580,737		202,866
Pool 24		5		342	US		10%-50	%		87.4	%		87.6	%		2,258,546		2,101,587
Total JV’s-Stabilized		99		7,613						88.0	%		87.4	%	$	49,035,448	$	42,704,616

Lease-Up Properties5)									Unit Occupancy						Net Operating Income of Venture
									Three Months Ended						Three Months Ended
						Ownership			March 31,						March 31,
Venture Pool1)	Comm.		Units		Country	Interest3)			2012			2011			2012		2011
Pool 4		3		237	UK		20.00	%		98.3	%		85.1	%		2,999,928		2,053,940
Pool 5		1		81	UK		17.30	%		79.7	%		65.9	%		393,775		103,186
Pool 186)		4		348	US		20.00	%		78.4	%		66.9	%		1,499,751		1,095,711
Pool 20		6		598	US		30.00	%		78.8	%		64.4	%		2,474,400		1,575,499
Pool 257)		0		240	US		30.00	%		31.3	%		29.7	%		—		—
Total JV’s-Lease Up		14		1,504						74.3	%		62.8	%	$	7,367,854	$	4,828,336

Total Properties									Unit Occupancy						Net Operating Income of Venture
									Three Months Ended						Three Months Ended
						Ownership			March 31,						March 31,
Venture Pool1)	Comm.		Units		Country	Interest3)			2012			2011			2012		2011
Pool 1		5		434	UK		20.00	%		94.8	%		92.5	%	$	4,345,638	$	3,866,223
Pool 2		2		156	UK		9.81	%		93.3	%		90.9	%		1,838,764		1,557,450
Pool 3		15		1,243	UK		9.81	%		84.9	%		83.0	%		8,863,382		7,576,949
Pool 4		3		237	UK		20.00	%		98.3	%		85.1	%		2,999,928		2,053,940
Pool 5		1		81	UK		17.30	%		79.7	%		65.9	%		393,775		103,186
Pool 6		1		114	UK		17.30	%		88.9	%		76.3	%		774,546		318,837
Pool 72)		29		2,082	US		40.00	%		87.5	%		89.0	%		11,824,393		11,145,013
Pool 8		4		310	US		20.00	%		90.5	%		90.5	%		2,358,019		2,073,920
Pool 9		12		872	US		25.00	%		91.0	%		90.5	%		5,630,958		4,491,755
Pool 11		2		152	US		30.00	%		91.8	%		89.6	%		991,742		936,212
Pool 13/14		4		298	US		20.00	%		88.9	%		90.3	%		1,508,045		1,449,798
Pool 15		7		601	US		32.12	%		87.8	%		86.9	%		3,590,619		3,175,113
Pool 166)		8		621	US		20.00	%		85.3	%		83.1	%		3,180,539		2,748,860
Pool 176)		3		229	US		20.00	%		81.9	%		80.0	%		923,261		632,534
Pool 186)		4		348	US		20.00	%		78.4	%		66.9	%		1,499,751		1,095,711
Pool 20		6		598	US		30.00	%		78.8	%		64.4	%		2,474,400		1,575,499
Pool 226)		1		76	US		20.00	%		86.4	%		92.6	%		366,259		427,499
Pool 238)		1		83	US		30.00	%		89.1	%		85.5	%		580,737		202,866
Pool 24		5		342	US		10%-50	%		87.4	%		87.6	%		2,258,546		2,101,587
Pool 257)		0		240	US		30.00	%		31.3	%		29.7	%		—		—
Total Joint Ventures		113		9,117						85.7	%		83.3	%	$	56,403,302	$	47,532,952

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 five single property joint ventures.

2) Operating results include the results from 6 New York entities that are leased and operated by Sunrise but owned by the venture.

3) In certain situations, our share of cash distributions, profits or losses, are not equal to our ownership percentage.

4) 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 March 31, 2012.

5) 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 March 31, 2012.

6) Closed on the sale of these venture pools on May 1, 2012.

7) This condominium community is currently in foreclosure with the lender.

8) Represents the assisted living side of the condo project (pool 25).

4

Sunrise Senior Living

Community Data

Management Contracts

Joint Venture Communities							Management Fees2)
							Three Months Ended
						Average	March 31,
Venture Pool1)	Comm.		Units		Country	Maturity Date	2012		2011
Pool 1		5		434	UK	2028	$	799,022	$	770,249
Pool 2		2		156	UK	2037		332,105		301,891
Pool 3		15		1,243	UK	2037		2,069,582		1,803,289
Pool 4		3		237	UK	2024		348,204		287,192
Pool 5		1		81	UK	2039		126,375		113,571
Pool 6		1		114	UK	2039		231,302		187,871
Pool 7		29		2,082	US	2028		1,464,500		1,514,966
Pool 8		4		310	US	2032		467,033		439,322
Pool 93)		12		872	US	2030		1,169,054		1,098,377
Pool 11		2		152	US	2038		154,463		144,581
Pool 13/14		4		298	US	2037		374,418		397,428
Pool 15		7		601	US	2030		748,123		710,601
Pool 16		8		621	US	2030		732,600		677,479
Pool 17		3		229	US	2030		257,189		233,394
Pool 18		4		348	US	2037		378,501		278,303
Pool 20		6		598	US	2037		449,835		607,983
Pool 22		1		76	US	2038		104,062		107,325
Pool 23 5)		1		83	US	2034		—		—
Pool 24		5		342	US	Various		400,455		387,246
Pool 25 5)		0		240	US			—		—
Total Joint Ventures		113		9,117			$	10,606,823	$	10,061,068

Managed Communities								Management Fees2)
								Three Months Ended
							Average	March 31,
Owner	Comm.		Units		Country		Maturity Date	2012		2011
Cooperative7)		2		684		US	2012 and 2034		637,141		629,277
HCPI4)		46		4,511		US	2028-2038		4,865,473		4,142,882
Inova		4		313		US	2013		390,632		476,207
Ventas		79		6,507		US	2034-2037		6,502,899		5,586,048
Wedum Foundation		4		235		US	2013		242,590		243,041
Other		4		426		US	Various		381,856		378,175
Total Managed		139		12,676				$	13,020,591	$	11,455,630
Total JV and Managed Communities		252		21,793				$	23,627,414	$	21,516,698
Other/Terminated Management Fees6)								$	687,495	$	2,697,137
Total Management Fees								$	24,314,909	$	24,213,835

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 five single property joint ventures.

2) The majority of our management contracts contain performance based termination tests with certain limited cure rights.

3) Contracts contain at-will termination provisions for a specified fee to Sunrise.

4) The contracts relating to one portfolio of 14 properties contain at-will termination provisions for a specified fee to Sunrise.

5) No management fees are associated with this venture as these fees are eliminated due to accounting for this venture under the profit sharing method.

6) Includes $1.5 million for the three months ended March 31, 2011 from the previous AL US venture.

7) The owner has notified us that they will not seek to extend us as manager with respect to the community with a 2012 contract maturity. We earned approximately $1.5 million in management fees from this community in 2011.

5

Sunrise Senior Living

Consolidated and Joint Venture Debt

Scheduled Debt Maturities as of March 31, 2012

(dollars in thousands)
Consolidated Debt
	Ownership			Number of		Maturity	Weighted Aver.			Outstanding			In			SRZ
Consolidated Communities	Percentage			Communities		Date4)	Interest Rate			Debt			Default			Guaranty
AL US Development Portfolio		100.00	%		15	Jun 15		4.30	%	$	331,731		$	—		N
Pool 197)		100.00	%		3	Jan 13		5.00	%		62,479			62,479		N
Pool 21		100.00	%		2	Oct 12		6.50	%		57,189			—		Y
Connecticut Ave		100.00	%		1	Mar 19		4.66	%		33,932			—		N
Santa Monica		100.00	%		1	Mar 19		4.66	%		21,068			—		N
Monterey		100.00	%		1	Jun 13		3.50	%		21,022			—		N
Quebec		100.00	%		3	Feb 14		5.00	%		46,873			—		Y
Cedar Parke		0.00	%		1	Jul 29		0.55	%		21,385			1,365		Y
Consolidated Community Debt					27					$	595,679		$	63,843
Revolving Credit Facility		100.00	%		0	Jun 14		5.49	%	$	39,000		$	—		Y
Convertible Notes		100.00	%		0	Apr 41		5.00	%		86,250			—		Y
Restructure Note		100.00	%		0	Oct 12		0.00	%		26,255			—		Y
Restructure Note		100.00	%		0	Apr 14		0.00	%		4,317			—		Y
Other Consolidated Debt					0					$	155,822		$	—
Total Principal Amount of Debt										$	751,501		$	63,843
Less: Fair Value Adjustments											(13,602	)		(818	)
Total Consolidated Debt					27					$	737,899		$	63,025

Joint Venture Entities
	Ownership			Number of		Maturity	Weighted Aver.			Outstanding		In		SRZ
Venture Pool1)	Percentage 2)			Communities		Date4)	Interest Rate			Debt		Default		Guaranty
Pool 1		20.00	%		5	May 13		4.64	%	$	131,760	$	—	N
Pool 2		9.81	%		2	Jan 15		5.13	%		57,788		—	N
Pool 36)		9.81	%		15	Jul 14		3.41	%		639,125		639,125	N
Pool 4		20.00	%		3	Nov 2012 - Jun 2013		2.43	%		90,499		—	Y
Pool 5		16.90	%		1	Dec 12		2.13	%		29,616		—	Y
Pool 6		16.90	%		1	Apr 13		3.88	%		35,076		—	Y
Pool 7		40.00	%		29	Feb 14		6.76	%		434,940		—	N
Pool 8		20.00	%		4	Apr 14		5.89	%		75,694		—	N
Pool 9		25.00	%		12	Jan 14		6.00	%		182,616		—	N
Pool 11		30.00	%		2	Mar 13		5.23	%		35,419		—	N
Pool 13/14		20.00	%		4	Jan 19		4.98	%		58,500		—	N
Pool 15		32.12	%		7	Nov 18		4.80	%		120,000		—	N
Pool 16		20.00	%		8	Jul 12		6.50	%		109,350		—	Y
Pool 17		20.00	%		3	Dec 12		6.50	%		41,794		—	Y
Pool 18		20.00	%		4	Jul 2012 - Dec 2012		3.25	%		75,608		—	Y
Pool 20		30.00	%		6	Apr 14		4.58	%		104,549		—	N
Pool 22		20.00	%		1	Jun 12		7.00	%		14,561		—	Y
Pool 233)		30.00	%		1	Dec 11		5.74	%		29,741		29,741	Y
Pool 24		10%-50	%		5	Sep 2012 - Apr 2022		6.03	%		45,751		—	N
Pool 253)		30.00	%		0	Sep 11		11.75	%		116,970		116,970	Y
Total Joint Ventures5)					113					$	2,429,357	$	785,836

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 five single property joint ventures.

2) In certain situations, our respective percentage shares of cash distributions, profits or losses, are not equal to our ownership percentage.

3) As of March 31, 2012, loans of $117.0 million for the residential condominium venture and $29.7 million for the assisted living venture are both in default. We have accrued $4.2 million in default interest relating to these loans. In February 2012, the lenders for the residential condominium venture commenced legal proceedings necessary to foreclose on the assets of the residential condominium venture. We are still in discussions with the lender for the assisted living venture regarding the default on the loan.

4) Maturity dates assume exercising extensions allowable under the loan documents.

5) Sunrise’s share of joint venture debt as of March 31, 2012 is $541 million.

6) The venture’s mortgage loan is in default at March 31, 2012 due to a violation of certain loan covenants. The mortgage loan balance was $0.6 billion as of March 31, 2012. The loan is collateralized by 15 communities owned by the venture located in the United Kingdom. The lender has rights which include foreclosure on the communities and/or termination of our management agreements. The venture is in discussions with the lender regarding the possibility of entering into a loan modification. During 2011, we recognized $9.0 million in management fees from this venture. Our United Kingdom Management segment reported $1.6 million in income from operations in 2011 and $0.7 million for the first quarter of 2012. Our investment balance in this venture was zero at March 31, 2012.

7) Currently under maturity default, but the lender has agreed to a forbearance that effectively extends the term of the loan through January 2013 and imposes a cash sweep on the communities net of a working capital reserve.

6

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
	March 31,
	2012			2011
Consolidated Community NOI	$	15,537		$	12,217
Leased Community NOI		19,489			20,927
Total Consolidated NOI		35,026			33,144
Less: AL US NOI (during period the venture was not consolidated)		—			(7,583	)
Less: Santa Monica NOI (during period the venture was not consolidated)		(417	)		(682	)
Less: Pool 19 NOI (during period the venture was not consolidated)		(1,312	)		(1,006	)
Less: Pool 21 NOI (during period the venture was not consolidated)		(684	)		(447	)
Plus: NOI from Consolidated New York communities leased from a venture (NOI is reflected in Joint Venture loan pool analysis)		4,222			3,605
Adjusted Total Consolidated NOI		36,835			27,031
Less: Consolidated Community Lease Expense (includes $4.3 million for the three months ended March 31, 2012 and $3.9 million for the three months ended March 31, 2011 of lease expense from consolidated New York communities leased from a venture)		(19,236	)		(18,697	)
Less: Depreciation and Amortization		(10,758	)		(7,330	)
Less: Impairment of long-lived assets		(555	)		—
	$	6,286		$	1,004
Plus: Other Sunrise Revenue
Management fees		24,315			24,214
Ancillary fees		7,926			7,597
Professional fees from development, marketing and other		200			323
Reimbursed costs incurred on behalf of managed communities		174,073			185,865
Total Other Revenue		206,514			217,999
Less: Other Sunrise Expense
Ancillary expenses		7,458			7,004
General and administrative		28,641			32,389
Carrying costs of liquidating trust assets		583			407
Allowance for uncollectible receivables from owners		223			398
Costs incurred on behalf of managed communities		174,495			186,384
Misc. Expense for Non-Operating Communities		(235	)		265
Total Other Expense		211,165			226,847
(Loss) income from operations	$	1,635		$	(7,844	)

7

SUNRISE SENIOR LIVING, INC.

Reconciliation For Consolidated Community Operating Revenue

Consolidated Community Operating Revenue

Community operating revenue 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 resident fees for consolidated communities. Management considers community operating revenue to be a useful measure in analyzing comparable revenue growth.

The following table reconciles community operating revenue from consolidated communities to resident fees for consolidated communities.

(in thousands)
	Three Months Ended
	March 31,
	2012			2011
Consolidated Community Operating Revenue	$	47,085		$	42,730
Leased Community Operating Revenue		76,341			76,227
Total Consolidated Community Operating Revenue		123,426			118,957
Less: AL US Revenue (during period the venture was not consolidated)		—			(20,495	)
Less: Santa Monica Revenue (during period the venture was not consolidated)		(1,145	)		(1,634	)
Less: Pool 19 Revenue (during period the venture was not consolidated)		(3,673	)		(3,428	)
Less: Pool 21 Revenue (during period the venture was not consolidated)		(2,381	)		(2,281	)
Plus: Revenue from Consolidated New York communities leased from a venture (Revenue is reflected in Joint Venture revenue)		10,969			9,676
Adjusted Total Consolidated Revenue		127,196			100,795
Endowment Amortization		1,960			1,504
Resident Fees for Consolidated Communities	$	129,156		$	102,299

8