Here’s an April Fools Day joke…Sunrise Senior Living (NYSE:SRZ) is doing just fine. With the amount of inquiries and traffic to Senior Housing News in the last 48 hours regarding Sunrise and the search term “sunrise senior living bankruptcy”, the internet rumor mills might be stirring up speculation of a pending bankruptcy filing but certainly the investment and senior living world’s are awaiting some kind of statement from the company regarding it’s financial footing. Investors got that today as it filed an amended 10-K report for 2008 today and shed some further light on the company’s financial status. The revisions outline the financials and audit reports of various Sunrise subsidiaries and partnerships, some of which obtained clean audits and others receiving going concern opinions. The financial statements for the subsidiaries show large amounts of negative equity in some of the investments and partnerships and large losses for 2008. Those details and the broad macro-economic trends that aren’t showing much improvement don’t bode well for Sunrise’s future and the updated 10-K just provides more details on an already troubled story.
For the full 10-K, click here.