Sunrise Senior Living, Inc. (NYSE: SRZ) announced third quarter results today that showed a net loss for the third quarter of 2009 was ($44.4) million, or ($0.88) per fully diluted share, as compared to net loss of ($68.7) million, or ($1.36) per fully diluted share, for the third quarter of 2008. Highlights from the Sunrise’s earnings release include:
- Comparable community revenues for the third quarter of 2009 decreased by 2.2 percent, from $565.3 million for the third quarter of 2008 to $553.1 million for the third quarter of 2009.
- Average unit occupancy in comparable communities for the third quarter of 2009 was 86.7 percent, which was down 380 basis points from 90.5 percent for the third quarter of 2008, and down 20 basis points as compared to 86.9 percent in the second quarter of 2009.
- Average daily revenue per occupied unit in comparable communities increased 2.3 percent from $182.25 for the third quarter of 2008 to $186.37 for the third quarter of 2009.
- In the third quarter of 2009, Sunrise opened four new communities, with a combined capacity of 342 units. As of September 30, 2009, Sunrise had five communities under construction, with capacity for an additional 403 units.
"We are pleased with the restructuring progress we have made but not with our financial performance," said Mark Ordan, Sunrise’s chief executive officer. "We are dedicated to matching our sector-leading brand and care with profitable results."
Click here for the full Q3 2009 Sunrise Senior Living or for the 10-Q.
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