Sunrise Senior Living, Inc. (NYSE: SRZ) reported financial results and operating data for the fourth quarter and full year of 2009 that showed a profit in the fourth quarter of $10.4 million driven by a $48.9 million gain related to the sale of 21 communities. For the fourth quarter, Sunrise reported revenues of $364.4 million in 2009 as compared to $398.4 million in 2008. For the twelve months ended 2009, net loss from operations was ($132.0) million, an improvement of $215.6 million as compared to a net loss from operations of ($347.6) million in the twelve months ended 2008.
Notable highlights include:
- Average daily revenue per occupied unit in comparable communities increased by 2.5% to $190.56
- Occupancy for the quarter in comparable communities was 86.5%, which is a decline of 350 basis points during the fourth quarter 2008 and down 10 basis points as compared to the third quarter of 2009
- Comparable community expenses decreased 3.9% as compared to the fourth quarter of 2008
Sunrise stated that it had $39.3 million of unrestricted cash at December 31, 2009 and restated that it has no borrowing availability under its bank credit facility, and has significant scheduled debt maturities in 2010 and significant debt that is in default. Of the $440.2 million on Sunrise’s balance sheet at December 31, 2009, $227.2 million of debt is scheduled to mature in 2010, including $33.7 million under its bank credit facility, which is due in December 2010.
"We have made significant financial restructuring progress and, as promised, our attention is focused on our communities, team and residents," said Mark Ordan, Sunrise’s chief executive officer. "While we are the highest-end major senior living company in a difficult economy, we are excited by our strong operating focus and believe this will lead to an improved bottom line."
For the earnings release, click here.
For the earnings call transcript, click here.