Sunrise Senior Living, Inc. (NYSE: SRZ) announced its financial results and operating data for the second quarter of 2010 that showed revenues of $349.1 million in the second quarter, down 3 percent from $359.7 million a year earlier. The company’s net income for the second quarter of 2010 was $46.3 million as compared to net loss of ($81.8) million for the second quarter of 2009. The results reflect the continued efforts of Sunrise to restructure its business operations and sell off portions of its real estate holdings. Sunrise noted on its conference call that challenges remain with its debt maturities through the end of the year and that it active seeking resolutions. Highlights from Sunrise’s Operating results were:
- Comparable community revenues for the second quarter of 2010 increased by 3.9 percent, from $471.3 million for the second quarter of 2009 to $489.6 million for the second quarter of 2010.
- Average unit occupancy in comparable communities for the second quarter of 2010 was 86.2 percent, which was down 30 basis points from 86.5 percent for the second quarter of 2009, and down 10 basis points as compared to 86.3 percent in the first quarter of 2010.
- Average daily revenue per occupied unit in comparable communities increased 4.3 percent from $194.81 for the second quarter of 2009 to $203.27 for the second quarter of 2010. Comparable community operating expenses for the second quarter of 2010 increased 3.5 percent over the second quarter of 2009 from $342.9 million to $354.8 million.
"We believe that the combination of stabilized occupancy and continued rate growth positions Sunrise well in an economic recovery," said Mark Ordan, Sunrise’s chief executive officer.