Sunrise Senior Living (NYSE: SRZ) reported revenues of $320.7 million compared to $354.3 million for the first quarter of 2010.
Net loss for the first quarter of 2011 was $17.7 million or $0.32 per fully diluted share, as compared to net loss of $16.0 million, or $0.29 per fully diluted share, for the first quarter of 2010.
“We are pleased by our occupancy, ADR, and NOI growth and we are focused on both overhead and direct cost reductions to increase our margins and profitability. Our execution of our business plan continued nicely in the first quarter and in recent weeks,” said Mark Ordan, Sunrise’s Chief Executive Officer.
Adjusted EBITDAR for the first quarter of 2011 was $28.1 million as compared to $30.9 million for the first quarter of 2010.
Average unit occupancy for total stabilized properties for the first quarter of 2011 was 88.3 percent, which was up 70 basis points from 87.6 percent for the first quarter of 2010, but down 40 basis points as compared to 88.7 percent for the fourth quarter of 2010. Sunrise said seasonality and flu season account for the slight dip in occupancy quarter-over-quarter
Average daily revenue per occupied unit for total stabilized properties increased 3.8 percent from $200.96 for the first quarter of 2010 to $208.54 for the first quarter of 2011.
Total stabilized property net operating income for the first quarter of 2011 increased 5.8 percent over the first quarter of 2010 from $114.8 million to $121.4 million. Overall net operating income including lease up properties increased 12.2% for the first quarter of 2011 over the first quarter of 2010.
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, 2011. This differs from our “comparable community” definition which defines comparable at the individual community level as having been open and operating as of January 1, 2009. All managed communities are stabilized properties.