SUNRISE SENIOR LIVING INC - FORM 8-K - EX-99.2 - SUPPLEMENTAL INFORMATION

Attached files

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8-K - FORM 8-K - SUNRISE SENIOR LIVING INC	d8k.htm
EX-99.1 - PRESS RELEASE - SUNRISE SENIOR LIVING INC	dex991.htm

Exhibit 99.2

Sunrise Senior Living

Community Data

Ownership Type

Stabilized Properties ²⁾


					Unit Occupancy												Net Operating Income ¹⁾
					Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Ownership Type	Comm.		Units		2010			2009			2010			2009			2010		2009
Consolidated ^{4) 5)}		8		913		83.9	%		84.2	%		83.0	%		85.2	%	$	10,066,576	$	7,171,644
Leased ⁵⁾		26		5,673		89.3	%		89.4	%		89.1	%		89.2	%		78,594,096		74,606,279
Joint Ventures-US		78		5,712		89.2	%		87.2	%		87.7	%		88.6	%		124,460,790		120,019,163
Joint Ventures-UK		5		434		89.2	%		90.5	%		89.5	%		87.4	%		14,984,647		15,578,620
Managed		144		13,252		88.6	%		88.0	%		87.8	%		88.0	%		257,691,177		235,193,049

Total Stabilized		261		25,984		88.7	%		88.0	%		87.9	%		88.3	%	$	485,797,286	$	452,568,755


Lease-Up Properties ³⁾

					Unit Occupancy												Net Operating Income ¹⁾
					Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Ownership Type	Comm.		Units		2010			2009			2010			2009			2010		2009
Consolidated ⁵⁾		4		345		58.4	%		45.8	%		54.9	%		37.8	%	$	2,484,982	$	(1,825,007	)
Joint Ventures-US		32		3,010		69.6	%		52.7	%		64.0	%		45.0	%		26,017,360		3,966,849
Joint Ventures-UK		22		1,831		78.1	%		65.4	%		74.2	%		58.8	%		41,213,692		21,368,419

Total Lease Up		58		5,186		71.8	%		56.7	%		67.0	%		49.4	%	$	69,716,034	$	23,510,260


Total Properties

					Unit Occupancy												Net Operating Income ¹⁾
					Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Ownership Type	Comm.		Units		2010			2009			2010			2009			2010		2009
Consolidated ⁵⁾		12		1,258		76.9	%		73.7	%		75.3	%		72.2	%	$	12,551,558	$	5,346,637
Leased ⁵⁾		26		5,673		89.3	%		89.4	%		89.1	%		89.2	%		78,594,096		74,606,279
Joint Ventures-US		110		8,722		82.4	%		75.3	%		79.5	%		73.5	%		150,478,150		123,986,012
Joint Ventures-UK		27		2,265		80.3	%		70.2	%		77.1	%		64.3	%		56,198,339		36,947,039
Managed		144		13,252		88.6	%		88.0	%		87.8	%		88.0	%		257,691,177		235,193,049

Total Properties		319		31,170		85.9	%		82.8	%		84.4	%		81.8	%	$	555,513,320	$	476,079,015

Footnotes:

1)	Net operating income from consolidated and leased communities is not reduced by allocated management fees as we eliminate management fees from consolidated and leased communities.

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 December 31, 2010. 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, 2008. All managed communities are stabilized properties.

3)	Lease-up properties are single properties or pools of properties owned or leased by us or owned by a joint venture where the single property or any of the communities in the pool have been open and operating for less than 36 months as of December 31, 2010.

4)	Includes 3 properties that were being marketed for sale at year end totaling 148 units that contributed ($.4) million of NOI in 2010.

Net operating income is a non-GAAP measure. Our nearest GAAP measure on our consolidated statement of operations is income/(loss) from operations. Net operating income excludes depreciation, amortization, lease expense, and impairment charges from these communities. On page 7 of the supplemental tables please refer to a complete reconciliation of net operating income to income/(loss) from operations.

Sunrise Senior Living

Community Data

Consolidated Communities

Stabilized Properties ²⁾


										Unit Occupancy												Net Operating Income ¹⁾
					Ownership			State/		Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Community	Comm.		Units		Interest			Province		2010			2009			2010			2009			2010		2009
Connecticut Avenue ⁴⁾		1		100		100.0	%		DC		86.4	%		82.3	%		82.7	%		82.6	%	$	3,165,711	$	2,808,105
Other Consolidated ^4), 5)		5		305		100.0	%		Various		90.8	%		87.4	%		87.5	%		88.9	%		54,360		(905,539	)
Other Consolidated ⁴⁾		1		371		0.0	%		NJ		72.5	%		78.6	%		74.4	%		80.4	%		1,735,361		540,103
Other Consolidated ⁴⁾		1		137		50.0	%		MD		97.5	%		93.8	%		96.4	%		92.2	%		5,111,144		4,728,976

Total Stablilized		8		913							83.9	%		84.2	%		83.0	%		85.2	%	$	10,066,576	$	7,171,644


Lease-Up Properties ³⁾

										Unit Occupancy												Net Operating Income ¹⁾
					Ownership			State/		Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Community	Comm.		Units		Interest			Province		2010			2009			2010			2009			2010		2009
Quebec⁴⁾		3		246		100.0	%		QU		57.8	%		46.1	%		53.3	%		39.7	%	$	1,296,547	$	(1,354,695	)
Monterey ⁴⁾		1		99		100.0	%		CA		59.7	%		45.2	%		58.7	%		32.9	%		1,188,435		(470,312	)

Total Lease-Up		4		345							58.4	%		45.8	%		54.9	%		37.8	%	$	2,484,982	$	(1,825,007	)


Total Properties

										Unit Occupancy												Net Operating Income ¹⁾
					Ownership			State/		Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Community	Comm.		Units		Interest			Province		2010			2009			2010			2009			2010		2009
Connecticut Avenue ⁴⁾		1		100		100.0	%		DC		86.4	%		82.3	%		82.7	%		82.6	%	$	3,165,711	$	2,808,105
Other Consolidated ⁴⁾		5		305		100.0	%		Various		90.8	%		87.4	%		87.5	%		88.9	%		54,360		(905,539	)
Other Consolidated ⁴⁾		1		371		0.0	%		NJ		72.5	%		78.6	%		74.4	%		80.4	%		1,735,361		540,103
Other Consolidated ⁴⁾		1		137		50.0	%		MD		97.5	%		93.8	%		96.4	%		92.2	%		5,111,144		4,728,976
Quebec⁴⁾		3		246		100.0	%		QU		57.8	%		46.1	%		53.3	%		39.7	%		1,296,547		(1,354,695	)
Monterey ⁴⁾		1		99		100.0	%		CA		59.7	%		45.2	%		58.7	%		32.9	%		1,188,435		(470,312	)

Total Properties		12		1,258							76.9	%		73.7	%		75.3	%		72.2	%	$	12,551,558	$	5,346,637

Footnotes:

1)	Net operating income from consolidated communities is not reduced by allocated management fees as we eliminate management fees from consolidated communities.

3)	Lease-up properties are single properties or pools of properties owned or leased by us or owned by a joint venture where the single property or any of the communities in the pool have been open and operating for less than 36 months as of December 31, 2010.

5)	Includes 3 properties that were being marketed for sale at year end totaling 148 units that contributed ($.4) million of NOI in 2010.

Sunrise Senior Living

Community Data

Leased Communities

Leased Communities


							Unit Occupancy												Net Operating Income ¹⁾
							Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Lessor	Comm.		Units		Country		2010			2009			2010			2009			2010		2009
HRPT ³⁾		14		3,900		US		89.6	%		89.1	%		89.2	%		88.7	%	$	47,862,234	$	45,167,399
HCP ³⁾		2		1,055		US		87.4	%		91.2	%		88.6	%		91.8	%		19,251,060		18,724,634
LTC ³⁾		3		186		US		86.9	%		89.8	%		89.0	%		89.2	%		3,003,555		2,759,758
Missouri River Corp. ³⁾		2		133		US		88.6	%		79.7	%		86.3	%		81.2	%		1,430,899		1,211,163
Oakmont ³⁾		3		228		US		93.6	%		88.8	%		89.9	%		87.5	%		4,873,211		4,275,137
Other ³⁾		2		171		US		89.7	%		94.0	%		90.2	%		93.1	%		2,173,138		2,468,188

Total Leased		26		5,673				89.3	%		89.4	%		89.1	%		89.2	%	$	78,594,096	$	74,606,279

Leased Communities


	Lease Coverage-Straight-Line Lease Expense ²⁾				Lease Coverage-Cash Lease Expense ²⁾
	Twelve Months Ended December 31,				Twelve Months Ended December 31,				Current Lease Term Expiration ⁴⁾
Lessor	2010		2009		2010		2009		Current Lease Term Expiration ⁴⁾
HRPT		1.46		1.39		1.43		1.35	2013
HCP		1.16		1.14		1.20		1.19	2018
LTC		1.13		1.03		1.13		1.05	2018
Missouri River Corp.		0.78		0.67		0.78		0.67	2018
Oakmont		1.81		1.59		1.76		1.55	2012-2013
Other		1.40		1.59		1.34		1.58	2013

Total Leased		1.35		1.29		1.34		1.29

Footnotes:

1)	Net operating income from leased communities is not reduced by allocated management fees as we eliminate management fees from leased communities.

2)	Lease coverage is defined as net operating income divided by lease expense.

4)	Lease agreements may include possible lease extensions. For HRPT an extension will require 3rd party approval.

Sunrise Senior Living

Community Data

Joint Venture Communities

Stabilized Properties ⁵⁾


										Unit Occupancy												Net Operating Income of Venture
Venture Pool ¹⁾							Ownership Interest ⁴⁾			Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Venture Pool ¹⁾	Comm.		Units		Country		Ownership Interest ⁴⁾			2010			2009			2010			2009			2010			2009
Pool 1		5		434		UK		20.00	%		89.2	%		90.5	%		89.5	%		87.4	%	$	14,984,647		$	15,578,620
Pool 7 ³⁾		29		2,082		US		10.00	%		89.7	%		86.4	%		87.7	%		88.0	%		43,505,757			42,749,495
Pool 8		4		310		US		20.00	%		92.6	%		88.1	%		87.3	%		90.5	%		8,233,858			8,200,729
Pool 9		12		872		US		25.00	%		92.4	%		88.0	%		90.3	%		89.7	%		18,945,302			17,333,546
Pool 10		2		106		US		25.00	%		88.9	%		86.9	%		87.2	%		93.3	%		1,164,547			1,222,658
Pool 11		2		152		US		30.00	%		87.6	%		88.2	%		85.5	%		90.2	%		3,318,027			3,123,857
Pool 12		15		1,091		US		20.00	%		87.1	%		87.4	%		87.3	%		88.7	%		25,896,593			24,950,101
Pool 15 ²⁾		7		601		US		20%/50	%		86.0	%		86.0	%		85.1	%		86.0	%		12,226,186			11,618,790
Pool 24		7		498		US		10%-50	%		88.0	%		89.0	%		87.8	%		89.3	%		11,170,520			10,819,987

Total JV’s-Stabilized		83		6,146							89.2	%		87.4	%		87.8	%		88.5	%	$	139,445,437		$	135,597,783


Lease-Up Properties ⁶⁾

										Unit Occupancy												Net Operating Income of Venture
Venture Pool ¹⁾							Ownership Interest ⁴⁾			Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Venture Pool ¹⁾	Comm.		Units		Country		Ownership Interest ⁴⁾			2010			2009			2010			2009			2010			2009
Pool 2		2		156		UK		9.81	%		88.7	%		59.7	%		84.1	%		41.9	%	$	5,777,119		$	1,146,327
Pool 3		15		1,243		UK		9.81	%		77.4	%		71.4	%		75.4	%		66.7	%		28,194,727			21,686,110
Pool 4		3		237		UK		20.00	%		85.2	%		49.9	%		73.6	%		45.9	%		6,165,210			(226,751	)
Pool 5		1		81		UK		17.30	%		63.2	%		45.3	%		58.7	%		34.5	%		438,938			(725,048	)
Pool 6		1		114		UK		17.30	%		67.5	%		54.1	%		59.3	%		39.8	%		637,698			(512,219	)
Pool 13		1		79		US		20.00	%		97.2	%		95.3	%		97.6	%		86.3	%		2,476,705			1,712,050
Pool 14		3		219		US		20.00	%		87.1	%		78.3	%		85.5	%		69.9	%		3,220,326			1,515,356
Pool 16		8		621		US		20.00	%		83.8	%		82.5	%		83.5	%		77.3	%		10,640,592			7,704,474
Pool 17		3		229		US		20.00	%		77.5	%		63.1	%		72.7	%		55.0	%		1,984,656			533,356
Pool 18		4		348		US		20.00	%		63.6	%		27.1	%		52.5	%		21.7	%		1,217,129			(1,128,146	)
Pool 19		3		295		US		20.00	%		72.0	%		46.8	%		62.6	%		37.4	%		1,903,494			(535,820	)
Pool 20		6		598		US		20.00	%		62.6	%		39.8	%		54.1	%		30.0	%		3,673,983			(2,612,092	)
Pool 21		2		222		US		20.00	%		49.1	%		17.7	%		41.0	%		13.2	%		(256,960	)		(1,501,104	)
Pool 22		1		76		US		20.00	%		92.4	%		70.8	%		83.0	%		61.5	%		1,338,738			699,428
Pool 23		1		323		US		30.00	%		43.9	%		36.8	%		40.5	%		26.1	%		(181,303	)		(2,420,653	)

Total JV’s-Lease Up		54		4,841							72.8	%		57.5	%		67.8	%		50.2	%	$	67,231,052		$	25,335,268


Total Properties

										Unit Occupancy												Net Operating Income of Venture
Venture Pool ¹⁾							Ownership Interest ⁴⁾			Three Months Ended December 31,						Twelve Months Ended December 31,						Twelve Months Ended December 31,
Venture Pool ¹⁾	Comm.		Units		Country		Ownership Interest ⁴⁾			2010			2009			2010			2009			2010			2009
Pool 1		5		434		UK		20.00	%		89.2	%		90.5	%		89.5	%		87.4	%	$	14,984,647		$	15,578,620
Pool 2		2		156		UK		9.81	%		88.7	%		59.7	%		84.1	%		41.9	%		5,777,119			1,146,327
Pool 3		15		1,243		UK		9.81	%		77.4	%		71.4	%		75.4	%		66.7	%		28,194,727			21,686,110
Pool 4		3		237		UK		20.00	%		85.2	%		49.9	%		73.6	%		45.9	%		6,165,210			(226,751	)
Pool 5		1		81		UK		17.30	%		63.2	%		45.3	%		58.7	%		34.5	%		438,938			(725,048	)
Pool 6		1		114		UK		17.30	%		67.5	%		54.1	%		59.3	%		39.8	%		637,698			(512,219	)
Pool 7 ³⁾		29		2,082		US		10.00	%		89.7	%		86.4	%		87.7	%		88.0	%		43,505,757			42,749,495
Pool 8		4		310		US		20.00	%		92.6	%		88.1	%		87.3	%		90.5	%		8,233,858			8,200,729
Pool 9		12		872		US		25.00	%		92.4	%		88.0	%		90.3	%		89.7	%		18,945,302			17,333,546
Pool 10		2		106		US		25.00	%		88.9	%		86.9	%		87.2	%		93.3	%		1,164,547			1,222,658
Pool 11		2		152		US		30.00	%		87.6	%		88.2	%		85.5	%		90.2	%		3,318,027			3,123,857
Pool 12		15		1,091		US		20.00	%		87.1	%		87.4	%		87.3	%		88.7	%		25,896,593			24,950,101
Pool 13		1		79		US		20.00	%		97.2	%		95.3	%		97.6	%		86.3	%		2,476,705			1,712,050
Pool 14		3		219		US		20.00	%		87.1	%		78.3	%		85.5	%		69.9	%		3,220,326			1,515,356
Pool 15 ²⁾		7		601		US		20%/50	%		86.0	%		86.0	%		85.1	%		86.0	%		12,226,186			11,618,790
Pool 16		8		621		US		20.00	%		83.8	%		82.5	%		83.5	%		77.3	%		10,640,592			7,704,474
Pool 17		3		229		US		20.00	%		77.5	%		63.1	%		72.7	%		55.0	%		1,984,656			533,356
Pool 18		4		348		US		20.00	%		63.6	%		27.1	%		52.5	%		21.7	%		1,217,129			(1,128,146	)
Pool 19		3		295		US		20.00	%		72.0	%		46.8	%		62.6	%		37.4	%		1,903,494			(535,820	)
Pool 20		6		598		US		20.00	%		62.6	%		39.8	%		54.1	%		30.0	%		3,673,983			(2,612,092	)
Pool 21		2		222		US		20.00	%		49.1	%		17.7	%		41.0	%		13.2	%		(256,960	)		(1,501,104	)
Pool 22		1		76		US		20.00	%		92.4	%		70.8	%		83.0	%		61.5	%		1,338,738			699,428
Pool 23		1		323		US		30.00	%		43.9	%		36.8	%		40.5	%		26.1	%		(181,303	)		(2,420,653	)
Pool 24		7		498		US		10%-50	%		88.0	%		89.0	%		87.8	%		89.3	%		11,170,520			10,819,987

Total Joint Ventures		137		10,987							82.0	%		74.2	%		79.0	%		71.6	%	$	206,676,489		$	160,933,051

Footnotes:

Legal names of the venture and partner are omitted due to possible confidentiality concerns in the governing documents. Venture pools represent pools of properties owned by a joint venture that were financed together as a distinct loan pool, other than pool 24 which is an amalgamation of seven single property joint ventures.

2)	We own a 50% interest in Tenant LP; however, our economic ownership in the venture is 20% interest in Venture LP.

3)	In January 2011, we increased our ownership percentage from 10% to 40% and the venture was recapitalized.

4)	In certain situations, our share of cash distributions, profits or losses, are not equal to our ownership percentage.

6)	Lease-up properties are single properties or pools of properties owned or leased by us or owned by a joint venture where the single property or any of the communities in the pool have been open and operating for less than 36 months as of December 31, 2010.

Sunrise Senior Living

Community Data

Management Contracts

Joint Venture Communities


									Management Fees ²⁾
							Average		Three Months Ended December 31,				Twelve Months Ended December 31,
Venture Pool ¹⁾	Comm.		Units		Country		Maturity Date		2010		2009		2010		2009
Pool 1 ³⁾		5		434		UK		2028	$	11,152	$	860,371	$	2,329,443	$	3,214,787
Pool 2		2		156		UK		2037		304,794		—		1,005,473		—
Pool 3		15		1,243		UK		2037		1,835,842		1,847,034		6,712,008		5,730,652
Pool 4		3		237		UK		2024		283,042		318,930		1,045,638		1,010,338
Pool 5		1		81		UK		2039		118,633		111,160		438,453		323,829
Pool 6		1		114		UK		2039		145,991		101,928		493,840		266,534
Pool 7 ⁷⁾		29		2,082		US		2028		2,484,116		2,350,403		9,646,466		9,480,782
Pool 8		4		310		US		2032		447,328		308,715		1,695,463		1,604,624
Pool 9 ⁵⁾		12		872		US		2030		1,115,353		868,747		4,326,172		4,010,623
Pool 10		2		106		US		2037		101,241		97,023		410,827		411,629
Pool 11		2		152		US		2038		142,203		135,294		542,391		545,627
Pool 12 ⁶⁾		15		1,091		US		2037		1,466,995		1,379,445		5,824,130		5,718,740
Pool 13		1		79		US		2037		111,123		94,608		439,281		341,902
Pool 14		3		219		US		2037		221,169		182,489		850,072		646,125
Pool 15		7		601		US		2030		690,110		684,253		2,736,542		2,715,253
Pool 16 ³⁾		8		621		US		2030		675,119		654,942		2,320,455		2,460,658
Pool 17 ³⁾		3		229		US		2030		225,549		187,342		825,763		705,757
Pool 18		4		348		US		2037		340,043		231,411		1,275,983		326,193
Pool 19 ⁶⁾		3		295		US		2037		247,715		224,256		945,063		779,774
Pool 20		6		598		US		2037		599,299		476,440		2,182,911		1,119,645
Pool 21		2		222		US		2038		167,588		154,887		667,088		269,670
Pool 22		1		76		US		2038		108,566		81,563		359,476		283,313
Pool 23		1		323		US		2034		—		—		—		—
Pool 24		7		498		US		Various		557,723		591,962		2,268,019		2,262,744

Total Joint Ventures		137		10,987					$	12,400,694	$	11,943,202	$	49,340,956	$	44,229,198

Managed Communities


									Management Fees ²⁾
							Average		Three Months Ended December 31,				Twelve Months Ended December 31,
Owner	Comm.		Units		Country		Maturity Date		2010		2009		2010		2009
Care Institute		2		209		US		2011	$	162,565	$	174,065	$	630,258	$	627,258
Cooperative		2		684		US		2012 and 2034		697,729		685,223		2,616,039		2,594,640
HCPI ⁸⁾		46		4,512		US		2028-2038		4,670,643		3,963,560		17,078,543		15,029,345
Inova		4		314		US		2013		358,753		351,171		1,425,973		1,372,665
Living Oaks Living Ctrs		2		92		US		2021		77,021		76,594		305,760		287,544
Ventas ⁴⁾		79		6,511		US		2034-2037		5,752,236		4,331,142		19,307,343		18,946,699
Wedum Foundation		4		235		US		2013		238,744		239,968		954,975		959,881
Other		5		695		US		Various		475,755		440,137		1,832,748		1,747,706

Total Managed		144		13,252					$	12,433,446	$	10,261,860	$	44,151,639	$	41,565,738

Total JV and Managed Communities		281		24,239					$	24,834,140	$	22,205,062	$	93,492,595	$	85,794,936

Other Management Fees									$	1,564,101	$	5,957,144	$	14,339,115	$	26,672,013

Total Management Fees									$	26,398,242	$	28,162,206	$	107,831,710	$	112,466,948

Footnotes:

2)	The majority of our management contracts contain performance based termination tests with cure rights.

3)	Sunrise made a cure payment to this venture related to community financial performance.

4)	Sunrise entered into amended and restated master and management agreements governing these communities effective as of December 1, 2010.

5)	Contracts contain at-will termination provisions for a specified fee to Sunrise.

6)	Current fee partially subordinated due to lender related financial covenants.

7)	In January 2011, as part of the recapitalization of the venture our management contract was amended, restated and extended to 2041.

8)	The contracts relating to one portfolio of 15 properties contain at-will termination provisions for a specified fee to Sunrise.

Sunrise Senior Living

Consolidated and Joint Venture Debt

Scheduled Debt Maturities as of December 31, 2010

(dollars in thousands)

Consolidated Debt


Consolidated Communities	Ownership Percentage			Number of Communities		Maturity Date ⁶⁾		Weighted Aver. Interest Rate			Outstanding Debt		SRZ Guaranty
Connecticut Ave⁸⁾		100.00	%		1		Dec 11		4.92	%	$	29,109		Y
Monterey		100.00	%		1		Jun 13		3.50	%		21,021		N
Quebec ⁹⁾		100.00	%		3		Apr 11		4.75	%		46,812		Y
Cedar Parke		0.00	%		1		Jul 29		0.64	%		22,510		Y

Consolidated Community Debt					6						$	119,451


Restructure Note		100.00	%		0		Oct 12		0.00	%		38,264		Y
Restructure Note		100.00	%		0		Apr 14		0.00	%		5,284		Y

Other Consolidated Debt					0						$	43,549


Total Consolidated Debt					6						$	163,000


Joint Venture Entities

Venture Pool ¹⁾	Ownership Percentage ⁴⁾			Number of Communities		Maturity Date ⁶⁾		Weighted Aver. Interest Rate			Outstanding Debt		SRZ ODA
Pool 1		20.00	%		5		May 13		4.64	%	$	133,952		N
Pool 2		9.81	%		2		Feb 15		4.75	%		58,005		N
Pool 3		9.81	%		15		Jul 14		1.40	%		621,622		N
Pool 4		20.00	%		3		Nov 2012 - Jun 2013		2.05	%		91,789		Y
Pool 5		17.30	%		1		Apr 13		3.50	%		41,325		Y
Pool 6		17.30	%		1		Dec 12		1.75	%		29,609		Y
Pool 7 ³⁾		10.00	%		29		Oct 2012 - Jun 2014		4.12	%		288,809		N
Pool 8		20.00	%		4		Apr 14		5.89	%		77,227		N
Pool 9		25.00	%		12		Jan 14		6.00	%		185,697		N
Pool 10		25.00	%		2		May 13		6.87	%		9,212		N
Pool 11		30.00	%		2		Mar 13		5.23	%		36,154		N
Pool 12		20.00	%		15		Jun 12		4.48	%		366,278		N
Pool 13		20.00	%		1		Mar 11		4.25	%		13,955		Y
Pool 14		20.00	%		3		Dec 10		3.50	%		48,007		Y
Pool 15 ²⁾		20%/50	%		7		Apr 11		6.25	%		101,867		N
Pool 16		20.00	%		8		Dec 11		6.50	%		111,850		Y
Pool 17 ⁷⁾		20.00	%		3		Dec 10		6.50	%		41,718		Y
Pool 18		20.00	%		4		Dec 2011 - Jul 2012		3.75	%		76,105		Y
Pool 19		20.00	%		3		Sep 10		2.00	%		65,813		Y
Pool 20		20.00	%		6		Apr 11		5.30	%		133,249		Y
Pool 21		20.00	%		2		Oct 11		5.75	%		55,722		Y
Pool 22		20.00	%		1		Mar 11		2.50	%		14,561		Y
Pool 23 ⁵⁾		30.00	%		1		Mar 11		5.75	%		30,369		Y
Pool 24		10%-50	%		7		Jun 2011 - Jan 2020		6.51	%		65,583		N
Pool 25		30.00	%		0		Mar 11		3.93	%		116,355		Y

Total Joint Ventures					137						$	2,814,831

Footnotes:

2)	We own a 50% interest in Tenant LP; however, our economic ownership in the venture is 20% interest in Venture LP.

3)	In January 2011, we increased our ownership percentage from 10% to 40% and the venture was recapitalized.

4)	In certain situations, our respective percentage shares of cash distributions, profits or losses, are not equal to our ownership percentage.

5)	Outstanding debt includes default interest that is accruing, but remains unpaid.

6)	Maturity dates assume exercising extensions allowable under the loan documents.

7)	In February 2011, loans for three communities were extended two years from December 2010 to December 2012.

8)	In February 2011, we extended the maturity date from December 2011 to June 2012.

These communities have been slow to lease up. The debt relating to these communities is non-recourse to us but we have provided operating deficit guarantees to the lender. The principal balance of $46.8 million is due in April 2011. We are marketing the communities for sale and expect that the net proceeds from the sale will be sufficient to repay the related debt.

SUNRISE SENIOR LIVING, INC.

Reconciliation For Consolidated Net Operating Income

Consolidated Net Operating Income

Net operating income is a measure of operating performance that is not calculated in accordance with U.S. generally accepted accounting principles and should not be considered as a substitute for income/loss from operations or net income/loss. Management considers net operating income to be a useful measure in analyzing our community operating income without regard to management fees and other adjustments.

The following table reconciles net operating income from consolidated communities to income (loss) from operations. (in thousands)


	Twelve Months Ended December 31,
	2010			2009
Consolidated Community NOI	$	12,552		$	5,347
Leased Community NOI		78,594			74,606

Total Consolidated NOI		91,146			79,953
Less: Community Lease Expense		60,215			59,315
Less: Depreciation and Amortization		41,083			46,312
Less: Impairment of long-lived assets		5,907			31,685

	$	(16,059	)	$	(57,359	)


Other Sunrise Revenue
Management fees		107,832			112,467
Buyout fees		63,286			—
Ancillary fees		43,136			45,397
Professional fees from development, marketing and other		4,278			13,193
Reimbursed costs incurred on behalf of managed communities		827,240			942,809

Total Other Revenue		1,045,772			1,113,866

Less: Other Sunrise Expense
Ancillary expenses		40,504			42,457
General and administrative		124,728			114,566
Development expense		4,484			12,374
Write-off of capitalized project costs		—			14,879
Accounting Restatement, Special Independent Committee inquiry, SEC investigation and stockholder litigation		(1,305	)		3,887
Restructuring costs		11,690			32,534
Provision for doubtful accounts (unrelated to consolidated)		4,992			11,555
Loss on financial guarantees and other contracts		518			2,053
Costs incurred on behalf of managed communities		831,008			949,331
Misc. Expense for Non-Operating Communities		455			616

Total Other Expense		1,017,074			1,184,251

Income/(Loss) from operations	$	12,639		$	(127,744	)

Sunrise Senior Living, Inc.

Supplemental Information

As of December 31, 2010

($ in thousand except average daily rate)


	Communities Q4 10		Unit Capacity Q4 10			Resident Capacity Q4 10
Total Community Data (1)
Communities managed for third-party owners		144		13,252			15,144
Communities in ventures		137		10,987			12,843
Communities consolidated		38		6,931			7,135

Total communities operated		319		31,170			35,122


Percentage of Total Operating Portfolio
Assisted Living				81.0	%
Independent Living				16.0	%
Skilled Nursing				3.0	%

Total				100.0	%

Selected Operating Results


All Community Portfolio Operating Results	Q4 10			Q4 09			% Change

Total Community Portfolio
Number of Communities		319			319			0.0	%
Unit Capacity		31,170			31,170			0.0	%
Resident Capacity		35,122			35,122			0.0	%
Community Revenues	$	517,116		$	477,815			8.2	%
Community Revenues Excluding Impact of Exchange Rates	$	517,468		$	477,815			8.3	%
Community Operating Expenses	$	368,032		$	363,009			-1.4	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	368,378		$	363,009			-1.5	%
Average Daily Revenue Per Occupied Unit	$	209.23		$	201.11			4.0	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	209.37		$	201.11			4.1	%
Average Unit Occupancy Rate		85.9	%		83.0	%		290		basis points

Communities in ventures and managed for third-party owners
Number of Communities		281			281			0.0	%
Unit Capacity		24,239			24,239			0.0	%
Resident Capacity		27,987			27,987			0.0	%
Community Revenues	$	424,059		$	389,645			8.8	%
Community Revenues Excluding Impact of Exchange Rates	$	424,548		$	389.645			9.0	%
Community Operating Expenses	$	295,544		$	292,529			-1.0	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	296,003		$	292,529			-1.2	%
Average Daily Revenue Per Occupied Unit	$	222.12		$	214.04			3.8	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	222.37		$	214.04			3.9	%
Average Unit Occupancy Rate		85.6	%		82.0	%		360		basis points

Communities consolidated
Number of Communities		38			38			0.0	%
Unit Capacity		6,931			6,931			0.0	%
Resident Capacity		7,135			7,135			0.0	%
Community Revenues	$	93,057		$	88,169			5.5	%
Community Revenues Excluding Impact of Exchange Rates	$	92,920		$	88,169			5.4	%
Community Operating Expenses	$	72,488		$	70,480			-2.9	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	72,375		$	70,480			-2.7	%
Average Daily Revenue Per Occupied Unit	$	164.89		$	158.30			4.2	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	164.64		$	158.30			4.0	%
Average Unit Occupancy Rate		87.0	%		86.6	%		40		basis points

Notes

(1)	During the fourth quarter of 2010, Sunrise sold or disposed of 28 communities managed for third-parties, one joint venture community and one consolidated community. Sunrise also transitioned 58 joint-venture communities to “manage for third-parties.”

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SUNRISE SENIOR LIVING INC Reports