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

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8-K - FORM 8-K - SUNRISE SENIOR LIVING INC	d254072d8k.htm
EX-99.1 - PRESS RELEASE - SUNRISE SENIOR LIVING INC	d254072dex991.htm

Exhibit 99.2

Sunrise Senior Living

Community Data

Ownership Type


Stabilized Properties ²⁾					Unit Occupancy												Net Operating Income ¹⁾								Revenue per Occupied Unit
					Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended				Three Months Ended
					September 30,						September 30,						September 30,				September 30,				September 30,
Ownership Type	Comm.		Units		2011			2010			2011			2010			2011		2010		2011		2010		2011		2010
Consolidated ⁴⁾		23		2,103		86.2	%		83.1	%		84.8	%		82.6	%	$	11,047,836	$	10,990,335	$	33,086,717	$	32,091,367	$	217.96	$	211.51
Leased ⁴⁾		26		5,675		88.2	%		89.2	%		88.4	%		89.0	%		18,201,096		20,514,833		59,717,004		59,452,546		166.29		156.23
Joint Ventures-US		75		5,577		87.9	%		87.5	%		87.9	%		86.2	%		31,398,502		29,571,627		93,884,017		84,349,301		232.64		223.56
Joint Ventures-UK		5		434		91.8	%		90.2	%		92.4	%		89.6	%		4,140,027		3,832,552		11,866,183		11,072,172		309.86		299.48
Managed		142		13,142		88.0	%		88.0	%		87.7	%		87.5	%		68,919,318		63,247,712		200,318,388		185,960,832		217.77		207.22

Total Stabilized		271		26,931		87.9	%		87.8	%		87.8	%		87.2	%	$	133,706,779	$	128,157,059	$	398,872,309	$	372,926,218		211.52		201.53


Lease-Up Properties ³⁾					Unit Occupancy												Net Operating Income ¹⁾								Revenue per Occupied Unit
					Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended				Three Months Ended
					September 30,						September 30,						September 30,				September 30,				September 30,
Ownership Type	Comm.		Units		2011			2010			2011			2010			2011		2010		2011		2010		2011		2010
Consolidated ⁴⁾		1		99		61.4	%		60.1	%		61.2	%		58.4	%	$	277,423	$	191,013	$	905,510	$	792,844	$	245.91	$	239.46
Joint Ventures-US		17		1,862		70.1	%		55.5	%		66.5	%		49.6	%		6,350,786		2,718,438		16,370,475		3,715,417		219.22		216.56
Joint Ventures-UK		22		1,831		87.2	%		76.9	%		85.2	%		72.9	%		14,691,193		10,957,535		38,446,131		29,749,646		300.41		289.53

Total Lease Up		40		3,792		78.1	%		65.9	%		75.4	%		61.1	%	$	21,319,402	$	13,866,986	$	55,722,116	$	34,257,907		263.52		258.17


Total Properties					Unit Occupancy												Net Operating Income ¹⁾								Revenue per Occupied Unit
					Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended				Three Months Ended
					September 30,						September 30,						September 30,				September 30,				September 30,
Ownership Type	Comm.		Units		2011			2010			2011			2010			2011		2010		2011		2010		2011		2010
Consolidated ⁴⁾		24		2,202		85.0	%		82.0	%		83.7	%		81.5	%	$	11,325,260	$	11,181,347	$	33,992,227	$	32,884,211	$	218.87	$	212.43
Leased ⁴⁾		26		5,675		88.2	%		89.2	%		88.4	%		89.0	%		18,201,096		20,514,833		59,717,004		59,452,546		166.29		156.23
Joint Ventures-US		92		7,439		83.4	%		79.5	%		82.6	%		77.1	%		37,749,288		32,290,065		110,254,492		88,064,718		229.82		222.34
Joint Ventures-UK		27		2,265		88.1	%		79.4	%		86.6	%		76.1	%		18,831,220		14,790,087		50,312,314		40,821,818		302.30		291.69
Managed		142		13,142		88.0	%		88.0	%		87.7	%		87.5	%		68,919,318		63,247,712		200,318,388		185,960,832		217.77		207.22

Total Properties		311		30,723		86.7	%		85.1	%		86.2	%		84.0	%	$	155,026,181	$	142,024,044	$	454,594,425	$	407,184,125		217.30		206.95

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 September 30, 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.

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 September 30, 2011.

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

Ownership Type


Stabilized Properties ¹⁾					Sequential Same Community-Unit Occupancy
					Three Months Ended			Three Months Ended			Three Months Ended			Nine Months Ended			Six Months Ended
					September 30,			June 30,			March 31,			September 30,			June 30,
Ownership Type	Comm.		Units		2011			2011 ³⁾			2011 ³⁾			2011			2011 ³⁾
Consolidated		23		2,103		86.2	%		84.5	%		83.7	%		84.8	%		84.1	%
Leased		26		5,675		88.2	%		88.3	%		88.8	%		88.4	%		88.5	%
Joint Ventures-US		75		5,577		87.9	%		87.7	%		88.1	%		87.9	%		87.9	%
Joint Ventures-UK		5		434		91.8	%		92.9	%		88.5	%		92.4	%		92.7	%
Managed		142		13,142		88.0	%		87.4	%		87.8	%		87.7	%		87.6	%

Total Stabilized		271		26,931		87.9	%		87.5	%		87.9	%		87.8	%		87.7	%


Lease-Up Properties ²⁾					Sequential Same Community-Unit Occupancy
					Three Months Ended			Three Months Ended			Three Months Ended			Nine Months Ended			Six Months Ended
					September 30,			June 30,			March 31,			September 30,			June 30,
Ownership Type	Comm.		Units		2011			2011 ³⁾			2011 ³⁾			2011			2011 ³⁾
Consolidated		1		99		61.4	%		59.5	%		62.7	%		61.2	%		61.1	%
Joint Ventures-US		17		1,862		70.1	%		66.1	%		63.2	%		66.5	%		64.7	%
Joint Ventures-UK		22		1,831		87.2	%		85.6	%		72.9	%		85.2	%		84.2	%

Total Lease Up		40		3,792		78.1	%		75.3	%		72.6	%		75.4	%		74.0	%


Total Properties					Sequential Same Community-Unit Occupancy
					Three Months Ended			Three Months Ended			Three Months Ended			Nine Months Ended			Six Months Ended
					September 30,			June 30,			March 31,			September 30,			June 30,
Ownership Type	Comm.		Units		2011			2011 ³⁾			2011 ³⁾			2011			2011 ³⁾
Consolidated		24		2,202		85.0	%		83.4	%		82.7	%		83.7	%		83.1	%
Leased		26		5,675		88.2	%		88.3	%		88.8	%		88.4	%		88.5	%
Joint Ventures-US		92		7,439		83.4	%		82.3	%		81.9	%		82.6	%		82.1	%
Joint Ventures-UK		27		2,265		88.1	%		87.0	%		82.5	%		86.6	%		85.8	%
Managed		142		13,142		88.0	%		87.4	%		87.8	%		87.7	%		87.6	%

Total Properties		311		30,723		86.7	%		86.0	%		86.0	%		86.2	%		86.0	%

Footnotes:

2)	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 September 30, 2011.

We have provided revised March 31, 2011 and June 30, 2011 occupancy tables which include the same community count we have provided for the period ended September 30, 2011. During the second and third quarter of 2011, six stabilized communities were disposed of and three consolidated communities, three communities in pool 14, eight communities in pool 16, and three communities in pool 17 moved into our stabilized portfolio.

Sunrise Senior Living

Community Data

Consolidated Communities


Stabilized Properties ²⁾										Unit Occupancy												Net Operating Income ¹⁾
										Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
					Ownership			State/		September 30,						September 30,						September 30,						September 30,
Community	Comm.		Units		Interest			Province		2011			2010			2011			2010			2011			2010			2011			2010
Connecticut Avenue ⁴⁾		1		100		100.0	%		DC		95.0	%		80.1	%		90.3	%		81.4	%	$	1,110,914		$	824,932		$	2,980,714		$	2,293,897
AL US ^4), 6)		15		1,091		100.0	%		Various		88.8	%		87.6	%		87.9	%		87.4	%		7,380,416			7,923,081			23,221,475			23,657,545
Quebec⁴⁾		3		246		100.0	%		QU		67.1	%		54.9	%		62.5	%		51.8	%	$	646,758		$	351,604		$	1,472,974		$	705,487
Other Consolidated ⁴⁾		1		371		0.0	%		NJ		74.3	%		74.1	%		73.8	%		75.0	%		570,251			594,661			1,558,363			1,512,330
Other Consolidated ⁴⁾		1		137		50.0	%		MD		97.8	%		97.9	%		97.6	%		96.1	%		1,342,321			1,311,176			4,022,825			3,812,836

Total Stabilized Excluding 2 Condos		21		1,945							84.3	%		81.2	%		82.8	%		80.8	%		11,050,660			11,005,454			33,256,351			31,982,095

Other Consolidated ^4), 5)		2		158		100.0	%		Various		109.5	%		105.9	%		109.1	%		104.1	%		(2,823	)		(15,120	)		(169,635	)		109,272


Total Stablilized		23		2,103							86.2	%		83.1	%		84.8	%		82.6	%	$	11,047,837		$	10,990,334		$	33,086,716		$	32,091,367


Lease-Up Properties ³⁾									Unit Occupancy												Net Operating Income ¹⁾
									Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
					Ownership			State/	September 30,						September 30,						September 30,				September 30,
Community	Comm.		Units		Interest			Province	2011			2010			2011			2010			2011		2010		2011		2010
Monterey ⁴⁾		1		99		100.0	%	CA		61.4	%		60.1	%		61.2	%		58.4	%		277,423		191,013		905,510		792,844

Total Lease-Up		1		99						61.4	%		60.1	%		61.2	%		58.4	%	$	277,423	$	191,013	$	905,510	$	792,844


Total Properties									Unit Occupancy												Net Operating Income ¹⁾
									Three Months Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
					Ownership			State/	September 30,						September 30,						September 30,						September 30,
Community	Comm.		Units		Interest			Province	2011			2010			2011			2010			2011			2010			2011			2010
Connecticut Avenue ⁴⁾		1		100		100.0	%	DC		95.0	%		80.1	%		90.3	%		81.4	%	$	1,110,914		$	824,932		$	2,980,714		$	2,293,897
AL US ^4), 6)		15		1,091		100.0	%	Various		88.8	%		87.6	%		87.9	%		87.4	%		7,380,416			7,923,081			23,221,475			23,657,545
Quebec⁴⁾		3		246		100.0	%	QU		67.1	%		54.9	%		62.5	%		51.8	%		646,758			351,604			1,472,974			705,487
Other Consolidated ⁴⁾		1		371		0.0	%	NJ		74.3	%		74.1	%		73.8	%		75.0	%		570,251			594,661			1,558,363			1,512,330
Other Consolidated ⁴⁾		1		137		50.0	%	MD		97.8	%		97.9	%		97.6	%		96.1	%		1,342,321			1,311,176			4,022,825			3,812,836
Other Consolidated ^4), 5)		2		158		100.0	%	Various		109.5	%		105.9	%		109.1	%		104.1	%		(2,823	)		(15,120	)		(169,635	)		109,272
Monterey ⁴⁾		1		99		100.0	%	CA		61.4	%		60.1	%		61.2	%		58.4	%		277,423			191,013			905,510			792,844

Total Properties		24		2,202						85.0	%		82.0	%		83.7	%		81.5	%	$	11,325,260		$	11,181,347		$	33,992,227		$	32,884,211

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 September 30, 2011.

5)	Property types are primarily condominium units and not typical Sunrise communities.

6)	Net operating income is consolidated from June 2, 2011 forward. The portfolio was a joint venture prior to June 2.

Sunrise Senior Living

Community Data

Leased Communities


Leased Communities						Unit Occupancy												Net Operating Income ¹⁾
						Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
						September 30,						September 30,						September 30,				September 30,
Lessor	Comm.		Units		Country	2011			2010			2011			2010			2011		2010		2011		2010
HRPT ³⁾		14		3,902	US		88.5	%		89.5	%		88.6	%		89.1	%	$	11,218,043	$	12,440,796	$	36,734,061	$	35,733,124
HCP ³⁾		2		1,055	US		86.1	%		88.0	%		86.9	%		89.0	%		4,050,177		5,295,540		13,338,552		15,220,846
LTC ³⁾		3		186	US		85.9	%		87.7	%		86.1	%		89.7	%		757,053		569,406		2,319,631		2,120,998
Missouri River Corp. ³⁾		2		133	US		87.6	%		87.0	%		86.0	%		85.4	%		330,691		261,975		1,045,716		930,843
Oakmont ³⁾		3		228	US		90.0	%		90.4	%		91.6	%		88.7	%		1,109,862		1,375,982		3,906,346		3,730,053
Other ³⁾		2		171	US		95.7	%		89.7	%		93.9	%		90.4	%		735,271		571,134		2,372,698		1,716,682

Total Leased		26		5,675			88.2	%		89.2	%		88.4	%		89.0	%	$	18,201,096	$	20,514,833	$	59,717,004	$	59,452,546


Leased Communities		Lease Coverage- Straight-Line Lease Expense ²⁾				Lease Coverage- Straight-Line Lease Expense ²⁾				Lease Coverage-Cash Lease Expense ²⁾				Lease Coverage-Cash Lease Expense ²⁾
	Current	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
	Lease Term	September 30,				September 30,				September 30,				September 30,
Lessor	Expiration ⁴⁾	2011		2010		2011		2010		2011		2010		2011		2010
HRPT	2013		1.36		1.52		1.48		1.46		1.45		1.48		1.58		1.42
HCP	2018		0.94		1.18		1.09		1.23		0.95		1.24		1.10		1.27
LTC	2018		1.11		0.85		1.15		1.07		1.11		0.85		1.14		1.07
Missouri River Corp.	2018		0.70		0.57		0.75		0.68		0.70		0.57		0.75		0.68
Oakmont	2012-2013		1.61		2.05		1.91		1.85		1.57		1.99		1.86		1.80
Other	2013		1.89		1.47		2.03		1.47		1.78		1.40		1.93		1.42

Total Leased			1.23		1.38		1.37		1.37		1.28		1.38		1.42		1.36

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
							Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
						Ownership	September 30,						September 30,						September 30,				September 30,
Venture Pool ¹⁾	Comm.		Units		Country	Interest ⁴⁾	2011			2010			2011			2010			2011		2010		2011		2010
Pool 1		5		434	UK	20.00%		91.8	%		90.2	%		92.4	%		89.6	%	$	4,140,027	$	3,832,552	$	11,866,183	$	11,072,172
Pool 7 ^3), 7)		29		2,082	US	40.00%		87.2	%		88.4	%		88.0	%		87.0	%		11,058,629		11,126,557		35,046,742		31,791,894
Pool 8		4		310	US	20.00%		91.5	%		87.4	%		90.1	%		85.5	%		2,367,674		2,089,192		6,651,259		6,004,799
Pool 9		12		872	US	25.00%		89.7	%		91.6	%		89.7	%		89.6	%		5,251,058		4,928,329		14,781,352		13,724,026
Pool 11		2		152	US	30.00%		93.5	%		88.3	%		91.3	%		84.8	%		1,171,386		959,344		3,242,988		2,422,797
Pool 13		1		79	US	20.00%		95.4	%		96.2	%		95.8	%		97.7	%		647,703		595,194		1,941,267		1,879,117
Pool 14		3		219	US	20.00%		89.0	%		85.9	%		88.3	%		85.0	%		840,163		866,991		2,657,474		2,359,365
Pool 15 ²⁾		7		601	US	20%/50%		87.3	%		84.9	%		87.3	%		84.7	%		3,345,271		3,052,144		10,051,024		9,157,137
Pool 16		8		621	US	20.00%		84.8	%		83.6	%		84.6	%		83.3	%		3,093,631		2,645,186		9,017,660		7,721,596
Pool 17		3		229	US	20.00%		82.0	%		74.0	%		81.0	%		71.0	%		934,903		560,593		2,377,040		1,346,381
Pool 24		6		412	US	10%-50%		89.7	%		90.6	%		89.0	%		89.5	%		2,688,084		2,748,097		8,117,211		7,942,189

Total JV’s-Stabilized		80		6,011				88.2	%		87.7	%		88.2	%		86.5	%	$	35,538,529	$	33,404,179	$	105,750,200	$	95,421,473


Lease-Up Properties ⁶⁾									Unit Occupancy												Net Operating Income of Venture
									Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
						Ownership			September 30,						September 30,						September 30,				September 30,
Venture Pool ¹⁾	Comm.		Units		Country	Interest ⁴⁾			2011			2010			2011			2010			2011		2010		2011		2010
Pool 2		2		156	UK		9.81	%		93.7	%		91.5	%		92.6	%		82.6	%	$	1,941,777	$	1,668,031	$	5,203,257	$	4,125,426
Pool 3		15		1,243	UK		9.81	%		85.7	%		76.8	%		84.7	%		74.7	%		9,032,653		7,268,533		24,594,286		20,909,294
Pool 4		3		237	UK		20.00	%		91.9	%		79.7	%		88.3	%		69.7	%		2,609,952		1,679,479		6,692,454		4,091,210
Pool 5		1		81	UK		17.30	%		82.5	%		58.8	%		74.3	%		57.1	%		294,773		107,268		596,235		239,905
Pool 6		1		114	UK		17.30	%		87.4	%		65.1	%		81.2	%		56.5	%		812,038		234,224		1,359,899		383,811
Pool 18		4		348	US		20.00	%		73.7	%		57.0	%		69.4	%		48.7	%		1,400,932		490,486		3,794,319		408,688
Pool 19		3		295	US		20.00	%		82.0	%		68.6	%		78.3	%		59.4	%		771,684		672,543		2,370,591		1,322,790
Pool 20		6		598	US		30.00	%		72.4	%		56.6	%		68.4	%		51.3	%		2,558,059		1,101,057		6,163,621		1,864,811
Pool 21		2		222	US		20.00	%		70.3	%		42.9	%		63.9	%		38.3	%		835,833		27,967		1,778,395		(524,520	)
Pool 22		1		76	US		20.00	%		88.7	%		85.9	%		90.0	%		79.9	%		490,817		356,886		1,431,068		929,955
Pool 23 ⁸⁾		1		323	US		30.00	%		46.3	%		41.4	%		45.3	%		39.4	%		293,461		69,499		832,481		(286,307	)

Total JV’s-Lease Up		39		3,693						78.5	%		66.1	%		75.8	%		61.2	%	$	21,041,979	$	13,675,973	$	54,816,606	$	33,465,063


Total Properties							Unit Occupancy												Net Operating Income of Venture
							Three Months Ended						Nine Months Ended						Three Months Ended				Nine Months Ended
						Ownership	September 30,						September 30,						September 30,				September 30,
Venture Pool ¹⁾	Comm.		Units		Country	Interest ⁴⁾	2011			2010			2011			2010			2011		2010		2011		2010
Pool 1		5		434	UK	20.00%		91.8	%		90.2	%		92.4	%		89.6	%	$	4,140,027	$	3,832,552	$	11,866,183	$	11,072,172
Pool 2		2		156	UK	9.81%		93.7	%		91.5	%		92.6	%		82.6	%		1,941,777		1,668,031		5,203,257		4,125,426
Pool 3		15		1,243	UK	9.81%		85.7	%		76.8	%		84.7	%		74.7	%		9,032,653		7,268,533		24,594,286		20,909,294
Pool 4		3		237	UK	20.00%		91.9	%		79.7	%		88.3	%		69.7	%		2,609,952		1,679,479		6,692,454		4,091,210
Pool 5		1		81	UK	17.30%		82.5	%		58.8	%		74.3	%		57.1	%		294,773		107,268		596,235		239,905
Pool 6		1		114	UK	17.30%		87.4	%		65.1	%		81.2	%		56.5	%		812,038		234,224		1,359,899		383,811
Pool 7 ^{3), 7)}		29		2,082	US	40.00%		87.2	%		88.4	%		88.0	%		87.0	%		11,058,629		11,126,557		35,046,742		31,791,894
Pool 8		4		310	US	20.00%		91.5	%		87.4	%		90.1	%		85.5	%		2,367,674		2,089,192		6,651,259		6,004,799
Pool 9		12		872	US	25.00%		89.7	%		91.6	%		89.7	%		89.6	%		5,251,058		4,928,329		14,781,352		13,724,026
Pool 11		2		152	US	30.00%		93.5	%		88.3	%		91.3	%		84.8	%		1,171,386		959,344		3,242,988		2,422,797
Pool 13		1		79	US	20.00%		95.4	%		96.2	%		95.8	%		97.7	%		647,703		595,194		1,941,267		1,879,117
Pool 14		3		219	US	20.00%		89.0	%		85.9	%		88.3	%		85.0	%		840,163		866,991		2,657,474		2,359,365
Pool 15 ²⁾		7		601	US	20%/50%		87.3	%		84.9	%		87.3	%		84.7	%		3,345,271		3,052,144		10,051,024		9,157,137
Pool 16		8		621	US	20.00%		84.8	%		83.6	%		84.6	%		83.3	%		3,093,631		2,645,186		9,017,660		7,721,596
Pool 17		3		229	US	20.00%		82.0	%		74.0	%		81.0	%		71.0	%		934,903		560,593		2,377,040		1,346,381
Pool 18		4		348	US	20.00%		73.7	%		57.0	%		69.4	%		48.7	%		1,400,932		490,486		3,794,319		408,688
Pool 19		3		295	US	20.00%		82.0	%		68.6	%		78.3	%		59.4	%		771,684		672,543		2,370,591		1,322,790
Pool 20		6		598	US	30.00%		72.4	%		56.6	%		68.4	%		51.3	%		2,558,059		1,101,057		6,163,621		1,864,811
Pool 21		2		222	US	20.00%		70.3	%		42.9	%		63.9	%		38.3	%		835,833		27,967		1,778,395		(524,520	)
Pool 22		1		76	US	20.00%		88.7	%		85.9	%		90.0	%		79.9	%		490,817		356,886		1,431,068		929,955
Pool 23 ⁸⁾		1		323	US	30.00%		46.3	%		41.4	%		45.3	%		39.4	%		293,461		69,499		832,481		(286,307	)
Pool 24		6		412	US	10%-50%		89.7	%		90.6	%		89.0	%		89.5	%		2,688,084		2,748,097		8,117,211		7,942,189

Total Joint Ventures		119		9,704				84.5	%		79.5	%		83.5	%		76.8	%	$	56,580,508	$	47,080,152	$	160,566,806	$	128,886,536

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 six single property joint ventures.

2)	On October 12, 2011, we and our venture partner in a portfolio of seven communities transferred ownership of the portfolio to a new joint venture owned approximately 68 percent by CNL Income Partners, LP, a subsidiary of CNL Lifestyle Properties, Inc. and approximately 32 percent by us.

3)	In January 2011, we increased our ownership percentage from 10% to 40% and the venture was recapitalized. Operating results include the results from 6 New York entities that are leased and operated by Sunrise but owned by the venture.

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 September 30, 2011.

7)	The venture net operating income reflects a 7% management fee expense for quarter and year to date 2010 and a 5% management fee expense for quarter and year to date 2011.

8)	Unit count includes 240 condo units associated with pool 25, however, NOI and occupancy only reflects the assisted living component of this venture.

Sunrise Senior Living

Community Data

Management Contracts


Joint Venture Communities							Management Fees ²⁾
							Three Months Ended				Nine Months Ended
						Average	September 30,				September 30,
Venture Pool ¹⁾	Comm.		Units		Country	Maturity Date	2011		2010		2011		2010
Pool 1 ³⁾		5		434	UK	2028	$	795,025	$	754,614	$	2,365,560	$	2,318,291
Pool 2		2		156	UK	2037		347,096		299,186		974,767		700,680
Pool 3		15		1,243	UK	2037		1,957,879		1,679,867		5,670,070		4,933,259
Pool 4		3		237	UK	2024		332,270		251,863		929,630		705,503
Pool 5		1		81	UK	2039		163,180		109,437		373,435		319,820
Pool 6		1		114	UK	2039		260,957		138,787		615,613		347,849
Pool 7 ⁷⁾		29		2,082	US	2028		1,435,623		2,457,134		4,369,586		7,162,349
Pool 8		4		310	US	2032		458,624		426,444		1,338,769		1,248,135
Pool 9 ⁵⁾		12		872	US	2030		1,124,193		1,106,512		3,328,711		3,210,819
Pool 11		2		152	US	2038		157,543		141,270		455,495		400,189
Pool 13		1		79	US	2037		103,753		114,479		312,396		328,158
Pool 14		3		219	US	2037		220,830		224,297		646,800		628,904
Pool 15		7		601	US	2030		741,788		686,306		2,184,798		2,046,433
Pool 16 ³⁾		8		621	US	2030		722,691		677,004		2,119,867		1,645,336
Pool 17 ³⁾		3		229	US	2030		255,221		211,864		731,438		600,216
Pool 18		4		348	US	2037		386,138		324,855		1,023,179		952,265
Pool 19 ⁶⁾		3		295	US	2037		265,270		241,132		774,439		697,347
Pool 20		6		598	US	2037		281,810		—		281,810		—
Pool 21		2		222	US	2038		200,114		166,500		565,394		499,500
Pool 22		1		76	US	2038		110,363		71,957		326,829		250,909
Pool 23 & Pool 25⁹⁾		1		323	US	2034		—		—		—		—
Pool 24		6		412	US	Various		513,719		506,628		1,509,667		1,478,450

Total Joint Ventures		119		9,704			$	10,834,087	$	10,590,136	$	30,898,253	$	30,474,412


Managed Communities							Management Fees ²⁾
							Three Months Ended				Nine Months Ended
						Average	September 30,				September 30,
Owner	Comm.		Units		Country	Maturity Date	2011		2010		2011		2010
Care Institute		2		209	US	2011	$	158,481	$	157,564	$	475,444	$	467,693
Cooperative		2		684	US	2012 and 2034		636,168		659,893		1,900,772		1,918,310
HCPI ⁸⁾		46		4,513	US	2028-2038		4,452,566		4,426,424		13,270,921		12,407,900
Inova		4		313	US	2013		371,372		358,708		1,218,684		1,067,219
Ventas ⁴⁾		79		6,507	US	2034-2037		5,866,111		5,604,562		17,224,027		13,555,107
Wedum Foundation		4		235	US	2013		233,966		238,744		712,647		716,231
Other		5		681	US	Various		571,333		541,919		1,720,285		1,529,307

Total Managed		142		13,142			$	12,289,997	$	11,987,814	$	36,522,780	$	31,661,767



Total JV and Managed Communities		261		22,846			$	23,124,084	$	22,577,950	$	67,421,033	$	62,136,179



Other/Terminated Management Fees ¹⁰⁾							$	371,570	$	6,085,486	$	4,688,646	$	19,297,287



Total Management Fees							$	23,495,654	$	28,663,436	$	72,109,679	$	81,433,466

Footnotes:

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

3)	Sunrise made a cure payment to these ventures 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 14 properties contain at-will termination provisions for a specified fee to Sunrise.

9)	No management fees are associated with this venture as these fees are eliminated due to accounting for this venture under the profit sharing method.

10)	Includes $2.4 million for the nine months ended September 30, 2011 from the previous AL US venture.

Sunrise Senior Living

Consolidated and Joint Venture Debt

Scheduled Debt Maturities as of September 30, 2011

(dollars in thousands)

Consolidated Debt


	Ownership			Number of	Maturity	Weighted Aver.			Outstanding		In		SRZ
Consolidated Communities	Percentage			Communities	Date ⁶⁾	Interest Rate			Debt		Default		Guaranty
AL US Development Portfolio		100.00	%	15	Jun 15		4.27	%	$	323,113	$	—	N
Connecticut Ave		100.00	%	1	Jun 12		4.82	%		27,812		—	Y
Monterey		100.00	%	1	Jun 13		3.50	%		21,021		—	N
Quebec ⁷⁾		100.00	%	3	Apr 11		4.75	%		45,333		45,333	Y
Cedar Parke		0.00	%	1	Jul 29		0.70	%		21,770		1,365	Y

Consolidated Community Debt				21					$	439,049	$	46,698


Convertible Notes		100.00	%	0	Apr 41		5.00	%	$	86,250	$	—	Y
Restructure Note		100.00	%	0	Oct 12		0.00	%		26,255		—	Y
Restructure Note		100.00	%	0	Apr 14		0.00	%		4,142		—	Y

Other Consolidated Debt				0					$	116,647	$	—



Total Consolidated Debt				21					$	555,696	$	46,698

Joint Venture Entities


	Ownership	Number of	Maturity	Weighted Aver.			Outstanding		In		SRZ
Venture Pool ¹⁾	Percentage ⁴⁾	Communities	Date ⁶⁾	Interest Rate			Debt		Default		Guaranty
Pool 1	20.00%	5	May 13		4.64	%	$	131,409	$	—	N
Pool 2	9.81%	2	Jan 15		5.13	%		58,595		—	N
Pool 3 ¹⁰⁾	9.81%	15	Jul 14		3.41	%		627,948		627,948	N
Pool 4	20.00%	3	Nov 2012 - Jun 2013		2.43	%		91,582		—	Y
Pool 5 ¹¹⁾	16.90%	1	Dec 12		2.13	%		29,512		29,512	Y
Pool 6	16.90%	1	Apr 13		3.88	%		36,901		—	Y
Pool 7 ³⁾	40.00%	29	Feb 14		6.76	%		434,940		—	N
Pool 8	20.00%	4	Apr 14		5.89	%		76,321		—	N
Pool 9	25.00%	12	Jan 14		6.00	%		183,888		—	N
Pool 11	30.00%	2	Mar 13		5.23	%		35,721		—	N
Pool 13	20.00%	1	Mar 12		4.25	%		13,629		—	Y
Pool 14	20.00%	3	Dec 11		3.50	%		45,254		—	Y
Pool 15 ²⁾	20%/50%	7	Oct 11		6.25	%		100,500		—	N
Pool 16	20.00%	8	Dec 11		6.50	%		110,350		—	Y
Pool 17	20.00%	3	Dec 12		6.50	%		41,964		—	Y
Pool 18	20.00%	4	Dec 2011 - Jul 2012		3.25	%		76,093		—	Y
Pool 19 ¹²⁾	20.00%	3	Sep 10		5.00	%		65,813		65,813	Y
Pool 20 ⁸⁾	30.00%	6	Apr 14		4.58	%		104,549		—	N
Pool 21	20.00%	2	Oct 12		6.50	%		56,730		—	Y
Pool 22	20.00%	1	Dec 11		7.00	%		14,561		—	Y
Pool 23 ⁵⁾	30.00%	1	Dec 11		5.72	%		29,987		29,987	Y
Pool 24	10%-50%	6	Dec 2011 - Jan 2020		6.29	%		58,664		—	N
Pool 25	30.00%	0	Sep 11		6.43	%		116,355		116,355	Y

Total Joint Ventures ⁹⁾		119					$	2,541,266	$	869,615

Footnotes:

On October 12, 2011, we and our venture partner in a portfolio of seven communities transferred ownership of the portfolio to a new joint venture owned approximately 68 percent by CNL Income Partners, LP, a subsidiary of CNL Lifestyle Properties, Inc. and approximately 32 percent by us. As part of our new venture the portfolio was recapitalized with a new loan in the amount of $120.0 million with a seven year term.

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.

Three communities in Canada that are wholly owned have been slow to lease up. The outstanding loan balance relating to these communities is non-recourse to us but we have provided operating deficit guarantees to the lender. We are not currently funding under these operating deficit guarantees. The principal balance of $47.9 million was due on April 30, 2011. We are in discussions with the lender and are working toward implementing a revised business plan at the communities and obtaining a loan extension. If we are unable to extend the mortgage, it may have an adverse impact on our financial condition, cash flows and results of operations.

On August 2, 2011, we and our venture partner in a portfolio of six communities transferred ownership of the portfolio to a new joint venture owned 70 percent by a wholly-owned subsidiary of CNL Lifestyle Properties (“CNL Sub”) and 30 percent by us. As part of our new venture agreement with CNL Sub, from the start of year four to the end of year six, we will have a buyout option to purchase CNL Sub’s 70 percent interest in the venture for a 16% internal rate of return to CNL Sub. In addition, the new venture modified the existing mortgage loan in the amount of $133.2 million to provide for, among other things, (i) pay down of the loan by approximately $28.7 million and (ii) an extension of the maturity date of the loan to April 2014 which may be extended by two additional years under certain conditions. In connection with the transaction, we contributed $8.1 million and CNL Sub contributed $19.0 million to the new venture.

9)	Sunrise’s share of joint venture debt as of September 30, 2011 is $564 million.

10)

The venture’s mortgage loan is in default at September 30, 2011 due to a violation of certain loan covenants. The mortgage loan balance was $627.9 million as of September 30, 2011. The loan is collateralized by 15 communities owned by the venture located in the United Kingdom. The lender has rights which include foreclosure on the communities and/or termination of our management agreements. The venture is in discussions with the lender regarding the possibility of entering into a loan modification. During the nine months ended September 30, 2011, we recognized $5.7 million in management fees from this venture. Our United Kingdom Management segment reported $2.1 million in income from operations for the nine months ended September 30, 2011. Our investment balance in this venture was zero at September 30, 2011.

11)	The debt default was cured in October, 2011.

12)	The venture entered into a forbearance agreement with the lender in October, 2011. In connection with the forbearance agreement, Sunrise was released of its guarantee obligations.

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 loss from operations.

(in thousands)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Consolidated Community NOI	$	11,325		$	11,181		$	33,992		$	32,884
Leased Community NOI		18,201			20,515			59,717			59,453

Total Consolidated NOI		29,526			31,696			93,709			92,337
Less: AL US NOI (during period the venture was not consolidated)		—			(7,923	)		(13,681	)		(23,658	)
Plus: NOI from Consolidated New York communities leased from a venture (NOI is reflected in Joint Venture loan pool analysis)		3,903			—			12,193			—

Adjusted Total Consolidated NOI		33,429			23,773			92,221			68,679
Less: Consolidated Community Lease Expense (includes $4.3 million and $12.3 million, respectively, for the three months ended and nine months ended of lease expense from consolidated New York communities leased from a venture)		19,476			15,384			57,281			45,023
Less: Depreciation and Amortization		10,728			11,997			26,752			28,879
Less: Impairment of long-lived assets		2,899			1,014			8,254			4,373

	$	326		$	(4,622	)	$	(66	)	$	(9,596	)

Plus: Other Sunrise Revenue
Management fees		23,496			28,663			72,110			81,433
Buyout fees		3,044			40,000			3,044			53,471
Ancillary fees		7,641			11,113			22,751			32,535
Professional fees from development, marketing and other		553			847			1,398			3,539
Reimbursed costs incurred on behalf of managed communities		179,038			212,386			543,168			648,479

Total Other Revenue		213,772			293,009			642,471			819,457

Less: Other Sunrise Expense
Ancillary expenses		7,127			10,558			21,099			30,504
General and administrative		28,263			31,235			88,216			92,850
Carrying costs of liquidating trust assets		658			551			1,700			1,790
Accounting Restatement, Special Independent Committee inquiry, SEC investigation and stockholder litigation		—			314			—			673
Restructuring costs		—			1,061			—			10,885
Allowance for uncollectible receivables from owners		416			1,344			1,362			2,814
Loss (gain) on financial guarantees and other contracts		—			167			(12	)		477
Costs incurred on behalf of managed communities		180,275			216,713			545,953			651,854
Misc. Expense for Non-Operating Communities		(319	)		190			(720	)		689

Total Other Expense		216,420			262,133			657,598			792,536

(Loss) income from operations	$	(2,322	)	$	26,254		$	(15,193	)	$	17,325

Sunrise Senior Living, Inc.

Supplemental Information

As of September, 30, 2011

($ in thousand except average daily rate)


	Communities		Unit Capacity			Resident Capacity
	September 30, 2011		September 30, 2011			September 30, 2011
Total Community Data (1,2)
Communities managed for third-party owners		142		13,142			15,030
Communities in ventures		119		9,704			11,325
Communities consolidated		50		7,877			8,271

Total communities operated		311		30,723			34,626


Percentage of Total Operating Portfolio
Assisted Living				81.0	%
Independent Living				16.1	%
Skilled Nursing				2.9	%

Total				100.0	%


Selected Operating Results Comparable Community Portfolio Operating Results (3)	QTD September 30, 2011			QTD September 30, 2010			% Change

Total Comparable-Community Portfolio
Number of Communities		288			288			0.0	%
Unit Capacity		28,394			28,394			0.0	%
Resident Capacity		31,975			31,975			0.0	%
Community Revenues	$	494,254		$	468,131			5.6	%
Community Revenues Excluding Impact of Exchange Rates	$	490,218		$	468,131			4.7	%
Community Operating Expenses	$	352,722		$	337,399			-4.5	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	350,232		$	337,399			-3.8	%
Average Daily Revenue Per Occupied Unit	$	214.68		$	204.66			4.9	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	212.92		$	204.66			4.0	%
Average Unit Occupancy Rate		87.8	%		87.2	%		60		basis points

Communities in ventures and managed for third-party owners
Number of Communities		239			239			0.0	%
Unit Capacity		20,616			20,616			0.0	%
Resident Capacity		23,816			23,816			0.0	%
Community Revenues	$	379,908		$	359,955			5.5	%
Community Revenues Excluding Impact of Exchange Rates	$	376,132		$	359,955			4.5	%
Community Operating Expenses	$	265,518		$	255,468			-3.9	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	263,252		$	255,468			-3.0	%
Average Daily Revenue Per Occupied Unit	$	227.73		$	217.63			4.6	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	225.46		$	217.63			3.6	%
Average Unit Occupancy Rate		87.9	%		87.1	%		80		basis points

Communities consolidated
Number of Communities		49			49			0.0	%
Unit Capacity		7,778			7,778			0.0	%
Resident Capacity		8,159			8,159			0.0	%
Community Revenues	$	114,346		$	108,176			5.7	%
Community Revenues Excluding Impact of Exchange Rates	$	114,086		$	108,176			5.5	%
Community Operating Expenses	$	87,204		$	81,931			-6.4	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	86,980		$	81,931			-6.2	%
Average Daily Revenue Per Occupied Unit	$	180.02		$	170.42			5.6	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	179.61		$	170.42			5.4	%
Average Unit Occupancy Rate		87.7	%		87.5	%		20		basis points

Notes

(1)	During the third quarter of 2011, Sunrise sold or disposed of one consolidated community, two joint venture communities and two managed communities.

(2)

Comparable community portfolio consists of all communities in which Sunrise has an ownership interest in or management agreement with and were under Sunrise ownership or management for at least 24 months as of January 1, 2011. This includes consolidated communities, communities in ventures and communities managed for third-party owners.

(3)	Community operating expenses exclude management fees paid to Sunrise with respect to comparable-community ventures in order to make comparisons between consolidated and venture communities consistent.

Sunrise Senior Living, Inc.

Supplemental Information

As of September, 30, 2011

($ in thousand except average daily rate)


	Communities		Unit Capacity			Resident Capacity
	September 30, 2011		September 30, 2011			September 30, 2011
Total Community Data (1,2)
Communities managed for third-party owners		142		13,142			15,030
Communities in ventures		119		9,704			11,325
Communities consolidated		50		7,877			8,271

Total communities operated		311		30,723			34,626


Percentage of Total Operating Portfolio
Assisted Living				81.0	%
Independent Living				16.1	%
Skilled Nursing				2.9	%

Total				100.0	%


Selected Operating Results All Community Portfolio Operating Results (3)	QTD September 30, 2011			QTD September 30, 2010			% Change

Total Community Portfolio
Number of Communities		311			311			0.0	%
Unit Capacity		30,723			30,723			0.0	%
Resident Capacity		34,626			34,626			0.0	%
Community Revenues	$	534,322		$	499,557			7.0	%
Community Revenues Excluding Impact of Exchange Rates	$	529,464		$	499,557			6.0	%
Community Operating Expenses	$	381,288		$	362,932			-5.1	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	378,396		$	362,932			-4.3	%
Average Daily Revenue Per Occupied Unit	$	217.31		$	206.95			5.0	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	215.33		$	206.95			4.0	%
Average Unit Occupancy Rate		86.7	%		85.1	%		160		basis points

Communities in ventures and managed for third-party owners
Number of Communities		261			261			0.0	%
Unit Capacity		22,846			22,846			0.0	%
Resident Capacity		26,355			26,355			0.0	%
Community Revenues	$	418,602		$	390,071			7.3	%
Community Revenues Excluding Impact of Exchange Rates	$	414,004		$	390,071			6.1	%
Community Operating Expenses	$	292,936		$	279,743			-4.7	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	290,269		$	279,743			-3.8	%
Average Daily Revenue Per Occupied Unit	$	230.09		$	219.74			4.7	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	227.56		$	219.74			3.6	%
Average Unit Occupancy Rate		86.5	%		84.4	%		210		basis points

Communities consolidated
Number of Communities		50			50			0.0	%
Unit Capacity		7,877			7,877			0.0	%
Resident Capacity		8,271			8,271			0.0	%
Community Revenues	$	115,720		$	109,486			5.7	%
Community Revenues Excluding Impact of Exchange Rates	$	115,460		$	109,486			5.5	%
Community Operating Expenses	$	88,352		$	83,189			-6.2	%
Community Operating Expenses Excluding Impact of Exchange Rates	$	88,127		$	83,189			-5.9	%
Average Daily Revenue Per Occupied Unit	$	180.60		$	171.01			5.6	%
Average Daily Revenue Per Occupied Unit Excluding Impact of Exchange Rates	$	180.19		$	171.01			5.4	%
Average Unit Occupancy Rate		87.4	%		87.2	%		20		basis points

Notes

(1)	During the third quarter of 2011, Sunrise sold or disposed of one consolidated community, two joint venture communities and two managed communities.

(2)

(3)	Community operating expenses exclude management fees paid to Sunrise with respect to comparable-community ventures in order to make comparisons between consolidated and venture communities consistent.

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SUNRISE SENIOR LIVING INC Reports