Exhibit 99.2

Dawn Limited Partnership

Financial Statements

Dawn Limited Partnership

Report of Independent Auditors

to the members of Dawn Limited Partnership

We have audited the accompanying consolidated balance sheets of Dawn Limited Partnership and its subsidiaries (‘the Partnership’) as of 31 December 2011 and 2010, and the related group profit and loss accounts, group statement of recognised profits and losses, note of historical cost profits and losses and group statements of cash flows for each of the three years in the period ended 31 December 2011.  These financial statements are the responsibility of the Partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Partnership’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Dawn Limited Partnership and its subsidiaries at 31 December 2011 and 31 December 2010, and the consolidated results of its operations and its cash flows for each of the three years in the period ended 31 December 2011 in conformity with accounting principles generally accepted in the United Kingdom, which differ in certain respects from those generally accepted in the United States (see note 20 of notes to the financial statements).

December 6, 2012

1

Dawn Limited Partnership

Group profit and loss account

for the 3 years ended 31 December 2011, 2010 and 2009

All amounts relate to continuing activities.

Group statement of total recognised gains and losses

for the 3 years ended 31 December 2011, 2010 and 2009

2

Dawn Limited Partnership

Note of historical cost profits and losses

for the 3 years ended 31 December 2011, 2010 and 2009

3

Dawn Limited Partnership

Group balance sheet

at 31 December 2011

4

Dawn Limited Partnership

Group statement of cash flows

for the 3 years ended 31 December 2011, 2010 and 2009

5

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

1.                  Accounting policies

Basis of preparation

The financial statements are prepared under the historical cost convention, modified to include the revaluation of tangible fixed assets, and in accordance with United Kingdom Accounting Standards.

The financial statements were approved by the Board of Directors of Dawn General Partner Limited and authorised for issue on 6 December 2012.

Going concern

The Group incurred a loss for the year ended 31 December 2011 of £49,222,000, which includes a downward revaluation of fixed assets of £32,358,000 and has net current liabilities of £391,621,000 as at 31 December 2011. As previously reported in the prior year financial statements, the Group was in breach of both its loan to value and interest coverage ratio covenants since November 2011 and September 2011 respectively, in respect of its loan with Bank of Scotland plc. At 31 December 2011 refinancing was under negotiation but because the Bank of Scotland plc had the right to accelerate repayment, the loan was presented as falling due within one year. In light of the reported financial position and financial performance of the Group, the directors have taken steps to satisfy themselves as to the viability of the Group such that preparation of these financial statements on the going concern basis remains appropriate.

The Group’s unrestricted cash balance as at 31 December 2011 was £13,939,000 (the difference of £2,843,000 to the reported cash in the Group balance sheet is restricted cash held in the resident deposit and debt service bank accounts) and as at 31 October 2012 was £7,608,000. Based upon current detailed forecasts to the end of December 2013, the cash position of the Group is expected to strengthen due to the debt extension and amendment of terms of the facility and related swaps with Bank of Scotland plc and repayment of the loan with Aeriance S.A., described in note 18, reducing the cash interest burden on the Group. In addition, improving operating performance, as a result of rising resident occupancy, care and accommodation fee increases and robust cost control, will further support the cash position of the Group. As such the directors have concluded that there are sufficient cash resources to meet the Group’s liabilities as they fall due.

The Group’s existing facility agreement with Bank of Scotland plc was amended on 16 October 2012 (“the Agreement”). The amendment to the Agreement extends the debt to December 2015 and has reset the existing debt covenants to an appropriate level for the current economic environment and the circumstances of the Group. The directors note that additional operational covenants have been imposed on the Group but based on their quantitative analysis over the period of the amended loan term, they are confident that the Group will meet all new covenants requirements.

The Group facility with Aeriance S.A. was fully repaid on 16 October 2012, by an intermediate parent undertaking, Sunrise Senior Living Investments Inc. As such, the removal of the interest obligations will support the positive trends in the forecasted cash flow, and reduce the burden of debt covenant compliance on the Group. It is possible that the related party creditor will be converted into equity as a result of the merger between Sunrise Senior Living Inc. and Health Care REIT in the first half of 2013. The Group cash flow forecasts assume that the intercompany loan remains in place and attracts interest at similar rates to those previously incurred so any capitalisation of the loan to equity will act to further strengthen the cash flow headroom.

As a result of the above, the directors continue to adopt the going concern basis of accounting in preparing the Group’s financial statements for the year ended 31 December 2011.

6

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

1.                  Accounting policies (continued)

Group financial statements

The Group financial statements include the financial statements of the Partnership and all its wholly owned subsidiaries, drawn up to 31 December each year. The results of subsidiary undertakings are included in the Group profit and loss account from the date of acquisition or up to the date of disposal. All significant intercompany accounts and transactions are eliminated upon consolidation. For subsidiaries acquired in the year, the acquisition method of accounting has been adopted.

A subsidiary is an entity in which the Partnership controls the operating and financial policies, by holding directly or indirectly more than 50% of the equity shares, or by other means. Investments in subsidiary undertakings are eliminated on consolidation.

Goodwill

Goodwill arising on acquisition whereby the cost of acquisition exceeds the aggregate fair values of the identifiable assets and liabilities at the date of acquisition is capitalised on the balance sheet in accordance with FRS 10 (“Goodwill and Intangible Assets”). Conversely, if the aggregate fair values of the acquired entity’s assets and liabilities exceed the cost of acquisition then negative goodwill is recognised on the balance sheet. The fair values of net identifiable assets, liabilities and purchase consideration are determined in accordance with the guidance provided by FRS 7 (“Fair Value in Acquisition Accounting”).

Positive goodwill is amortised on a straight line basis over its expected useful economic life of 20 years. Goodwill is tested for impairment at the end of the first full year after acquisition or if events or circumstances indicate that the amortised carrying value of the goodwill may not be recoverable. Where material adjustments are made to estimates of the deferred contingent consideration of acquisitions by the Partnership, the carrying value of any goodwill that emerges will be amortised prospectively over its remaining useful economic life.

Negative goodwill is recognised whether through depreciation or sale in the profit and loss account on a straight line basis over the period in which the related non-monetary assets are recovered. The current basis is to recognise negative goodwill over a period of 20 years.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost and include costs directly related to the acquisition of the facilities. Maintenance and repair costs are expensed as incurred.

Following initial recognition, tangible fixed assets are revalued each year using an independent valuation conducted by a member of the Royal Institution of Chartered Surveyors.

All categories of property and equipment are revalued simultaneously and apportioned between all categories in relation to brought forward amounts.

Revaluation gains are recognised in the profit and loss account only to the extent, after adjusting for subsequent depreciation, that they reverse a previously recognised revaluation loss in the profit loss account on the same asset, otherwise they are recognised in the statement of total recognised gains and losses.

Revaluation losses are recognised in the statement of total recognised gains and losses until the carrying amount of the asset is equal to its depreciated historic cost after which they are recognised in the profit and loss unless it can be demonstrated that the recoverable amount of the asset is greater than the revalued amount.

7

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

1.                  Accounting policies (continued)

Depreciation

Depreciation is provided to write off the cost or valuation, less estimated residual values, of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

A full year’s charge is incurred in the year of purchase irrespective of when the asset was acquired in the year.

No depreciation is provided on freehold or long leasehold land.

Impairment of tangible fixed assets and goodwill

Assets are reviewed for impairment whenever events or circumstances indicate that the asset’s recoverable amount may be below its carrying value. The Partnership measures recoverable amount by reference to its net realisable value or the asset’s value in use, which is the present value of expected future cash flows generated from that asset.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes all cost incurred in bringing consumables to their current location and condition.

Interest-bearing loans and borrowings

All interest bearing loans and borrowings are initially recorded at net proceeds.

Loans are presented net of issue costs which are expensed over the term of the loan at a constant rate on the carrying amount.

In the event that debt is repaid, related deferred finance costs of issue are written off and immediately recognised in the profit and loss account.

Interest rate swaps

The Group has entered into a swap arrangement to mitigate the risk of interest rate fluctuations. Interest rate swaps are not revalued to fair value or shown in the Group balance sheet at the year end since the provisions of Financial Reporting Standard 26 (“Financial Instrument: Recognition and Measurement”) have not been adopted. In the event that swaps are terminated early, but the hedged loan remains in place, the gain/loss is spread evenly over the maturity of the original instrument.

Interest expenses are recognised as the sum of amounts as they accrue on the variable rate loan balances stepped up to the current fixed swap rates payable each quarter. From time to time where interest has been paid in advance in return for a downward re-couponing of the fixed rate swap, the advanced interest paid has been recorded as a prepayment which is then expensed over the period which has benefited from lower fixed swap rates.

Corporation tax

The Partnership is not a taxable entity since all attributes of income and loss pass through pro rata to the partners on their respective income tax returns in accordance with the Partnership Agreement. However, the underlying operating and property companies are subject to UK and Jersey taxation.

8

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

1.                  Accounting policies (continued)

Value added tax

Revenue, expenses and assets are recognised net of the amount of Value Added Tax except:

·                      where the value added tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the value added tax is recognised as part of the cost of acquisition of the asset or as part of the expense items as applicable; and

·                      debtors and creditors that are stated with the amount of value added tax included.

The net amount of value added tax recoverable from, or payable to, the taxation authority is included as part of debtors or creditors in the balance sheet.

Deferred taxation

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less or to receive more, tax, with the following exceptions:

·                      Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, or gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

·                      Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are translated into sterling at the rates ruling when they occur.

Foreign currency monetary assets and liabilities are retranslated at the rates ruling at the balance sheet date. Any differences are taken to the profit and loss account.

Leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Group are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the assets’ useful lives.  The capital elements of future obligations under leases are included as liabilities in the balance sheet.  The interest elements of the rental charges are charged in the profit and loss accounts over the periods of the leases and represent a constant proportion of the balance of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

9

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

1.                  Accounting policies (continued)

Revenue recognition

Revenue is recognised to the extent that the Group obtains the right to consideration in exchange for its performance.

Resident care and accommodation fees are recognised monthly as services are rendered with appropriate adjustments made to reflect residents who have both moved in and out during the month. The resident agreements are open ended with both parties having the right to terminate the agreement by giving thirty days notice.

Community fees represent payments made by residents in advance of joining a community to cover the costs of moving the resident in and completing their joining transition. Community fees are recognised 30 days after the resident moves in, since at this point the fee becomes non-refundable.

Administrative expenses

Administrative expenses include:

·                      community operating costs including labour, food, marketing and other direct costs associated with operating the communities;

·                      general and administrative expenses of the Group itself; and

·                      management fees paid to Sunrise Senior Living Limited for managing the communities.

Pensions

Certain of the subsidiary undertakings operate a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. Group contributions are charged to the profit and loss account in the period in which they become payable.

Estimates

The preparation of consolidated financial statements in conformity with UK GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates

Cash and Cash Equivalents

We consider cash and cash equivalents to include currency on hand, demand deposits, and all highly liquid investments with a maturity of three months or less at the date of purchase.

2.                  Operating (loss)/profit

This is stated after charging/(crediting):

10

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

3.                  Interest receivable and similar income

4.                  Interest payable and similar charges

5.                  Tax

(a)                       Tax on loss on ordinary activities

The Partnership is not a taxable entity since all attributes of income and loss pass through pro rata to the partners on their respective income tax returns in accordance with the Limited Partnership Agreement.

However, the operating companies, and investment holding companies incorporated in the UK are subject to UK corporate tax. The property companies and investment holding companies incorporated in Jersey and not subject to UK corporate tax and the Jersey corporate tax rate is currently 0%. The Jersey incorporated property companies are subject to UK income tax under the non-resident landlord regime.

11

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

5.                  Tax (continued)

(a)                       Tax on loss on ordinary activities (continued)

At 31 December 2011, the applicable statutory tax rate for UK corporation tax is 26.5% (2010 — 28%) and the applicable statutory rate for basic rate UK income tax on the Jersey entities is 20% (2010 — 20%).

12

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

5.                  Tax (continued)

(a)                       Tax on loss on ordinary activities (continued)

At 31 December 2010, the applicable statutory tax rate for UK corporation tax is 28% (2009 — 28%) and the applicable statutory rate for basic rate UK income tax on the Jersey entities is 20% (2009 — 20%).

At 31 December 2009, the applicable statutory tax rate for UK corporation tax is 28% (2008 — 28%) and the applicable statutory rate for basic rate UK income tax on the Jersey entities is 20% (2008 — 20%).

13

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

5.                  Tax (continued)

(a)                       Tax on loss on ordinary activities (continued)

The tax assessed for the year differs from the applicable standard rates of tax. The differences are explained below:

14

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

5.                  Tax (continued)

(a)                       Tax on loss on ordinary activities (continued)

The 2010 year differences are detailed as follows;

15

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

5.                  Tax (continued)

(a)                       Tax on loss on ordinary activities (continued)

The 2009 year differences are detailed as follows;

(b)                       Deferred tax

16

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

5.                  Tax (continued)

(b)                       Deferred tax (continued)

Elements of deferred taxation 2011 are as follows:

17

Dawn Limited Partnership

Notes to the financial statements

at 31 December 2011

5.                  Tax (continued)

(b)                       Deferred tax (continued)

Elements of deferred taxation for 2010 are as follows: