Slojab
12 años hace
It was acquired, Susie.
MCLEAN, Va., Jan. 9, 2013 /PRNewswire/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) announced today the closing of its previously announced acquisition by Health Care REIT, Inc. (NYSE: HCN). Sunrise also announced today the closing of the previously announced sale of its management business to an entity formed by affiliates of Kohlberg Kravis Roberts & Co. L.P., affiliates of Beecken Petty O'Keefe & Company and Health Care REIT. As of the close of market on January 8, 2013, Sunrise common stock has ceased to trade on the New York Stock Exchange.
As a result of these transactions, Sunrise stockholders will receive a total of $14.50 in cash per share (comprised of $12.40 in cash per share as merger consideration and $2.10 in cash per share as a special dividend).
Mark S. Ordan, chief executive officer of Sunrise, said: "We are most pleased with this outcome, which benefits all of our stakeholders, including a very positive return for our shareholders. We are also very happy that our residents and team members are in such strong hands as we continue to fulfill Sunrise's mission."
Goldman, Sachs & Co. and Keybanc Capital Markets Inc. served as financial advisors, and Wachtell, Lipton, Rosen & Katz as legal advisor to Sunrise.
Slojab
12 años hace
Sunrise Senior Living Completes Agreement to Transfer Seven Sunrise Communities to New Joint Venture
MCLEAN, Va., July 3, 2012 /PRNewswire/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) announced today that on June 29, 2012, it closed on an agreement with CHT Partners, LP, a subsidiary of CNL Healthcare Trust, Inc. ("CHT"), forming a new joint venture to which Sunrise contributed seven consolidated communities containing 687 units and CHT contributed approximately $57 million. The new joint venture is owned approximately 55 percent by CHT and approximately 45 percent by Sunrise Senior Living Investments, Inc., a subsidiary of Sunrise Senior Living, Inc., with a gross valuation of approximately $226 million.
In connection with the transaction, approximately $50 million of CHT's contribution was used to pay down existing financing on certain of the communities transferred to the new joint venture. Sunrise received approximately $5 million in cash at the closing of the transaction.
Sunrise CEO Mark Ordan commented: "We are pleased once again to partner with CNL, and to complete this transaction, which gives us approximately $5 million in cash, and further strengthens our balance sheet and Sunrise overall."
See below for key transaction terms and statistics relating to the new joint venture portfolio.
Transaction Benefits
•Two core stabilized Sunrise mansions with additional upside from five communities transitioning from lease up to stabilized: Average unit occupancy for the seven communities was 84.3% for the three months ended March 31, 2012. Average unit occupancy was up 1170 basis points for the first-quarter 2012 over the first-quarter 2011 and net operating income for the first quarter of 2012 increased 41 percent over the first quarter of 2011.
•Exceptional financing execution: the Company secured excellent financing with favorable debt and equity terms. The new debt refinanced two pools of existing debt on five of the communities. The first pool was under a forbearance agreement that was scheduled to mature in January 2013, and the second pool was scheduled to mature in October 2012. The Company was obligated to the prior lender on an operating deficit guarantee with respect to the second pool, but as a result of the refinancing, Sunrise has been released from such obligation.
•Long-term management contract: the Company secured a long-term management agreement with a 6 percent management fee and the unlimited ability to cure any performance shortfalls in the NOI threshold test that starts in 2014.
•Future asset control: the joint venture agreement provides certain purchase options and buyout rights, which if exercised in the future, will allow the Company to control the assets outright.
Key Joint Venture Terms
Portfolio Valuation:
Approximately $226M
Sunrise Equity Value:
Approximately $46M (45%)
CHT Equity Value:
Approximately $57M (55%)
CHT Preference on Net Cash Flow:
11.0% annual return on equity (year 1-7)Pro-rata (year 8+)
SRZ Buyout Option:
Sunrise can buy out CHT interest during years 4 through 7 for a price equating to a 13% IRR to CHT
Buy/Sell Rights:
Either party can initiate traditional buy/sell rights beginning in year 8
Key Financing Terms
Principal Balances:
$55M and $70M
Loan Maturities:
$55M (March 2019), $70M (June 2019)
Interest Rate:
$55M (4.66%), $70M (5.25%)
Guarantees:
Standard non-recourse carve-outs only, made by Sunrise and CHT
Security:
First lien mortgages and equity pledges on all 7 properties in cross-collateralized pool
Prepayment Option:
Subject to yield maintenance
Key Management Terms
Management Length:
30 year term
Management Fee:
6% of Revenue
Performance Termination:
NOI-based termination right begins 2014; Sunrise has unlimited cure rights
Key Property Characteristics
Number of Properties
7
Unit Capacity
687
Average Age
< 5 years
SRZ purpose built mansions:
7 out of 7
Markets:
Washington DC, Santa Monica, Baton Rouge, New Orleans, Phoenix, Louisville, Chicago
Unit Mix Breakout:
AL (54.4%) / ALZ (26.8%) / IL (18.8%)
Key Financial Statistics
Avg Unit Occ% (Q1 2012)
84.30%
Total Avg Daily Rate (Q1 2012)
$220.81
Total Revenue ('000s)*
$46,831
6% Management Fee ('000s)
$2,810
NOI w/ 6% MF ('000s)*
$13,776
NOI Margin
29.4%
*March 2012 YTD Annualized by dividing by 91 and multiplying by 366.
http://ih.advfn.com/p.php?pid=nmona&article=52981645&symbol=SRZ
interloper
12 años hace
News for 'SRZ' - (DJ Sunrise Living Forms Venture With CHT Partners)
By Tess Stynes
Sunrise Senior Living Inc. (SRZ) entered a joint venture with a unit of CNL Healthcare Trust Inc. in which the provider of senior residential and other services will contribute seven communities and CHT will contribute roughly $57 million.
The unit, CHT Partners, will have a stake of roughly 55% in the venture. Sunrise expects that roughly $50 million will be used to reduce debt on some of the properties that will be transferred to the venture.
Sunrise, which operates properties in the U.S., Britain and Canada, has struggled to turn a profit in recent quarters. The company will continue to operate the properties, which contain about 687 units, under long-term agreements that carry a 6% management fee.
The deal, set to close within 60 days, includes communities in Santa Monica, Calif., Washington, D.C., and other locations.
Shares closed Wednesday at $6.21 and were inactive premarket. The stock is down roughly 23% in the past year.
Pink
13 años hace
Sunrise to Participate in Green Street Advisors' 2012 Health Care and Lab Space Conference
PR Newswire
MCLEAN, Va., May 8, 2012 /PRNewswire/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) announced today that Mark Ordan, Sunrise's chief executive officer, will participate in a senior housing panel discussion at Green Street Advisors' 2012 Health Care and Lab Space Conference on Tuesday, May 15, 2012, at 10:25 a.m. Central Time (11:25 a.m. Eastern Time) at the Trump International Hotel & Tower in Chicago, Illinois.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 31,600 people. As of March 31, 2012, Sunrise operated 308 communities located in the United States, Canada and the United Kingdom, with a unit capacity of approximately 30,300 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services. Sunrise's senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise, please visit http://www.sunriseseniorliving.com.
Investor Relations ContactTim Smith, 703-854-0348
Media ContactMeghan Lublin, 703-854-0299
SOURCE Sunrise Senior Living, Inc.
Slojab
13 años hace
Sunrise Reports Financial Results for First Quarter of 2012
MCLEAN, VA – Sunrise Senior Living, Inc. (NYSE: SRZ) today reported financial results and operating data for the first quarter of 2012. Sunrise will host a conference call and webcast on Wednesday, May 2, 2012, at 9:00 a.m. ET, to discuss the financial results.
Mark Ordan, Sunrise’s chief executive officer, commented on the quarter, “We are very pleased by our strong quarter and by the progress we are making to keep Sunrise at the forefront of caring for seniors, for years to come.”
2012 First Quarter Results
In the first quarter of 2012, Sunrise reported net income of $2.0 million or $0.03 per fully diluted share, as compared to a net loss of $(17.7) million, or $(0.32) per fully diluted share, for the first quarter of 2011.
Adjusted EBITDAR for the first quarter of 2012 was $43.8 million as compared to $28.3 million for the first quarter of 2011. This measure is used by management to focus on income generated from the ongoing operations of the Company. Adjusted EBITDAR is a measure of operating performance that is not calculated in accordance with U.S. GAAP and should not be considered as a substitute for income/(loss) from operations or net income/(loss). For a reconciliation of this measure, please refer to the attached table “Reconciliation for EBITDA, Adjusted EBITDA and Adjusted EBITDAR.”
Cash and Liquidity Update
Sunrise had $47.2 million of unrestricted cash at March 31, 2012. As of March 31, 2012, the principal amount of Sunrise’s consolidated debt was $751.5 million, as compared to $607.4 million at December 31, 2011, an increase of $144.1 million. The increase in consolidated debt primarily relates to the Santa Monica purchase totaling $21.1 million and the two debt pools on communities acquired from two of Sunrise’s existing joint ventures totaling $62.5 million and $57.2 million respectively.
As of March 31, 2012, there were $39.0 million of draws against the Credit Facility and $10.2 million in letters of credit outstanding. On April 27, 2012, the Company paid down by $10.0 million the outstanding draws against the Credit Facility. The outstanding balance of the Credit Facility after the payment was $29.0 million.
Asset Purchases and Transfers
Santa Monica Purchase
On February 28, 2012, Sunrise closed on a purchase and sale agreement with a venture partner who owned 85 percent of the membership interests (the “Partner Interest”) in Santa Monica AL, LLC (“Santa Monica”). Sunrise owned the remaining 15 percent membership interest. Pursuant to the purchase and sale agreement, Sunrise purchased the Partner Interest for an aggregate purchase price of $16.2 million. Santa Monica indirectly owns one senior living facility located in Santa Monica, California. As a result of the transaction, effective February 28, 2012, the assets, liabilities and operating results of Santa Monica are consolidated.
--------------------------------------------------------------------------------
Simultaneously, with the closing of the transaction, Sunrise entered into a new loan with Prudential Insurance Company of America to pool Santa Monica with Connecticut Avenue, and senior debt financed the two assets.
Facilities Transfer from Existing Joint Ventures
On March 20, 2012, two of Sunrise’s existing joint ventures transferred their ownership interest in two venture subsidiaries to Sunrise for no cash consideration. The transferred venture subsidiaries indirectly own five senior living facilities and one land parcel (the “Facilities”). Prior to the transfer, Sunrise had a 20 percent indirect ownership interest in the Facilities. As a result of the transfer, the Facilities are now 100 percent indirectly owned by Sunrise and are consolidated in Sunrise’s financial results commencing March 20, 2012.
General and Administrative Expenses
Sunrise’s general and administrative expense included $3.0 million in litigation contingent loss for the quarter ended March 31, 2012.
Subsequent Event – Sale of Venture Interest in 16 Communities
On May 1, 2012, the subsidiaries of ventures between an institutional investor and Sunrise sold 16 communities to Ventas Inc. for a purchase price of approximately $362 million. Sunrise received approximately $28 million of cash at closing. Sunrise will remain the manager of the 16 communities under the pre-existing terms relating to management fees and contract length, which range from 18 to 27 years.
Operating Data for First Quarter 2012
• Average unit occupancy for stabilized properties for the first quarter of 2012 was 88.2 percent, which was up 60 basis points from 87.6 percent for the first quarter of 2011 and unchanged sequentially compared to the fourth quarter of 2011.
• Average daily revenue per occupied unit for stabilized properties increased 2.9 percent from $214.63 for the first quarter of 2011 to $220.86 for the first quarter of 2012.
• Stabilized property net operating income increased 8.0 percent from $136.1 million for the first quarter of 2011 to $147.0 million for the first quarter of 2012. Overall, net operating income including lease up properties increased 10.1 percent from the first quarter of 2011 to the first quarter of 2012.
Stabilized properties are single properties or pools of properties owned or leased by Sunrise 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, 2012. All managed communities are stabilized properties.
Supplemental Information
For additional details on Sunrise’s stabilized and lease up properties, please refer to the Supplemental Information attached. Also, additional supplemental information has been furnished to the Securities and Exchange Commission in a Form 8-K, and can also be found on the Supplemental Data link on the Investor Relations section of the Company’s Web site at http://suppdata.sunriseseniorliving.com/
Conference Call and Webcast
Sunrise will host a conference call and webcast at 9:00 a.m. ET on Wednesday, May 2, 2012, to discuss the financial results for the first quarter of 2012 and the other matters discussed in this press release. The call-in number for the conference call is 888-726-2470 or 913-312-1458 (from outside the U.S.). Callers should reference the “Sunrise Senior Living Q1 Earnings Call” or the participant passcode: 4979099. Those interested may also go to the Investor Relations section of the Company’s website ( http://www.sunriseseniorliving.com ) to listen to the earnings call. A telephone replay of the call will be available until May 16, 2012 at 1 p.m. ET, by dialing 888-203-1112 or 719-457-0820 (from outside the U.S.) and referencing replay passcode: 4979099; a replay will also be available on Sunrise’s website during that period.
Pink
13 años hace
Sunrise Senior Living Launches Senior Eats™ Food Blog
Sunrise Senior Living (NYSE:SRZ)
Today : Wednesday 18 April 2012
Sunrise Senior Living (NYSE: SRZ) today announced the launch of its new Senior Eats™ food blog, which is accessible at www.SunriseSeniorEats.com and will serve as an innovative resource for senior-friendly recipes and food news.
"Delicious and healthy dining is an important part of living at Sunrise, and we have learned a lot from serving seniors quality home-cooked meals for the last 30 years," said Tim Whelan, Sunrise's vice president of Dining Services. "We know everyone looks forward to really good food and companionship, and this blog will be a place to find the latest information on all facets of senior dining."
Updated multiple times a week, the Senior Eats food blog will feature content from Tim Whelan and Sunrise's community chefs that reflects Sunrise's healthful eating philosophies, seasonal celebrations and recipes designed with seniors' health, taste and dietary needs in mind. Recipes on the blog will focus on using fine ingredients that favor natural herbs and spices, as well as many local and fresh ingredients to promote delicious and well-balanced meals.
Sharing food and beverages is a centerpiece of life at Sunrise. Senior Eats will provide a window into the many activities and community events where Sunrise residents and their families come together. The importance of mealtimes, special entertaining opportunities as well as the latest in food news and tips will be featured regularly.
"Providing our residents with all of the comforts of home is an important part of the Sunrise Signature Experience, and what says home more than delicious and healthy meals," said Laura McDuffie, head of Operations for Sunrise. "We are excited to share our experience and knowledge with all seniors and their families through the new Senior Eats blog."
Senior Eats will appear in addition to Sunrise Senior Living's daily blog, which launched in August 2011. The Sunrise blog is an online resource for Sunrise residents, seniors, families and care professionals. Sunrise also introduced a new Dining page (http://www.SunriseSeniorLiving.com/Dining) on its website that provides sample menus and information on Sunrise's Signature Dining Program.
About Sunrise Senior Living
Sunrise Senior Living, a McLean, Va.-based company, employs approximately 31,600 people. As of December 31, 2011, Sunrise operated 311 communities located in the United States, Canada and the United Kingdom, with a unit capacity of approximately 30,700 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing and rehabilitative services. Sunrise's senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise, please visit http://www.sunriseseniorliving.com.
Contact:
Meghan Lublin
Corporate Communications
(703) 854-0299
SOURCE Sunrise Senior Living
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