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Sunrise Senior Living Inc. Message Board

  • msears99 msears99 Apr 5, 2011 10:26 PM Flag

    Some Insights on SRZ guidance

    More Consolidation in Health-care REITs (VTR, NHP, SRZ)
    Posted: February 28, 2011 at 12:37 pm



    Read more: More Consolidation in Health-care REITs (VTR, NHP, SRZ) - 24/7 Wall St. http://247wallst.com/2011/02/28/more-consolidation-in-health-care-reits-vtr-nhp-srz/#ixzz1IhqAE3FT


    Ventas, which also owns Sunrise Senior Living, Inc. (NYSE: SRZ), stated in its quarterly report that its net operating income improve 17.7% at its Sunrise properties due to a 1.4% increase in occupancy, a decrease of -3.5% in management fees, certain cash payments received by Ventas, and a 3.5% rise in the average daily rate. There’s no reason to believe that the company can’t use something like that same formula for the properties it is acquiring from Nationwide and Atria

    Read more: More Consolidation in Health-care REITs (VTR, NHP, SRZ) - 24/7 Wall St. http://247wallst.com/2011/02/28/more-consolidation-in-health-care-reits-vtr-nhp-srz/#ixzz1Ihq2aVSi

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    • SUNRISE-MANAGED PORTFOLIO
      2010 Total Portfolio NOI Grows 18 Percent to More Than $154 Million; Average Occupancy Exceeds 90% in the Fourth Quarter
      The Company’s senior living operating portfolio includes 79 seniors housing communities in North America that are managed by Sunrise Senior Living, Inc. (NYSE: SRZ) (“Sunrise”). In December 2010, Ventas acquired Sunrise’s noncontrolling interests in 58 of those communities, and it now owns 100 percent of all 79 communities. Ventas and Sunrise also entered into amended management agreements for the 79 communities.
      NOI for these 79 communities was $154.3 million for the year ended December 31, 2010, compared to $131.0 million for the comparable 2009 period. This 17.7 percent improvement in NOI was due to a 140 basis point increase in average occupancy, the reduction in management fees to 3.5 percent for the period from April 1, 2010 through December 31, 2010, cash payments received by Ventas for expense overages and a 3.5 percent increase in average daily rate.
      NOI for these 79 communities was $42.6 million for the quarter ended December 31, 2010, compared to $33.3 million for the comparable 2009 period. This 28.0 percent improvement in NOI was due to a 170 basis point increase in average occupancy, lower management fees and a 2.9 percent increase in average daily rate.
      - MORE -






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      Ventas Reports Fourth Quarter Results
      February 17, 2011
      Page 3
      “Our Sunrise-managed portfolio of high-quality need-driven, mansion-style seniors housing communities enjoyed a breakthrough year in 2010,” Ventas President Raymond J. Lewis said. “NOI grew 14 percent, and we received an additional $5 million of NOI from cash payments. We now own 100 percent of the 79 Sunrise-managed assets, fourth quarter 2010 average occupancies exceeded 90 percent and we expect positive operating trends and supply and demand fundamentals to benefit the portfolio in 2011,” he added.
      FOURTH QUARTER HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS

 

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