2011 Third Quarter Results
In the third quarter of 2011, Sunrise reported a net loss of ($8.7) million or ($0.15) per fully diluted share, as compared to net income of $18.7 million, or $0.33 per fully diluted share, for the third quarter of 2010. Sunrise's third quarter 2011 results included $3.0 million in buyout fees relating to the buyout of 4 management contracts. Sunrise's third quarter 2010 results included $40.0 million in buyout fees relating to the buyout of 27 management contracts.
Adjusted EBITDAR for the third quarter of 2011 was $37.0 million as compared to $31.8 million for the third quarter of 2010.
sandollor (:-:)
The Earnings report referred to management contracts. These are contracts with building owners to manage the facility, not contracts with a manager working for SRZ.
2011 3Q NOI of $155M was 9% ahead of last year's 3Q and at a run rate of $620M !!! This NOI is approaching twice the market cap of Sunrise right now !!!
EBIDTAR of $37M for 3Q was 16% ahead of last years results, and if this is annualized at $148M and a 10% (or lower) cap rate would value the company at $1.5B+.
ADR and occupancy improving.
All of these economic metrics sure point to an improving and growing business and I'm sure this plays well against the backdrop of a $350M market cap today?
Good candidate for a takeover? My bet is that stock price should go up tomorrow. May also depend on how conference call is received.
Time will tell.
Watch the pre-market tomorrow morning. More often than not if it's going to sell off it doesn't wait for the opening bell,people start selling in the pre-market.
Yup,that's why I sold my short term shares a couple of weeks back. This will get walked down and then I'll jump back in. My long term stuff at 3.27 is always held.
It's what I've been saying for a long time now, they cannot run the homes at a profit, all development people have been cut, so Ordans only option is to keep selling off bits, EASY money! He's getting how much for this hatchet job? Then when he's got nothing left to sell he'll leave, you watch. Nice work if you can get it.
Sunrise's third quarter 2011 results included $3.0 million in buyout fees relating to the buyout of 4 management contracts. Sunrise's third quarter 2010 results included $40.0 million in buyout fees relating to the buyout of 27 management contracts.
Would the 3rd qtr report looked a lot better without these fees?
sandollor (:-:)