Sunrise Senior Living narrows quarterly loss
- November 13, 2009
Sunrise Senior Living narrowed its third-quarter loss, but is still struggling under the poor economy and a heavy debt load.
The McLean-based company, which operates 403 retirement communities in the United States, Canada, Germany and the United Kingdom, reported a net loss of $44.4 million for the third quarter, down from $68.7 million during the same period the year before.
Sunrise is trying to restructure its debt, which totals $624.6 million. About $151.5 million of that is scheduled to mature in 2009 and the company has long-term debt of $411.9 million. The company is working with vendors to extend loan maturity dates and refinance loans.
The company announced last month it would sell 21 assisted-living communities to Brookdale Senior Living. Sunrise expects to net $60 million from the sale. It will use $25 million to pay down its bank credit facility and will put $20 million into a collateral account for use by other creditors.
Average unit occupancy was down to 86.7 percent, down from 90.5 percent during third quarter 2008.