McLean-based Sunrise Senior Living Inc. saw second-quarter net income rise in part because of the sale of 16 retirement communities.
Sunrise reported net income of $9.6 million or 16 cents per fully diluted share, as compared to net income of $1.3 million, or 2 cent per fully diluted share, for the second quarter of 2011.
The company had revenue of $337 million during the second quarter, up from $321 million during the same period the year before.
Sunrise’s second quarter 2012 results included a $21.7 million return on investment resulting from the sale of 16 venture-owned communities to Ventas, Inc. and $15.6 million in impairment charges relating to ten communities with leases that are being terminated early.
Sunrise’s second quarter 2011 results included an $11.3 million gain on the fair value from business combinations relating to the 15 community acquisition which occurred in the latter part of the second quarter of 2011.
“Our quarter’s results were strong thanks to solid occupancy and rate along with reduced overhead. We also continue to invest in our future through increasing investments in care and information systems,“ Mark Ordan, Sunrise’s chief executive officer, said in a statement.
Sunrise employs approximately 31,600 people. As of June 30, the company operated 307 communities located in the United States, Canada and the United Kingdom, with a unit capacity of approximately 29,800 units.
In the second quarter of 2012, adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization and rent) for the second quarter of 2012 was $49.7 million as compared to $39 million for the second quarter of 2011.
Sunrise had $54.8 million of unrestricted cash at June 30. The principal amount of Sunrise’s consolidated debt on that date was $531.2 million, as compared to $607.4 million at Dec. 31.
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