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.
What happened to it?
I never bought any but I have watched it for awhile.
As the sun sets on Sunrise, I too, bid a fond farewell to one and all.
To all who ran with Sunrise and to all who thought about it, I bid you adieu.
Yes. It was fun (and lucrative) while it lasted.
Thank you, Sunrise! You'll be missed.
It's done. They party's over. I found this baby years ago and I made good money over its ups and downs as it recovered from a near-bankruptcy that took the share price from $44 to a buck.
I sold in May thinking the financial world was coming to an end over Greece, and I watched this baby go up to $9. I'm crying in my beer 'cause I have to find another Sunrise. Waaaah!
Not surprised by this, as the premium struck me as a bit low.
Bernstein Liebhard LLP is investigating whether the Board of Directors of Sunrise Senior Living, Inc. ("Sunrise" or the "Company") (NYSE:SRZ) breached its fiduciary duty to its shareholders in agreeing to sell Sunrise to Health Care REIT, Inc. (NYSE:HCN).
I was just thinking that $8 wouldn't be a bad entry point for a 50% gain to $12.
Son of a..............
ooOOPS! Looks like you guys waited too long :)
Don't worry... I'm not in either.
I watch this for my other half...
and HE'S NOT IN EITHER!!! :(
I always yell at him because he "takes his profits"
and sells right away...
not just part...ALL.
...yet he'll hold his losing trades FOREVER...
I keep trying to get him to just sell out in stages,
but he never listens to me.
(I think he's going to feel the pain this time)
Wish I knew, True.
When's the next dip that'll make it a good buy?
Luckily, I'm doing equally well in another stock I put my SRZ profits into.
Hope you are too.
Slo, While waiting for Greece to crack and swallow everything in the market I have seen this little gem make bank. How long can I wait to get back in?
Me, too. That's why I reposted your post to me from last month. lol
Misery loves company.
I know, I know, Slo, and I'm crying in my beer!
The share price was less than $5.50 in May!!! ( :
If I had the cash available, I'd pick up some shares, as it looks like $10 is doable.
Oh well. You can't catch every dip. Right? ( :
Another thing, Slo, ALC (Assisted Living Concepts) reported a loss that is driving down their share price. The difference: Sunrise runs higher end, less government-dependent facilities.
SRZ appears to be in a sweet spot, overwhelmingly American and catering to clients who can pay their daily rates.
Me too. ) :
And I'm watching on the sidelines
But I'm up 38% on the stock I put my profits from SRZ in, so I don't feel too bad.
Was hoping to sell it and get back in SRZ before something like this happened. ( :
Slo, did you read their 10Q? They made a ton of cash and used it to pay down their debt. The deals they made during the year with Emeritus and others are paying off. And I'm watching on the sidelines. :(
I'm not quite that liquid.
But I joined you on the SRZ bench back in May.
Slo, I'm currently in only one stock and sitting on cash. I got out some time in May. If Sunrise rolls into the fives I probably will start to buy again incrementally. It's an American company except for some units in England as they sold their German properties a few years back. Little European exposure and climbing revenue against a reduced debt bodes will for this company.
I'm hip! :)
It sure looks like fives are in our future.
I'm ready. ( :
Slo, the share price has fallen a buck from its recent high. Could be we may have another opportunity to get back in in the fives.
The impending implosion in Europe has everything askew. Wish Greece, Italy and Spain would just gave up the ghost and go back to their old currencies and let them float. Europe's going Third World and the thought of years of depression keeps them from being honest.
Don't remind me!!! lol
Posted May 18...."Yeah, I'm in no hurry to buy at the moment."
The share price was less than $5.50 in May!!!
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.
•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
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
Either party can initiate traditional buy/sell rights beginning in year 8
Key Financing Terms
$55M and $70M
$55M (March 2019), $70M (June 2019)
$55M (4.66%), $70M (5.25%)
Standard non-recourse carve-outs only, made by Sunrise and CHT
First lien mortgages and equity pledges on all 7 properties in cross-collateralized pool
Subject to yield maintenance
Key Management Terms
30 year term
6% of Revenue
NOI-based termination right begins 2014; Sunrise has unlimited cure rights
Key Property Characteristics
Number of Properties
< 5 years
SRZ purpose built mansions:
7 out of 7
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)
Total Avg Daily Rate (Q1 2012)
Total Revenue ('000s)*
6% Management Fee ('000s)
NOI w/ 6% MF ('000s)*
*March 2012 YTD Annualized by dividing by 91 and multiplying by 366.
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.
Decent price action today. The plus may be because Sunrise is an American stock and is dependent on Americans putting granny in the home.
Sunrise is a long was off the late April high of $7.15. The Greece and world financial situation will crush the share price further, perhaps to the 52-week low. The company is solvent and getting stronger. Except for an investment in England, Sunrise is America based. However, the stock is low rated. On a scale of one to ten, ten being best, Etrade rates it at three.
Short term ticks can be made but up or down on any given day is the toughie.
All in my own opinion.
But it's at the dip!
Yeah, I'm in no hurry to buy at the moment.
Hey, Slo, the share price looks pretty good for a flip but it fell fast without substance, and my continue to fall. Probably Greece and the rest of Europe are hammering the price, plus it certainly is not a dividend-paying Blue Chip stock. Should be in the dumper until at least that situation works its way out.
Slide over, will ya? ( :
Sub six dollar finish today.
Thanks for the post, Pink. Good stuff.
Sunrise to Participate in Green Street Advisors' 2012 Health Care and Lab Space Conference
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.
Wiping out a large part of that gain that went over seven bucks.
ALC (Assisted Living Centers) got some bad news from Ventas that is suing ALC for breach of contracts regarding several facilities, Sunrise has a good relationship with Ventas.
Might hit $12 TODAY! lol
JK, of course. But DAMN, the %age gain today is going to be pretty large if it holds these gains.
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.
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.
Six or so appears to be a support level. Europe and Asia and housing and unemployment and ?