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Sunrise Senior Living's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Sunrise Senior Living, Inc. (SRZ)

Q1 2012 Earnings Call

May 02, 2012 09:00 a.m. ET

Executives

Tim Smith – Investor Relations

Mark Ordan – Chief Executive Officer

Marc Richards – Chief Financial Officer

Greg Neeb – Chief Investment and Administrative Officer

Analysts

Daniel Bernstein – Stifel Nicolaus

Presentation

Operator

Good day, and welcome to the Sunrise Senior Living First Quarter Conference Call. Today’s conference is being recorded.

At this time, I’d like to hand the conference over to Tim Smith. Please go ahead, sir.

Tim Smith

Thank you. Welcome to Sunrise Senior Living’s first quarter 2012 investor conference call. This is Tim Smith of Sunrise’s Investor Relations. Before we begin, let me remind you this call is being recorded and the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 apply to this conference call.

During the course of this call, the company will make various remarks concerning management’s expectations, predictions, plans and prospects that constitute forward-looking statements. Actual results may differ materially from those anticipated by these forward-looking statements. Any forward-looking statements reflect management’s current view only and the company undertakes no obligation to revise or update such statements in the future.

I will now turn the call over to Mark Ordan, Sunrise’s Chief Executive Officer. Mark?

Mark Ordan

Thanks Tim. I’m pleased to report a strong first quarter for Sunrise Senior Living. Our year-over-year stabilized community occupancy rose 60 basis points to 88.2%. Our average revenue per occupied unit stabilized communities was up 2.9% year-over-year. NOI was up 8% year-over-year for stabilized communities and 10.1% overall. Our sequential quarter to quarter occupancy was flat but historically we declined in Q1 so we were very pleased here as well.

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