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Sunrise Senior Living, Inc. (SRZ)
Q1 2012 Earnings Call
May 02, 2012 09:00 a.m. ET
Tim Smith – Investor Relations
Mark Ordan – Chief Executive Officer
Marc Richards – Chief Financial Officer
Greg Neeb – Chief Investment and Administrative Officer
Daniel Bernstein – Stifel Nicolaus
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.
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?
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.