Sunrise's Net Loss Narrows In First Quarter

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On May 8, 2009, Sunrise Senior Living(SRZ Quote) posted a lower loss during Q1 FY09, helped by lower expenses and sales of its non-core assets. Net loss decreased to $18.16 million or $0.36 per share from $33.13 million or $0.66 per share a year ago. Net loss from continuing operations increased to $32.29 million or $0.64 per share from $26.08 million or $0.52 per share.

Operating revenue fell 2.2% to $404.36 million from $413.48 million a year earlier, hurt by a lower occupancy rate. Average occupancy rate dropped 50 basis points to 89.2% from 89.7%, while average daily revenue per occupied unit rose 2.2% to $162.35 from $158.80. Resident fees for consolidated communities grew 9.8% to $115.89 million from $105.57 million. On the flipside, reimbursed contract services revenue declined 4.2% to $242.09 million from $252.76 million. Management fees slipped 15.5% to $28.44 million from $33.66 million, and ancillary fees decreased 17.6% to $11.22 million from $13.62 million. Professional fees from development, marketing and other were down 14.5% to $6.73 million from $7.87 million. ...