SUNRISE SENIOR LIVING INC

CIK:0001011064|SEC Filings

Discontinued Operations

9 Months Ended

Sep. 30, 2012

14. Discontinued Operations

Discontinued operations consists of three communities whose leases were terminated in 2012 and businesses and communities sold prior to 2012. The following amounts relate to those communities and businesses that have been segregated from continuing operations and reported as discontinued operations (in thousands):

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Revenue	$	3,135		$	5,653		$	13,522		$	17,943
Expenses	(3,523		)	(6,722		)	(14,288		)	(19,956		)
Impairment on long-lived assets	(89		)	(952		)	(1,897		)	(952		)
Gain on sale	1,968			115			2,408			2,463
Income (loss) from discontinued operations	$	1,491		$	(1,906	)	$	(255	)	$	(502	)

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2012

Supplemental Cash Flow Information

Supplemental Cash Flow Information

18. Supplemental Cash Flow Information

Interest paid was $16.2 million and $6.2 million for the nine months ended September 30, 2012 and 2011, respectively. No interest was capitalized in either 2012 or 2011. Income tax payments to the United Kingdom for the nine months ended September 30, 2012 and 2011 were approximately $0.2 and $0.7 million, respectively. During the first nine months of 2012, we received $1.3 million in state tax refunds and $0.3 million in refunds from Canada.

On March 20, 2012, a partner in two of our existing joint ventures transferred their ownership interest in two venture subsidiaries to us for no cash consideration and $118.2 million of debt was assumed (refer to Note 5).

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Current Assets:
Cash and cash equivalents	$ 106,462	$ 49,549
Accounts receivable, net	47,744	40,538
Due from unconsolidated communities	12,058	17,926
Deferred income taxes, net	24,047	19,912
Restricted cash	50,691	47,873
Assets held for sale	5,929	1,025
Prepaid expenses and other current assets	27,622	12,290
Total current assets	274,553	189,113
Property and equipment, net	552,756	624,585
Intangible assets, net	35,046	38,726
Investments in unconsolidated communities including those accounted for under the profit-sharing method	19,392	42,925
Restricted cash	184,339	183,622
Restricted investments in marketable securities	2,690	2,479
Assets held in the liquidating trust	20,912	23,649
Other assets, net	9,811	13,269
Total assets	1,099,499	1,118,368
Current Liabilities:
Current maturities of debt	24,344	77,861
Outstanding draws on bank credit facility	0	39,000
Liquidating trust notes, at fair value	24,161	26,255
Accounts payable and accrued expenses	173,525	134,157
Due to unconsolidated communities	288	404
Deferred revenue	10,538	11,804
Entrance fees	17,845	19,618
Self-insurance liabilities	42,560	42,004
Total current liabilities	293,261	351,103
Debt, less current maturities	470,201	450,549
Investments accounted for under the profit-sharing method	15,632	12,209
Self-insurance liabilities	39,414	43,611
Deferred gains on the sale of real estate and deferred revenues	0	8,184
Deferred income tax liabilities	24,047	19,912
Interest rate swap	19,966	21,359
Other long-term liabilities, net	94,276	109,548
Total liabilities	956,797	1,016,475
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value, 120,000,000 shares authorized, 58,389,117 and 57,640,010 shares issued and outstanding, net of 658,435 and 509,577 treasury shares, at September 30, 2012 and December 31, 2011, respectively	584	576
Additional paid-in capital	496,788	487,277
Retained loss	(352,543)	(385,294)
Accumulated other comprehensive loss	(8,234)	(5,932)
Total stockholders' equity	136,595	96,627
Noncontrolling interests	6,107	5,266
Total equity	142,702	101,893
Total liabilities and equity	$ 1,099,499	$ 1,118,368