Sunrise makes profit in third quarter
Sunrise Senior Living Inc. returned to the black in the third quarter with net income of about $19 million. That compares to a loss of $44 million in the same period last year.
“We continue to be pleased with our structural improvements,” Mark Ordan, Sunrise's CEO, said. “Our results and trends make us optimistic about our short- and long-term future.”Revenues rose by 6% to $383 million in the third quarter. The company, which is still recovering from financial problems over the last few years, has been entering into agreements in recent months to raise cash. Last month, the company sold to Ventas Inc., a real estate investment trust, all of its joint venture interests in 58 communities. Sunrise will receive approximately $41.5 million upon the closing of the agreement.