Sunrise and CNL Retirement Properties Complete EdenCare Transaction


Tuesday, November 25, 2003 8:08 am EST



Public Company Information:

"Today's announcement demonstrates our ability to attract and partner with capital sources to complete opportunistic transactions"

Sunrise Senior Living, Inc. (NYSE: SRZ) and CNL Retirement Properties, Inc. ("CNL"), today announced the completion of the acquisition of 22 EdenCare Senior Living Services ("EdenCare") communities, located in the southern United States. Sunrise has begun managing the 22 communities, with a resident capacity of approximately 2,000, pursuant to long-term management contracts with CNL. CNL, a leading real estate investment trust in the seniors' housing industry, acquired a 100 percent interest in the 22 communities.

The portfolio (one each in Alabama and North Carolina, six in Georgia, two in Kentucky, five in South Carolina and seven in Texas), consists of 19 assisted living and Alzheimer care communities (ranging from 40 to 90 units) and three full service campuses providing independent living, assisted living and Alzheimer care (ranging from 190 to 210 units). Sunrise will have no ownership interest in the communities, which currently generate approximately $50 million in annual revenues at a 75 percent occupancy level.

"Today's announcement demonstrates our ability to attract and partner with capital sources to complete opportunistic transactions," said Paul Klaassen, chairman and CEO of Sunrise Senior Living. "This transaction increases our operating portfolio by 5 percent, expands our relationship with CNL, a leading owner of senior housing, and provides upside potential from improved operating performance. Looking forward, we believe additional consolidation opportunities exist and that Sunrise is well positioned to participate in any potential transactions."

Sunrise Senior Living is the nation's largest provider of senior living services. The McLean, Va.-based Company, which employs more than 30,000 people, has over 380 senior living communities either open or under construction in the United States, United Kingdom and Canada with a combined resident capacity of more than 42,000. Sunrise communities offer a full range of personalized senior living services, from independent living, to assisted living, to care for individuals with Alzheimer's and other forms of memory loss and nursing and rehabilitative care. Sunrise's senior living services are delivered by staff trained to encourage the independence, preserve the dignity, enable freedom of choice and protect the privacy of residents. To learn more about Sunrise please visit

CNL Retirement Properties, Inc. is an affiliate of CNL Financial Group, Inc., and specializes in the acquisition of quality independent and assisted living communities and continuing care retirement communities. Headquartered in Orlando, Florida, CNL Financial Group, Inc. is one of the nation's largest, privately held real estate investment and finance companies. CNL Financial Group, Inc. and the entities it has formed or acquired have over $8 billion in assets, representing more than 3,000 properties in 49 states.

Certain matters discussed in this press release may be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Sunrise believes the expectations reflected in such forward- looking statements are based on reasonable assumptions, there can be no assurances that its expectations will be realized. Risks that could cause actual results to differ materially from Sunrise expectations are detailed in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.

Web site:


Sunrise Senior Living, Inc.
Sarah Evers
vice president, External Communications
Charles A. Post
Senior Vice President, Corporate Strategy and Capital Markets

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