Sunrise Announces New $50 Million Repurchase Program

Thursday, November 17, 2005 8:08 am EST

Dateline:

MCLEAN, Va.

Public Company Information:

NYSE:
SRZ
"The Board authorized our new repurchase program given the strength of our balance sheet and our expectations for substantial cash flow generation in Q4 2005 and full-year 2006"

Sunrise Senior Living, Inc. (NYSE: SRZ) today announced that its Board of Directors has approved a new $50 million repurchase program. This program is effective immediately and extends through December 31, 2007. The Company is authorized under the program to repurchase its common stock or its 5.25 percent convertible subordinated notes due 2009. Sunrise anticipates funding potential repurchases from cash on hand, cash from operations, proceeds from any exercises of options to purchase shares of common stock of the Company, and other available funds of the Company.

"The Board authorized our new repurchase program given the strength of our balance sheet and our expectations for substantial cash flow generation in Q4 2005 and full-year 2006," said Paul Klaassen, chairman and CEO of Sunrise Senior Living. "This announcement reflects our commitment to creating long-term shareholder value and our confidence in our ability to generate strong cash flow from operations."

Under the repurchase program, Sunrise is authorized to make purchases in the open market or in privately negotiated transactions from time to time, subject to market conditions, applicable legal requirements and other factors. The repurchase program does not obligate the Company to repurchase any specific number of shares, and repurchases pursuant to the program may be suspended or resumed at any time or from time to time without further notice or announcement.

Sunrise Senior Living is the nation's largest provider of senior living services. The McLean, Va.-based company employs more than 40,000 people. As of September 30, 2005, Sunrise operated 425 communities in the United States, Canada, Germany and the United Kingdom with a combined capacity for more than 52,900 residents. Sunrise also had 39 communities under construction in these countries with a combined capacity for more than 4,600 residents. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as 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 https://www.sunriseseniorliving.com/.

Estimates of future earnings are by definition, and certain other 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. Sunrise's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including, but not limited to, our ability to integrate The Fountains and Greystone into our operations, development and construction risks, acquisition risks, licensing risks, business conditions, competition, changes in interest rates, our ability to manage our expenses, market factors that could affect the value of our properties, the risks of downturns in general economic conditions, satisfaction of closing conditions and availability of financing for development and acquisitions. These and other risks 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: https://www.sunriseseniorliving.com/

 

Contact:

Dave Spille
Vice President, Investor Relations and Capital Markets
+1-703-744-1787

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