Sunrise Signs Joint Venture Agreement With MetLife

Wednesday, September 28, 2005 8:08 am EDT

Dateline:

MCLEAN, Va.

Public Company Information:

NYSE:
SRZ
"MetLife's quality reputation and strong financial resources will contribute to our overall corporate growth and our ability to meet the demands of the growing senior population."

Sunrise Senior Living, Inc. (NYSE: SRZ), today announced that it has entered into a limited partnership with MetLife to develop up to ten senior living communities with a combined capacity for more than 900 residents. In conjunction with the signing of the joint venture agreement, one community currently under construction was acquired by the joint venture from Sunrise, and the remaining communities are scheduled to start construction in either 2005 or 2006. Sunrise Senior Living will manage all of the communities under long-term management agreements. Macquarie Capital Partners acted as the exclusive financial advisor on the transaction.

"We are extremely excited to be adding such a well respected financial institution to our growing list of capital partners," said Paul Klaassen, Sunrise Senior Living chairman and CEO. "MetLife's quality reputation and strong financial resources will contribute to our overall corporate growth and our ability to meet the demands of the growing senior population."

The communities will feature assisted living care and services for seniors, including residents with Alzheimer's disease and other forms of memory impairment, as well as independent living residences and services located on the same campuses as assisted living communities included in this development venture.

"The strong demographic trends of the senior housing industry create tremendous opportunity for us," said Robert Merck, Head of Real Estate Investments for MetLife. "We are pleased to be entering into this robust market with the industry leader and a company that truly cares about the quality of care it delivers to its residents."

Sunrise Senior Living is the nation's largest provider of senior living services. The McLean, Va.-based Company employs more than 38,000 people. As of August 31, 2005, Sunrise operated 424 communities in the United States, Canada, Germany and the United Kingdom with a combined capacity for approximately 53,000 residents. Sunrise also had 36 communities under construction in these countries with a combined capacity for over 3,700 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 acquisitions 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:

Kenneth J. Abod
Senior Vice President and Treasurer of Sunrise Senior Living, Inc.
+1-703-273-7500

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