http://www.seniorcareinvestor.com/2008/03/18/no-10-k-from-sunrise-senior-living/ The SeniorCare Investor newsletter Tue, 13 May 2008 13:09:57 +0000 http://wordpress.org/?v=2.5.1 http://www.seniorcareinvestor.com/2008/03/18/no-10-k-from-sunrise-senior-living/#comment-11844 Jeff Sands Wed, 19 Mar 2008 18:07:21 +0000 http://www.seniorcareinvestor.com/2008/03/18/no-10-k-from-sunrise-senior-living/#comment-11844 What's strange about the Sunrise situation is that if you read its March 3rd release of financial info, the core operating business of the company seems to be in good shape (revenue up, expenses in line, occupancy down a little but nothing dramatic). My guess is that they just got too creative (or too aggressive) with their joint venture structures and got way ahead of the auditors. It seems that investors in the senior living industry get burned whenever "financial engineering" comes into play. What’s strange about the Sunrise situation is that if you read its March 3rd release of financial info, the core operating business of the company seems to be in good shape (revenue up, expenses in line, occupancy down a little but nothing dramatic). My guess is that they just got too creative (or too aggressive) with their joint venture structures and got way ahead of the auditors. It seems that investors in the senior living industry get burned whenever “financial engineering” comes into play.

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