Thank you for the ideas! This peony is in my south facing backyard. Anya, you're right about Fairbanks having much more intense sun, so if you're having success, then perhaps it isn't sunburnt. I used to live up there and the winters and summers were both extreme. I'm going to give this peony and trim and cross my fingers that is grows back next year.
Do you guys usually trim the leaves as they start to look poor or is it best to wait until fall to cut all the foliage together?