Ventas, Louisville, Ky., said it reached an agreement with Sunrise Senior Living REIT, Toronto, to acquire the real estate investment trusts interest in 74 assisted-living communities in the U.S. and Canada for about $1.8 billion. The deal also gives Ventas exclusive rights of first offer on other newly developed assets in Canada and portions of the U.S. The deal is expected to close in the second quarter, subject to customary closing conditions and approval from the REITs unitholders. Ventas said the communities are expected to generate revenue of about $387 million in 2007. Sixty-three of the communities are located in California, Colorado, Illinois, New Jersey, New York and Pennsylvania; 11 are in British Columbia and Ontario.
Separately, Sunrise Senior Living, McLean, Va., an elder-care company that manages some properties owned by the Sunrise REIT as well as other REITs, said it wont be up to date with its required securities filings by March 1, as it had anticipated. The company said its auditor is still working on a previously announced restatement of Sunrises 2005 financial information, and the company will provide interim updates on the process. As of Sept. 30, Sunrise operated 436 senior-living communities in the U.S., Canada, Germany and the United Kingdom, and had 46 other communities under construction. -- by Jessica Zigmond