Ventas completes acquisition of Sunrise REIT

    LOUISVILLE, KY and TORONTO, ON, April 26, 2007 /CNW/ - Ventas, Inc.
(NYSE:   VTR) ("Ventas") and Sunrise Senior Living Real Estate Investment Trust
(TSX: SZR.UN) ("Sunrise REIT") today announced Ventas has completed its
previously announced acquisition of the assets of Sunrise REIT for Cdn $1.2
billion in cash and the assumption of all outstanding debt, valuing the total
transaction at approximately Cdn $2.26 billion (or approximately USD $1.96
billion, using Ventas' effective exchange rate, taking into account its
existing foreign exchange contracts). All of the issued and outstanding units
of Sunrise REIT will be redeemed at a redemption price of Cdn $16.50 per unit.
    "The acquisition of Sunrise REIT, with its 77 high quality private pay
senior housing communities, is a major milestone for Ventas and we are pleased
to have successfully completed the transaction," said Debra A. Cafaro,
Chairman, President and Chief Executive Officer of Ventas. "We are now focused
on integrating Sunrise REIT's attractive communities into our existing
portfolio of high quality, productive assets. We also look forward to a strong
and productive relationship with Sunrise Senior Living, Inc., including our
exclusive development arrangements that should lead to significant accretive
acquisitions in the United States and Canada. As always, we are committed to
creating value for our shareholders."
    It is the intention of Sunrise REIT to effect the redemption of all of
its issued and outstanding units on Friday, April 27, 2007. As previously
announced, Sunrise REIT will pay to registered unitholders on the redemption
date, together with the redemption proceeds, a pro rata amount of Sunrise
REIT's regular monthly distribution for the period from April 1, 2007 up to
but excluding April 26, 2007 (the redemption proceeds and pro rata
distribution will not be paid to registered holders on the basis of a record
date, as stated previously in Sunrise REIT's press release of April 23, 2007).
    Beneficial holders of units will be paid by their broker or other
intermediary. In order to receive their redemption proceeds and the pro rata
distribution, registered unitholders must complete and submit a properly
completed Letter of Transmittal, together with their unit certificates, to
Computershare Investor Services Inc. A copy of the Letter of Transmittal may
be obtained from Sedar at
    In connection with the completion of the acquisition, effective at close
of business today, Sunrise REIT units will no longer be traded on the Toronto
Stock Exchange.
    Merrill Lynch & Co. acted as Ventas' exclusive financial advisor.
Wachtell, Lipton, Rosen & Katz and Osler, Hoskin & Harcourt LLP acted as legal
advisors to Ventas. TD Securities Inc. acted as Sunrise REIT's exclusive
financial advisor. Stikeman Elliott LLP acted as legal advisors to Sunrise

    About Ventas

    Ventas, Inc. is a leading healthcare real estate investment trust. Its
diverse portfolio of 532 seniors housing and healthcare-related properties
located in 43 states and two Canadian provinces includes 249 seniors housing
communities, 218 skilled nursing facilities, 43 hospitals and 22 other assets.
More information about Ventas can be found on its website at

    About Sunrise REIT

    Sunrise REIT was formed to indirectly acquire, own and invest in
income-producing senior living communities in major metropolitan markets and
their surrounding suburban areas in Canada and the United States. Sunrise REIT
owned 77 senior living communities, 11 in Canada and 66 in the United States
which were sold to Ventas, Inc. today.

    This press release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements regarding
Ventas, Inc.'s ("Ventas" or the "Company") and its subsidiaries' expected
future financial position, results of operations, cash flows, funds from
operations, dividends and dividend plans, financing plans, business strategy,
budgets, projected costs, capital expenditures, competitive positions,
acquisitions, investment opportunities, merger integration, growth
opportunities, expected lease income, continued qualification as a real estate
investment trust ("REIT"), plans and objectives of management for future
operations and statements that include words such as "anticipate," "if,"
"believe," "plan," "estimate," "expect," "intend," "may," "could," "should,"
"will" and other similar expressions are forward-looking statements. Such
forward-looking statements are inherently uncertain, and security holders must
recognize that actual results may differ from the Company's expectations. The
Company does not undertake a duty to update such forward-looking statements,
which speak only as of the date on which they are made.
    The Company's actual future results and trends may differ materially
depending on a variety of factors discussed in the Company's filings with the
Securities and Exchange Commission. Factors that may affect the Company's
plans or results include without limitation: (a) the ability and willingness
of the Company's operators, tenants, borrowers, managers and other third
parties, as applicable, to meet and/or perform the obligations under their
various contractual arrangements with the Company; (b) the ability and
willingness of Kindred Healthcare, Inc. (together with its subsidiaries,
"Kindred"), Brookdale Living Communities, Inc. (together with its
subsidiaries, "Brookdale"), Alterra Healthcare Corporation (together with its
subsidiaries, "Alterra") and Sunrise Senior Living, Inc. (together with its
subsidiaries, "Sunrise") to meet and/or perform their obligations to
indemnify, defend and hold the Company harmless from and against various
claims, litigation and liabilities under the Company's respective contractual
arrangements with Kindred, Brookdale, Alterra and Sunrise; (c) the ability of
the Company's operators, tenants, borrowers and managers, as applicable, to
maintain the financial strength and liquidity necessary to satisfy their
respective obligations and liabilities to third parties, including without
limitation obligations under their existing credit facilities; (d) the
Company's success in implementing its business strategy and the Company's
ability to identify, underwrite, finance, consummate and integrate
diversifying acquisitions or investments, including those in different asset
types and outside the United States; (e) the nature and extent of future
competition; (f) the extent of future or pending healthcare reform and
regulation, including cost containment measures and changes in reimbursement
policies, procedures and rates; (g) increases in the Company's cost of
borrowing; (h) the ability of the Company's operators and managers, as
applicable, to deliver high quality services and to attract residents and
patients; (i) the results of litigation affecting the Company; (j) changes in
general economic conditions and/or economic conditions in the markets in which
the Company may, from time to time, compete; (k) the Company's ability to pay
down, refinance, restructure and/or extend its indebtedness as it becomes due;
(l) the movement of interest rates and the resulting impact on the value of
and the accounting for the Company's interest rate swap agreement; (m) the
Company's ability and willingness to maintain its qualification as a REIT due
to economic, market, legal, tax or other considerations; (n) final
determination of the Company's taxable net income for the year ended December
31, 2006 and for the year ending December 31, 2007; (o) the ability and
willingness of the Company's tenants to renew their leases with the Company
upon expiration of the leases, including without limitation Kindred's
willingness to renew any or all of its bundles of leased properties expiring
in 2008, and the Company's ability to relet its properties on the same or
better terms in the event such leases expire and are not renewed by the
existing tenants; (p) risks associated with the acquisition of Sunrise Senior
Living REIT, including the Company's ability to timely and fully realize the
expected revenues and cost savings therefrom; (q) the movement of U.S. and
Canadian exchange rates; (r) year-over-year changes in the Consumer Price
Index and the effect of those changes on the rent escalators, including the
rent escalator for Master Lease 2 with Kindred, and the Company's earnings;
and (s) the impact on the liquidity, financial condition and results of
operations of the Company's operators, tenants, borrowers and managers, as
applicable, resulting from increased operating costs and uninsured liabilities
for professional liability claims, and the ability of the Company's operators,
tenants, borrowers and managers to accurately estimate the magnitude of such
liabilities. Many of these factors are beyond the control of the Company and
its management.

For further information:

For further information: Ventas: Debra A. Cafaro, Richard A.
Schweinhart, (502) 357-9000; Sunrise REIT: Douglas MacLatchy, (416) 644-4954

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