Ventas to buy real estate interests in 58 Sunrise Senior Living communities

Share this article:

Real estate investment trust (REIT) Ventas Inc. on Monday said it is acquiring the real estate interests in 58 private senior living communities from Sunrise Senior Living Inc.

The deal, which is valued at roughly $186 million, also includes an agreement to modify the management agreements on all 79 senior living communities managed by Sunrise, according to a release from Ventas. Upon closing, Ventas will own 100% of all of its 79 facilities managed by Sunrise. The transaction is expected to be completed during the fourth quarter of this year.

“[S]elling our joint venture interest to Ventas brings Sunrise additional funds to improve our balance sheet and provides a foundation for careful growth,” said Sunrise CEO Mark Ordan. “We have seen clear improvements in performance and we are excited to do all we can to continue this trend.”

Noted Ventas Chairman, President  and Chief Executive Officer Debra A. Cafaro: “We are pleased to work collaboratively with Sunrise on a multi-faceted  transaction that benefits both companies.”

Share this article:

More in News

$1.3 million settlement marks second recent deal over SNF supervision of therapy providers

$1.3 million settlement marks second recent deal over ...

A Maryland nursing home company has agreed to a $1.3 million settlement over charges that it did not prevent overbilling by its contracted therapy provider, federal authorities announced Monday. This ...

MedPAC chairman: Three-day stay requirement is 'archaic'

The government should pay for skilled nursing care without a preliminary three-day hospital stay, and the recovery auditor program should be reformed, Medicare Payment Advisory Commission members said at a meeting Friday.

Nursing homes can't carve out billing, collections in arbitration agreements, AR Supreme ...

A nursing home arbitration agreement largely reserved the provider's rights to sue residents while limiting residents' legal options, causing it to fail a "mutual obligation" requirement, the Arkansas Supreme Court recently ruled .