Ventas completes acquisition of real estate interests from Sunrise
The real estate investment trust Ventas Inc. said Monday that it has completed the acquisition of 58 private-pay senior living communities from Sunrise Senior Living Inc.
The properties are valued at $186 million. Ventas and Sunrise also have completed the previously disclosed modifications of management agreements for all 79 Sunrise-managed senior living communities now wholly owned by Ventas, the company said.In other Sunrise-related news, the assisted living company renewed the contract of CEO Mark Ordan until Dec. 1, 2012, with automatic renewals each year after that. Ordan's annual base pay is $650,000, with a $3 million signing bonus. Along with fringe benefits, he has the option to purchase 1 million shares of company stock at a closing price of $3.94 per share. He has been CEO since 2008.