Ventas Closes Acquisition of 58 Senior Living Communities Managed by Sunrise

Ventas, Inc. (NYSE: VTR) announced Monday that it had completed the previously announced acquisition of the the real estate interests in 58 private pay senior living communities from affiliates of Sunrise Senior Living, Inc. (NYSE: SRZ).  The acquisition for $186 million includes the assumption of $144 million in mortgage debt from Sunrise.  The transaction will bring the total number of wholly owned, Sunrise managed facilities to 79.  As part of the announcement, Ventas stated that management agreements for all 79 Sunrise managed facilities now owned by Ventas have been amended to reflect management fees of 3.75% of revenues for 2011.