TORONTO, Jan. 25, 2007 /PRNewswire-FirstCall/ -- Sunrise Senior Living Real Estate Investment Trust ("Sunrise REIT") (TSX:SZR.UN) announced today that it has set Tuesday, March 27, 2007 as the date for the Special Meeting of unitholders to consider the proposed transaction with Ventas, Inc. ("Ventas") . The record date for the Special Meeting has been set at Monday, February 19, 2007. The closing of the proposed transaction is currently expected to occur shortly following the Special Meeting. A management information circular is expected to be mailed to unitholders in connection with the Special Meeting prior to the end of February, 2007.
About the Ventas Transaction.
-----------------------------
Pursuant to the terms of a purchase agreement (the "Purchase Agreement"), Sunrise REIT and Ventas have agreed to a transaction in which Ventas will acquire all of Sunrise REIT's assets and assume all of its liabilities. Following the acquisition of Sunrise REIT's assets, all of the issued and outstanding units of Sunrise REIT will be redeemed at a redemption price of Cdn$15.00 per unit. A copy of the Purchase Agreement is available on the SEDAR website at http://www.sedar.com/. Sunrise REIT currently expects to continue to declare and pay regular monthly distributions of $0.0729 per unit for all full months prior to the closing of the transaction.
Unitholders should consult their own investment dealer, stockbroker, bank manager, accountant, lawyer or other professional advisor with respect to the proposed transaction, details of which will be contained in the management information circular. In particular, a unitholder that is not, and is not deemed to be resident in Canada (a "Non-Resident Unitholder") should consult its own tax advisors with respect to the tax consequences of the redemption of Units under the transaction. Such considerations should include the application of the Canadian non-resident withholding tax at a rate of 25% (or a lower rate that may be available under an applicable tax treaty) on a Non-Resident Unitholder's share of any income or capital gains realized by the REIT as a result of the proposed transaction that is paid to the Non-Resident Unitholder in connection with the redemption of the Non-Resident Unitholder's Units on the redemption of Units under the transaction.
About Sunrise REIT (TSX:SZR.UN)
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 owns 74 senior living communities, 11 in Canada and 63 in the United States. All of Sunrise REIT's senior living communities are managed by Sunrise Senior Living, Inc. one of the largest providers of senior living services in North America. Sunrise REIT also directly acquires interests in newly developed senior living communities through development and financing arrangements with Sunrise Senior Living, Inc.
Forward-Looking Statements
Certain statements contained in this news release may include forward-looking information with respect to Sunrise REIT's operations and future financial results. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, availability of resources, competitive pressures, changes in market activity and regulatory requirements. Further information can be found in disclosure documents filed by Sunrise REIT with regulatory authorities, available at http://www.sedar.com/.
