TOLEDO, Ohio--(BUSINESS WIRE)--Feb. 11, 2014-- Health Care REIT, Inc. (NYSE:HCN) announced today that it has entered into a definitive agreement to recapitalize the Sunrise Senior Living management company ("Sunrise"). Upon completion of the transaction, Health Care REIT, which currently owns an approximately 20% interest in Sunrise, will own a 24% interest in Sunrise. Revera Inc., one of Canada’s leading providers of seniors’ accommodation, care and services, will own the remainder. Health Care REIT and Revera are acquiring their interests in Sunrise from affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), Beecken Petty O'Keefe & Company and Coastwood Senior Housing Partners LLC. Health Care REIT and Revera have an existing, successful joint-venture partnership that owns 47 high-quality, private pay seniors housing communities in Canada.

“Health Care REIT and Revera share a long-term investment horizon, partnership approach to business, and expertise in seniors housing,” said George L. Chapman, Health Care REIT’s Chairman and Chief Executive Officer. “We are pleased with our investment in Sunrise as it is performing in line with our high expectations. KKR, Beecken Petty O’Keefe and Coastwood played an important role in transitioning Sunrise from a public company to a best-in-class, privately-held company. The strong alignment among Health Care REIT, Revera and Sunrise will support continued operational excellence at Sunrise and position it to be a global leader in private pay seniors housing.”

Sunrise and Revera will remain separate companies, with Sunrise continuing to be headquartered in McLean, Virginia and managing all existing Sunrise communities.

“This is an important strategic opportunity for Revera to invest in a management company that has a presence in the growing and vibrant seniors housing markets in the U.S. and U.K.,” said Jeff Lozon, President and Chief Executive Officer of Revera. “We are deeply committed to long-term growth in the seniors housing sector and are pleased to further strengthen our partnership with Health Care REIT by investing in one of the most respected brands in the industry.”

"We look forward to a supportive and long-term partnership with Health Care REIT and Revera," said Penny McIntyre, Sunrise's CEO. "Sunrise will continue to operate independently under our current brand, and we welcome this new chapter in our journey to provide Sunrise's high-quality, innovative care to seniors."

The transaction is expected to close in the second quarter of 2014, subject to regulatory approvals.

About Health Care REIT, Inc. Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2013, the company’s broadly diversified portfolio consisted of 1,197 properties in 46 states, the United Kingdom, and Canada.

About Revera Inc. Revera is a leading provider of seniors’ accommodation, care and services; built on a more than 50-year history of helping seniors live life to the fullest. Revera is privately owned and has 30,000 dedicated employees who continually strive to serve a diverse group of clients and to offer choices to meet their individual preferences. With 229 sites across Canada and parts of the U.S., Revera works to enhance lives in its retirement communities, long term care homes, U.S. nursing and rehab centres and through the provision of home health services. Revera serves more than 30,000 clients every day, with the core values of respect, integrity, compassion and excellence at the heart of its business.

About Sunrise Sunrise Senior Living, a McLean, Va.-based company, employs approximately 29,000 people. As of January 1, 2014, Sunrise operated 290 communities in the United States, Canada and the United Kingdom, with a unit capacity of approximately 26,400 units. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's disease and other forms of memory loss, as well as nursing and rehabilitative services.

Forward-Looking Statements This document may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. When the company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to, the satisfaction of closing conditions to the definitive agreement, including, the receipt of regulatory approvals; the respective parties’ performance of their obligations under the definitive agreement; and unanticipated difficulties and/or expenditures relating to the transaction. Additional factors are discussed in the company’s Annual Report on Form 10-K and in its other reports filed from time to time with the SEC. The company assumes no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.

Source: Health Care REIT, Inc.

Health Care REIT, Inc.
Scott Estes, 419-247-2800
Jay Morgan, 419-247-2800