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Thursday, June 07, 2012 1:53:59 PM

Re: Trueheart post# 1273

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News for 'SRZ' - (DJ Sunrise Living Forms Venture With CHT Partners)

By Tess Stynes

Sunrise Senior Living Inc. (SRZ) entered a joint venture with a unit of CNL Healthcare Trust Inc. in which the provider of senior residential and other services will contribute seven communities and CHT will contribute roughly $57 million.
The unit, CHT Partners, will have a stake of roughly 55% in the venture. Sunrise expects that roughly $50 million will be used to reduce debt on some of the properties that will be transferred to the venture.
Sunrise, which operates properties in the U.S., Britain and Canada, has struggled to turn a profit in recent quarters. The company will continue to operate the properties, which contain about 687 units, under long-term agreements that carry a 6% management fee.
The deal, set to close within 60 days, includes communities in Santa Monica, Calif., Washington, D.C., and other locations.
Shares closed Wednesday at $6.21 and were inactive premarket. The stock is down roughly 23% in the past year.
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