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Sunrise Provides Update on HCN Transaction
Date:10/31/2008

MCLEAN, Va., Oct. 31 /PRNewswire-FirstCall/ -- Sunrise Senior Living, Inc. (NYSE: SRZ) today announced that the previously disclosed transaction between an affiliate of Arcapita Inc. and Health Care REIT (HCN), under which HCN would have purchased a 90% interest in a venture owning 29 senior housing properties managed by Sunrise, has been terminated. The termination of the transaction will have no impact on Sunrise's 10% interest in the venture. Sunrise will continue to manage the properties under long term contracts expiring in 2025. Due to the termination of the HCN transaction, Sunrise will not receive the estimated cash distributions of approximately $50 million to $60 million and will not realize the estimated gain of approximately $41 million to $51 million in the fourth quarter of 2008 that Sunrise anticipated in connection with this transaction.

"We understand Health Care REIT's decision not to complete this transaction was due to current market conditions," said Mark Ordan, Sunrise's chief investment and administrative officer and CEO-designate. "We are pleased to continue owning 10% of these properties and to continue managing them for our capital partner. We have had a long and successful relationship with Arcapita and we look forward to continuing to partner with them on future projects. These are excellent communities in large and attractive markets and they are performing well.

"Given the extreme uncertainty of the current capital markets, in order to maintain as much financial flexibility as possible, we are working closely with our banks and other sources of capital to provide additional sources of liquidity. Although there can be no assurance as to these or other prospective matters in the current turbulent e
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SOURCE Sunrise Senior Living, Inc.
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