Sunrise Forms Canadian REIT

Sunrise Senior Living Inc. has formed a Canadian real estate investment trust and filed a preliminary prospectus in connection with its initial public offering.Upon the closing of the REIT's IPO, it plans to acquire interests in 23 senior living communities from Sunrise Senior Living and Sunrise's joint ventures. Eight of the 23 communities are in Canada and the remaining 15 are in the United States, the company said. Sunrise plans to retain a minority interest in the U.S. communities and a 20% interest in a recently completed Canadian community it is selling to the REIT. In addition, Sunrise said it will continue to manage all the communities under long-term management agreements and have the right of first opportunity to manage the senior living facilities owned by the Sunrise REIT. Sunrise can be found on the Web at http://www.sunriseseniorliving.com.