Spin-Offs Are Latest Chapter in Sunrise Saga
	Trilogy Boosts Nursing and Assisted Care Holdings with $34.5 Million Purchase
	Ventas Closes $35 Million Sale of Samaritan Hospital

As Sunrise Senior Living restructures in an effort to stave off bankruptcy, the company has spawned spin-offs seeking to capitalize on new opportunities. Several former Sunrise executives have formed Davos Development Senior Living Group to build new seniors housing projects.

Meanwhile, Greystone Communities, which had been owned by Sunrise, was bought back by current Greystone executives in a deal that included some seller financing.

The struggling economy hasn't stopped expansion plans at Trilogy Health Services, which continues to beef up its portfolio of Midwest properties. The Louisville-based owner and operator of assisted and nursing care campuses recently purchased six projects for $34.5 million from the Franciscan Sisters of Chicago Service Corp. Trilogy also has new projects under way in Indiana, and Ohio.

"We had an outstanding first quarter," says Randy Bufford, president and CEO at privately owned Trilogy. Occupancies at Trilogy's projects are running just above 90%, he adds.

Ventas Inc. recently closed on the sale of Samaritan acute care hospital to affiliates of the University of Kentucky for $35 million in an all-cash transaction. The property is located in Lexington, Ky. and is currently operated by the University of Kentucky.

The purchase price represents a 6.8% capitalization rate on cash rent under a lease between the University of Kentucky and Ventas. The sale includes a 50,000 sq. ft. medical office building that was also subject to the lease, which will terminate in connection with the sale. Ventas expects to record a gain of approximately $18 million on the sale.