Senior living, life sciences and healthcare REIT Ventas announced today that it has entered into a revised agreement with senior living management company Sunrise Senior Living that is more “mutually beneficial and highly aligned” than the previous agreement between the two companies. 

The purpose of the new management agreement with Sunrise Senior Living is to drive enhanced performance and value in Chicago-based Ventas’s portfolio of 92 high-end senior living communities managed by Sunrise.

“At this important juncture, we are pleased to reach this agreement for our market-leading assisted living communities operated by Sunrise,” said J. Justin Hutchens, Ventas’s EVP of Senior Housing. “We are confident the new agreement aligns incentives toward profitable growth. 

Our enhanced partnership with Sunrise represents the latest step to advance our senior housing strategy and position the portfolio to capture the upside from the senior housing growth trajectory.”

“Sunrise and Ventas have had a successful partnership since 2007, and we are excited to continue to enhance our relationship with today’s announcement,” said Jack R. Callison, CEO of Sunrise. “The revised management agreement further aligns both parties to drive the success of the communities for the benefit of both Ventas and Sunrise stakeholders.”