Health Care Property Investors Offers to Acquire Sunrise Senior Living REIT for Cdn$18.00 Per Unit in Cash.

Offer Price Represents 20% Premium to Ventas Offer

LONG BEACH, Calif. -- Health Care Property Investors, Inc. (NYSE:HCP) today announced that it has submitted a proposal to acquire the assets of Sunrise Senior Living Real Estate Investment Trust (TSX:SZR.UN) in a transaction that values each Sunrise REIT unit at Cdn$18.00. HCP's offer price represents a 20% premium over the Cdn$15.00 price being offered in Sunrise REIT's proposed sale to Ventas, Inc.

To underscore the clear superiority of its offer, HCP proposes to enter into an acquisition agreement that reflects its significantly higher price and is otherwise identical to the agreement between Sunrise REIT and Ventas. HCP's offer values the equity of Sunrise REIT at approximately Cdn$1.4 billion.

HCP's offer has been unanimously approved by HCP's Board of Directors. The offer is not subject to any due diligence or financing contingencies. Because of HCP's superior financial condition and access to funds and its experience in large acquisitions, HCP believes that its proposed acquisition of Sunrise REIT has greater certainty of completion than the proposed Ventas transaction.

The full text of the proposal letter from HCP to Sunrise REIT is included at the end of this press release.

Advisors to HCP on the proposed acquisition are: Cohen & Steers Capital Advisors, LLC, financial advisor; and Latham & Watkins and Bennett Jones, legal counsel.

About Health Care Property Investors

Health Care Property Investors, Inc. is a self-administered real estate investment trust that invests directly or through joint ventures in healthcare facilities. As of December 31, 2006, HCP's portfolio of properties, excluding assets held for sale but including investments through joint ventures and mortgage loans, included 731 properties and consisted of 337 senior housing facilities, 260 medical office buildings, 35 hospitals, 69 skilled nursing facilities and 30 other healthcare facilities.

Forward-Looking Statements

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those related to the expected response of the Sunrise REIT Board of Trustees to HCP's offer and the anticipated results of the proposed acquisition of Sunrise REIT by HCP. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of HCP to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risks, uncertainties and other factors set forth in HCP's Annual Report on Form 10-K for the fiscal year ended December 31, 2006. Risks and uncertainties relating to the proposed transaction include the risks that: Sunrise REIT will not enter into a definitive agreement with HCP or the terms of any agreement will be materially different from those described above; the anticipated benefits of the transaction will not be realized; and the proposed transaction will not be consummated.

Text of Acquisition Proposal Letter

February 14, 2007

VIA FEDEX

R. Michael Warren
Chairman of the Board of Trustees
Sunrise Senior Living Real Estate Investment Trust
11 King Street West
Suite 1100
Toronto, Ontario
Canada M5H 4C7


Dear Mr. Warren:

We are pleased to submit a proposal to acquire Sunrise Senior Living
Real Estate Investment Trust ("Sunrise REIT") for cash consideration
that will provide your unitholders substantially greater value than
your proposed sale to Ventas, Inc. We are offering to acquire Sunrise
REIT in a transaction providing Sunrise REIT unitholders with a per
unit consideration of Cdn $18.00 -- a 20% premium over the Cdn $15.00
price offered by Ventas. In order to underscore the clear superiority
of our proposal, we propose to enter into a transaction which reflects
our substantially higher price but is otherwise identical to the
transaction entered into by Ventas. Our proposed acquisition
agreement attached hereto reflects these terms.

Our proposal has been unanimously approved by the HCP Board of
Directors, and it contains no financing or due diligence
contingencies. We are confident that we can enter into arrangements
with Sunrise Senior Living on terms comparable to those entered into
by Ventas.

As you know, we raised $760 million through equity and debt financings
last month and an additional $2.4 billion in late 2006. In addition to
our superior financial condition, we have greater experience in
executing large acquisitions than Ventas.  Our ability to execute
transactions of this size is evidenced by our recent $5.3 billion
acquisition of CNL Retirement Properties, the largest healthcare REIT
transaction in history. Our own relationships with several of your
lenders will facilitate a smooth and accelerated lender consent
process. These advantages will enable us to complete our proposed
acquisition at least as quickly as your proposed transaction with
Ventas.

The HCP Board and management team support the combination of our
companies. Our proposal clearly meets the standards for a "Superior
Proposal" as set forth in Schedule A of the Ventas agreement. It
offers substantially greater value to Sunrise REIT unitholders and has
greater certainty of completion than the proposed transaction with
Ventas. We trust you and Sunrise REIT's other trustees, in the proper
exercise of your fiduciary duties to Sunrise REIT unitholders, will
respond immediately and positively to our proposal.

We look forward to working with you to achieve what will be a
compelling transaction for the unitholders of Sunrise REIT. We have
committed the full resources of our management team, legal team and
advisors to quickly consummate a transaction with Sunrise REIT.

Very truly yours,

/s/ James F. Flaherty III


Enclosure

cc:     Sunrise REIT Board of Trustees c/o Douglas MacLatchy
               via email ([e-mail]) and FedEx
        David Montanera, TD Securities Inc.
               via email ([e-mail]) and FedEx
        Andrew Phillips, TD Securities Inc.
               via email ([e-mail]) and FedEx