Market activity in the seniors housing industry clearly has been increasing for the past couple of quarters, starting with an active end to 2010. The announcement of the Ventas- NHP merger reflects the growing strength of health care REITs in this industry. The largest four REITs in the industry of HCP, Ventas, NHP, and Health Care REIT are soon to join the auto industry with the same Big Three title. Ventas and NHP will become the largest REIT later this year, if all goes as planned. This trend reflects the reality that the major REITs are being an increasingly dominant force within the Seniors Housing industry and are shaping market values with little help from other industry participants. HUD lenders remain the primary alternative financing source to REITs for acquisition deals and development funding. Conventional lending for developments and acquisitions primarily remains on the sidelines; as does many qualified and capitalized equity sources. Working with REITs on acquisitions is a key to successful dispositions for owners and growth for operators.  To discuss trends and opportunities working with REITs you can contact Ryan Housekeeper of Tranquilium at 734-929-2250 and at ryanh@tranquilium.com.