Mergers and acquisitions continue to be a dominant story in the REIT industry. While some of the higher-profile office and retail deals grab headlines, a number of health care REITs have made strategic deals of their own. At the end of 2006, National Health Realty, Inc. (AMEX: NHR) and National HealthCare Corporation announced their intention to merge in a deal expected to close in this year’s second quarter. On Jan.8, Health Care Property Investors (NYSE: HCP) announced the creation of a $1.1 billion joint venture fund with an unnamed institutional partner, using 25 senior housing assets that HCP obtained in its October 2006 acquisition of CNL Retirement Properties Inc. HCP will retain a 35 percent interest in the JV as well as day-to-day management of the assets.

Keeping It in the Family RAIT Investment Trust closed its merger with Taberna Realty Finance Trust, and the combined company is now known as RAIT Financial Trust (NYSE: RAS). Betsy Z. Cohen, chairwoman and CEO of RAIT Investment Trust, has teamed with her son, Daniel G. Cohen, former CEO of Taberna Realty Finance Trust, to run the combined company together.