HCP Inc. said it reached a $50 million deal to improve the contract terms on 27 of its senior housing communities managed by Sunrise Senior Living Inc., ending a protracted dispute between the two companies.

The Long Beach real estate investment trust, which specializes in health care investments, said late Tuesday that it will enter into new contracts with McLean, Va.-based Sunrise for the 27 facilities that will improve operating margins.

“This transaction highlights the most recent example of HCP’s active approach to asset management as we continue to find ways in this economic environment to unlock additional value in our portfolio,” said Chief Executive Jay Flaherty in a statement.

In 2009, HCP sued Sunrise pertaining over its management of 64 facilities, charging that it failed to maintain licenses necessary for operation, mishandled finances and obstructed audits, among several problems. Sunrise filed counterclaims accusing HCP and its subsidiaries of breaching its contractual duties.

During the dispute, HCP shifted 30 Sunrise-operated facilities to new operators, but Sunrise still manages 48 HCP-owned facilities.

HCP will pay Sunrise $50 million as part of the settlement, with an immediate $40 million payment and the balance paid over the next 12 months. In turn, Sunrise will limit certain fees and charges on its remaining contracts.

HCP shares were up 79 cents, or 2 percent, to $36.01 in midday trading Wednesday on the New York Stock Exchange.