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Emeritus Corporation
Emeritus Completes Purchase of 10 Communities
November 8th, 2008
Emeritus Corporation (NYSE: ESC), a national provider of assisted living and related services to senior citizens, announced that it has closed on the balance of a previously announced purchase of 29 communities from Health Care REIT, Inc. (NYSE: HCN) and affiliates. The communities were formerly operated by Emeritus under long-term leases. The initial closing was completed on June 30, 2008, and consisted of 19 communities with a capacity of 1,564 units. This closing consists of 10 communities with a capacity of 693 units for a purchase price of $77.2 million, excluding financing and closing costs. "Despite the current turmoil in the financial markets, Emeritus has...
Source: Law & Health Weekly (2008-11-08)
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