Emeritus Corp. (ESC) Agrees to Lease 11 Communities from HCP Affiliates
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Emeritus Corporation (AMEX: ESC) today announced that it has entered into an agreement to lease 11 communities from affiliates of HCP, Inc. (NYSE: HCP). The communities are comprised of 1,462 units and are located in California, Connecticut, Massachusetts, Maryland, New Jersey, and Virginia. The term of the lease is ten years with an option to purchase the properties beginning at the end of the fifth year and continuing through the end of the lease term.
The closing of this lease transaction is subject to due diligence and other customary conditions to closing. Emeritus expects the transaction to close by the end of Q408.
Emeritus Corporation provides assisted living, and Alzheimer's and related dementia care services to senior citizens in the United States.
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