HCP (NYSE:HCP) announced last week that it has transitioned a portfolio of 11 senior housing communities located in various states to Emeritus Corp. (NYSE:ESC) under a new master lease.
“We are pleased with the smooth transition of these communities to Emeritus,” said HCP Chairman and Chief Executive Officer, Jay Flaherty. “We have a significant number of valued relationships with senior housing operators, and we are excited with the opportunity to expand our relationship with Emeritus to include these communities.”
Mr. Flaherty continued, “This transaction, like the transition to Hoag Memorial Hospital Presbyterian of our Irvine, California, hospital and the repositioning of our Lusk life science campus in San Diego, highlights HCP’s active approach to asset management. We continue to work on unlocking value within our portfolio to allow our shareholders to benefit from efficient operations of our properties.”