Emeritus Corporation (NYSE: ESC), a national provider of assisted living and Alzheimer’s care services to seniors, announced that it has entered into an agreement with National Health Investors, Inc. (NYSE: NHI) to lease eight senior living communities. The communities, located in Arizona, South Carolina, and Tennessee, consist of approximately 258 assisted living units, 66 memory care units, and 12 independent living cottages. The lease agreement, effective January 1, 2010, has an initial term of 15 years with two available extension options of five years each. The lease also contains a purchase option exercisable beginning in year 11 and extending through the initial lease termination date.
Mr. Granger Cobb, President and Co-CEO, stated, “We are very pleased with the addition of these eight communities and our new relationship with NHI. These high quality communities are located in markets where we currently operate and fit nicely into our existing infrastructure.”