Emeritus Corporation (NYSE: ESC) has completed the signing of two agreements with affiliates of HCP, Inc. (NYSE: HCP) to lease a total of 27 senior living communities. The transaction, previously announced at the end of August, includes communities located in 13 states and consist of approximately 3,239 units, comprised of 2,021 assisted living, 631 memory care, 450 skilled nursing and 137 independent living units.
Mr. Dan Baty, Chairman and Co-CEO, stated in a release, “We are very pleased with the addition of these 27 high quality communities to our portfolio and our continuing relationship with HCP. These communities compliment our growth strategy in markets where we currently operate, and we will leverage our existing infrastructure to efficiently operate these communities. Additionally, this transaction represents a significant opportunity to create value for both HCP and Emeritus, as we have demonstrated our ability to improve operations at similarly situated communities.”