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Emeritus Completes $501M Purchase

SEATTLE-The publicly held assisted living corporation acquires 41 communities from Health Care Property Investors that either it or its merger partner already operated.

By Brian K. Miller | Updated on August 16, 2007

SEATTLE-Emeritus Corp., a publicly held assisted living corporation, has closed on its $501-million acquisition of 41 properties from Health Care Property Investors. Locally based Emeritus previously leased 33 of the properties. The remaining properties are leased by Summerville Senior Living, Inc., which this spring agreed to be acquired by Emeritus for 8.5 million shares of Emeritus stock.

The 41 communities are spread across 17 states and comprise 3,732 units for assisted living, memory loss, and independent services to seniors. The acquisition was partially financed by Capmark Financial Inc. through mortgage debt of $302.9 million at a weighted average interest rate of 6.557%.

Emeritus currently operates, or has an interest in, 206 communities representing capacity for approximately 16,777 units and 20,441 residents in 34 states. Summerville operates 81 communities, with 7,935 units in 13 states providing independent living, assisted living and other services to seniors.

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