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Emeritus leases 27 centers from HCP

Mon, 10/18/2010 - 1:45pm
The Associated Press

Assisted living services company Emeritus Corp. said Monday it signed two agreements with affiliates of HCP Inc. to lease a total of 27 senior living communities.

Financial details of the deal were not disclosed.

The communities are located in 13 states and consist of about 3,239 units, comprising 2,021 assisted living, 631 memory care, 450 skilled nursing and 137 independent living units.

The lease agreements provide for an initial term of 15 years with two available extension options of 10 years each. One of the lease agreements contains a purchase option on 10 of the communities, exercisable beginning in the 11th year and extending through the remaining initial term of the lease.

Shares of Emeritus rose 34 cents to close at $18.54 while shares of HCP, based in Long Beach, Calif., rose 55 cents to close at $36.84.

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