Brookdale and HCP Expand Relationship by Creating a $1.2 Billion CCRC Joint Venture and Amending Existing Emeritus Leases

NASHVILLE, Tenn. & LONG BEACH, Calif.--(BUSINESS WIRE)--Brookdale Senior Living (NYSE:BKD) and HCP (NYSE:HCP) (together, the “Companies”) today announced an agreement to enhance and solidify their long-term relationship by creating a new strategic joint venture that will own and operate entry fee continuing care retirement communities (“CCRCs”). At inception, the joint venture will own 14 CCRC campuses valued at $1.2 billion, with Brookdale continuing to manage these communities. In addition, the Companies have agreed to amend leases on 202 HCP-owned senior housing communities currently operated by Emeritus Corporation (NYSE:ESC). The closing of these transactions is conditioned upon the closing of the pending merger between Brookdale and Emeritus.