Emeritus Senior Living Announces Closing of Joint Venture Asset Sale

SEATTLE--(BUSINESS WIRE)--Emeritus Corporation (NYSE: ESC) (“Emeritus” or the “Company”), the nation’s largest provider of assisted living and memory care services, today announced that HCP, Inc. (NYSE: HCP) (“HCP”) closed the acquisition of 127 of the 133 senior housing communities that Emeritus had previously announced were to be acquired by HCP from a joint venture between Emeritus, affiliates of Blackstone Real Estate Partners VI (“Blackstone”), certain former tenants-in-common, and a Columbia Pacific investment fund affiliated with Dan Baty, the Chairman of Emeritus (the “Blackstone JV”). As a result of the transaction, Emeritus will operate the communities as part of its consolidated portfolio, by virtue of a triple-net lease with HCP.