Emeritus Senior Living Announces Commencement of Lease of 38 Communities

SEATTLE--(BUSINESS WIRE)--Emeritus Corporation (NYSE:ESC) (“Emeritus”), the nation’s largest provider of assisted living and memory care services, today announced that the transaction with Health Care REIT, Inc. (NYSE: HCN) (“HCN”) and Merrill Gardens has closed. Under the terms of the previously announced transaction, Emeritus is leasing a total of 38 senior living communities (the “Communities”), representing approximately 4,400 units, which were owned by a joint venture comprised of HCN and Merrill Gardens. The Communities are located in eight states, concentrated primarily in Washington and California, and offer independent living, assisted living and memory care services.