{"id":1003814325,"date":"2008-06-10T12:00:00","date_gmt":"2008-06-10T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2008\/06\/10\/emeritus-makes-agreement-to-purchase-communities-for-300m\/"},"modified":"2022-12-08T09:14:30","modified_gmt":"2022-12-08T17:14:30","slug":"emeritus-makes-agreement-to-purchase-communities-for-300m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/emeritus-makes-agreement-to-purchase-communities-for-300m\/","title":{"rendered":"Emeritus Makes Agreement to Purchase Communities for $300M"},"content":{"rendered":"<p>Assisted-living firm Emeritus Corp. has entered into an agreement to purchase 29 communities currently leased by the company for $299 million, excluding transaction costs. \u00a0The communities comprise of 2,257 units located throughout the United States. Eight of the communities are currently subject to a cash flow sharing agreement with an entity controlled by Dan Baty, the company\u2019s Co-CEO. As part of this purchase, these properties will be held in a joint venture owned by the company and a Baty-related entity which provides for similar economic terms and conditions as the existing cash flow sharing agreement.\u00a0CPN reported in February that Emeritus acquired 23 communities that the firm had been leasing for $305 million, excluding transaction costs. Last September, Emeritus completed a merger transaction with Summerville Senior Living Inc. making Emeritus one of the largest national assisted living companies. And last August, Emeritus acquired 41 communities from Health Care Property Investors Inc. for $501.5 million.After completion of this transaction, the company will have acquired 149 communities over the last 18 months, formerly operated under long-term leases for a total purchase price of approximately $1.5 billion. This transaction will increase the firm\u2019s portfolio of owned properties to 160, or 62.5 percent of the company\u2019s total consolidated portfolio. The company operates a total of 287 communities. \u00a0\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Assisted-living firm Emeritus Corp. has entered into an agreement to purchase 29 communities currently leased by the company for $299 million, excluding transaction costs. \u00a0The communities comprise of 2,257 units located throughout the United States. Eight of the communities are currently subject to a cash flow sharing agreement with an entity controlled by Dan Baty,&hellip;<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003814325","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Emeritus Makes Agreement to Purchase Communities for $300M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/emeritus-makes-agreement-to-purchase-communities-for-300m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emeritus Makes Agreement to Purchase Communities for $300M\" \/>\n<meta property=\"og:description\" content=\"Assisted-living firm Emeritus Corp. has entered into an agreement to purchase 29 communities currently leased by the company for $299 million, excluding transaction costs. \u00a0The communities comprise of 2,257 units located throughout the United States. 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