Health Care REIT, Inc. Completes Triple Net Lease with Emeritus Senior Living
September 03 2013 - 7:30AM
Business Wire
Health Care REIT, Inc. (NYSE:HCN) announced today that
the company completed the triple net lease transaction with
Emeritus Senior Living (NYSE:ESC) that was announced on June 27,
2013. Health Care REIT entered into a long-term, triple net lease
with Emeritus on a portfolio of 38 high-quality seniors housing
communities previously owned in an 80/20 joint venture between
Health Care REIT and Merrill Gardens. As part of the transaction,
Health Care REIT acquired Merrill Gardens’ 20% equity interest in
the joint venture for $173 million, which now includes pro rata
mortgage debt of $74 million.
About Health Care REIT, Inc.
Health Care REIT, Inc., an S&P 500 company with headquarters in
Toledo, Ohio, is a real estate investment trust that invests across
the full spectrum of seniors housing and health care real estate.
The company also provides an extensive array of property management
and development services. As of June 30, 2013, the company’s
broadly diversified portfolio consisted of 1,183 properties in 46
states, the United Kingdom, and Canada. More information is
available on the company’s website at www.hcreit.com.
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