Key Developments: Emeritus Corp (ESC.N)

ESC.N on New York Stock Exchange

23.63USD
1 Aug 2013
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Latest Key Developments (Source: Significant Developments)

Emeritus Corp Reaffirms FY 2013 Revenue Guidance
Thursday, 1 Aug 2013 04:01pm EDT 

Emeritus Corp announced that for fiscal 2013, it expects community and management fee revenue to be in the range of $1.85 billion to $1.9 billion.  Full Article

Emeritus Corp Reaffirms FY 2013 Revenue Guidance-Conference Call
Thursday, 2 May 2013 05:00pm EDT 

Emeritus Corp announced that for fiscal 2013, it expects community and management fee revenue to be in the range of $1.85 billion to $1.9 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.91 billion for fiscal 2013.  Full Article

Emeritus Corp Announces Pricing of Secondary Public Offering
Tuesday, 12 Mar 2013 06:16pm EDT 

Emeritus Corp announced the pricing of its previously announced secondary public offering of 7,973,600 common shares at a public offering price of $27.00 per share. Shares are being sold by AREA Property Partners, on behalf of funds they manage, our CEO and President, Granger Cobb, funds associated with Directors Daniel Baty and Stan Baty, and by Ray Brandstrom, a co-founder of the Company who announced his retirement from the Company`s board of directors effective upon the upcoming annual meeting of shareholders. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,196,040 common shares. Any proceeds from the exercise of the underwriter`s option will be used for general corporate purposes, which may include repayment of outstanding debt. The offering is being conducted pursuant to a shelf registration statement on Form S-3 filed on March 11, 2013 with the Securities and Exchange Commission (the SEC) on behalf of the Company and the selling shareholders under the offering. The offering is expected to close on March 18, 2013. Goldman, Sachs & Co. is acting as sole manager for the offering.  Full Article

Emeritus Corp Launches Secondary Public Offering
Monday, 11 Mar 2013 04:39pm EDT 

Emeritus Corp announced that it has launched a secondary public offering of common shares pursuant to a shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the SEC) on behalf of certain selling shareholders for the offering of 7,973,600 common shares. Shares are being sold by AREA Property Partners, on behalf of funds they manage, CEO and President, Granger Cobb, funds associated with Directors Daniel Baty and Stan Baty, and by Ray Brandstrom. In addition, the Company will grant the underwriters a 30-day option to purchase up to an additional 1,196,040 common shares. Any proceeds from the exercise of the underwriter`s option will be used for general corporate purposes, which may include repayment of outstanding debt. Goldman, Sachs & Co. will act as sole manager for the offering. The offering will be made only by means of a prospectus supplement and accompanying prospectus.  Full Article

Emeritus Corp Issues FY 2013 Revenue Guidance Below Analysts' Estimates-Conference Call
Thursday, 28 Feb 2013 05:00pm EST 

Emeritus Corp announced that for fiscal 2013, it expects community and management fee revenue in the range of $1.85 billion to $1.90 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.91 million for fiscal 2013.  Full Article

Emeritus Corp Raises FY 2012 Revenue Guidance
Monday, 5 Nov 2012 04:01pm EST 

Emeritus Corp announced that for fiscal 2012, it expects Community and management fee revenue in the range of $1.35 billion to $1.37 billion.  Full Article

Emeritus Corp Announces Purchase Of Home Health Care Provider
Thursday, 1 Nov 2012 04:02pm EDT 

Emeritus Corp announced that the Company has entered into an agreement to purchase Nurse on Call, Inc. (Nurse on Call or NOC), the Medicare-licensed home health care provider in Florida and one of the such providers in the United States. Emeritus will pay $102 million in cash for 91% of the equity of NOC’s parent company, and the remaining equity will be owned by certain members of NOC’s management team. The Company will fund the purchase primarily from net proceeds realized from the recently closed sale of joint venture communities.  Full Article

Emeritus Corp Announces Closing Of Joint Venture Asset Sale With HCP Inc
Wednesday, 31 Oct 2012 04:01pm EDT 

Emeritus Corp (Emeritus or the Company), announced that HCP, Inc. (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. Concurrent with the closing, Emeritus purchased nine remaining properties from the Blackstone JV, for which HCP provided secured debt financing. Terms of the transaction were not disclosed.  Full Article

Emeritus Corp Enters Into Definitive Agreements With HCP, Inc.
Tuesday, 16 Oct 2012 04:10pm EDT 

Emeritus Corp announced that the Company has entered into definitive agreements with HCP, Inc. and affiliates of Blackstone Real Estate Partners VI ("Blackstone"), under which HCP and Emeritus will acquire a total of 142 senior housing communities (the "Communities"), representing approximately 11,350 units currently owned by a joint venture comprised of Emeritus, Blackstone, certain former tenants-in-common, and an investment fund affiliated with Dan Baty, the Company`s Chairman (the "Blackstone JV"). Upon consummation of the transaction, HCP will acquire 133 of the Communities for an aggregate purchase price of $1.7 billion, consisting of cash and the assumption of existing debt. Emeritus will receive cash of approximately $140 million, comprised of approximately $40 million for the Company`s interest in the Blackstone JV and an incentive payment of approximately $100 million based on the final rate of return to the Blackstone JV`s investors. As part of the transaction, Emeritus will also acquire nine Communities for $62 million, of which $10 million will be paid in cash and $52 million will be financed with a four-year loan from HCP with an initial interest rate of 6.1%. Final closings of these transactions are subject to customary closing conditions for acquisitions of this nature, including regulatory approvals, and are expected to be completed in the fourth quarter of 2012.  Full Article

Emeritus Corporation Reaffirms FY 2012 Revenue Guidance
Thursday, 2 Aug 2012 04:01pm EDT 

Emeritus Corporation announced that for fiscal 2012, it expects Community and management fee revenue in the range of $1.30-$1.32 billion. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.30 billion for fiscal 2012.  Full Article

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