Profile: Emeritus Corp (ESC.N)

ESC.N on New York Stock Exchange

23.63USD
1 Aug 2013
Price Change (% chg)

$0.44 (+1.90%)
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Volume
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Emeritus Corporation (Emeritus), incorporated on July 28, 1993, is engaged in operations of senior living communities in the United States. The Company owns and operates a portfolio of communities providing services to its residents, including independent living, assisted living, specialized memory care, and, to a lesser extent, skilled nursing care. The Company provides a variety of supportive living services in a professionally staffed environment that enables seniors to live with dignity and independence. Its holistic approach enhances every aspect of its residents’ lives by assisting them with life enrichment activities including transportation, socialization and education, housing, and 24-hour personal support services, such as medication management, bathing, dressing, personal hygiene, and grooming. During the year ending December 31, 2012, the Company added home healthcare to its service offerings, through its acquisition of Florida-based Nurse on Call, Inc. (NOC). In October 2012, Emeritus announced that HCP, Inc. (HCP) closed the acquisition of 127 of the 133 senior housing communities. In November 2012, the Company entered the home healthcare business with its purchase of NOC. As of December 31, 2012, the Company operated 483 senior living communities in 45 states. The communities consisted of approximately 43,000 residential rooms or suites (collectively units) with a resident capacity for approximately 50,100 residents.

The Company’s operated Portfolio includes 298 communities that offer memory care services with approximately 6,900 units in a mix of both free-standing communities and as an attached wing of its senior living communities. Dementia is a loss of or decline in memory and other cognitive abilities. Alzheimer’s disease is the common type of dementia, accounting for 60% to 80% of cases and is a disease that is growing significantly in aging populations. Memory care residents typically have declines in certain mental functions that prevent them from performing activities of daily living, such as dressing and feeding themselves.

Resident Services

The Company’s assisted living communities offers residents a range of services based on individual resident needs in a supportive home-like environment. The services the Company provides to its residents are designed to respond to their individual needs and to improve their quality of life. All of its residents receive basic services that include meals and snacks, social and recreational activities, weekly housekeeping and linen service, apartment maintenance, a round the clock emergency response system, and transportation to appointments and excursions. Its residents may purchase additional services based on the recommended level of care or assistance required for the activities of daily living (ADLs), which are dining, bathing, dressing, grooming, and personal hygiene. In addition to assistance with ADLs, the Company also provides assistance with medication management, recreational activities and social support, behavior modification and management, diabetes management, and other simple treatments.

The Company has designed its memory care program to meet the health, psychological, and social needs of its residents diagnosed with Alzheimer’s or related dementia. Its communities offers short-stay respite care, whereby a resident may live with the Company temporarily while transitioning from a hospital or nursing home stay or when a family member or caregiver is on vacation. Its consolidated portfolio includes 914 licensed skilled nursing beds, which are included in certain of its assisted living communities. In additional to assistance with ADLs, these communities provide round the clock nursing care, rehabilitation therapy, post-surgical care, infusion therapy, dialysis care and hospice care, among other specialty services. Elderlife provides lines of credit to help prospective residents pay for its services. The Life Care Funding Group helps prospective residents raise funds to pay for its services through the life settlement market.

Management Activities

The Company provides management services to independent and related-party owners of assisted living communities. As of December 31, 2012, the Company managed 22 communities and 150 communities, including the Sunwest JV communities. Of the 22 managed communities, nine are owned by joint ventures in which the Company has an interest and thirteen are owned by third parties.

The Company competes with Brookdale Senior Living, Inc., Five Star Quality Care, Inc., Capital Senior Living Corporation, and Assisted Living Concepts, Inc. and a major private competitor is Sunrise Senior Living, Inc.

Company Address

Emeritus Corp

Suite 500,
3131 Elliott Avenue
SEATTLE   WA   98121
P: +1206.2982909
F: +1206.3014500

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