TOLEDO, Ohio--(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.