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SECURITIES AND EXCHANGE COMMISSION</font></div>
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8-K</font></div>
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REPORT</font></div>
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to Section 13 or 15(d) of</font></div>
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Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Date of report (Date of earliest event
reported):</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;July 25,
2008</font></font></div>
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CORPORATION</font></div>
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name of registrant as specified in charter)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">3131
Elliott Avenue, Suite 500</font></div>
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Washington 98121</font></div>
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of principal executive offices) (Zip Code)</font></div>
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298-2909</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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Written communications pursuant to Rule&#160;425 under the Securities Act (17
CFR 230.425)</font></div>
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Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))</font></div>
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pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Entry
      into a Material Definitive
Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On July
25, 2008, Emeritus Corporation (the &#8220;Company&#8221;) entered into five Agreements for
Sale of Real Estate (the &#8220;Agreements&#8221;) with Ventas Realty, LP (&#8220;Ventas&#8221;) to
purchase five communities consisting of 432 units located Ohio, Florida (2),
California and Michigan.&#160;&#160;These communities, which are operated as
assisted living and memory care service facilities, are currently leased from
Ventas under three master leases dated August 1, 2005, March 24, 2006, and April
20, 2006, originally entered into by Summerville Senior Living, Inc., which we
acquired in September 2007.&#160;&#160;Under the terms of the Agreements, the
Company will pay an aggregate purchase price of $62.5 million, plus estimated
closing costs of approximately $2.8 million, for the acquired
communities.&#160;&#160;The closing of these transactions is subject to
customary closing conditions.&#160;&#160;The Company has made an earnest money
deposit of $250,000 related to the Agreements.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company is in the process of obtaining commitments for mortgage financing
related to this transaction in an amount equal to approximately 75% of the
purchase price.&#160;&#160;The balance of the purchase price will be funded by
seller-provided financing of $10.0 million, a refund of approximately $6.0
million of security deposits held by Ventas, and the balance from cash on
hand.&#160;&#160;The seller-provided financing is for a term of 3 years at an
annual interest rate of 8.0%, increasing annually by 25 basis points, and
monthly payments equal to accrued interest plus a $40,000 monthly principal
payment.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
current annual lease payment for the five communities is approximately $4.1
million.&#160;&#160;The Company accounts for four of the communities as
operating leases, and one of the communities as a capital lease.&#160;&#160;Of
the $4.1 million in annual lease payments, approximately $2.9 million is
recorded as facility lease expense, $933,000 as interest expense on capital
leases and $242,000 as principal payments on capital lease
obligations.&#160;&#160;In addition, the operating leases have components for
straight-line rent and above/below market rent amortization of approximately
$449,000 annually.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A press
release announcing the transaction is attached hereto as Exhibit
99.1.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
Statement <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">and</font>
Exhibits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Exhibits</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Press Release dated July 29,
      2008, EMERITUS TO PURCHASE FIVE
  COMMUNITIES.</font></font></div>
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to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.</font></div>
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      31, 2008</font></div>
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      </font></td>
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      CORPORATION</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">Press Release dated July 29,
      2008, EMERITUS TO PURCHASE FIVE
  COMMUNITIES.</font></font></div>
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ventas8kpurchasejuly08.htm
U.S.
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C.  20549
____________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of report (Date of earliest event
reported):
July 25,
2008
EMERITUS
CORPORATION
(Exact
name of registrant as specified in charter)
Washington
1-14012
91-1605464
(State
      or other jurisdiction of incorporation)
(Commission
      File Number)
(IRS
      Employer Identification No.)
3131
Elliott Avenue, Suite 500
Seattle,
Washington 98121
(Address
of principal executive offices) (Zip Code)
(206)
298-2909
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01
Entry
      into a Material Definitive
Agreement.
On July
25, 2008, Emeritus Corporation (the "Company") entered into five Agreements for
Sale of Real Estate (the "Agreements") with Ventas Realty, LP ("Ventas") to
purchase five communities consisting of 432 units located Ohio, Florida (2),
California and Michigan.  These communities, which are operated as
assisted living and memory care service facilities, are currently leased from
Ventas under three master leases dated August 1, 2005, March 24, 2006, and April
20, 2006, originally entered into by Summerville Senior Living, Inc., which we
acquired in September 2007.  Under the terms of the Agreements, the
Company will pay an aggregate purchase price of $62.5 million, plus estimated
closing costs of approximately $2.8 million, for the acquired
communities.  The closing of these transactions is subject to
customary closing conditions.  The Company has made an earnest money
deposit of $250,000 related to the Agreements.
The
Company is in the process of obtaining commitments for mortgage financing
related to this transaction in an amount equal to approximately 75% of the
purchase price.  The balance of the purchase price will be funded by
seller-provided financing of $10.0 million, a refund of approximately $6.0
million of security deposits held by Ventas, and the balance from cash on
hand.  The seller-provided financing is for a term of 3 years at an
annual interest rate of 8.0%, increasing annually by 25 basis points, and
monthly payments equal to accrued interest plus a $40,000 monthly principal
payment.
The
current annual lease payment for the five communities is approximately $4.1
million.  The Company accounts for four of the communities as
operating leases, and one of the communities as a capital lease.  Of
the $4.1 million in annual lease payments, approximately $2.9 million is
recorded as facility lease expense, $933,000 as interest expense on capital
leases and $242,000 as principal payments on capital lease
obligations.  In addition, the operating leases have components for
straight-line rent and above/below market rent amortization of approximately
$449,000 annually.
A press
release announcing the transaction is attached hereto as Exhibit
99.1.
Item
9.01                      Financial
Statement
and
Exhibits.
(d)
Exhibits
Exhibit
No.
Description
99.1
Press Release dated July 29,
      2008, EMERITUS TO PURCHASE FIVE
  COMMUNITIES.
[The rest
of this page is intentionally left blank]
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
July
      31, 2008
EMERITUS
      CORPORATION
By:
/s/
      Raymond R. Brandstrom
Raymond
      R. Brandstrom
Executive
      Vice President-Finance, Chief  Financial Officer and
      Secretary
INDEX
TO EXHIBITS
Exhibit
No.
Description
99.1
Press Release dated July 29,
      2008, EMERITUS TO PURCHASE FIVE
  COMMUNITIES.