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SECURITIES AND EXCHANGE COMMISSION</font></div>
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D.C.&#160;&#160;20549</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;June 30,
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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Elliott Avenue, Suite 500</font></div>
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Washington 98121</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 style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item&#160;1.01</font></div>
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            <td>
              <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; 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">On June
11, 2008, Emeritus Corporation (the &#8220;Company&#8221;) filed a current report under Form
8-K, Item 1.01 disclosing that it had entered into an asset purchase agreement
dated June 06, 2008, with Health Care REIT, Inc. (HCN) and its affiliated
signatories to purchase 29 communities consisting of 2,257 units located
throughout the United States.&#160;&#160;Pursuant to the leases described in
Item 1.02 below, the Company operated these facilities as assisted living and
memory care service communities for seniors.&#160;&#160;On June 30, 2008, the
Company completed the first phase of the transaction.&#160;&#160;This first
phase closing consists of 19 communities with a capacity of 1,564 units for a
purchase price of $222.7 million, excluding closing costs and loan
fees.&#160;&#160;In connection with the closing, the Company entered into
certain credit facilities described in Item 2.03 below.&#160;&#160;The
information set forth in Item 2.03 is incorporated by reference into this Item
1.01.</font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination
      of 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">As a
result of the acquisition described in Item 1.01 above, the master lease
agreement dated September 30, 2003, between HCN and the Company was amended to
remove 18 communities from the lease effective as of June 30,
2008.&#160;&#160;In addition, an individual community lease dated February 26,
1996, between HCN and the Company was terminated.&#160;&#160;These leases had
initial terms of 15 years.&#160;&#160;The aggregate annual base rent under the
leases was approximately $13.3 million as of the closing date and provided for
annual rent adjustments based on the lesser of a fixed increase (0.25% for the
individual lease and 0.2867% for the master lease), or three times the change in
the Consumer Price Index.</font></div>
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance
      Sheet Arrangement of a Registrant.</font></div>
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    <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">In
connection with the purchase of 19 communities referred to in Item 1.01 above,
the Company borrowed a total of $163.2 million pursuant to loan agreements dated
as of June 30, 2008, between (i) KeyCorp Real Estate Capital Markets, Inc., a
subsidiary of KeyBank, N.A. as lender, (ii) each of 19 of the Company&#8217;s single
purpose limited liability company subsidiaries (the &#8220;Borrowers&#8221;) and (iii)
Summerville Senior Living, Inc., as member/manager of the
Borrowers.&#160;&#160;Pursuant to these loan agreements, the Borrowers issued
10-year notes that bear interest at a fixed rate of 6.65%, (the
&#8220;Notes&#8221;).&#160;&#160;The Notes are secured by the 19 properties
purchased.&#160;&#160;The Notes require monthly payments of interest only in the
first year, with payments of principal and interest based on a 30-year
amortization period thereafter until maturity, at which time all outstanding
principal and accrued but unpaid interest are payable in full.&#160;&#160;The
Notes were purchased by Freddie Mac.&#160;&#160;The Notes may be prepaid subject
to a prepayment penalty based on a formula defined in the loan
agreements.&#160;&#160;The Notes are cross collateralized and contain customary
events of default, including those related to non-payment and the sale or
transfer of collateral.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">In
addition, HCN provided unsecured financing of $50.0 million pursuant to a
promissory note dated as of June 30, 2008, between HCN and the Company (the &#8220;HCN
Loan&#8221;). The HCN Loan bears interest at an annual rate of 8.0%, increasing on
each anniversary date by 25 basis points, and is payable monthly on an
interest-only basis for the three-year term, at which time the entire principal
amount and any accrued but unpaid interest is due and payable in
full.&#160;&#160;The HCN Loan may be repaid at any time prior to maturity
without penalty.&#160;&#160;The promissory note includes provisions whereby any
default under any lease or other obligation between the Company and HCN, would
constitute a default of this indebtedness.</font></div>
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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>
              <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 1, 2008,
      EMERITUS COMPLETES PURCHASE OF 19
  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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      3, 2008</font></div>
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      CORPORATION</font></div>
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      Raymond R. Brandstrom</font></div>
            </td>
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      Vice President-Finance, Chief&#160;&#160;Financial Officer and
      Secretary</font></div>
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TO EXHIBITS</font></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 1, 2008,
      EMERITUS COMPLETES PURCHASE OF 19
  COMMUNITIES.</font></font></div>
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hcreitt1close8k.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):
June 30,
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 June
11, 2008, Emeritus Corporation (the "Company") filed a current report under Form
8-K, Item 1.01 disclosing that it had entered into an asset purchase agreement
dated June 06, 2008, with Health Care REIT, Inc. (HCN) and its affiliated
signatories to purchase 29 communities consisting of 2,257 units located
throughout the United States.  Pursuant to the leases described in
Item 1.02 below, the Company operated these facilities as assisted living and
memory care service communities for seniors.  On June 30, 2008, the
Company completed the first phase of the transaction.  This first
phase closing consists of 19 communities with a capacity of 1,564 units for a
purchase price of $222.7 million, excluding closing costs and loan
fees.  In connection with the closing, the Company entered into
certain credit facilities described in Item 2.03 below.  The
information set forth in Item 2.03 is incorporated by reference into this Item
1.01.
Item 1.02
Termination
      of a Material Definitive Agreement.
As a
result of the acquisition described in Item 1.01 above, the master lease
agreement dated September 30, 2003, between HCN and the Company was amended to
remove 18 communities from the lease effective as of June 30,
2008.  In addition, an individual community lease dated February 26,
1996, between HCN and the Company was terminated.  These leases had
initial terms of 15 years.  The aggregate annual base rent under the
leases was approximately $13.3 million as of the closing date and provided for
annual rent adjustments based on the lesser of a fixed increase (0.25% for the
individual lease and 0.2867% for the master lease), or three times the change in
the Consumer Price Index.
Item 2.03
Creation
      of a Direct Financial Obligation or an Obligation under an Off-Balance
      Sheet Arrangement of a Registrant.
In
connection with the purchase of 19 communities referred to in Item 1.01 above,
the Company borrowed a total of $163.2 million pursuant to loan agreements dated
as of June 30, 2008, between (i) KeyCorp Real Estate Capital Markets, Inc., a
subsidiary of KeyBank, N.A. as lender, (ii) each of 19 of the Company's single
purpose limited liability company subsidiaries (the "Borrowers") and (iii)
Summerville Senior Living, Inc., as member/manager of the
Borrowers.  Pursuant to these loan agreements, the Borrowers issued
10-year notes that bear interest at a fixed rate of 6.65%, (the
"Notes").  The Notes are secured by the 19 properties
purchased.  The Notes require monthly payments of interest only in the
first year, with payments of principal and interest based on a 30-year
amortization period thereafter until maturity, at which time all outstanding
principal and accrued but unpaid interest are payable in full.  The
Notes were purchased by Freddie Mac.  The Notes may be prepaid subject
to a prepayment penalty based on a formula defined in the loan
agreements.  The Notes are cross collateralized and contain customary
events of default, including those related to non-payment and the sale or
transfer of collateral.
In
addition, HCN provided unsecured financing of $50.0 million pursuant to a
promissory note dated as of June 30, 2008, between HCN and the Company (the "HCN
Loan"). The HCN Loan bears interest at an annual rate of 8.0%, increasing on
each anniversary date by 25 basis points, and is payable monthly on an
interest-only basis for the three-year term, at which time the entire principal
amount and any accrued but unpaid interest is due and payable in
full.  The HCN Loan may be repaid at any time prior to maturity
without penalty.  The promissory note includes provisions whereby any
default under any lease or other obligation between the Company and HCN, would
constitute a default of this indebtedness.
Item
9.01                      Financial
Statement
and
Exhibits.
(d)
Exhibits
Exhibit
No.
Description
99.1
Press Release dated July 1, 2008,
      EMERITUS COMPLETES PURCHASE OF 19
  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
      3, 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 1, 2008,
      EMERITUS COMPLETES PURCHASE OF 19
  COMMUNITIES.