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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;December 19,
2008</font></font></div>
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CORPORATION</font></div>
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298-2909</font></div>
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Written communications pursuant to Rule&#160;425 under the Securities Act (17
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Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
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pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
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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>
            </td>
            <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 July
31, 2008, Emeritus Corporation (the &#8220;Company&#8221;) filed a current report under Form
8-K, Item 1.01 disclosing that it had entered into five Agreements for Sale of
Real Estate (the &#8220;Agreements&#8221;) dated July 25, 2008 with Ventas Realty, LP
(&#8220;Ventas&#8221;) for the purchase of five communities consisting of 432 units located
in Ohio, Florida (2), California and Michigan for a purchase price of $62.5
million, excluding closing costs.&#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 December 19, 2008,
the Company completed the transaction.&#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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            <td>
              <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">Prior to
the acquisition described in Item 1.01 above, the Company operated 16
communities under four lease agreements with affiliates of
Ventas.&#160;&#160;&#160;The Third Amended and Restated Master Lease Agreement
(the &#8220;Master Lease&#8221;) dated July 25, 2008 covered 13 communities, and the
remaining three communities were operated under three separate lease
agreements.&#160;&#160;As a result of the acquisition of the five communities,
the Master Lease was amended to remove four of the communities.&#160;&#160;In
addition, the individual Master Lease Agreement &#8211; Brighton dated August 1, 2005
was terminated effective December 19, 2008.&#160;&#160;The aggregate annual base
rent for the five communities under the leases was approximately $4.2 million as
of the closing date.</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 accounted for four of the communities as operating leases, and one of
the communities as a capital lease.&#160;&#160;Of the $4.2 million in annual
lease payments, approximately $3.0 million was recorded as facility lease
expense, $932,000 as interest expense on capital leases, and $291,000 as
principal payments on capital lease obligations.&#160;&#160;In addition, the
operating leases had components for straight-line rent and above/below market
rent amortization of approximately $401,000 annually.</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; 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 five communities described in Item 1.01 above,
the Company borrowed a total of $55.6 million, of which $25.9 million represents
mortgage financing for three properties pursuant to loan agreements dated
December 19, 2008, between Capmark Finance, Inc., as lender, and each of three
of the Company&#8217;s single purpose limited liability company subsidiaries (the
Borrowers).&#160;&#160;Pursuant to the loan agreements, the Borrowers issued
10-year notes (the Fixed Rate Notes), which bear interest at a fixed rate of
5.97%.&#160;&#160;The Fixed Rate Notes are secured by three of the five
properties purchased.&#160;&#160;The Fixed Rate Notes require monthly payments
of interest only in the first two years, with principal and interest payments
based on a 30-year amortization period thereafter until maturity (December 19,
2018), at which time all outstanding principal and accrued but unpaid interest
is payable in full.&#160;&#160;The Fixed Rate Notes were purchased by Freddie
Mac and may be prepaid subject to a prepayment penalty based on a formula
defined in the loan agreements.&#160;&#160;The Fixed Rate Notes contain
customary events of default, including those related to non-payment and the sale
or transfer of collateral.&#160;&#160;In addition, the three Fixed Rate Notes
are cross collateralized with each other, as well as cross collateralized to the
Company&#8217;s $129.0 million loan dated April 29, 2008 and covering 18
properties.</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">In
addition, the Company borrowed a total of $19.7 million for two of the
properties pursuant to loan agreements dated December 19, 2008, between Capmark
Bank, as lender, and each of two of the Company&#8217;s single purpose limited
liability company subsidiaries (the Borrowers).&#160;&#160;Pursuant to the loan
agreements, the Borrowers issued three-year notes (the Variable Rate Notes),
which bear interest at a variable rate based on the monthly LIBOR rate plus
4.0%, with a LIBOR floor of 2.75% (6.75% on closing date).&#160;&#160;The
Variable Rate Notes are secured by two of the five properties
purchased.&#160;&#160;The Variable Rate Notes require monthly payments of
interest only in the first two years, with principal and interest payments based
on a 25-year amortization period thereafter until maturity (January 1, 2012), at
which time all outstanding principal and accrued but unpaid interest is payable
in full.&#160;&#160;The Variable Rate Notes may be prepaid at any time with the
payment of an exit fee equal to 1% of the original loan amount,
among</font></div><br>
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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">other
requirements set forth in the agreements.&#160;&#160;The exit fee is waived if
refinanced with Capmark Bank or its affiliates.&#160;&#160;The Variable Rate
Notes are cross collateralized and contain customary events of default,
including those related to non-payment and the sale or transfer of collateral,
and are guaranteed by Emeritus.</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">Also, the
Company borrowed a total of $10.0 million from an affiliate of Ventas pursuant
to a loan agreement dated December 19, 2008, between Ventas Realty, Limited
Partnership, as lender, and affiliates of the Company, as
borrower.&#160;&#160;Pursuant to the loan agreement, the borrower issued a
three-year note (the Seller Note) which bears interest at an initial rate of
8.0%, increasing on each anniversary date by 25 basis points.&#160;&#160;The
Seller Note requires a $40,000 monthly payment of principal plus accrued
interest.&#160;&#160;The Seller Note may be prepaid without
penalty.&#160;&#160;&#160;The Seller Note is secured by leasehold interests and
is cross-defaulted with the remaining communities operated under leases with
Ventas.&#160;&#160;&#160;&#160;In addition, the Company guaranteed the Seller
Note.</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>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;99.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release dated December 22, 2008, EMERITUS CLOSES ON AGREEMENT TO PURCHASE
      FIVE COMMUNITIES.</font></div>
            </td>
          </tr>
      </table>
    </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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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              <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">December
      22, 2008</font></div>
            </td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      CORPORATION</font></div>
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      </font></td>
            <td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:</font></div>
            </td>
            <td align="left" valign="bottom" width="39%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</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">/s/
      Raymond R. Brandstrom</font></div>
            </td>
          </tr>
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            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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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">Raymond
      R. Brandstrom</font></div>
            </td>
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          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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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">Executive
      Vice President-Finance, Chief&#160;&#160;Financial Officer and
      Secretary</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEX
TO EXHIBITS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#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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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;99.1</font></font></div>
            </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 December 22,
      2008, EMERITUS CLOSES ON AGREEMENT TO PURCHASE FIVE
      COMMUNITIES.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
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ventas8kforclose1208.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):
December 19,
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
31, 2008, Emeritus Corporation (the "Company") filed a current report under Form
8-K, Item 1.01 disclosing that it had entered into five Agreements for Sale of
Real Estate (the "Agreements") dated July 25, 2008 with Ventas Realty, LP
("Ventas") for the purchase of five communities consisting of 432 units located
in Ohio, Florida (2), California and Michigan for a purchase price of $62.5
million, excluding closing costs.  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 December 19, 2008,
the Company completed the transaction.  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.
Prior to
the acquisition described in Item 1.01 above, the Company operated 16
communities under four lease agreements with affiliates of
Ventas.   The Third Amended and Restated Master Lease Agreement
(the "Master Lease") dated July 25, 2008 covered 13 communities, and the
remaining three communities were operated under three separate lease
agreements.  As a result of the acquisition of the five communities,
the Master Lease was amended to remove four of the communities.  In
addition, the individual Master Lease Agreement – Brighton dated August 1, 2005
was terminated effective December 19, 2008.  The aggregate annual base
rent for the five communities under the leases was approximately $4.2 million as
of the closing date.
The
Company accounted for four of the communities as operating leases, and one of
the communities as a capital lease.  Of the $4.2 million in annual
lease payments, approximately $3.0 million was recorded as facility lease
expense, $932,000 as interest expense on capital leases, and $291,000 as
principal payments on capital lease obligations.  In addition, the
operating leases had components for straight-line rent and above/below market
rent amortization of approximately $401,000 annually.
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 five communities described in Item 1.01 above,
the Company borrowed a total of $55.6 million, of which $25.9 million represents
mortgage financing for three properties pursuant to loan agreements dated
December 19, 2008, between Capmark Finance, Inc., as lender, and each of three
of the Company's single purpose limited liability company subsidiaries (the
Borrowers).  Pursuant to the loan agreements, the Borrowers issued
10-year notes (the Fixed Rate Notes), which bear interest at a fixed rate of
5.97%.  The Fixed Rate Notes are secured by three of the five
properties purchased.  The Fixed Rate Notes require monthly payments
of interest only in the first two years, with principal and interest payments
based on a 30-year amortization period thereafter until maturity (December 19,
2018), at which time all outstanding principal and accrued but unpaid interest
is payable in full.  The Fixed Rate Notes were purchased by Freddie
Mac and may be prepaid subject to a prepayment penalty based on a formula
defined in the loan agreements.  The Fixed Rate Notes contain
customary events of default, including those related to non-payment and the sale
or transfer of collateral.  In addition, the three Fixed Rate Notes
are cross collateralized with each other, as well as cross collateralized to the
Company's $129.0 million loan dated April 29, 2008 and covering 18
properties.
In
addition, the Company borrowed a total of $19.7 million for two of the
properties pursuant to loan agreements dated December 19, 2008, between Capmark
Bank, as lender, and each of two of the Company's single purpose limited
liability company subsidiaries (the Borrowers).  Pursuant to the loan
agreements, the Borrowers issued three-year notes (the Variable Rate Notes),
which bear interest at a variable rate based on the monthly LIBOR rate plus
4.0%, with a LIBOR floor of 2.75% (6.75% on closing date).  The
Variable Rate Notes are secured by two of the five properties
purchased.  The Variable Rate Notes require monthly payments of
interest only in the first two years, with principal and interest payments based
on a 25-year amortization period thereafter until maturity (January 1, 2012), at
which time all outstanding principal and accrued but unpaid interest is payable
in full.  The Variable Rate Notes may be prepaid at any time with the
payment of an exit fee equal to 1% of the original loan amount,
among
other
requirements set forth in the agreements.  The exit fee is waived if
refinanced with Capmark Bank or its affiliates.  The Variable Rate
Notes are cross collateralized and contain customary events of default,
including those related to non-payment and the sale or transfer of collateral,
and are guaranteed by Emeritus.
Also, the
Company borrowed a total of $10.0 million from an affiliate of Ventas pursuant
to a loan agreement dated December 19, 2008, between Ventas Realty, Limited
Partnership, as lender, and affiliates of the Company, as
borrower.  Pursuant to the loan agreement, the borrower issued a
three-year note (the Seller Note) which bears interest at an initial rate of
8.0%, increasing on each anniversary date by 25 basis points.  The
Seller Note requires a $40,000 monthly payment of principal plus accrued
interest.  The Seller Note may be prepaid without
penalty.   The Seller Note is secured by leasehold interests and
is cross-defaulted with the remaining communities operated under leases with
Ventas.    In addition, the Company guaranteed the Seller
Note.
Item
9.01                      Financial
Statement
and
Exhibits.
(d)
Exhibits
Exhibit
No.
Description
99.1
Press
      Release dated December 22, 2008, EMERITUS CLOSES ON AGREEMENT TO PURCHASE
      FIVE COMMUNITIES.
[The
      rest of this page is intentionally left
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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.
December
      22, 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 December 22,
      2008, EMERITUS CLOSES ON AGREEMENT TO PURCHASE FIVE
      COMMUNITIES.