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      8-K</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>Pursuant
      to Section 13 or 15(d) of</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" 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><strong>&#160;&#160;August 15, 2007</strong></font></div>
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      CORPORATION</strong></font></div>
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      name of registrant as specified in charter)</font></div>
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            </td>
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                or other jurisdiction of incorporation)</font></div>
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                File Number)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(IRS
                Employer Identification No.)</font></div>
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    <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="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">3131
      Elliott Avenue, Suite 500</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">Seattle,
      Washington 98121</font></div>
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      of principal executive offices) (Zip Code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;">(206)
      298-2909</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Registrant's
      telephone number, including area code)</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;">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:</font></div>
    <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;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">o</font>
      Written communications pursuant to Rule&#160;425 under the Securities Act (17
      CFR 230.425)</font></div>
    <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;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">o</font>
      Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <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;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">o</font>
      Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <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;"><font style="DISPLAY: inline;" face="Wingdings">o</font><font style="DISPLAY: inline; FONT-SIZE: 10pt;">
      Pre-commencement communications
      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>&#160;</div>
    <div>&#160;</div>
    <div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item&#160;1.01</strong></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Entry
                  into a Material Definitive
                  Agreement.</strong></font></div>
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      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
        previously reported in June&#160;2007, Emeritus entered into a definitive
        agreement to acquire a total of 40 communities from Health Care Property
        Investors, Inc. (HCP).&#160;&#160;Since our original announcement, we added
        another community to the portfolio for a total of 41 communities, consisting
        of
        3,732 units located in 17 states.&#160;&#160;The aggregate purchase price is
        $501.5 million, excluding closing costs.&#160;&#160;Of the 41 communities, we
        formerly leased 33 and Summerville Senior Living, Inc. (Summerville) currently
        leases eight of the communities.&#160;&#160;The Company entered into an
        Agreement and Plan of Merger with Summerville on March 29, 2007.</font></div>
      <div><br></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item&#160;1.02</strong></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Termination
                  of a Material Definitive
                  Agreement.</strong></font></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; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        August
        15, 2007, we completed the acquisition of the 41 communities mentioned
        above.&#160;&#160;Emeritus leased 33 of these communities from HCP and
        affiliates under a master lease dated September 18, 2002, as
        amended.&#160;&#160;We accounted for 23 of the 33 communities as operating
        leases and 10 as financing leases prior to the acquisition.&#160;&#160;The
        annual base rent for the 33 Emeritus communities was approximately $25.0
        million
        as of the closing date.&#160;&#160;As a result of this asset purchase
        transaction, the HCP master lease was terminated.&#160;&#160;Upon termination of
        the financing leases for the 10 communities, the difference between the carrying
        amount of the leased assets and the lease obligation will be recorded as
        an
        adjustment to the carrying amount of the assets purchased, which represents
        a
        reduction of approximately $29.1 million to the cost basis of the purchased
        assets.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Summerville
        will continue to operate the eight communities under existing leases until
        the
        merger transaction is completed.&#160;&#160;The annual base rent for the eight
        Summerville communities is approximately $4.7 million.</font></div>
      <div><br></div>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Item&#160;2.03</strong></font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Creation
                  of a Direct Financial Obligation or an Obligation under an Off-Balance
                  Sheet Arrangement of a
                  Registrant.</strong></font></div>
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      </div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        acquisition discussed in Item 1.01 above was partially financed by affiliates
        of
        Capmark Financial, Inc. (Capmark) and other participants (Fannie Mae) through
        fixed rate mortgage debt of $226.9 million at an annual interest rate of
        6.305%
        for a term of 10 years, and variable rate mortgage debt of $76.0 million
        at a
        rate of 30-day LIBOR plus 1.7% (7.31% at closing) for a term of two years,
        plus
        a one-year extension option, pursuant to a series of Loan Agreements dated
        August 15, 2007, by and between affiliates of Emeritus and
        Capmark.&#160;&#160;Monthly interest-only payments on the fixed rate loan are
        due for the first three years and thereafter, monthly payments of principal
        and
        interest will be based on a 30-year amortization schedule.&#160;&#160;The
        balance on the fixed rate loan is due in full in September
        2017.&#160;&#160;Monthly interest-only payments on the variable rate loan are
        due over the term of the loan.&#160;&#160;The balance on the variable rate loan
        is due in full in September 2009, with a one-year extension option
        available.&#160;&#160;The indebtedness outstanding under the Capmark loans may
        be accelerated under customary circumstances, including payment
        defaults.&#160;&#160;The fixed rate loan is secured by all real, personal, and
        intangible assets used in the operation of 29 communities, and the variable
        rate
        loan is secured by all real, personal, and intangible assets used in the
        operation of 12 communities.</font></div>
    </div>
    <div>
      <div>&#160;</div>
    </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;"><strong>Item
      8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other
      Events</strong></font></div>
    <div><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;">The
      Company issued a press release on August 15, 2007, announcing the purchase
      of 41
      communities.&#160;&#160;A copy of the press release is being furnished as
      Exhibit 99.1 to this Current Report on Form 8-K.</font></div>
    <div><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;"><strong>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 Bold, Times New Roman;">and</font>
      Exhibits.</strong></font></div>
    <div><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;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<strong>Exhibits</strong></font></div>
    <div><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;"><strong><u>Exhibit
      No.</u>&#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;<u>Description</u></strong></font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">99.1</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 August 15,
                2007, EMERITUS COMPLETES THE PURCHASE OF 41
                COMMUNITIES.</font></font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;"><strong>1</strong></font></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; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SIGNATURE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">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.</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;">August
                16, 2007</font></div>
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            <td valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="bottom" width="39%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>EMERITUS
                CORPORATION</strong></font></div>
            </td>
          </tr>
          <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>
            <td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td align="right" valign="bottom" width="17%">
              <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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><font style="DISPLAY: inline; FONT-SIZE: 10pt;">&#160;</font>/s/
                Raymond R.
                Brandstrom</font></div>
            </td>
          </tr>
          <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>
            <td align="left" valign="bottom" width="39%">
              <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>
          </tr>
          <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>
            <td align="left" valign="bottom" width="39%">
              <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;">Vice
                President of Finance, Chief Financial Officer</font></div>
            </td>
          </tr>
          <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>
            <td align="left" valign="bottom" width="39%">
              <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;">and
                Secretary</font></div>
            </td>
          </tr>

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      <div id="FTR">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt;"><strong>2</strong></font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </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; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>INDEX
      TO EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div><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;"><strong><u>Exhibit
      No.</u>&#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;<u>Description</u></strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr valign="top">
            <td style="WIDTH: 108pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><a href="hcpipressrelease.htm">99.1</a></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;"><a href="hcpipressrelease.htm">Press
                Release dated August 15, 2007, EMERITUS
                COMPLETES THE PURCHASE OF 41
                COMMUNITIES</a>.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
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hcpipurchase.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):
August 15, 2007
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.
As
        previously reported in June 2007, Emeritus entered into a definitive
        agreement to acquire a total of 40 communities from Health Care Property
        Investors, Inc. (HCP).  Since our original announcement, we added
        another community to the portfolio for a total of 41 communities, consisting
        of
        3,732 units located in 17 states.  The aggregate purchase price is
        $501.5 million, excluding closing costs.  Of the 41 communities, we
        formerly leased 33 and Summerville Senior Living, Inc. (Summerville) currently
        leases eight of the communities.  The Company entered into an
        Agreement and Plan of Merger with Summerville on March 29, 2007.
Item 1.02
Termination
                  of a Material Definitive
                  Agreement.
On
        August
        15, 2007, we completed the acquisition of the 41 communities mentioned
        above.  Emeritus leased 33 of these communities from HCP and
        affiliates under a master lease dated September 18, 2002, as
        amended.  We accounted for 23 of the 33 communities as operating
        leases and 10 as financing leases prior to the acquisition.  The
        annual base rent for the 33 Emeritus communities was approximately $25.0
        million
        as of the closing date.  As a result of this asset purchase
        transaction, the HCP master lease was terminated.  Upon termination of
        the financing leases for the 10 communities, the difference between the carrying
        amount of the leased assets and the lease obligation will be recorded as
        an
        adjustment to the carrying amount of the assets purchased, which represents
        a
        reduction of approximately $29.1 million to the cost basis of the purchased
        assets.
Summerville
        will continue to operate the eight communities under existing leases until
        the
        merger transaction is completed.  The annual base rent for the eight
        Summerville communities is approximately $4.7 million.
Item 2.03
Creation
                  of a Direct Financial Obligation or an Obligation under an Off-Balance
                  Sheet Arrangement of a
                  Registrant.
The
        acquisition discussed in Item 1.01 above was partially financed by affiliates
        of
        Capmark Financial, Inc. (Capmark) and other participants (Fannie Mae) through
        fixed rate mortgage debt of $226.9 million at an annual interest rate of
        6.305%
        for a term of 10 years, and variable rate mortgage debt of $76.0 million
        at a
        rate of 30-day LIBOR plus 1.7% (7.31% at closing) for a term of two years,
        plus
        a one-year extension option, pursuant to a series of Loan Agreements dated
        August 15, 2007, by and between affiliates of Emeritus and
        Capmark.  Monthly interest-only payments on the fixed rate loan are
        due for the first three years and thereafter, monthly payments of principal
        and
        interest will be based on a 30-year amortization schedule.  The
        balance on the fixed rate loan is due in full in September
        2017.  Monthly interest-only payments on the variable rate loan are
        due over the term of the loan.  The balance on the variable rate loan
        is due in full in September 2009, with a one-year extension option
        available.  The indebtedness outstanding under the Capmark loans may
        be accelerated under customary circumstances, including payment
        defaults.  The fixed rate loan is secured by all real, personal, and
        intangible assets used in the operation of 29 communities, and the variable
        rate
        loan is secured by all real, personal, and intangible assets used in the
        operation of 12 communities.
Item
      8.01                      Other
      Events
The
      Company issued a press release on August 15, 2007, announcing the purchase
      of 41
      communities.  A copy of the press release is being furnished as
      Exhibit 99.1 to this Current Report on Form 8-K.
Item
      9.01                      Financial
      Statement
and
Exhibits.
(d)
Exhibits
Exhibit
      No.
Description
99.1
Press
                Release dated August 15,
                2007, EMERITUS COMPLETES THE PURCHASE OF 41
                COMMUNITIES.
1
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.
August
                16, 2007
EMERITUS
                CORPORATION
By:
/s/
                Raymond R.
                Brandstrom
Raymond
                R. Brandstrom
Vice
                President of Finance, Chief Financial Officer
and
                Secretary
2
INDEX
      TO EXHIBITS
Exhibit
      No.
Description
99.1
Press
                Release dated August 15, 2007, EMERITUS
                COMPLETES THE PURCHASE OF 41
                COMMUNITIES
.
3