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      8K Joint Venture Agreement October 2006
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      </div>U.S. SECURITIES AND EXCHANGE COMMISSION</div>
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      D.C. 20549</strong></font></div>
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      8-K</strong></font></div>
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      REPORT</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of</strong></font></div>
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      Securities Exchange Act of 1934</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      report (Date of earliest event reported):</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      October 10, 2006</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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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction of incorporation)</font></div>
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                File Number)</font></div>
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                Employer Identification No.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3131
      Elliott Avenue, Suite 500</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; 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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      298-2909</font></div>
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      telephone number, including area code)</font></div>
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      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>
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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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      Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item&#160;1.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      into a Material Definitive Agreement.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><br></font>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
              October 10, 2006, Emeritus Corporation (&#8220;Emeritus&#8221;) entered into a Limited
              Liability Company Agreement (the &#8220;Joint Venture Agreement&#8221;) with Blackstone Real
              Estate Acquisitions (&#8220;BREA&#8221;), pursuant to which Emeritus and BREA have formed a
              joint venture that will operate under the name of BREA Emeritus, LLC
              (the "Joint
              Venture"). The purpose of the Joint Venture is to acquire and operate
              a
              portfolio of twenty-five assisted living and Alzheimer&#8217;s/dementia care
              communities, including one skilled nursing facility. The portfolio
              consists of
              1,990 units. Emeritus owns a 19% interest in the Joint Venture and
              is the
              administrative member. Emeritus made an initial contribution to the
              Joint
              Venture in the amount of $2.85 million in proportion to its ownership
              interest.
              Additional capital contributions may be required by BREA to meet the
              financial
              obligations of the Joint Venture. The Joint Venture Agreement provides
              for cash
              distributions from the Joint Venture to BREA and Emeritus generally
              in
              accordance with their ownership interests, but Emeritus is entitled
              to
              distributions at increasing levels in excess of its ownership percentage
              if
              certain portfolio performance criteria are achieved and provides Emeritus
              the
              right of first opportunity in the event that BREA desires to sell all
              or any of
              the properties, or its membership interest in the Joint Venture. The
              Joint
              Venture Agreement prohibits Emeritus from transferring its interest
              in the Joint
              Venture without BREA's consent. Emeritus, as administrative member,
              is
              responsible for the day-to-day operations of the Joint Venture. However,
              BREA
              has final authority on major decisions affecting the Joint Venture.
              Pursuant to
              Management Agreements between the Joint Venture and Emeritus relating
              to the
              portfolio properties, Emeritus will manage the portfolio for a fee
              equal to 5%
              of revenues generated from the properties. The Joint Venture Agreement
              provides
              BREA with the right to terminate these management agreements if certain
              performance benchmarks are not met. BREA may also terminate Emeritus
              as
              administrative member for certain reasons, including gross negligence
              or willful
              misconduct, bankruptcy, termination of the management agreements, and
              failure to
              provide effective management of the Joint Venture.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
              October 11, 2006, the Joint Venture entered into a Purchase and Sale
              Agreement
              ("Purchase Agreement") to acquire a portfolio of twenty-five assisted
              living and
              Alzheimer&#8217;s/dementia care communities from PITA General Corporation and AHC
              Tenant, Inc. for a purchase price of $190.0 million, plus transaction
              costs. The
              Purchase Agreement contains representations and warranties by the parties
              that
              are customary for transactions of this nature. The closing of the transaction
              is
              contingent upon the satisfaction of certain conditions that are customary
              for
              transactions of this nature. The joint venture has provided a deposit
              in the
              amount of $15.0 million which, subject to certain conditions, is non-refundable.
              It is expected that the transaction will be completed within 60
              days.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
              Joint
              Venture anticipates entering into a financing arrangement with GE Capital
              Corporation (&#8220;GECC&#8221;) to provide financing up to the lesser of $167.0 million or
              85% of the appraised value of the properties, of which approximately
              $10.0
              million will be used to establish capital expenditure and interest
              expense
              reserves. The detailed terms of this financing arrangement have not
              been
              finalized as of the date of this filing.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Emeritus
              will be required to make additional contributions to the joint venture
              of
              approximately $4.2 million, in proportion to its ownership interest,
              upon
              closing of the acquisition of the portfolio of properties described
              above.
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
      Statement </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>and</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      Exhibits.</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibits</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exhibit
      No.</u></strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release dated October 12, 2006, Emeritus Announces Joint Venture
      Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[The
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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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            <td align="left" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">October
                16 , 2006</font></div>
            </td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td valign="bottom" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EMERITUS
                CORPORATION</strong></font></div>
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          <tr>
            <td align="left" valign="bottom" width="35%">&#160;</td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
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            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
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            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td align="left" valign="bottom" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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 align="left" valign="bottom" width="35%">&#160;</td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td align="left" valign="bottom" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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 align="left" valign="bottom" width="35%">&#160;</td>
            <td align="left" valign="bottom" width="17%">&#160;</td>
            <td align="left" valign="bottom" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; 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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      TO EXHIBITS</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exhibit
      No.</u></strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description</u></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="ex991pressreleasejointventur.htm">99.1</a></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="ex991pressreleasejointventur.htm">Press
      Release dated October 12, 2006,
      Emeritus Announces Joint Venture Agreement.</a></font></div>
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8K Joint Venture Agreement October 2006
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):
October 10, 2006
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
              October 10, 2006, Emeritus Corporation ("Emeritus") entered into a Limited
              Liability Company Agreement (the "Joint Venture Agreement") with Blackstone Real
              Estate Acquisitions ("BREA"), pursuant to which Emeritus and BREA have formed a
              joint venture that will operate under the name of BREA Emeritus, LLC
              (the "Joint
              Venture"). The purpose of the Joint Venture is to acquire and operate
              a
              portfolio of twenty-five assisted living and Alzheimer's/dementia care
              communities, including one skilled nursing facility. The portfolio
              consists of
              1,990 units. Emeritus owns a 19% interest in the Joint Venture and
              is the
              administrative member. Emeritus made an initial contribution to the
              Joint
              Venture in the amount of $2.85 million in proportion to its ownership
              interest.
              Additional capital contributions may be required by BREA to meet the
              financial
              obligations of the Joint Venture. The Joint Venture Agreement provides
              for cash
              distributions from the Joint Venture to BREA and Emeritus generally
              in
              accordance with their ownership interests, but Emeritus is entitled
              to
              distributions at increasing levels in excess of its ownership percentage
              if
              certain portfolio performance criteria are achieved and provides Emeritus
              the
              right of first opportunity in the event that BREA desires to sell all
              or any of
              the properties, or its membership interest in the Joint Venture. The
              Joint
              Venture Agreement prohibits Emeritus from transferring its interest
              in the Joint
              Venture without BREA's consent. Emeritus, as administrative member,
              is
              responsible for the day-to-day operations of the Joint Venture. However,
              BREA
              has final authority on major decisions affecting the Joint Venture.
              Pursuant to
              Management Agreements between the Joint Venture and Emeritus relating
              to the
              portfolio properties, Emeritus will manage the portfolio for a fee
              equal to 5%
              of revenues generated from the properties. The Joint Venture Agreement
              provides
              BREA with the right to terminate these management agreements if certain
              performance benchmarks are not met. BREA may also terminate Emeritus
              as
              administrative member for certain reasons, including gross negligence
              or willful
              misconduct, bankruptcy, termination of the management agreements, and
              failure to
              provide effective management of the Joint Venture.
On
              October 11, 2006, the Joint Venture entered into a Purchase and Sale
              Agreement
              ("Purchase Agreement") to acquire a portfolio of twenty-five assisted
              living and
              Alzheimer's/dementia care communities from PITA General Corporation and AHC
              Tenant, Inc. for a purchase price of $190.0 million, plus transaction
              costs. The
              Purchase Agreement contains representations and warranties by the parties
              that
              are customary for transactions of this nature. The closing of the transaction
              is
              contingent upon the satisfaction of certain conditions that are customary
              for
              transactions of this nature. The joint venture has provided a deposit
              in the
              amount of $15.0 million which, subject to certain conditions, is non-refundable.
              It is expected that the transaction will be completed within 60
              days.
The
              Joint
              Venture anticipates entering into a financing arrangement with GE Capital
              Corporation ("GECC") to provide financing up to the lesser of $167.0 million or
              85% of the appraised value of the properties, of which approximately
              $10.0
              million will be used to establish capital expenditure and interest
              expense
              reserves. The detailed terms of this financing arrangement have not
              been
              finalized as of the date of this filing.
Emeritus
              will be required to make additional contributions to the joint venture
              of
              approximately $4.2 million, in proportion to its ownership interest,
              upon
              closing of the acquisition of the portfolio of properties described
              above.
Item
      9.01
Financial
      Statement
and
Exhibits.
(d)
Exhibits
Exhibit
      No.
Description
99.1
Press
      Release dated October 12, 2006, Emeritus Announces Joint Venture
      Agreement.
[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.
October
                16 , 2006
EMERITUS
                CORPORATION
By:
Raymond
                R. Brandstrom
Vice
                President of Finance, Chief Financial Officer
and
                Secretary
INDEX
      TO EXHIBITS
Exhibit
      No.
Description
99.1
Press
      Release dated October 12, 2006,
      Emeritus Announces Joint Venture Agreement.