EX-99.1 Press Reease
For Immediate Release
Contacts: Investor Relations Ken Avalos, (206) 298-2909 |
Media Relations Liz Brady, (646) 277-1226 |
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EMERITUS EXTENDS $21.4 MILLION NOTE
SEATTLE, WA, October 23, 2008 - - Emeritus Corporation (NYSE: ESC), a national provider of assisted living and related services to senior citizens, announced today that it has reached an agreement with Nationwide Health Properties, Inc. (NYSE: NHP) to extend its $21.4 million 8.5% note from March 3, 2009, to March 31, 2012.
For more detail please refer to our report on Form 8-K filed with the Securities and Exchange Commission on October 23, 2008.
ABOUT THE COMPANY
Emeritus Corporation is a national provider of assisted living and Alzheimer’s and related dementia care services to seniors. Emeritus is one of the largest and most experienced operators of freestanding assisted living communities located throughout the United States. The Company’s communities provide a residential housing alternative for senior citizens who need assistance with the activities of daily living, with an emphasis on personal care services, which provides support to residents in the aging process. Emeritus currently operates 289 communities in 36 states representing capacity for approximately 24,875 units and 29,700 residents. For more information about Emeritus, visit the Company's Web site at www.emeritus.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: A number of the matters and subject areas discussed in this release that are not historical or current facts deal with potential future circumstances, operations, and prospects. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from our actual future experience as a result of such factors as: the effects of competition and economic conditions on the occupancy levels in our communities; our ability under current market conditions to maintain and increase our resident charges in accordance with our rate enhancement programs without adversely affecting occupancy levels; increases in interest costs as a result of re-financings; our ability to control community operation expenses, including insurance and utility costs, without adversely affecting the level of occupancy and the level of resident charges; our ability to generate cash flow sufficient to service our debt and other fixed payment requirements; our ability to find sources of financing and capital on satisfactory terms to meet our cash requirements to the extent that they are not met by operations, and other uncertainties related to professional liability claims. We have attempted to identify, in context, certain of the factors that we currently believe may cause actual future experience and results to differ from our current expectations regarding the relevant matter or subject area. These and other risks and uncertainties are detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
