Brookdale Senior Living has closed on its $1.2 billion joint venture with Long Island, Calif.-based HCP Inc. to own and operate 14 retirement communities.
Through the deal, the two companies will also amend leases on 202 HCP-owned senior living communities formerly operated by Emeritus Senior Living, which Brookdale acquired earlier this year.
"We are very excited about broadening our relationship with HCP through both the merger with Emeritus and this transaction, which creates attractive opportunities to build shareholder value for Brookdale and HCP," Andy Smith, Brookdale CEO, said in a release.
Shares of Brookdale (Ticker: BKD) were down 1 percent to $34.60 Tuesday afternoon. Year to date, they're up 27 percent.
Bill Sheriff, the former CEO of Brookdale Senior Living, has told the senior living company he will not stand for re-election to its board of directors at this year's annual shareholders' meeting. Sheriff led American Retirement Corp. before its 2005 merger with Brookdale and stepped down as CEO of the combined company early last year. Word of his decision to retire from Brookdale's board comes shortly after the company said current CEO Andy Smith had joined the board following the departure of two executives from Fortress Investment Group.
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