Bleecker Street Research
Long/short equity, special situations

Emeritus Corporation: Reckless Growth And Chaos Is The Real Story

Emeritus Corporation (NYSE:ESC) is an operator of senior living communities in the United States. Emeritus operates a portfolio of communities, which are purpose built for services including assisted living, specialized (Alzheimer's and dementia) care, and in-home nursing. The story here is good, baby boomers getting older will seek out senior living and Emeritus is well positioned to capitalize from this trend. The true story, however, appears much darker.


Emeritus Corporation reminds me of the for-profit education sector. Back in 2008 and 2009, many who found themselves unemployed went back to school to improve their chances of re-entering the workforce and improving their earning power. Investors quickly caught on to this trend and looked for profit in education...

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