Genesis spends $240M on SNF portfolio

Genesis HealthCare announced Monday it will acquire 24 of Revera Inc.'s skilled nursing facilities and rehabilitation business for $240 million.

Genesis will acquire real estate for 20 of the 24 properties, and the remainders will be under a long-term lease agreement with Healthcare REIT Inc. Genesis also will take over Premier Therapy, Revera's contract rehabilitation business. The transaction is expected to close by the end of the year.

Currently, Genesis has 380 facilities, ranking it first on the American Health Care Association's list of largest nursing facility companies. The 24 new facilities are scattered among New Jersey, Vermont, Washington, Connecticut, Massachusetts, Maryland, Virginia, New Hampshire and Rhode Island. They have 3,056 beds, bringing Genesis' total bed count to 47,861.

Genesis was ranked No. 13 on the AHCA's top largest assisted living companies list, with 65 facilities in 20 states.