Genesis to save in 'win-win' $1.7 billion sale of 92 facilities
Genesis HealthCare is expected to save millions in rent payments after its largest landlord completes a $1.7 billion sale of 92 properties to new owners, the company announced Wednesday.
The real estate of 64 Genesis-operated facilities was sold by Welltower, Inc. this week to Second Spring Healthcare Investments. Welltower also entered into an agreement to sell an additional 28 facilities to a joint venture between Welltower, Cindat Capital Management Ltd., and Union Life Insurance Co., Ltd.
The two transactions, coupled with an additional Welltower deal involving Genesis and Brookdale Senior Living properties, will result in a total of $1.7 billion in proceeds.
“I am excited about these win-win transactions for all parties involved,” Hagar said. “This is a great example of the creative things we can accomplish with our partners to further strengthen our capital structure.”
Welltower will continue to lease 114 other skilled nursing and senior living properties to Genesis after the sales are completed, maintaining its status as the provider's largest landlord.