... and Health Care REIT purchases Genesis facilities for $2.4 billion
Health Care REIT said Monday that it would be buying virtually all of the real estate assets of privately owned Genesis Healthcare for $2.4 billion. The real estate investment trust will be acquiring 147 post-acute, skilled nursing and assisted living facilities in 11 states in the Northeast and Mid-Atlantic.
The Genesis management team, led by President and CEO George Hager, will remain in place, according to a statement issued by Toledo, OH-based Health Care REIT. Genesis will have a renewal option for a second 15-year term after an initial 15-year triple-net master lease concludes.
Health Care REIT's diverse portfolio consisted of 683 properties in 41 states at the end of 2010. Genesis HealthCare Corporation provides post-acute and skilled nursing services at more than 200 communities in 13 Eastern states. It also provides contract therapy services to more than 1,100 providers in 28 states.