Health Care REIT, Toledo, Ohio, signed a definitive agreement to buy substantially all of the real-estate assets of post-acute-care provider Genesis HealthCare, Kennett Square, Pa., for $2.4 billion.
Health Care REIT buying Genesis HealthCare's real-estate assets
Privately owned Genesis, which offers short-term post-acute care, rehabilitation, assisted living and long-term-care services, will continue to operate the facilities and would sign a long-term lease under the deal, according to a Health Care REIT news release. Genesis' rent for the first year of the lease would be $198 million.
The deal also gives Health Care REIT the option to buy 9.9% of Genesis for $47 million. The deal includes 147 facilities in 11 states, is expected to close during the second quarter and is subject to customary closing conditions and regulatory approvals. Health Care REIT's board and Genesis' shareholders have approved the deal.
Earlier today, it was announced that Ventas, Chicago, entered into an agreement to buy Nationwide Health Properties for $7.4 billion.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.