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Genesis Healthcare inks deal with Next Healthcare Capital

Published 02/04/2019, 09:29 AM
© Reuters.  Genesis Healthcare inks deal with Next Healthcare Capital
  • Genesis HealthCare (NYSE:GEN) has entered into a real estate partnership with Next Healthcare Capital involving 15 skilled nursing facilities previously leased from Welltower Inc. Seven additional facilities historically leased from Welltower were sold to a third party. Genesis will no longer operate the seven facilities after the sale.
  • On January 31, Welltower sold the real estate of 15 facilities to the new Partnership, of which Genesis acquired a 46% ownership interest.
  • Genesis also acquired a fixed price purchase option to acquire the real estate beginning in 2026 at a 10% premium above the original acquisition cost. Genesis will continue to operate these facilities pursuant to a new lease with the Partnership. The remaining interest is held by Next.


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