Health Care REIT, Inc. (NYSE:HCN) said it completed the $2.4 billion acquisition of substantially all of the real estate assets of privately-owned Genesis HealthCare (Genesis) on Monday.
Previously announced at the end of February, the deal closed on April 1, 2011, and included the long-term, triple-net lease, and 147 post-acute, skilled nursing and assisted living facilities in 11 Northeast and Mid-Atlantic states.
“Health Care REIT’s acquisition and leaseback of Genesis HealthCare’s assets is yet another example of the successful execution of our company’s strategy to develop long-term partnerships with best-in-class operators with a track record of quality care, profitability and growth. The Genesis and Health Care REIT teams worked efficiently to close this transaction on an accelerated timeline,” said George L. Chapman, Health Care REIT’s Chairman, Chief Executive Officer and President.
“These high quality assets are located in attractive metropolitan markets with high barriers to entry, significant hospital system referral relationships and high replacement costs. We expect Health Care REIT’s acquisition and leaseback of Genesis HealthCare assets will be highly accretive to HCN’s earnings.”
Genesis is a leading provider of short-term post-acute, rehabilitation, assisted living and long-term care services.