Genesis HealthCare Completes Previously Announced Transaction With Revera
December 11, 2015
Genesis HealthCare (Genesis), one of the nation's largest providers of post-acute care, today announced that, effective December 1, 2015, it has completed its previously announced transaction with Revera Inc. (Revera), a leading owner, operator and investor in the senior living sector. Genesis now operates or manages 24 of Revera's facilities across nine states and Premier Therapy, Revera's contract rehabilitation business.
Effective December 1, 2015, Genesis acquired the real estate of 15 Revera facilities across eight states and added four properties into its master lease with Welltower Inc. Genesis awaits regulatory approval on five facilities in the state of Vermont and has entered into separate agreements to manage these facilities in the interim. If Genesis receives regulatory approval from the state of Vermont, Genesis expects to complete the acquisition of the Vermont real estate.
Genesis financed the transaction utilizing funding from the master lease and a bridge loan from Welltower Inc. and expects to subsequently refinance the bridge loan utilizing HUD guaranteed mortgage financing. The acquisition is expected to contribute $34.0 million in annual EBITDAR, including the operations of the Vermont facilities.
"We are excited to further expand the services we provide to patients and residents in our core markets," stated George V. Hager, Jr., Chief Executive Officer of Genesis. "Revera has a very strong history of operational performance, well-cared for buildings and extraordinary, talented people. We are thrilled to welcome the Revera team to the Genesis family."
The 24 centers are located in the following states: eight in New Jersey, five in Vermont, three in Washington, two in Connecticut, two in Massachusetts and one in each of Maryland, Virginia, New Hampshire and Rhode Island. The 24 centers employ approximately 3,800 full and part-time employees and had aggregate revenue totaling approximately $280 million in 2014.
About Genesis HealthCare
Genesis HealthCare (NYSE: GEN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with more than 500 skilled nursing centers and assisted/senior living communities in 34 states nationwide. Genesis subsidiaries also supply rehabilitation and respiratory therapy to more than 1,700 healthcare providers in 45 states and the District of Columbia. References made in this release to "Genesis," "the Company," "we," "us" and "our" refer to Genesis Healthcare, Inc. and each of its wholly-owned companies. Visit our website at www.genesishcc.com.