Kennett Square’s Genesis HealthCare Enters Real Estate Partnership for 15 Skilled Nursing Facilities

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Kennett Square-based Genesis HealthCare has formed a real estate partnership with Next Healthcare Capital for the 15 long-term care centers previously leased from Welltower, writes John George for the Philadelphia Business Journal.

Also, the company has sold the seven additional post-acute care facilities it was leasing from Welltower to a third party. While the company did not disclose the locations of the facilities, they cover six states that do not include Pennsylvania.

As part of the agreement, Welltower sold the 15 skilled nursing facilities to the new partnership, with Genesis acquiring a 46 percent ownership interest. Genesis has a fixed-price purchase option for the real estate starting in 2026 at a 10 percent premium over the original purchase cost.

“I am excited about these win-win transactions for all parties involved,” said George V. Hager Jr., CEO of Genesis. “For Genesis, the transaction is accretive to earnings and provides us with the opportunity to participate in any upside accretion in the value of the real estate with a mechanism to purchase the real estate in the future.”

Read more about the partnership in the Philadelphia Business Journal here.

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