Genesis HealthCare acquired 24 skilled nursing facilities previously owned by Revera Inc. this week. The deal is expected to close at the end of this year, according to a news release. Genesis is one of the nation's largest providers of post-acute care. Revera is a leading owner, operator and investor in the senior living industry.
In the Revera deal, Genesis will acquire 20 of the 24 facilities and has plas to enter into a long-term lease agreement with Health Care REIT, Inc. for the remaining properties. Genesis also acquired the operations of Premier Therapy, which is Revera's contract rehabilitation business. Of the 24 acquired properties, there are 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 transaction is a good geographic fit for us, adding high-quality assets and density to our core markets in the northeast, New Jersey and the state of Washington," said George V. Hager, Jr., Genesis' Chief Executive Officer in the news release. "The transaction also aligns nicely with our growth and deleveraging objectives, as it will be accretive to earnings, increase our fixed charge coverage and expand facility ownership to 23 percent of our inpatient sites."