March 1, 2011 |

Health Care REIT to Acquire Genesis HealthCare’s Real Estate for $2.4 Billion

Health Care REIT, Inc., announced Monday that it has signed a definitive agreement to acquire all real estate assets of Genesis HealthCare, a provider of short-term post-acute, rehabilitation, assisted living, and long-term care services, for $2.4 billion.

Health Care REIT will acquire from Genesis 147 post-acute, skilled nursing, and assisted living facilities located in 11 states in the Northeast and Mid-Atlantic. Genesis’ largest markets include Massachusetts, Maryland, New Jersey, Pennsylvania, and West Virginia.

Genesis’ management team will continue to operate the facilities pursuant to a long-term triple-net master lease.

“The investment provides embedded opportunities for both organic and external growth,” said George L. Chapman, Health Care REIT’s Chairman, President, and CEO. “Genesis is positioned to grow its quality payor mix and optimize occupancy as it continues to meet the needs of an increasing post-acute, short-stay patient population.”

Pro forma for transactions announced to-date, Health Care REIT will have nearly $13 billion in assets comprised of 880 properties. Health Care REIT expects the Genesis acquisition to close during the 2nd quarter of 2011.

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