TOLEDO, Ohio, Apr 04, 2011 (BUSINESS WIRE) --
Health Care REIT, Inc. (NYSE:HCN) announced today that it has
completed the $2.4 billion acquisition of substantially all of the real
estate assets of privately-owned Genesis HealthCare (Genesis), which was
previously announced on February 28, 2011. The long-term, triple-net
lease, including 147 post-acute, skilled nursing and assisted living
facilities in 11 Northeast and Mid-Atlantic states, closed on April 1st.
"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," says 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
Genesis is a leading provider of short-term post-acute, rehabilitation,
assisted living and long-term care services. Genesis has successfully
expanded its clinical capabilities in recent years. Given its strong
clinical capabilities, Genesis facilities are well positioned as the
lowest cost post-acute inpatient setting. Genesis is positioned for
superior growth and has recently invested over $405 million in capital
improvements to meet the increasing demand for post-acute care services.
For additional information regarding the Genesis transaction, visit the
Featured Partners page of HCN's website at http://www.hcreit.com/featuredpartners/Genesis.
About Health Care REIT, Inc.
Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio,
is a real estate investment trust that invests across the full spectrum
of senior housing and health care real estate. The company also provides
an extensive array of property management and development services. As
of December 31, 2010, the company's broadly diversified portfolio
consisted of 683 properties in 41 states. More information is available
on the company's website at www.hcreit.com.
About Genesis HealthCare
HealthCare Corporation is one of the nation's largest post-acute and
skilled nursing care providers with over 200 locations in 13 eastern
states. Genesis also supplies contract rehabilitation therapy to over
1,100 healthcare providers in 28 states and the District of Columbia.
More information is available on the company's website at www.genesishcc.com.
This document may contain "forward-looking" statements as defined in
the Private Securities Litigation Reform Act of 1995. When the company
uses words such as "may," "will," "intend," "should," "believe,"
"expect," "anticipate," "project," "estimate" or similar expressions, it
is making forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and uncertainties.
The company's expected results may not be achieved, and actual results
may differ materially from expectations. This may be a result of various
factors, including, but not limited to, competition within the health
care and senior housing industries; negative developments in the
operating results or financial condition of the operator/tenant,
including, but not limited to, its ability to pay rent; operator/tenant
bankruptcies and insolvencies; governmental regulations affecting
Medicare and Medicaid reimbursement rates and operational requirements;
liability or contract claims by or against the operator/tenant;
unanticipated difficulties and/or expenditures relating to the
integration of multi-property acquisitions; issues facing the health
care industry, including compliance with, and changes to, regulations
and payment policies, responding to government investigations and
punitive settlements and the operator/tenant's difficulties in
cost-effectively obtaining and maintaining adequate liability and other
insurance; and changes in rules or practices governing the company's
financial reporting. Additional factors are discussed in the company's
Annual Report on Form 10-K and in its other reports filed from time to
time with the Securities and Exchange Commission. The company assumes no
obligation to update or revise any forward-looking statements or to
update the reasons why actual results could differ from those projected
in any forward-looking statements.
SOURCE: Health Care REIT, Inc.
Health Care REIT, Inc.
Scott Estes, 419-247-2800
Jennifer Steiner, 419-247-2800