Genesis HealthCare Enters Into Investment to Buy Back Real Estate Historically Leased
Gen Digital Inc. (GEN)
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US:NYSE Investor Relations:
genesishcc.com/investor-relations
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Source: GlobeNewswire
KENNETT SQUARE, Pa., Oct. 16, 2019 (GLOBE NEWSWIRE) -- Genesis HealthCare (Genesis or the Company), one of the nation’s largest providers of post-acute care services, today announced that it has made an investment with a private investor involving 18 skilled nursing facilities previously leased by Genesis from Second Spring Healthcare Investments (Second Spring) and Welltower Inc. (Welltower). Separately, eight owned facilities were sold to third parties for total sale proceeds of approximately $89 million. Proceeds were used to repay indebtedness and fund transaction expenses. Genesis will no longer operate the eight facilities. Genesis continues to operate the 18 facilities pursuant to a new lease with the new owner. The 18 facilities had been included in the Company’s master leases with Second Spring and Welltower and were subject to annual rent escalators ranging from 2.0% to 2.5%. Under the new lease, rent escalators do not begin until year five. Through its investment, Gen
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