Genesis Healthcare buys skilled nursing facilities for $240 million

The facilities cover more than 3,000 beds, employ nearly 4,000 professionals and pulled in $280 million in revenue in 2014.

Pennsylvania post-acute care provider Genesis HealthCare on Monday said it will buy 24 skilled nursing facilities, as well as the contract rehabilitation business, from Revera Inc. for $240 million.

The facilities are located in New Jersey, Vermont, Washington D.C., Massachusetts, Maryland, Virginia, Rhode Island, New Hampshire  and Connecticut.

The company said it will finance the deal through a bridge loan from Health Care REIT, a real estate firm that leases four of the nursing facilities in the deal. The other 20 properties will be fully owned by Genesis.

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"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, Genesis CEO George V. Hager Jr. said in a statement. "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."

According to Genesis, the facilities cover more than 3,000 beds and employ nearly 4,000 professionals. Combined, the facilities pulled in $280 million in revenue in 2014.

The deal is expected to close by the end of the year.

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