Welltower Largely Exits Operating Relationship with Genesis
Welltower said it had substantially exited its operating relationship with Genesis HealthCare, while expanding its relationship with ProMedica. The Toledo, OH-based healthcare REIT has entered into definitive agreements to sell 42 traditional skilled nursing facilities for $680 million to a joint venture in which it will retain a participating preferred equity position.
Welltower will also contribute its nine mostly purpose-built former PowerBack facilities, which provide higher acuity, short-stay rehabilitation and care, into its 80/20 JV with ProMedica at a total value of $292 million. Genesis is expected to transition operations in the coming months to ProMedica at which time the former PowerBack facilities will be contributed to the JV.
“The quality of the company’s portfolio and long-term growth prospects will be significantly enhanced following the transition of assets to regional operators and through the future deployment of proceeds received through these transactions,” said Shankh Mitra, Welltower’s CEO.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).