Welltower cuts ties with troubled nursing home operator
Blade, The (Toledo, OH)
Mar. 3—Toledo-based
Welltower Inc., a real estate investment trust (REIT), said it is largely severing its relationship with financially troubled
Genesis HealthCare, an operator of rehabilitation facilities, nursing homes, and assisted-living complexes in the Northeast and Mid-Atlantic states, which
Welltower has been connected to for 10 years.
In April, 2011, when it was named
Health Care REIT Inc.,
Welltower paid
$2.4 billion for 147 healthcare facilities owned by Genesis.
Welltower said late Tuesday it will terminate leases with 51 Genesis-owned properties and has agreed to pay an
$86 million termination fee.
$682 million. Thirty-five will be sold for