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Formation Capital/Senior Care Development to Lease 14 Skilled Nursing Facilities and 1 Assisted Living Facility Owned by Omega Healthcare Investors, Inc.
8/8/2008Atlanta, GA -- 08/08/2008 --
Genesis HealthCareSM to Manage the New England Facilities
Formation Capital, LLC and an affiliate of Senior Care Development, LLC today announced they have signed an agreement with subsidiaries of Omega Healthcare Investors, Inc. (NYSE:OHI) to lease 14 skilled nursing facilities and one assisted living facility. The agreement is expected to close as of September 1, 2008, subject to customary closing conditions and regulatory approval.
The facilities were formerly operated by Haven Healthcare and are located in five New England states – Connecticut, Massachusetts, New Hampshire, Rhode Island and Vermont .
Genesis HealthCare, a provider of long-term care services in New England for more than 25 years, is expected to assume management and operational responsibilities for these facilities on the closing date.
“Omega’s portfolio of facilities is nicely aligned with our existing portfolio of nursing facilities in New England ,” says Arnold Whitman, Chief Executive Officer and Co-Chairman of Formation Capital, LLC. “We look forward to expanding the services we provide to patients in New England , and intend to make significant capital investments over the next several years to upgrade and improve these facilities.”
Genesis HealthCare operates skilled nursing centers and assisted living residences in 13 eastern states and ranks among top providers for overall customer satisfaction and quality medical care according to national independent research. Furthermore, numerous Genesis Centers in New England have earned the Quality Award from the American Health Care Association (AHCA), the National Center for Assisted Living (NCAL), and in recent years, the MyInnerView “Excellence in Action” Award, a national award recognizing a commitment to quality.
“These centers will add considerable depth to our Northeast markets,” commented Dick Blinn, Genesis’ President of the Northeast Area. “We look forward to working with the employees from these centers and assisting them in delivering high-quality care to their patients.”
Genesis HealthCare operates more than 200 skilled nursing centers and assisted living residences in 13 states. They also supply contract rehabilitation therapy to more than 700 healthcare providers in 20 states and the District of Columbia . For more information, go to www.genesishcc.com.
Formation Capital, LLC invests in senior housing and care and currently is invested in over $3 billion of assets. For more information, go to www.formationcapital.com.
Senior Care Development, LLC and its affiliates develop retirement communities for their own portfolio as well as invest in nursing homes and distressed hospitals. For more information go to: www.SeniorCareDevelopment.com.
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