By John George – Senior
Reporter, Philadelphia Business Journal
Oct 3,
2018, 11:33am
Genesis
HealthCare on Wednesday completed the sale of 15 of its skilled nursing homes
in Texas in a deal that is part of the Kenneth Square, Pa.-based company plan
to completely leave the Lone Star State.
“We are
constantly reviewing our portfolio with an emphasis on divesting
underperforming assets or assets in non-strategic markets,” said George V. Hager Jr.,
CEO of Genesis. “This deleveraging transaction will allow for additional
focus on our core markets and will strengthen our overall portfolio.”
In
addition to the sale of the 15 nursing homes, the purchase price of which was
not disclosed, Genesis (NYSE: GEN) also exited the operations of one leased
skilled nursing facility in Texas. The company now operates just seven
nursing homes in Texas. It expects to sell those before the end of the year.
Once it
completes its exit from the state of Texas, Genesis estimates the transactions
will result in the reduction of about $94 million of indebtedness.
Genesis,
through its subsidiaries, operates more than 400 skilled nursing facilities and
assisted/senior living communities in 30 states nationwide. It also supplies
rehabilitation and respiratory therapy to more than 1,600 health care providers
in 46 states, the District of Columbia and China.
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