Revera sells SNFs to Genesis HealthCare
Revera has completed the divestiture of the majority of its U.S. nursing and rehab division to Genesis HealthCare. Effective Dec. 1, 19 of Revera's skilled nursing centers joined Genesis HealthCare's network of more than 500 skilled nursing facilities and senior living communities across 34 states. Genesis also will manage an additional five skilled nursing centers in Vermont that are expected to be sold to Genesis, subject to regulatory approval.
Revera, based in Mississauga, Ontario, also intends to sell its remaining skilled nursing centers that were not part of the Genesis transaction. A process is under way to complete these divestitures.
The acquired centers include eight in New Jersey, five in Vermont, three in Washington, two in Connecticut, two in Massachusetts and one in each of Maryland, Virginia, New Hampshire and Rhode Island. Combined, they employ about 3,800 full- and part-time employees and had aggregate revenue totaling about $280 million in 2014, according to Genesis.
Through its portfolio of partnerships, Revera owns or operates more than 500 properties across the United States, Canada and the United Kingdom, serving more than 50,000 older adults. The company offers senior apartments, independent living, assisted living, memory care and long-term care.
Revera has a 76% interest in Sunrise Senior Living Management Co., which manages 300 communities in the United States, Canada and the United Kingdom. Welltower owns the remaining interest.