Shares of medical care facilities provider Genesis Healthcare, Inc. (NYSE: GEN) rose by 14.07% in after-hours trading on Tuesday following indirectly related news of a joint venture between ProMedica and Welltower.
What really happened?
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Genesis HealthCare is a holding company, which provides services through its subsidiaries in over 320 skilled nursing facilities as well as a growing number of assisted/senior living communities throughout 24 states. On a combined basis, this makes the company one of the largest post-acute care companies in the United States. The rehabilitation therapy services in the United States have been provided by the subsidiaries of Genesis, serving nearly 1,100 healthcare providers in 44 states, the District of Columbia, and China.
Announcing two new transactions, ProMedica and Welltower (WELL) today continue to focus on their high-quality clinical outcomes and patient care.
A Toledo, Ohio-based non-profit organization, ProMedica is dedicated to improving the health and well-being of all people. Providing acute and ambulatory care, dental insurance, post-acute, and academic business lines, and an insurance company and dental plan, the organization serves communities in 28 states.
The Toledo, Ohio-based Welltower Inc. (NYSE: WELL) is transforming the health care infrastructure industry and is an S&P 500 company. To scale innovative care delivery models and improve people’s overall health care experience, the company invests with leading seniors housing operators, post-acute providers, and health systems.
By utilizing the transactions, Welltower/ProMedica will position their JV’s portfolio for continued growth in the future. This collaboration calls for nine PowerBack rehabilitation centers, operated by Genesis HealthCare, to be a part of a joint venture lease with ProMedica. There are numerous amenities at these properties. Most of them are purpose-built rehabilitation centers, the state-of-the-art in addition to their rehab capabilities.