- Senior Housing Properties (SNH) expects to report a gain of more than $30M on the $90M sale of two rehabilitation hospitals in Massachusetts. The rent reduction from the sale will be $9.5M per year.
- More importantly, the sale further cuts the company's exposure to facilities whose income mostly come from Medicare - now just 2% of SNH's total revenue is derived from hospitals where Medicare and Medicaid represent a majority of revenue.
- COO David Hegarty: "Now, 98% of SNHs revenues have limited exposure to government funding. We are pleased that we were able to complete the sale of these two hospitals ahead of our expected timeframe of mid-year 2014."
- Press release
Senior Housing cuts exposure to government programs
Jan 2 2014, 16:10 ET