HUNT VALLEY, Md.--(BUSINESS WIRE)--Omega Healthcare Investors, Inc. (NYSE:OHI), the nation’s largest owner of post-acute care facilities, today announced that Second Spring Healthcare Investments (“Second Spring”), a joint venture approximately 85% owned by affiliates of Lindsay Goldberg LLC (“Lindsay Goldberg”) and approximately 15% owned by an affiliates of Omega, acquired 64 facilities from Welltower, Inc. for $1.1 billion. Simultaneously, affiliates of Second Spring entered into a new 15 year Master Lease with certain subsidiaries of Genesis Healthcare (“Genesis”). The initial annual rent is $103.9 million with annual escalators of 1% after year 1, 1.5% after year 2 and 2% thereafter. Omega invested $50 million for its approximately 15% interest in Second Spring.
Separately, Omega entered into an asset management agreement with Second Spring.
Commenting on the transaction, Omega’s CEO, Taylor Pickett said, “We are excited to renew our partnership with Lindsay Goldberg and strengthen our commitment to Genesis, the nations’ leading provider of post-acute care. The joint venture structure allows Lindsay Goldberg to deploy substantial capital into the skilled nursing industry alongside an experienced REIT management team.”
Omega is a real estate investment trust investing in and providing financing to the long-term care industry. As of September 30, 2016, Omega has a portfolio of investments that includes approximately 1,000 properties located in 42 states and the United Kingdom and operated by 81 different operators. www.omegahealthcare.com
Lindsay Goldberg is a private investment firm that manages approximately $13 billion of equity capital and seeks to be the investor of choice in situations where relationships and reputation matter, including family-owned and entrepreneur-led businesses, as well as corporate partnerships, where capital is required for organic growth or acquisitions. For more information about Lindsay Goldberg, please visit www.lindsaygoldbergllc.com.