ProMedica To Exit Skilled Nursing JV With Welltower

(RTTNews) - ProMedica said it agreed to transfer, as of December 19, 2022, the real estate and management of all of its skilled nursing facilities currently part of a joint venture and master lease, respectively, between ProMedica and Welltower.

As per the terms of the agreement, a new Welltower venture will own the real estate interests for the skilled nursing facilities. Operations for the skilled nursing facilities will also transition to new operators.

The definitive agreements do not include ProMedica's non-Welltower leased senior care centers located in Adrian and Monroe, Michigan, the skilled nursing and memory care facilities located on the ProMedica Flower Hospital campus in Sylvania, Ohio, and ProMedica's Home Health and Hospice agencies.

ProMedica noted that it will continue operating those centers and agencies, as well as its 58 Arden Courts memory care communities within its real estate joint venture with Welltower.