American Express Stock – Firm that owns Pleasant View nursing and retirement homes makes huge restructuring; status of Concord sites unclear
Published: 3/4/2021 2:56:20 PM
The huge, struggling company that owns Pleasant View and Pleasant View Retirement homes in Concord is preparing to sell control of 51 of its facilities around the country, including three in New Hampshire.
Concord’s Pleasant View nursing home and retirement home, which date back to 1946 when they were started by the McKerley family, were sold to Pennsylvania-based Genesis Health Ventures in 1995. Someone at the facility hung up Thursday when asked about the company’s announcement, which didn’t list any properties by name.
Genesis, which has a reported $1.5 billion in debts and owes another $2.2 billion for its buildings, announced this week that it was unloading 51 of its 325 retirement and nursing-home facilities around the country.
“We have not yet released the names of the facilities as we are in the process of notifying patients, residents, families and staff members,” a Genesis spokesperson wrote in an email response to the Monitor.
Genesis runs about 20 facilities in New Hampshire, including three in Concord – The Harris Hill Center, Granite Ledges and the Pleasant View centers near Concord Hospital. Combined, the properties are valued around $30 million, according to city tax records.
The company’s financial overhaul is complicated. Genesis sold its real estate in 2011 to Welltower, an Ohio company that owns billions of dollars worth of health-care facilities around the world. Welltower leased the facilities back to Genesis for operations. Under the arrangement announced Monday, 51 of those leases are being terminated and operations will change hands.
Genesis is also removing itself from the New York Stock Exchange and is getting a $50 million investment from ReGen Healthcare LLC, a new private-equity firm.
According to reports, Genesis had $4.6 billion in revenue in 2019. It operates 325 nursing homes and assisted-living facilities in 24 states.
Pleasant View began in 1946 when David and Mary McKerley opened a nursing home in their house. Their son, Forrest, who was 16 at the time, drove to Bristol to pick up their first resident and 20 years later he left his job as an American Express executive in Europe to run the nursing home, as reported by the Monitor in a story after Forrest McKerley’s death in 2012.
McKerley Health Care Centers grew to include 15 facilities, including the Pleasant View facilities, before being sold in 1995 to Genesis Health Ventures.
(David Brooks can be reached at 369-3313 or email@example.com or on Twitter @GraniteGeek.)