Braintree Rehabilitation Hospital and another hospital in Woburn are being sold by the trust company that owns them to a joint venture with the goal of reducing the current owner's "exposure
to government funded programs like Medicare and Medicaid."
Senior Housing Properties Trust, a real estate investment trust that owns independent and assisted living communities, medical
office buildings, nursing homes and wellness centers located throughout
the United States, is selling the 166-bed Braintree hospital to a
joint venture comprised of affiliates of The Sanders Trust, LLC of
Birmingham, AL and Harrison Street Real Estate Capital, LLC of Chicago,
IL for $90 million, according to MarketWatch.
Senior Housing Properties Trust bought Braintree Rehabilitation Hospital and the 198-bed New England Rehabilitation Hospital in Woburn in 2002.
According to MarketWatch, "a large majority of the revenues at the hospitals are paid by Medicare.
After completion of this sale, only 2% of SNH's total revenues (based
upon revenues for the three months ended June 30, 2013) will be from the
ownership of healthcare facilities where Medicare and Medicaid represent
a majority of revenues."