ElderTrust Announces Lease with Jefferson Health System.KENNETT SQUARE, Pa.--(BW HealthWire)--July 23, 1998--ElderTrust (NYSE NYSE See: New York Stock Exchange :ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ), a newly-formed real estate investment trust with healthcare real estate investments in the eastern United States, Thursday announced that Jefferson Health System will become the lessee of a currently-owned facility. The property subject to the lease is called Wayne Center, a 118-bed eldercare center located in Wayne, Pennsylvania. This change results from the assignment of this lease by the current tenant, Genesis Health Ventures Inc. (NYSE:GHV GHV Genesis Health Ventures, Inc. GHV Gross Heating Value (relationship between volume and corresponding amount of energy for gas) ). As part of this transaction, Genesis has entered into a long-term agreement to manage the Center for Jefferson. "This transaction provides ElderTrust its first opportunity to conduct business with this healthcare leader in the Philadelphia marketplace," states Edward B. Romanov, Jr., president and chief executive officer. "In addition, it adds to the over-all diversification within our tenant base." The goal of Jefferson Health System is to provide a "seamless," integrated healthcare delivery system that provides a continuum of care for citizens of the Delaware Valley. One of Jefferson Health System's current goals is to build a system that will meet the health need of all older adults, from the self-reliant senior to the person who needs support in the home, to the frail elderly frail elderly, n.pl older persons (usually over the age of 75 years) who are afflicted with physical or mental disabilities that may interfere with the ability to independently perform activities of daily living. requiring long term care. Including the Wayne Center, JHS JHS Junior High School JHS Jefferson High School JHS Jacksonville High School (Jacksonville, Alabama) JHS Journal of Hellenic Studies JHS Jordan High School (Sandy, Utah) now either owns, leases, or is affiliated with 3,750 long term care beds in the Delaware Valley. Jefferson Health System, with revenues in excess of $1.4 billion, is composed of Thomas Jefferson University It began as Jefferson Medical College in 1824. On July 1, 1969 the institution officially became Thomas Jefferson University. The university is made up of three colleges:
Frankford Health Care System is expected to finalize its affiliation agreement with Jefferson Health System later this year, becoming the System's fourth founding member. Other components of Jefferson Health System include Jefferson HealthCARE Physicians, a primary care network; Jefferson Health Network, a managed care contracting organization; and Jefferson Home Health. ElderTrust, with headquarters in Kennett Square, owns and leases 28 buildings and has loaned $45 million in construction and term financing on 9 healthcare facilities.
CONTACT: ElderTrust
D. Lee McCreary Jr., senior V.P. and CFO
610/925-4200
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