Philadelphia archdiocese leasing its 13 cemeteries

September 28, 2013 3:43:50 AM PDT
The Roman Catholic Archdiocese of Philadelphia is outsourcing maintenance of its cemeteries in the midst of a budget shortfall.

The archdiocese announced this week that it will lease its 13 cemeteries to Levittown-based StoneMor Partners LP for a total payment of $89 million over 35 years.

There will be an initial upfront payment to the archdiocese of $53 million.

The archdiocese will retain ownership of the cemeteries, which cover about 2,400 acres in the five-county Philadelphia metropolitan area.

Leasing the cemeteries is one of several planned restructuring steps that enable the archdiocese to address the $350 million liability it has for pensions, self-insurance and a parish trust fund.