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June 23, 2014
08:01 EDTADKAdCare leases South Georgian facility
AdCare announced that, as part of its ongoing rationalization plan, it has signed an agreement to sublease one of its skilled nursing and rehabilitation facilities in South Georgia to a local nursing home operator effective July 1. AdCare incurred losses of approximately $92,000 in connection with operating this 52-bed facility during the first four months of this year; the facility is now expected to contribute approximately $90,000 of net profits annually during the life of the sublease. Under the terms of the triple net lease agreement, the lessee will be responsible for day-to-day management, ongoing maintenance and facility improvements for the duration of the lease. AdCare says its board is presently considering a number of other similar options across its portfolio to drive cash flow and maximize shareholder value and is being assisted and advised by an investment banking firm in evaluating these strategies.
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July 23, 2014
19:05 EDTADKAdCare to host conference call
Conference call to discuss strategic plan to transition to a facilities holding company will be held on July 24 at 10 am. Webcast Link
16:27 EDTADKAdCare plans to initiate a quarterly dividend of 5c in 1Q15
The board plans to initiate a quarterly dividend payment on the common stock, expected to be 5c per common share, to be declared by the board as soon as Q4 and paid in 1Q15. The company expects to methodically increase the quarterly dividend payments at a targeted rate of 1c per share each quarter for the forseeable future.
16:26 EDTADKAdCare announces strategic plan to transition to a facilities holding company
AdCare Health Systems announced that the board has approved, and management has begun to implement, a strategic plan to transition the company to a healthcare property holding and leasing company. Through a series of leasing transactions, the operations of the company's currently owned and operated healthcare facilities, which are principally skilled nursing facilities, will be transitioned to third parties, and the properties AdCare leases will be sub-leased. The board believes this new business model will help the company unlock shareholder value by reducing risk, enhancing cash flow and enabling the company to return cash to shareholders through a quarterly dividend. Under the strategic plan, the company expects through headcount reductions and other expense-reducing efforts, G&A will be significantly reduced, a significant improvement in earnings before taxes and existing net operating losses of approximately $25.8M will be available to offset future taxable income.

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