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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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October 15, 2014
08:04 EDTADKAdCare shareholders approve plan for transition to facilities holding company
AdCare's shareholders approved certain leasing transactions, effectively authorizing AdCare to pursue the previously announced 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 are in the process of being transitioned to third parties, and the properties AdCare leases will be sub-leased. To date, the company has leased two facilities in Alabama and another in Georgia, and refinanced two additional properties. Also, Mr. Brent Morrison, previously a non-voting board observer, has been named to the AdCare's Board of Directors.
October 14, 2014
05:56 EDTADKAdCare to host special shareholder meeting
Special shareholder meeting to approve certain leasing transactions, will be held in Atlanta on October 14 at 10 am.
October 13, 2014
16:02 EDTADKAdCare names William McBride III as president, CEO
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