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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.
News For ADK From The Last 14 Days
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June 29, 2015
16:44 EDTADKAdCare files to sell 1.81M shares of common stock for holders
June 25, 2015
07:04 EDTADKAdCare receives HUD approval for five facilities
AdCare announced continued progress in its strategic transition to a property holding and leasing company. The company received approval from HUD with respect to four facilities in Ohio and one facility in Georgia and expects to complete the operations transfers of these facilities in the third quarter of 2015. The four Ohio facilities are subject to lease agreements previously executed with affiliates of Beacon Management and the Georgia facility is subject to a lease agreement previously executed with an affiliate of C-Ross Management. In the aggregate, the four Ohio facilities, plus an additional facility in Ohio which did not require HUD approval, and the Georgia facility, represent $4.1 million in initial year cash rent. As expected, the company completed the operations transfer of one skilled nursing facility in North Carolina, effective June 1, 2015, pursuant to a lease agreement previously signed with a wholly-owned subsidiary of Symmetry Healthcare Management, representing approximately $650,000 in initial year cash rent. Since the Board approved the strategic plan to transition the company's business from an owner and operator of healthcare facilities to a healthcare property holding and leasing company, the company has entered into agreements for 37 of its 40 healthcare facilities. The remaining two facilities in Georgia and one facility in Arkansas are pending final disposition.

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