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July 23, 2014
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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September 22, 2015
08:02 EDTADKAdCare to purchase nursing facility for $4.8M
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