Navigation Links
The Ensign Group, Inc. Acquires Four Skilled Nursing Facilities
Date:10/28/2008

MISSION VIEJO, Calif., Oct. 29 /PRNewswire-FirstCall/ -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of skilled nursing, rehabilitative care services and assisted living companies, announced today that it has purchased four skilled nursing facilities in Texas and California for an aggregate price of approximately $10.4 million.

(Logo: http://www.newscom.com/cgi-bin/prnh/20071213/LATH168LOGO)

Previously leased facilities now owned

The properties were acquired on October 28, 2008 from a long-time Ensign landlord by four separate Ensign holding subsidiaries. Together the facilities include 426 licensed skilled nursing beds.

Ensign operating subsidiaries have been operating the three Texas facilities since 1999 and the California facility since 2001. The operating subsidiaries will continue to operate their facilities under new long-term leases with the acquiring entities. The prior lease agreements did not contain purchase options. Management expects the acquisitions to be immediately accretive to earnings.

"We are pleased to be able to fix our long-term occupancy costs and add to our portfolio of owned and financeable properties with this acquisition," said Christopher Christensen, Ensign's President and Chief Executive Officer. Mr. Christensen also expressed gratitude to the landlord, who "helped us get our start and has been a great supporter of Ensign from the beginning." Five additional Ensign facilities are operated under leases from affiliates of the same landlord.

Proceeds of Ensign's recent initial public offering were used to complete the transaction. Ensign affiliates currently operate 62 facilities in six Western states. This acquisition brings the total number of owned facilities in Ensign's combined portfolio to 32, with Ensign affiliates holding purchase options on eight of Ensign's 30 leased facilities.

The four facilities are Northern Oaks Living & Rehabilitation Center, a 96-bed skilled nursing facility in Abilene, Texas, Wellington Place Living & Rehabilitation Center, a 140-bed skilled nursing facility in Temple, Texas, Salado Creek Living & Rehabilitation Center, a 120-bed skilled nursing facility in San Antonio, Texas, and Northbrook Nursing & Rehabilitation Center, a 70-bed skilled nursing facility in Willits, California.

About Ensign(TM)

The Ensign Group, Inc.'s operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, and other rehabilitative and healthcare services for both long-term residents and short-stay rehabilitation patients at 62 facilities in California, Arizona, Texas, Washington, Utah and Idaho. Each facility is operated by a separate, wholly-owned independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "Company" and "its" assets and activities, as well as the use of the terms "we," "us," "our" and similar verbiage are not meant to imply that The Ensign Group, Inc. has direct operating assets, employees or revenue, or that any of the facilities, the Service Center or the captive insurance subsidiary are operated by the same entity. More information about Ensign is available at http://www.ensigngroup.net.


'/>"/>
SOURCE Ensign Group, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. The Ensign Group Schedules 2008 Third Quarter Earnings Call for Friday, October 31, 2008
2. The Ensign Group, Inc. Reports Second Quarter 2008 Earnings of $.32 per Diluted Share and Raises 2008 Guidance
3. The Ensign Group Schedules 2008 Second Quarter Earnings Call for Thursday, August 7, 2008
4. The Ensign Group to Present at the FBR Capital Markets 12th Annual Spring Investor Conference on May 29th
5. The Ensign Group, Inc. Acquires Utah Skilled Nursing Facility
6. The Ensign Group, Inc. Reports First Quarter 2008 Earnings
7. The Ensign Group Schedules 2008 First Quarter Earnings Call for Thursday, May 8, 2008
8. The Ensign Group, Inc. Reports Fourth Quarter 2007 Earnings
9. The Ensign Groups Year-End Conference Call Scheduled for Friday, March 7, 2008
10. The Ensign Group Establishes $50 Million Credit Facility with GE Healthcare Financial Services
11. The Ensign Group Successfully Graduates Troubled Nursing Home from CMS Special Focus Facility Program
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2017)... ... , ... MD Now Urgent Care opened its newest location on ... marks the urgent care center's eighth location in Miami-Dade county. , The center's address ... The new clinic offers a wide array of services to patients in ...
(Date:6/23/2017)... ... June 23, 2017 , ... Ross Insurance ... With the Federal Emergency Management Agency’s (FEMA) recent update of flood zones, more ... 2012, the Biggert-Waters Act was enacted to reflect the actual risk in flood ...
(Date:6/23/2017)... ... ... Ulster University, Magee Campus in Northern Ireland is hosting The Schools for ... to graduate students exciting new and innovative hope research based on iFred’s “Schools for ... Improvement Service of the Western Health & Social Care Trust (WHSCT) in partnership with ...
(Date:6/23/2017)... ... 23, 2017 , ... Jusino Insurance Services, a locally owned ... greater Chicago metropolitan area, is embarking on a charity drive in conjunction with ... Founded in 1897, Hephzibah Children’s Association is one of the oldest social services ...
(Date:6/23/2017)... ... June 23, 2017 , ... Radabaugh ... planning to families and business owners in North Central West Virginia, is embarking ... services to differently abled residents in the region. , The Stepping Stones organization ...
Breaking Medicine News(10 mins):
(Date:6/13/2017)... June 13, 2017 Zimmer Biomet Holdings, Inc. (NYSE ... announced that the U.S. Food and Drug Administration (FDA) has ... 2015 relating to its Zhejiang, China ... "The successful clearance of the Warning Letter related ... facility is a measure of the progress we have made ...
(Date:6/10/2017)... June 9, 2017  Shane K. Burchfield, DPM, is recognized by ... as a Podiatrist in Alabama . ... First Foot Care. He brings over 20 years of experience, as ... and healthcare, to his role. ... PC is pleased to welcome you to his practice," ...
(Date:6/8/2017)... , June 8, 2017  Less than a ... hit more than 200,000 companies, including hospital networks, in ... heralded as one of the largest online extortion attempts ... the healthcare market, it is imperative that providers understand ... their data from this — and many other very ...
Breaking Medicine Technology: