ATLANTA — Regional Health Properties Inc. (NYSE: RHE) has completed the previously announced merger with its former parent company, AdCare Health Systems.
The merger includes charter provisions restricting the ownership and transfer of the company's common stock. Adoption of these charter provisions positions the company to regain compliance with certain NYSE listing standards regarding stockholders' equity and will better position the company to comply with certain U.S. federal income tax rules applicable to REITs. The company is not currently registered as a REIT, but the changes position it to potentially do so in the future.
As a result of the merger, shareholders of AdCare automatically became shareholders of Regional Health Properties, which is the surviving company in the merger. Regional Health Properties will assume all the assets and liabilities of AdCare. The common stock will trade under the New York Stock Exchange symbol RHE.
Regional Health Properties is a self-managed healthcare real estate investment company that invests primarily senior living and long-term care through facility lease and sub-lease transactions. The company currently owns, leases or manages 30 facilities.