AdCare Sells Nine Skilled Nursing Facilities in Arkansas for $55M

by Jeff Shaw

ATLANTA — AdCare Health Systems Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) has sold nine of its skilled nursing facilities in Arkansas for $55 million.

The buyer was Skyline Healthcare, which operates the communities and is executing a purchase option on the lease. The purchase price consisted of $52 million in cash and a $3 million promissory note.

AdCare leased the properties to Skyline on March 1, transitioning the properties from Aria Health Group.

AdCare plans to use the proceeds for general corporate purposes, including the repayment of mortgage and other debt.

AdCare is an Atlanta-based real estate investor largely focused on the skilled nursing sector. Following the sale, the company now owns, leases or manages 29 facilities.

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