Regional Health Properties Transfers Five Communities in Ohio to New Operator

OHIO — Regional Health Properties, Inc. (NYSE: RHE), a seniors housing investor and the successor to AdCare Health Systems, has transferred operations of five of its facilities in Ohio.

The four skilled nursing facilities and one assisted living facility will now be managed by affiliates of MSTC Development Inc. RHE elected to transition the Ohio facilities to MSTC based on concerns of weak performance by the previous operator in addition to non-payment of rent. 

The new lease agreement was structured with lower rental rates that will escalate based on facility occupancy.