ATLANTA — Skyline Healthcare LLC will execute a purchase option on the master lease for the nine Arkansas skilled nursing facilities it currently operates for AdCare Health Systems Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA). Skyline will purchase the properties for $55 million.
Skyline was brought in as the new manager of the nine facilities on April 1. The company expects to complete the purchase by Aug. 1.
AdCare, a publicly traded skilled nursing investor, will use $30 million of the proceeds to repay mortgage debt on the nine properties. It will use the remaining money for general corporate purposes.