AdCare Health Systems plans to divest its senior living properties and become a holding company, the firm announced.
Properties now owned and operated by the firm will be transitioned to third-party companies. This will take place through a series of sale/leaseback deals.
The new approach will help the firm enhance cash flow, create quarterly dividends and reduce risk, the firm noted. AdCare operates or manages 43 skilled nursing facilities, two assisted living facilities and one independent living/senior housing facility, totaling approximately 4,700 beds.