AdventHealth, a health system with more than 80,000 employees in at least eight states, has sold much of its skilled nursing portfolio to two new organizations.
AdventHealth had 10 facilities — eight in Florida and one each in Kansas and Texas. Over the last month, California-based CareTrust REIT announced acquisitions of two of those nursing homes.
But AdventHealth confirmed to McKnight’s Long-Term Care News on Tuesday that it is exiting the skilled nursing sector all together.
“The significant growth, investment and scale required to operate skilled nursing facilities in a competitive environment, combined with our relatively small footprint of these facilities, led us to explore other ownership models,” the company said in an email.
Becker’s Hospital Review reported Tuesday that the Florida facilities have been sold to New Jersey based Imperial Healthcare Group, with six of the lot going for a combined $103.2 million. Prices for the final two properties have not yet been disclosed.
On April 3, CareTrust REIT announced it bought AdventHealth Care Center Burleson, a 178-bed facility located in Burleson, TX, and AdventHealth Care Center Overland Park, a 102-bed facility located in Overland Park, KS. Those two facilities sold for a combined $17.2 million, according to Becker’s.
AdventHealth set a net loss of $837.9 million on revenues of more than $15 billion in 2022, according to a report in March. It also reported a drop of nearly $1.2 billion on investment returns last year compared with a $525 million gain in 2021. Expenses increased 11% in 2022.
As of Tuesday, the organization still listed hospice and home care as part if its extensive network of services.
