The Ensign Group Adds Five Skilled Nursing Facilities in Texas

Rhea-AI Summary

The Ensign Group announced the acquisition of five skilled nursing facilities in Texas, effective July 1, 2022, which will enhance its operational markets. The facilities include a total of 609 beds across locations in Irving, Garland, Lancaster, McKinney, and Bee Cave. Additionally, the real estate for The Eden of Las Colinas was acquired by Ensign's subsidiary, Standard Bearer Healthcare REIT. These acquisitions expand Ensign's portfolio to 258 healthcare operations, along with 105 real estate assets across 13 states. The company continues to pursue further acquisition opportunities in the healthcare sector.

Positive

• Acquisition of 5 skilled nursing facilities in Texas expands operational capacity, adding 609 beds.
• Increases Ensign's portfolio to 258 healthcare operations, enhancing market presence.
• Real estate acquisition for The Eden of Las Colinas strengthens asset base.

Negative

• None.

SAN JUAN CAPISTRANO, Calif., July 06, 2022 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign^TM group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies, other rehabilitative and healthcare services, and real estate, announced today that it acquired the operations of the following skilled nursing facilities in Texas:

• The Eden of Las Colinas, a 118-bed skilled nursing facility, located in Irving, Texas;
• Pleasant Valley Healthcare and Rehabilitation Center, a 124-bed skilled nursing facility located in Garland, Texas;
• Millbrook Healthcare and Rehabilitation Center, a 124-bed skilled nursing facility in Lancaster, Texas;
• McKinney Healthcare and Rehabilitation Center, a 125-bed skilled nursing facility in McKinney, Texas; and
• Park Manor Bee Cave, a 140-bed skilled nursing facility in Bee Cave, Texas.
  

The acquisitions were effective July 1, 2022. The acquisition of The Eden of Las Colinas also includes the real estate at the facility, which was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company. The four other acquisitions will be subject to a long-term, triple net lease.

“These acquisitions are a perfect fit and will serve to strengthen our existing operational markets and clusters in Texas,” said Barry Port, Ensign's Chief Executive Officer. “Our leaders are poised to enhance the level of care that is provided to the residents and their families,” he added.

"We look forward to working together with the local healthcare communities at each of these facilities, where there is an outstanding team of caregivers," added Mike Muhlestein, an operational market leader in Keystone Care LLC, Ensign’s Texas-based portfolio subsidiary.

In separate transactions on the same day, Ensign announced that Standard Bearer also acquired one new campus that included real estate and three assets in California, including the following:

• the real estate and operations of Villa Maria Post Acute and Rehabilitation, a 65-bed skilled nursing facility, Villa Maria Wellness Living, a 31-bed assisted living facility and Tucson Recovery at Villa Maria, a 30-bed behavioral health unit, each located in Tucson, Arizona; and
• the real estate of Premier Care Center of Palm Springs, a 99-bed skilled nursing facility located in Palm Springs, California, Brookside Healthcare Center, a 97-bed skilled nursing facility located in Redlands, California, and Broadway Villa Post Acute, a 138-bed skilled nursing facility located in Sonoma, California, each of which is operated by an independent operating subsidiary of Ensign.

Also, on the same day, Ensign announced that its affiliate entered into a new long-term lease for Henderson Health and Rehabilitation, a skilled nursing facility with 266 skilled nursing beds, located in Henderson, Nevada.

All of these acquisitions were also effective July 1, 2022 and bring Ensign's growing portfolio to 258 healthcare operations, 26 of which also include senior living operations, across thirteen states. Ensign subsidiaries, including Standard Bearer, now own 105 real estate assets. 

Mr. Port reaffirmed that Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, senior living and other healthcare related businesses throughout the United States.

About Ensign^TM

The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at 258 healthcare facilities, in Arizona, California, Colorado, Idaho, Iowa, Kansas, Nebraska, Nevada, South Carolina, Texas, Utah, Washington and Wisconsin. More information about Ensign is available at http://www.ensigngroup.net.

Contact Information

The Ensign Group, Inc., (949) 487-9500, ir@ensigngroup.net

SOURCE: The Ensign Group, Inc.

FAQ

What facilities did Ensign Group acquire in Texas on July 1, 2022?

Ensign Group acquired five skilled nursing facilities: Eden of Las Colinas, Pleasant Valley Healthcare and Rehabilitation Center, Millbrook Healthcare and Rehabilitation Center, McKinney Healthcare and Rehabilitation Center, and Park Manor Bee Cave.

How many healthcare operations does Ensign Group have after the recent acquisitions?

After the acquisitions, Ensign Group has 258 healthcare operations across 13 states.

What is the significance of the acquisition of The Eden of Las Colinas?

The Eden of Las Colinas acquisition includes the real estate and enhances Ensign's asset portfolio.

Did Ensign Group acquire any facilities outside of Texas on July 1, 2022?

Yes, Ensign Group also announced acquisitions in California and Arizona on the same day.

What is the Ensign Group's strategy following these acquisitions?

Ensign Group is actively seeking to acquire additional skilled nursing and healthcare-related businesses throughout the U.S.