The Ensign Group Adds Four Skilled Nursing Facilities in Washington
The Ensign Group, Inc. (Nasdaq: ENSG) has announced the acquisition of four skilled nursing facilities in Washington, effective June 1, 2021. The facilities include Mira Vista Care Center, Shoreline Health and Rehabilitation, The Oaks at Lakewood, and The Oaks at Timberline. These operations will be added to an existing long-term lease with CareTrust REIT, Inc. The acquisition expands Ensign's portfolio to 240 healthcare operations across 13 states, reaffirming its growth strategy in skilled nursing and senior living services.
- Acquisition expands Ensign's portfolio to 240 healthcare operations.
- Strengthens relationship with CareTrust REIT with a ten-year lease extension.
- None.
SAN JUAN CAPISTRANO, Calif., June 02, 2021 (GLOBE NEWSWIRE) -- The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the EnsignTM group of companies, which invest in and provide skilled nursing and senior living services, physical, occupational and speech therapies and other rehabilitative and healthcare services, announced today that, effective June 1, 2021, it acquired the operations of the following skilled nursing facilities in Washington:
- Mira Vista Care Center, a 94-bed skilled nursing facility located in Mount Vernon, WA;
- Shoreline Health and Rehabilitation, a 114-bed skilled nursing facility located in Shoreline, WA;
- The Oaks at Lakewood, a 80-bed skilled nursing facility located in Lakewood, WA; and
- The Oaks at Timberline, a 98-bed skilled nursing facility located in Vancouver, WA.
The real estate for each of these operations is owned by CareTrust REIT, Inc. (Nasdaq: CTRE) and each operation will be added to an existing long-term, triple-net master lease, which is currently in place between Ensign affiliates and CareTrust.
“It has been several years since we have grown in the State of Washington and we are very excited to add these particular operations to our portfolio because of their cultural and geographical fit,” said Barry Port, Ensign's Chief Executive Officer. “We are also pleased to be expanding our continued and growing relationship with CareTrust and are happy to announce that, in connection with this transaction, CareTrust extended the lease term by ten years on the first-to-expire master lease pool. We are grateful for the strengthening of our long-standing partnership with CareTrust and look forward to many more years of working together on these and future opportunities,” he added.
Tyler Hoopes, President of Pennant Healthcare, Inc., Ensign’s Washington-based subsidiary, added, “We are pleased to combine such a devoted and experienced team to our existing operational and clinical leaders in Washington and we are confident that they are poised to accomplish great things together.”
“We want to congratulate the Ensign team on the addition of these facilities to their impressive and growing portfolio of healthcare operations,” said David Sedgwick, CareTrust’s President and Chief Operating Officer. “This acquisition presented the ideal opportunity to both expand and extend CareTrust’s deep-rooted relationship with Ensign and we excitedly look forward to future opportunities to grow together,” he added.
This acquisition brings Ensign's growing portfolio to 240 healthcare operations, 22 of which also include senior living operations, across thirteen states. Ensign owns 95 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 EnsignTM
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 240 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.
About CareTrust™
CareTrust REIT, Inc. is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States. More information about CareTrust REIT is available at www.caretrustreit.com.
Contact Information
The Ensign Group, Inc., (949) 487-9500, ir@ensigngroup.net
SOURCE: The Ensign Group, Inc.
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