The Ensign Group Adds Two Assisted Living Operations to Campuses in California; One Assisted Living Operation in Washington

Rhea-AI Summary

The Ensign Group (Nasdaq: ENSG) announced the acquisition of three assisted living facilities: Sea Cliff Assisted Living in California, The Grove Assisted Living in California, and Redmond Heights Senior Living in Washington, effective April 1, 2022. These acquisitions increase Ensign's portfolio to 252 healthcare operations across 13 states. The real estate at Sea Cliff is already owned by an Ensign affiliate, while the other two facilities will operate under long-term, triple net leases. Ensign continues to seek opportunities for acquisition in the healthcare sector.

Positive

• Acquired three assisted living facilities, expanding portfolio to 252 operations.
• Continues to actively seek acquisition opportunities in healthcare.

Negative

• None.

SAN JUAN CAPISTRANO, Calif., April 04, 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 assisted living facilities in California and Washington:

• Sea Cliff Assisted Living, a 84-bed assisted living facility located in Huntington Beach, California;
• The Grove Assisted Living, a 90-bed assisted living facility located in Riverside, California; and
• Redmond Heights Senior Living, a 97-bed assisted living facility located in Redmond, Washington.
  

These acquisitions were effective April 1, 2022. The real estate at Sea Cliff Assisted Living is already owned by an Ensign affiliate. The Grove Assisted Living and Redmond Heights Senior Living will each be subject to a long-term, triple net lease. Sea Cliff Assisted Living and The Grove Assisted Living are both part of healthcare campuses that includes skilled nursing services operated by Ensign affiliates.

“As we’ve continued to emphasize throughout this process, this is a great outcome for both Ensign and Pennant,” said Barry Port, Ensign's Chief Executive Officer. “We are thrilled to return these familiar operations to the Ensign family and look forward to continuing care for the residents and their families.”

Adam Willits, President of Ensign’s California-based subsidiary, added “We are excited to welcome back into the campus setting the wonderful caregivers at each of these California facilities and are confident that these campuses will accomplish great things.”

"We could not be happier to add Redmond Heights Senior Living, which has a great core of caregivers that will continue to provide top-notch care for the residents and families they serve," said Tyler Hoopes, President of Ensign’s Washington-based subsidiary.

These acquisitions bring Ensign's growing portfolio to 252 healthcare operations, 25 of which also include senior living operations, across thirteen states. Ensign owns 103 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 252 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 on April 1, 2022?

Ensign Group acquired Sea Cliff Assisted Living, The Grove Assisted Living, and Redmond Heights Senior Living.

How many healthcare operations does Ensign have after the acquisitions?

After the acquisitions, Ensign has a total of 252 healthcare operations.

What type of leases will The Grove and Redmond Heights facilities operate under?

The Grove and Redmond Heights will operate under long-term, triple net leases.

Is Ensign Group planning further acquisitions in the healthcare sector?

Yes, Ensign Group continues to seek additional acquisition opportunities in healthcare.