PACS Group Announces Pending Acquisition of Operations at 12 Skilled Nursing Facilities in Tennessee
The facilities will be leased from an affiliate of CareTrust REIT (NYSE: CTRE), pursuant to the terms of a long-term, triple net lease. The lease includes options for us to purchase the real estate on six of the facilities, between years four and seven of the lease.
“Tennessee has been an attractive market for PACS for some time, and we’re grateful for this opportunity to bring our model of post-acute care to the Volunteer State. We’ll be thrilled to welcome the great staff and residents of these facilities to the PACS family,” said Jason Murray, PACS Chairman and CEO.
Josh Jergensen, PACS President and COO, added: “We’re excited to work with these great facilities, as well as for PACS to enter another new state. When the transaction closes we’ll plan to continue to leverage our decentralized leadership model, as well as our prior experience with these types of larger portfolio acquisitions, to integrate the new facilities into the PACS family expeditiously. We’re looking forward to serving them and their communities.”
The acquisition is subject to customary closing conditions, and there can be no assurance that the transaction will close in the anticipated timeframe, or at all. The Company anticipates that the transaction will close in the fourth quarter of 2024.
Forward Looking Statements
Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to substantial risks and uncertainties. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “would,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements include, among others, the anticipated closing of the acquisition, and are based on PACS’ current expectations, forecasts, and assumptions, are subject to inherent uncertainties, risks and assumptions that are difficult to predict, and actual outcomes and results could differ materially due to a number of factors, including: if we fail to complete the acquisition; if we fail to successfully integrate the business and operations of the facilities in the expected timeframe or at all; and if we continue to incur substantial expenses related to the acquisition and the related integration of the facilities, if consummated. Other risks and uncertainties include those described more fully in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in our Quarterly Report on Form 10-Q for the three months ended June 30, 2024, and in PACS’ other reports filed with the
About PACS™
PACS Group, Inc. is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS Group is one of the largest post-acute platforms in
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Source: PACS Group, Inc.