Extendicare sells six Florida SNFs for $40.5M.Extendicare Health Services health services Managed care The benefits covered under a health contract , the U.S. subsidiary of Markham, Ontario-based Extendicare Inc., has sold the shares of Florida 6 Healthcare Facilities, which owns and operates six Florida nursing homes totaling 763 beds, to Tandem Health Care of Moon Township, Pennsylvania Moon Township is located along the Ohio River in Allegheny County, Pennsylvania. The origin of township's name is unknown for certain, however, it is believed to be named after a crescent-shaped bend in the river. . Tandem paid $40.5 million, or about $53,000 per bed. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). and any tax benefits realized from the sale, which closed on December 30, will be used to pay down debt under Extendicare's term credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . The homes have operated under the Arbor arbor Garden shelter providing privacy and partial protection from the weather, most commonly a lightweight, latticed framework (trellis) of wood or metal with interlaced branches of vines or climbing shrubs trained over it. name. Under the terms of the the transaction, Extendicare retains the right to the Arbor name. "These assets do not meet our performance criteria or are not strategic to the achievement of our goals," said Dr. Joy D. Calkin, deputy chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , in a prepared statement. Extendicare operates 298 facilities with capacity of 29,600 residents. Including the newly acquired facilities, Tandem now has 23 SNFs in operation and four in development. "We're planning on completing another transaction at the end of the month," says Chairman and CEO Lawrence Deering. "Clearly we're in a growth mode, taking advantage of what's happening in consolidation of the industry." And there's good product out there, he notes. "These are terrific buildings. The oldest was built in 1985, and all the others were built in the '90s." Tandem has facilities in Florida, Virginia, Pennsylvania, and New Jersey. |
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