The Ensign Group, Inc. announced an agreement to acquire eight facilities, including both real estate and operations, in Alaska, Washington, Oregon, and California from Providence Home and Community Care. This transaction, subject to regulatory approvals, marks Ensign's first entry into Alaska and Oregon.
The real estate assets for all eight facilities will be purchased by Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate subsidiary. Six of the operations will be managed by Ensign-affiliated companies, while two will be operated by a third-party tenant under a new long-term triple net master lease with Standard Bearer.
Barry Port, Ensign’s Chief Executive Officer, expressed honor and excitement for the opportunity to partner with Providence Health, noting a strong fit in values and culture. Chad Keetch, Ensign’s Chief Investment Officer, highlighted the addition of eight high-quality real estate assets and the strategic expansion into new states.
Upon closing, Ensign's portfolio is projected to expand to 330 healthcare operations across 16 states, with 32 including senior living operations. Standard Bearer will own 134 real estate assets, with 95 operated by Ensign affiliates and 35 by third-party tenants, showcasing a significant expansion of its integrated model.
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