Skilled nursing provider Diversicare Healthcare Services is assuming operations of three leased facilities in Missouri, totaling 339 beds and marking the Brentwood-based company's entrance into the state.
Through the deal, terms of which were not disclosed in a release, the portfolio is expected to contribute in excess of $17 million in annual revenues. The three centers will be acquired by Aviv REIT and Diversicare will assume operations in July.
"We are pleased to announce our entrance into the state of Missouri with these three new additions to our portfolio," said Kelly Gill, Diversicare CEO. "We are also excited to continue to expand and deepen our relationship with Aviv REIT as we continue to expand our relationship together."
Gill also stated that Diversicare and Aviv have integrated 15 new facilities in the past two years and entered three new states. However, the company has also ceased operations in two states — West Virginia and Arkansas — in the past 10 months.
Shares of Diversicare (Ticker: DVCR) were up 10 percent in late-Tuesday trading to $7.76. Year to date, they're up by 67 percent.
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