Skilled nursing center operator Advocat Inc. said Monday it has struck a deal with a real estate developer for a new 90-bed facility in West Virginia. The developer, A.B.E. LLC, will construct, furnish and equip the facility, with Advocat then leasing it for a 20-year term. The development will utilize a Certificate of Need that Advocat obtained in the state last year. Advocat has the right to purchase the facility beginning on the twelfth month of the initial term of the lease and ending after the sixtieth month of the lease for a purchase price ranging from 110% to 120% of the total project cost.
"I am pleased to announce this lease for a new, state of the art nursing center to serve the people of Milton, West Virginia," said Advocat CEO Will Council. " We have a couple of hurdles yet to clear, but this marks a significant next step in developing this facility."Advocat (Ticker: AVCA) currently operates 46 skilled nursing centers.
Jul 20, 2010 7:01 AM
Nursing home operator Advocat is working on an update to its Web site, CEO Will Council said on the company's fourth-quarter earnings conference call Wednesday. He said it's been "correctly pointed out that our Web site is pretty ordinary and could stand some modernization and improvement." Council said he agrees with that assessment and has begun a Web site review and revision expected to be complete by the end of the second quarter.
Mar 11, 2010 9:51 AM