The Ensign Group, Inc. recently announced the acquisition of two senior care facilities in California, effective May 3.
California Mission Inn is a 143-unit assisted living community in Rosemead, Calif. Mission Care Center is a 59-bed skilled nursing facility that has been operated by an Ensign subsidiary as a leased facility since 2005.
“We are committed to continuing the great work we’ve done at Mission Care Center and are confident that, with the addition of California Mission Inn, this senior care campus will be positioned to provide a full-service offering to address the specific needs and preferences of each resident,” said Christopher Christensen, Ensign’s President and Chief Executive Officer, in a statement.
The transaction marks Ensign’s third real estate acquisition since announcing plans to separate most of the company’s real estate from its operating business.
“We hope that these recent acquisitions will add clarity to Ensign’s strategy following the spin-off, which is to continue to acquire and retain the real estate assets for both well-performing and struggling skilled nursing facilities across the United States,” he said.
Ensign’s senior housing subsidiary Bridgestone expects operations in California Mission Inn, which had an occupancy rate of approximately 72% at acquisition, to be mildly accretive to earnings in 2014.
Ensign made the purchases with cash and will retain ownership of the real estate acquired in this transaction and the other acquisitions it has completed or plans to complete in 2014.
Written by Alyssa Gerace