Ensign Group to add eight nursing operations in Tennessee, one in Alabama

Ensign Group (ENSG) announced today that it has agreed to add eight skilled nursing operations in the state of Tennessee and one in Alabama, subject to the completion of certain regulatory approvals and other closing conditions. Six of these operations will be jointly owned by CareTrust REIT (CTRE) and a large, private joint venture investor and will transition to Ensign affiliated operating companies subject to a new, long-term triple net master leases, and three will be purchased by Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate subsidiary. All nine operations will be operated by Ensign affiliated operating companies. It is anticipated that the transaction will be effective in the next few months. Upon closing this transaction, Ensign’s portfolio will consist of 332 healthcare operations, 30 of which also include senior living operations, across 15 states. Ensign will also own 125 real estate assets, 95 of which it operates.