ATLANTA, Oct. 6, 2016 /PRNewswire/ -- AdCare
Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a
self-managed healthcare real estate investment company that invests
primarily in real estate purposed for senior living and long-term
healthcare, today announced that the company has completed the sale
of its nine Arkansas
properties.
The company sold nine properties located in Arkansas to affiliates of Skyline Healthcare
LLC, the current operator of the facilities, for a total purchase
price of $55.0 million. The total
purchase price was comprised of $52.0
million in cash and a $3.0
million promissory note. The company expects to
utilize the net cash proceeds from sale (after repayment of
associated mortgage debt) for general corporate purposes which may
include the repayment of mortgage or other debt. The Company
anticipates filing a Form 8-K with the SEC with additional details
related to the transaction.
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA)
is a self-managed healthcare real estate investment company that
invests primarily in real estate purposed for senior living and
long-term healthcare through facility lease and sub-lease
transactions. AdCare currently owns, leases or manages for third
parties 29 facilities. For more information about AdCare, visit
www.adcarehealth.com.
Important Cautions Regarding Forward-Looking
Statements
Statements contained in this press release that are not
historical facts may be forward-looking statements within the
meaning of federal law. Such statements can be identified by the
use of forward-looking terminology, such as "believes," "expects,"
"plans," "intends," "anticipates" and variations of such words or
similar expressions, but their absence does not mean that the
statement is not forward-looking. Such forward-looking
statements reflect management's beliefs and assumptions and are
based upon information currently available to management and
involve known and unknown risks, results, performance or
achievements of AdCare, which may differ materially from those
expressed or implied in such statements. Such factors are
identified in the public filings made by AdCare with the Securities
and Exchange Commission, including AdCare's Annual Report on Form
10-K for the year ended December 31,
2015, and AdCare's subsequently filed Quarterly Reports on
Form 10-Q. There is no assurance that such factors or other factors
will not affect the accuracy of such forward-looking statements.
Except where required by law, AdCare undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release.
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SOURCE AdCare Health Systems, Inc.