May 1, 2018
MISSION VIEJO, CA–The Ensign Group, Inc. (NASDAQ:ENSG), the parent company of the Ensign™ group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, announced today that it acquired the real estate and operations of Grace Presbyterian Village, a 26-acre post-acute care and retirement campus located in Dallas, Texas. The acquisition was effective May 1, 2018.
As a not-for-profit operation, Grace Presbyterian Village has been a trusted provider of senior care with a commitment to serving seniors and their families for over 50 years. After facing some significant operating challenges resulting from increased complexities in senior care, the leadership of Presbyterian Communities and Services (PC&S) made the difficult decision to sell the community in order to ensure its mission would continue for years to come.
“We are honored that the PC&S team has entrusted us with this important stewardship, and we are committed to continuing the mission of those who founded it,” said Christopher Christensen, Ensign’s president and CEO. “We recognize the work that has been done over several decades and hope to build on their great legacy—combined with our own as one of the leading post-acute operator in Texas—to meet the physical and spiritual needs of each individual.”
Grace Presbyterian Village, which will now be known as The Villages of Dallas, is a full-service senior care campus with 125 skilled nursing beds, 81 independent living units, 36 assisted living units, and 26 memory care units. The facility will be operated by a subsidiary of Keystone Care LLC, Ensign’s Texas-based portfolio subsidiary. Keystone-affiliated companies operate 54 skilled nursing and assisted living facilities in Texas, four of which are in the Dallas area, and have long had a strong reputation for quality care.
“This acquisition adds to our expanding footprint in the Dallas area and adds to our ability to accelerate the quality of care we can provide to our patients and their loved ones,” said Barry Port, president of Keystone. “We are being very selective with each potential acquisition opportunity, and we have carefully chosen this campus because of the potential we see to enhance the outstanding foundation that has been established here.”
Port added that Ensign expects the facility, which currently has an occupancy rate of approximately 79%, to be operationally accretive to earnings in 2018.
This acquisition brings Ensign’s growing portfolio to 183 skilled nursing operations, 22 of which also include assisted living operations, 51 assisted and independent living operations, 22 hospice agencies, 20 home health agencies and four home care businesses across fifteen states. Ensign owns the real estate at 67 of its 234 healthcare operations.
Christensen reaffirmed that the organization is actively seeking opportunities to acquire real estate and to lease both well-performing and struggling skilled nursing, assisted living and other healthcare related businesses throughout the United States.