PACS Buys 32 SNFs in Florida

PACS Group, Inc. said that subsidiaries of the company have entered into definitive agreements to acquire the operations of 32 skilled nursing facilities across Florida.

“The facilities will be leased from subsidiaries of one of our existing REIT landlords, Omega Healthcare Investors, Inc.,” PACS said.

The facilities have a combined 4,049 licensed skilled nursing beds and are deeply integrated into local healthcare networks throughout Florida.

“Entering a new state and expanding into a dynamic new market is an exciting opportunity for PACS. Florida represents an attractive, high-growth market that aligns with our long-term strategy of expanding into areas with strong demographic demand and opportunities to enhance care delivery,” said Jason Murray, PACS Chairman and CEO. “We look forward to serving these communities, supporting our local teams, and building upon the strong operational foundation already in place while bringing PACS’s culture, values and commitment to localized care.”

With the addition of these 32 Florida locations, PACS significantly expands its reach in the South, complementing the Company’s existing operations in Texas (25 facilities), South Carolina (27 facilities), Tennessee (12 facilities), and Kentucky (7 facilities).

The transaction is expected to close in the fourth quarter, subject to customary conditions and contingencies.

Update on Eduro Healthcare

PACS also announced that the company closed on 11 facilities owned and operated by Eduro Healthcare, in addition to the 20 Eduro facilities closed in August. PACS has now completed the acquisition on 31 of the 34 skilled nursing facilities associated with this previously announced transaction, which collectively comprise 3,633 nursing beds. The remaining three buildings are pending closing, subject to customary conditions and contingencies.

The closings bring the number of PACS-affiliated buildings to 355 and expands PACS's reach into three new states — New Mexico, North Dakota and South Dakota.

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