Skilled Nursing News May 23, 2024
Zahida Siddiqi

PACS Group (NYSE: PACS) plans to acquire the operations of 53 skilled nursing facilities as well as assisted and independent living facilities located across eight states, including five new markets for the company.

The facilities in the pending deal are currently operated by family-owned Prestige and comprise 2,511 skilled nursing beds and 1,334 assisted living and independent living units, PACS said in a press release late Wednesday.

PACS plans to lease 37 of the facilities from a joint venture in which it owns a 25% interest. The remaining 16 facilities will be leased from unaffiliated third-party landlords, the company said.

PACS, which debuted on Wall Street in April, has consistently emphasized the success of its business model based on turning...

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