An operator of skilled nursing facilities and assisted living communities primarily in western states, The Ensign Group made its first eastward crossing of the Mississippi in a big way, by acquiring the operations of 15 assisted living communities with 687 total units in Wisconsin. Bridgestone Living LLC, Ensign’s seniors housing subsidiary, assumed a long-term master lease on the properties, which includes an option to purchase all of the real estate. The portfolio, with a combined occupancy rate of 83%, is expected to be mildly accretive to earnings in 2015.
In addition, the next day Ensign bolstered its already strong presence in Southern California with the acquisition of two California assisted living communities, a 71-unit community in Orange and a 69-unit community in Whittier. At the time of the acquisition, occupancy was approximately 81% across both properties, and the acquisition is also expected to be mildly accretive to earnings in 2015. As with the Wisconsin portfolio, Bridgestone Living will assume long-term leases for the two communities.
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