Diversicare Healthcare Services (DVCR) operates skilled nursing facilities with ownership of about 25% of them, and the company is currently expanding through leasing agreements and fee-simple purchases as far as capital allows, said Kelly J. Gill, President, CEO and Director of Diversicare Healthcare Services Inc.
“As for growth expectations, our target is somewhere in the range of five to 10 facilities a year. And I would just add that from these growth initiatives the revenue has grown from $75.8 million to $79.3 million year over year, which is $3.5 million or 4.7% over that time, and those are quarterly numbers for the first quarter,” Gill said.
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Gill says DVCR recently purchased five nursing facilities in Kansas, a new state for the company. Gill says the transaction serves as an example of his company’s growth potential and financing capabilities, and he says the company also grew through leasing agreements in other markets.
“The single transaction increased our center count by more than 10%, and we think that in and of itself is representative of our capabilities moving forward,” Gill said. “The Kansas transaction is our largest to date. It will allow us to exercise the operating leverage we have created in our company, and moreover we believe an attractive opportunity exists for organic growth at these centers as we undertake planned renovations and implement our operating strategies.”
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