PACS Group, Inc. announced that independent operating subsidiaries of the Company closed on the operations of 11 skilled nursing facilities in Tennessee on December 1, 2024, which collectively comprise 1,310 skilled nursing beds; a 12th facility in Tennessee is expected to close in the first quarter of 2025, subject to the satisfaction of applicable closing conditions. With the expansion into Tennessee, PACS has now acquired a total of 38 facilities since October 31, 2024, adding 4,700 skilled nursing beds to its portfolio.
“We're excited to close these latest acquisitions, which further expand PACS’ footprint to 17 states, bringing our services to more communities than ever before,” said Jason Murray, PACS Chairman and CEO. “The business remains on solid footing and we are continuing to execute on our growth strategies by seeking prudent acquisitions and leveraging our decentralized leadership model to provide the highest quality of care to our communities. Supported by a robust balance sheet with ample liquidity, we remain well positioned to drive continued growth and value creation for all of our stakeholders.”
Josh Jergensen, PACS President and COO, added: “As we enter new markets and continue to operate our business, we remain focused on our mission to revolutionize the delivery, leadership, and quality of post-acute care. We continue to see strong operational performance across our network, evidenced by a 4.0 average Quality Measure star rating across all PACS facilities in our skilled nursing portfolio and total facilities occupancy above industry averages. Our strong operating metrics have continued through October and we believe our continued success in these metrics gives insight into the overall health and strength of our organization.”
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