AdCare Health Systems, Inc. (NYSE Amex: ADK) announced that it has signed a definitive purchase agreement for three skilled nursing facilities in Georgia for $18 million. The three facilities, two located near Atlanta and one near Dublin, have a total of 335 beds generating revenues of approximately $16.4 million. The transaction is expected to be completed during the first quarter of 2011.
"This purchase agreement brings the total number of facilities we’ve put under contract to seventeen since we began our M&A campaign at the end of last year," said Chris Brogdon, AdCare’s vice chairman and chief acquisitions officer. "They would expand our presence in Georgia, adding to the 10 facilities we already operate in the state."