Golden Living Leases Out 22 Facilities To Diversicare
FORT SMITH (KFSM) — Diversicare will be taking over operations at 22 Golden Living facilities in Alabama and Mississippi at the end of this year, the company announced on Monday (Aug. 15).
Golden Living entered into operation transfer agreements with Diversicare for 22 of their facilities, the release states. The portfolio is expected to be worth roughly $185 million in annual revenues.
Diversicare, which is based out of Tennessee, is expected to take over operations at the facilities in the fourth quarter of 2016. After the transaction they will be operating 76 facilities, which includes leasing 20 Golden Living facilities and assuming the leases of another two.
“We are delighted to have been selected by Golden Living to receive a significant portion of their portfolio, and to become a valuable strategic partner,” said Kelly Gill, Diversicare CEO. “Golden Living has performed admirably in these centers and we look forward to continuing to build upon their historical success.”
Golden Living, which is based out of Fort Smith, currently operates roughly 300 facilities across 21 states, according to their website.
There are no plans to close the Fort Smith facility, and the agreement with Diversicare should not affect Fort Smith personnel or create an economic impact, said Michelle Metzger, Golden Living director of communications. She said transitions like this are common in the business.
“We have 60,000 patients we serve a day,” Metzger said. “We’re going to need all hands on deck to do their jobs.”