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Ensign Group Inc Announces REIT Spin-Off


Thursday, 7 Nov 2013 04:26pm EST 

Ensign Group, Inc, the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health, hospice care, assisted living and urgent care companies, announced a plan to separate its healthcare business and its real estate business into two separate and independent publicly-traded companies: The Ensign Group, Inc., which will continue to provide healthcare services through its existing operations and CareTrust REIT, Inc., which will own, acquire and lease real estate serving the healthcare industry. Ensign plans to effect the strategic separation through a spin-off in which it will distribute all of the outstanding shares of CareTrust common stock to Ensign's shareholders on a pro rata basis. At the time of the spin-off, CareTrust, which is a wholly-owned subsidiary of Ensign, will hold substantially all of the real property owned by Ensign, and will operate three independent living facilities. After the spin-off, these properties (other than the three independent living facilities that will be operated by CareTrust) will be leased to Ensign on a triple-net basis. CareTrust intends to qualify and elect to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with its taxable year ending December 31, 2014. CareTrust has applied to list its shares on the NASDAQ stock market under the ticker symbol "CTRE." 

Company Quote

33.01
0.54 +1.66%
4:00pm EDT