AdventHealth to leave the nursing home business

Altamonte Springs, Fla.-based AdventHealth is selling all its nursing homes, the Orlando Business Journal reported June 12.

The nonprofit health system's corporate office confirmed that it sold 10 skilled nursing facilities: one in Texas and one in Kansas to CareTrust REIT Inc for $17.2 million; and eight in Florida to  Lakewood, N.J.-based Imperial Healthcare Group. Six of the Florida facilities have sold for $103.2 million total while deeds for the remaining two have not been made public.

"The significant growth, investment and scale required to operate skilled nursing facilities in a competitive environment, combined with our relatively small footprint of these facilities, led us to explore other ownership models," the system told the news outlet. "This was a difficult decision, but one we believe will best serve the residents, communities and team members of these skilled nursing facilities in the long term."

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