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DVCR > SEC Filings for DVCR > Form 8-K on 1-Aug-2013All Recent SEC Filings




Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure.

On August 1, 2013, Diversicare Healthcare Services, Inc. announced the planned acquisition of operations for five skilled nursing facilities and the tentative agreement to terminate the lease for all Arkansas operations. The five planned acquisitions are based on two separate agreements, the first of which relates to Twinbrook Nursing and Rehabilitation Center in Louisville, Kentucky which will be rebranded as Diversicare of Seneca Place. The Company will assume operations at this facility effective August 1, 2013.

Additionally, the Company has reached an agreement in principal to operate four new facilities, three in Ohio and one in Indiana, previously operated by Catholic Health Partners. The tentative agreement to assume operations at these four facilities is subject to obtaining regulatory and other consents. The Company expects to assume operations late in the third quarter or early in the fourth quarter of 2013.

In addition to the acquisitions, the Company has reached an agreement in principal with Omega Healthcare Investors, Inc. (NYSE: OHI) to terminate its lease with respect only to eleven nursing facilities located in Arkansas and to concurrently transfer operations to an operator selected by Omega. The termination is subject to certain conditions, including state licensure and regulatory approval. Upon the completion of the transaction, Diversicare will no longer operate any skilled nursing centers in the State of Arkansas. The termination is anticipated to occur on or about September 1, 2013.

A copy of a press release describing the portfolio transactions is attached as Exhibit 99.1 to this Current Report on Form 8-K.

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