Beverly Enterprises, Fort Smith, Ark., sold 12 nursing homes and one assisted-living center in Southern California as part of a strategy to divest facilities with disproportionate liability costs, the company said. The facilities -- which include 1,252 nursing beds and 72 assisted-living units -- were sold in an all-cash deal to AG SNF Real Estate, a California-based real estate investment company. The sales price was not disclosed, but officials said net proceeds will be used primarily to reduce Beverly's debt. The deal is not expected to have a material effect on 2003 third-quarter results for Beverly, which operates 45 other eldercare facilities in California. "Liability costs for these facilities for 2003 were projected to increase by more than 60% this year over 2002 levels," Beverly officials said in a written statement. -- by Michael Romano
Beverly sells S. Calif. facilities
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