Nursing home chain Beverly Enterprises, Fort Smith, Ark., said it has sold 21 skilled-nursing facilities in Arizona, California and Washington state for an undisclosed sum to Heritage Management, Salt Lake City, a privately held operator of skilled-nursing facilities. Beverly officials said in a news release that net cash proceeds from the sale would be used to reduce company debt. The facilities are expected to have about $100 million in revenue in 2003. Beverly has divested a total of 73 skilled-nursing facilities this year and with the latest divestiture no longer operates nursing facilities in Arizona or Washington state. The company has reduced its California presence to 26 nursing facilities from 60 at the beginning of 2003. Meanwhile, Mariner Health Care, Atlanta, said it has terminated $30.1 million in capital leases associated with seven skilled-nursing facilities in Florida. Since Sept. 30, Mariner has sold 19 skilled-nursing facilities and terminated operating and capital leases with an additional 10 nursing facilities in Florida and Louisiana. -- by Julie Piotrowski
Nursing home chains Beverly, Mariner trim holdings
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