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Article: Advocat Announces Extension of Leases on Four Florida Nursing Homes; Announces Termination of Agreement to Sell One North Carolina Assisted Living Facility.
- Article from:
- Business Wire
- Article date:
- January 4, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BRENTWOOD, Tenn. -- Advocat Inc. (NASDAQ OTC: AVCA) today announced that it has signed an agreement to extend the lease of four Florida nursing homes for an additional term of four years. The Company also announced that an agreement to sell one assisted living facility in North Carolina was terminated by the buyer. The facility is unrelated to the previously announced transaction to sell 11 assisted living facilities in North Carolina.
Advocat's lease for the four nursing homes in Florida was to expire December 31, 2005. Under terms of the new agreement, the lease term was extended through February 2010. The four nursing homes are subject to mortgages held by ...