PACS Inc. shares rose 3.3% in premarket trading to $43.52 after the company announced an agreement to acquire operations at 32 skilled nursing facilities in Florida, totaling 4,049 licensed beds. The facilities will be leased from Omega Healthcare Investors, with the transaction expected to close in the fourth quarter pending customary conditions.
The Florida deal marks PACS's entry into the state as a post-acute care provider, expanding its multi-state network to 355 affiliated buildings. The company also disclosed it has completed closings on 11 additional facilities from its previously announced transaction with Eduro Healthcare, bringing the total completed Eduro closings to 31 out of 34 agreed-upon properties.
PACS reported net leverage of 0.1 times in its most recent quarter, reflecting a strong balance sheet. The broader market showed little movement, with the S&P 500 flat at +0.04%, the Dow Jones up 0.2%, and the NASDAQ down 0.2%. The skilled nursing sector continues to benefit from favorable Medicare reimbursement conditions.
Omega Healthcare Investors, the lessor for the Florida facilities, saw its stock rise 2.34% to $46.79.
