Skilled Nursing News reported that The Ensign Group (Nasdaq: ENSG) continues to expand. Ensign is a national for profit nursing home chain worth billions. Ensign will add five more senior living communities to its portfolio.
The nursing home industry heavyweight entered into an agreement with The Pennant Group (Nasdaq: PNTG) to transfer the operations of the five communities to Ensign affiliates. The communities are located in Washington, Arizona and California near other Ensign skilled nursing facilities. Ensign previously launched Pennant in October 2019 as a spin off of all of its non-skilled nursing business lines – including its former home health, hospice and senior living companies.
Barry Port is Ensign’s CEO. He stated:
“This is a win-win for Ensign and Pennant, but most importantly, our patients, residents and caregivers will all benefit from the “operational efficiencies” that can be better achieved when the skilled nursing and senior living resources can be combined to provide a multi-faceted range of services in the same location.”
Ensign also launched an in-house real estate investment trust (REIT). This will help them divert and siphon money away from subsidiaries to the home office under lease and rent payments. What a scam.