AdCare Health Systems has formulated a plan to get back into the good graces of the New York Stock Exchange, Allan Rimland, the company’s president and chief financial officer, told those participating in a first quarter 2016 earnings call on Tuesday.

In an April 22 filing with the Securities and Exchange Commission, the self-managed healthcare real estate investment company had shared that it faced potential delisting because it reported a stockholders’ deficit of $23.8 million as of Dec. 31 and net losses for the past five fiscal years.

The company, which mainly invests in senior living and long-term care real estate, had not met the stock exchange’s book capitalization test, and it also did not meet exceptions related to market cap, assets and revenues, Rimland said. AdCare expected to present the plan either later Tuesday or on Wednesday, he added without providing details.

“The New York Stock Exchange has already seen a draft plan, and they had just a couple minor comments on it,” Rimland said. “We would expect that the New York Stock Exchange would agree and accept that compliance plan.”

In the first quarter of this year, AdCare agreed to sell nine facilities in Arkansas to Skyline Healthcare for $55 million, and that sale should be complete by Aug. 1, the company said. Additionally, AdCare sold an office building and expects the sale of another one to be finalized in the second quarter.

The company reported that revenues from continuing operations in the first quarter of this year were $7.1 million, up 355% from $1.6 million in the first quarter of 2015. The net loss to common stockholders in the first quarter totaled $3.7 million, or $0.19 per basic and diluted share, compared with a net loss of $5.7 million, or $0.29 per basic and diluted share, in the first quarter of last year. Cash and cash equivalents at March 31 totaled $2.3 million as compared with $2.7 million at Dec. 31. Restricted cash and investments at March 31 totaled $8.9 million as compared with $12.7 million at Dec. 31. Total debt outstanding at March 31 totaled $118.4 million as compared with $122.8 million at Dec. 31.

William McBride III, AdCare chairman and CEO, told those participating in the earnings call that the company’s metrics are similar to those of other healthcare REITs. Many REITs segregate their portfolios into “stable” and “not stable” properties, defining the latter as having had a change in operator or payment rates within the past 18 months, he said.

“Except perhaps New Beginnings [which operates three facilities in Georgia], all of our operators have been in these buildings for a short period of time, and if you look at the coverages and the occupancies that you see out there in the portfolio, it’s very similar to what all the other REITs have in their portfolio that have undergone an operator change in a recent history,” McBride said. “So I would just point that out for those who like to compare our existing portfolio to other REITs’ portfolios. They are experiencing the same sort of changes and improvements with new operators as we expect to have in ours.”