AdCare Health Systems is now known as Regional Health Properties following a series of previously planned actions.
The change became effective Monday and represents the merger of AdCare with a subsidiary called Regional Health Properties that the self-managed healthcare real estate investment company created in February.
Allan Rimland remains president, CEO and chief financial officer of the company, which owns, leases or manages for third-parties 30 senior living or long-term care facilities.
“The merger ensures the effective adoption of charter provisions restricting the ownership and transfer of the company’s common stock,” the company said in a statement. “Adoption of these charter provisions positions the company to regain compliance with certain NYSE American continued listing standards regarding stockholders’ equity and will better position the company to comply with certain U.S. federal income tax rules applicable to real estate investment trusts (“REITs”) to the extent such rules apply to the company’s common stock (if the company’s board of directors determines in the future that qualifying for and electing REIT status would be in the best interests of the company and its shareholders in light of various factors, including the structural and operational complexities which would need to be addressed before the company could qualify as a REIT).”
AdCare shareholders automatically became shareholders of Regional Health Properties with the merger. The common stock and 10.875% Series A Cumulative Redeemable Preferred Shares of Regional Health Properties is trading on the NYSE American under the symbols RHE and RHEpA, respectively, as of Monday.