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PACS News
PACS Events
Omega Healthcare Transfers 32 Nursing Facilities in Florida, Rent Increases by $26.1M
Omega Healthcare (OHI) announced that it transitioned 32 skilled nursing facilities in Florida from an operator managed by affiliates of Airamid Health Services to subsidiaries of Pacs Group (PACS). The effective date of the transition was October 1. In conjunction with this transition, rent on this portfolio is scheduled to increase by $26.1M in year one and by an additional $2.5M in year two, with contractual 2% escalators thereafter. The portfolio will be added to Omega's existing master lease with PACS. In conjunction with this transition, Omega incurred a one-time expense of approximately $90M.
PACS Group Chief Legal Officer John Mitchell Retires, Patrick J. Murphy to Succeed
PACS Group announced that John Mitchell has retired, effective Sept. 18, 2026, from his position as Chief Legal Officer and Corporate Secretary. Following his retirement, Mitchell will serve as a consultant to PACS to support an orderly leadership transition. The Company has selected Patrick J. Murphy to succeed Mitchell as Chief Legal Officer and Corporate Secretary, effective September 21, 2026. Murphy will oversee PACS's legal function and provide counsel in support of their operations and strategic priorities.
Pacs Group Acquires 32 Skilled Nursing Facilities in Florida
Pacs Group announced that subsidiaries of the company have entered into definitive agreements to acquire the operations of 32 skilled nursing facilities across Florida. The facilities will be leased from subsidiaries of one of the company's existing REIT landlords, Omega Healthcare Investors (OHI). "Entering a new state and expanding into a dynamic new market is an exciting opportunity for Pacs. Florida represents an attractive, high-growth market that aligns with our long-term strategy of expanding into areas with strong demographic demand and opportunities to enhance care delivery," said Jason Murray, Pacs Chairman and CEO. "We look forward to serving these communities, supporting our local teams, and building upon the strong operational foundation already in place while bringing PACS's culture, values and commitment to localized care." The transaction is expected to close in the fourth quarter, subject to customary conditions and contingencies.
Company Reports Q2 Revenue of $1.43B, Exceeding Expectations
Reports Q2 revenue $1.43B, consensus $1.41B. The company said, "Our second quarter results reflect the continued strength of the PACS platform and the exceptional execution of our local leadership teams across the country. We delivered strong growth in revenue, net income, occupancy and skilled mix while continuing to improve quality outcomes throughout our portfolio. Just as important, we are expanding our footprint through acquisitions, including the Eduro transaction previously announced, which will add 34 well-positioned facilities in Texas and other attractive markets. We believe these additions, combined with our proven operating model and deep bench of experienced leaders, create meaningful opportunities to enhance care, support our facility teams and drive long-term growth. As we enter the second half of the year, we remain confident in the momentum of our business and our ability to create value through both operational excellence and disciplined expansion."
Company Raises 2026 Revenue Outlook to $5.75B-$5.85B
Raises 2026 revenue outlook to $5.75B-$5.85B from $5.65B-$5.75B, consensus $5.71B. The company said, "Given the continued excellent performance of our portfolio across all cohorts, we are increasing our full-year 2026 Adjusted EBITDA guidance to a range of $640 million to $660 million, up from our prior range of $605 million to $625 million. At the midpoint, this represents approximately 29% growth over 2025. We are also increasing our revenue guidance to $5.75 billion to $5.85 billion, up from our prior range of $5.65 billion to $5.75 billion. Our guidance reflects a modest contribution of anticipated revenue and EBITDA related to the 20 Texas facilities associated with the Eduro transaction that closed on August 1, 2026. It does not include the remaining Eduro facilities that have yet to close, nor does it include any future acquisitions. That said, we continue to see a robust pipeline of acquisition opportunities and remain actively engaged in evaluating potential transactions that align with our strategic, operational and financial criteria."
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