NOTE 10.  ACQUISITIONS

 

Summary of 2012 Acquisitions

 

During the quarter ended March 31, 2012, the Company acquired one skilled nursing facility and one assisted living facility described further below and is pursuing a number of other acquisitions.  The Company has incurred a total of approximately $293,000 of acquisition costs in the “Other Income (Expense)” section of the Consolidated Statements of Operations.

 

Woodland Manor and Eaglewood Village

 

On January 1, 2012, the Company acquired one skilled nursing facility and one assisted living facility both located in Springfield, Ohio.  The total purchase price was $12,412,000 after final closing adjustments.

 

		(Amounts in 000’s)
Consideration Transferred:
Net proceeds from loans		$	4,693
Seller notes		5,000
Cash from earnest money deposits		250
Cash (prepaid on December 30, 2011)		2,469
Total consideration transferred		$	12,412
Assets Acquired:
Land		$	370
Building		9,656
Equipment and Furnishings		1,199
Intangible Assets — bed licenses		1,188
Goodwill		87
Total assets acquired		12,500
Liabilities Assumed:
Real estate taxes and other		(88		)
Total identifiable net assets		$	12,412

 

Unaudited Pro forma Financial Information

 

Acquisitions have been included in the consolidated financial statements since the dates the Company gained control.  Combined revenue for all 2012 acquisitions is approximately $2,474,000 and resulted in income from operations of approximately $401,000.

 

The following table represents pro forma results of consolidated operations as if all of the 2011 and 2012 acquisitions had occurred at the beginning of the earliest fiscal year being presented, after giving effect to certain adjustments.

 

		Three Months Ended March 31,
(Amounts in 000’s)		2012			2011
Pro Forma Revenue		$	46,831		$	45,843
Pro Forma Operating Expenses		$	46,570		$	44,336
Pro Forma Income from Operations		$	260		$	1,507

 

The forgoing pro forma information is not indicative of what the results of operations would have been if the acquisitions had actually occurred at the beginning of the periods presented and is not intended as a projection of future results or trends.