Assisted Living Facilities

LTC Properties in Oxnard has arranged for the sale of 1 million shares of common stock at $17.75 per share, a move that will result in net proceeds of about $17.36 million. The proceeds will be used to repay short-term debt under the company's revolving lines of credit. LTC Properties is a real estate trust organized to invest in long-term care and other health-care-related facilities through mortgage loans, facility leases and other transactions. As of Dec.

Add On Health Systems Inc., a private long-term care software company, has been acquired by Cincinnati-based Omnicare Inc. Terms were not disclosed. Add On has software installations in more than 825 facilities in 44 states. The company specializes in developing clinical and financial software systems for skilled nursing, subacute and assisted living facilities.

A psychiatric hospital chain has agreed to pay $4.7 million to settle charges that it illegally collected millions of dollars in Medicare payments off elderly patients with brain disorders, the Justice Department said. Charter Behavioral Health Systems Inc. and Charter Hospital of St. Louis Inc., which did business in the Orlando, Fla.

Nationwide Health Properties Inc. said Thursday that it may be able to accommodate a key tenant's restructuring efforts without hurting its own earnings or cash flow. The Newport Beach real estate investment trust, which specializes in health care facilities, said the strength of its portfolio should help it weather the problems of Alterra Healthcare Corp. Alterra, based in Wauwatosa, Wis.

ARV Assisted Living acquired a 44% interest in American Retirement Villas Properties II, which owns or leases 10 assisted living facilities in California. ARV agreed to pay $11.2 million for the stake in American Retirement, which posted net income of $366,000 on revenue of $4.3 million for the quarter ended March 31.

Aging Americans seeking independence, choice and control over their lives in assisted-living facilities can get help from a free set of resource guides aimed at helping them and their caretakers meet those goals. Recent studies by the Long Term Care Community Coalition and the Coalition of Institutionalized Aged and Disabled revealed that competing needs of residents, their children, managers and other staff make it difficult to create the lifestyle many assisted-living residents desire.

Emeritus Corp. said Thursday that it cut its holdings in ARV Assisted Living Inc. to less than 5% from 6.8% after losing its bid to take over the Costa Mesa operator of housing facilities for the elderly. Seattle-based Emeritus, which also operates assisted-living facilities, in January withdrew its $313-million offer, which amounted to $17.50 a share plus assumed debt. Emeritus' effort was stymied when ARV lined up with a group of investors led by Lazard Freres & Co.

ARV Assisted Living Inc., operator of assisted living facilities, reported a net loss of $1.8 million, or 19 cents a share, for the fiscal year ended March 31, compared with a net loss of $965,000, or 21 cents a share, for the prior year. Revenue more than doubled to $83.9 million from $33.1 million. For the fourth quarter, the company lost $2.6 million, or 27 cents a share, which included charges of $2.6 million associated with the apartment and health care operations.

ARV Assisted Living Inc. reported Wednesday that net income more than doubled for the third fiscal quarter on a surge in revenue. The operator of assisted living facilities reported net income of $256,000, or 3 cents a share, for the three months ended Dec. 31, up from $104,000, for the same quarter a year ago. Revenue rose to $23.8 million from $9.5 million, largely the result of several acquisitions and the addition of long-term operating leases, the company said.