On February 1, 2026, Ensign expanded its Texas footprint by acquiring the real estate and operations of The Chateau Waco, a 123-bed skilled nursing facility in Waco. The property was purchased by Standard Bearer Healthcare REIT, Ensign’s captive real estate subsidiary, and will be operated under long-term lease by an Ensign-affiliated tenant. This marks Ensign’s fourth Texas acquisition this year, following Wylie Oaks (106 beds) and Sunset Valley (80 beds), reinforcing the company’s strategy of clustering high-quality assets in its most mature market. CEO Barry Port noted that the deal adds a “tremendous facility” to Standard Bearer’s Texas portfolio and supports further economies of scale in staffing, supply chain and regional management.

In conjunction with the Waco transaction, Ensign also closed on Timber Ridge Health and Rehabilitation in Stevens Point, Wisconsin (48 beds), and Agave Grove Post Acute in Glendale, Arizona (225 beds, triple-net lease). Effective February 1, these acquisitions raise Ensign’s total operations to 378 healthcare facilities—of which 47 are senior living—across 17 states. The company now holds 160 real estate assets under Standard Bearer, with an additional 218 operations leased to Ensign affiliates. This scale bolsters revenue diversification and risk mitigation across geographies, enhancing the company’s ability to optimize occupancy, negotiate reimbursement contracts and leverage centralized corporate functions.

Standard Bearer Healthcare REIT has acquired five properties year-to-date, representing 582 licensed beds and nearly 1.4 million square feet of skilled nursing real estate. The REIT’s controlled growth complements Ensign’s operating subsidiary expansion, providing a tax-efficient capital structure and balance sheet flexibility. With these transactions, Standard Bearer’s Texas portfolio alone now comprises over 600 beds across four facilities, and its Wisconsin holdings exceed 200 beds. Ensign management has reiterated a target of increasing owned real estate assets by 20% annually through disciplined acquisitions and sale-leaseback arrangements.

With occupancy rates in Ensign’s acquired facilities averaging 85% at closing and EBITDA margins near 22% on recent deals, the company expects incremental cash flow to be accretive to AFFO per share in 2026. Clustering in established markets is projected to deliver at least $5 million in annual operating synergies across staffing, vendor contracts and shared services. Ensign’s diversified portfolio—spanning skilled nursing, senior living and post-acute therapy—positions it to navigate ongoing reimbursement headwinds. Management has reaffirmed its commitment to disciplined capital deployment, targeting 10–15 net new acquisitions annually while maintaining leverage within a 4.5x debt/EBITDA range.