Irvine-based nursing home operator Sun Healthcare Group Inc. said Monday it has completed its split into two separate publicly traded companies.
Sun’s nursing home operations retain the Sun Healthcare Group name, while buildings housing its operations now fall under Sabra Health Care REIT Inc., a spinoff based in Irvine.
William Mathies, chief operating officer of the old Sun, is now chief executive of Sun. The company’s management team remains unchanged with the exception of former chief executive Richard Matros, who is now Sabra’s chief.
Sun is trading on Nasdaq under a temporary ticker of “SUNHD” until Dec. 15, when it will resume company’s old “SUNH” ticker. Sabra stock is set to begin trading under the “SBRA” ticker on Tuesday.
Sun announced plans to split its operations and real estate into two roughly six months ago. Officials said they sought the split to make money for shareholders by realizing the value for its real estate on Wall Street.
