Shareholders have complained about the company’s high corporate expenses.
David Tenwick, AdCare’s chairman and now interim CEO, said last month that he planned to work with the board “to take purposeful steps to drive shareholder value.”
At the end of 2013, AdCare owned 26 skilled nursing and assisted living centers. It leases or manages another 20 care facilities.
AdCare reported a $3 million loss in the first quarter, following losses of $14.1 million in 2013 and $7 million in 2012.
In his letter, Doucet said he believed the value of the company is between $6.44 per share and $8.22 per share, based largely on its real estate holdings. AdCare stock closed Wednesday at $4.30 a share.