NHC Completes Acquisition of Thirty-Five NHI Facilities
National Healthcare Corporation (NYSE American: NHC), a national leader in senior care, announced today that it has completed the acquisition of the real estate of thirty-two skilled nursing facilities and three independent living facilities from National Health Investors, Inc. and its affiliates (“NHI”) for a $560 million purchase price. NHC, through affiliates, had been leasing and operating these facilities under a Master Agreement to Lease with NHI originally entered into in 1991.
“We are confident that owning these healthcare centers – versus leasing – will yield strong, long-term returns for our investors and is expected to be accretive to earnings and cash flow. Securing ownership of these important assets was an important aspect of our operational strategy and vision for NHC,” said Steve Flatt, Chief Executive Officer of NHC.
The real estate where these facilities are located is in Alabama, Florida, Kentucky, Missouri, South Carolina, Tennessee, and Virginia. NHC currently operates and will continue to operate all of these facilities, except four Florida skilled nursing facilities. The four Florida skilled nursing facilities will continue to be subject to a third-party operator’s lease. NHC operates multiple skilled nursing facilities, assisted living and independent living communities, as well as homecare and hospice agencies within this geographic footprint. The acquisition complements NHC’s current asset portfolio within these regions.
