NHC Announces Significant Transactions with NHIPosted 08/05/2013
For release: August 5, 2013
Contact: Gerald Coggin, Sr. VP of Corporate Relations
Phone: (615) 890-2020
National HealthCare Corporation (NYSE MKT: NHC, NHC.PRA), one of the nation’s leading operators of skilled nursing and assisted living facilities, announced today the completion of the purchase of six skilled health care centers from National Health Investors, Inc. (NHI). The six centers, which are located in Columbia (2), Knoxville and Springfield, Tennessee; Madisonville, Kentucky; and Rossville, Georgia, have been leased by NHC since 1991 and have a total of 650 beds. With the purchase of the six centers, NHC’s lease payment will decrease by $2,950,000 annually.
“We are pleased to purchase these six stable centers from NHI which we have operated for a number of years. This acquisition will result in lower lease cost and is an integral piece of our strategic plan for growth,” stated Steve Flatt, President.
In addition, the Company also announced the Master Agreement to Lease with NHI was extended through December 31, 2026 for 38 skilled health care centers and three independent living centers.
Also, beginning September 1, 2013, NHC will lease seven skilled nursing facilities in Massachusetts and New Hampshire from NHI. NHC previously managed these seven facilities for ElderTrust of Florida, Inc., a Tennessee nonprofit corporation. The facilities will be under a triple-net lease for a period of 15 years at a base lease amount of $3,450,000 annually. Beginning in the twelfth year of the lease, NHC has the option to purchase the facilities for $49,000, 000.
“NHC is pleased to lease these seven skilled nursing facilities from NHI. This long-term lease allows us the opportunity to continue providing outstanding patient care in the northeast region,” stated Mr. Flatt.
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