National HealthCare Corporation

National HealthCare Corp. reported second-quarter earnings that increased from a year ago. Net income reached $40.32 million, or $2.54 per share, compared with $23.72 million, or $1.52 per share, in the same period last year. Excluding items, adjusted earnings were $27.55 million, or $1.74 per share. Revenue rose 8.8% to $408.02 million from $374.91 million a year earlier.

National Healthcare Corporation has completed the acquisition of thirty-two skilled nursing facilities and three independent living facilities from National Health Investors for a $560 million purchase price. NHC had been leasing and operating these facilities under a Master Agreement to Lease with NHI originally entered into in 1991. The real estate is located in Alabama, Florida, Kentucky, Missouri, South Carolina, Tennessee, and Virginia. NHC will continue to operate all of the facilities except four Florida skilled nursing facilities, which will remain subject to a third-party operator's lease. CEO Steve Flatt stated that owning these healthcare centers is expected to be accretive to earnings and cash flow and secures operational control to continue providing exceptional patient care.