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.
National HealthCare CorporationNHC completes $560M acquisition of facilities it previously leased, expected to be accretive to earnings and cash flow.
National Health Investors IncNHI sells 35 facilities for $560M, likely generating cash and reducing operational risk.