National HealthCare Corporation Acquires Five Skilled Nursing Facilities in Strategic $50,500,000 Transaction
National HealthCare Corporation (NYSE:NHC), a national leader in senior care, announced today that its affiliates successfully closed the $50,500,000 purchase of five high-performing skilled nursing facilities.
The transaction marks a seamless transition for the portfolio, which has been successfully managed by NHC subsidiaries since 1988. The acquisition gives the Murfreesboro, Tennessee-based company full ownership of the operations and real estate, replacing previous management agreements.
Key Acquisition Highlights:
- Portfolio Mix: Four facilities located in Tennessee, one in South Carolina
- Capacity: 566 operating beds
- Quality & Performance: Four of the facilities have an overall 5-Star rating on the CMS 5-Star rating system, and one facility has an overall 4-Star rating; currently at 94% occupancy
- Purchase Price: $50,500,000
"We are incredibly excited about this milestone purchase," said NHC CEO Steve Flatt. "Because these buildings have been in our operational footprint for decades, our partners and patients will be unaffected by our transition from management to ownership. We expect this transaction to be immediately accretive to our cash flow and earnings, solidifying our footprint and creating long-term value for our shareholders."
About National HealthCare Corporation
NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,323 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC's other services include Alzheimer's and memory care units, pharmacy services, a rehabilitation services company, and provide management and accounting services to third party post-acute operators. Other information about the company can be found on our website at www.nhccare.com.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements. Words such as "expect," "intends," "will," "anticipates," "estimates," and variations on such words with similar future or conditional statements are forward looking. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the Securities Exchange Commission ("SEC"), including Forms 8-K, 10-Q and 10-K, and include, among others, the following: the ability to integrate the operations into its operating networks in a timely manner, if at all; liabilities and other claims asserted against us and patient care liabilities, as well as the resolution of current litigation; availability of assets for indemnification; national and local economic conditions; including their effect on the availability and cost of labor, utilities and materials; the effect of government regulations and changes in regulations governing the healthcare industry, including our compliance with such regulations; changes in Medicare and Medicaid payment levels and methodologies and the application of such methodologies by the government and its fiscal intermediaries, and other factors referenced or incorporated by reference in NHC's SEC filings. The risks included here are not exhaustive. All forward-looking statements represent NHC's best judgment as of the date of this release.
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Casey Reese
615-571-2992 | media@nhccare.com