NHC Announces Purchase of Six Health Care Centers from NHI and Extends Lease
MURFREESBORO, Tenn. -- December 28, 2012
National HealthCare Corporation (NYSE MKT: NHC) (NYSE MKT: NHC.PRA), one of
the nation’s leading operators of skilled nursing and assisted living
facilities, announced today the purchase of six skilled health care centers
from National Health Investors (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. The purchase price is $21 million and the transaction will close on
December 31, 2013.
In addition, the company also announced the extension of a master lease with
NHI through December 31, 2026 for 38 skilled health care centers and three
independent living centers. With the purchase of the six previously leased
centers mentioned above, NHC’s lease payment will decrease by $2.95 million
beginning in 2014.
“NHC is pleased to purchase these stable centers from NHI which we have
operated for a number of years. This acquisition will result in lower lease
cost and an increase in asset value for NHC,” stated Steve Flatt, President.
Statements in this press release that are not historical facts are
forward-looking statements. NHC cautions investors that any forward-looking
statements may 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 S.E.C., including Forms 8-K, 10-Q and 10-K,
and include, among others, the following: liabilities and other claims
asserted against us and patient care liabilities, as well as the resolution of
current litigation; availability of insurance and 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, the ability of
third parties for whom we have guaranteed debt to refinance certain short term
debt obligations; and other factors referenced or incorporated by reference in
the S.E.C. filings. The risks included here are not exhaustive. All
forward-looking statements represent NHC's best judgment as of the date of
NHC affiliates operate for themselves and third parties 75 long-term health
care centers with 9,460 beds. NHC affiliates also operate 37 homecare
programs, six independent living centers and 17 assisted living communities.
NHC’s other services include Alzheimer’s units, long-term care pharmacies,
investment in hospice services, a rehabilitation services company, and
providing management and accounting services to third parties. Other
information about the company can be found on our web site at www.nhccare.com.
National HealthCare Corporation
Gerald Coggin, 615-890-2020
Senior VP of Corporate Relations
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