National HealthCare Corporation (NYSE MKT:NHC) recently acquired six skilled healthcare centers from National Health Investors (NYSE:NHI) for $21 million in a transaction that closed on Dec. 31, 2012.
The senior care centers are located in Columbia, Knoxville, and Springfield, Tenn., Madisonville, Ky., and Rossville, Ga. and have been leased by NHC since 1991.
The portfolio has a total of 650 beds.
In connection with the transaction, NHC extended its master lease with NHI through Dec. 31, 2026 for 38 skilled care centers and three independent living communities.
The acquisition of the six senior care properties will result in a lower lease cost of $2.95 million beginning in 2014 and an increase in asset value for NHC, said Steve Flatt, the company’s president.
Written by Alyssa Gerace