National HealthCare Corporation (NYSE American:NHC) completed the purchase of five skilled nursing facilities for $50.5 million, according to a press release statement. The portfolio includes four facilities in Tennessee and one in South Carolina, totaling 566 operating beds.
Facility Details and Performance
NHC subsidiaries have managed these facilities since 1988 under previous management agreements. The acquisition gives the company full ownership of both operations and real estate. Four of the facilities hold a 5-Star rating on the CMS 5-Star rating system, while one facility has a 4-Star rating. The portfolio operates at 94% occupancy.
CEO Steve Flatt stated that “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.” He noted the company expects the transaction to be immediately accretive to cash flow and earnings.
Broader Operations and Recent Developments
NHC affiliates operate 80 skilled nursing facilities with 10,323 beds for themselves and third parties. The company’s 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. The Murfreesboro, Tennessee-based company provides additional services including Alzheimer’s and memory care units, pharmacy services, rehabilitation services, and management and accounting services to third-party post-acute operators.
The company recently announced a separate plan to acquire 35 senior care facilities for a total of $560 million, including 32 skilled nursing facilities and three independent living facilities from National Health Investors, Inc. Additionally, National Healthcare Properties Inc., a related entity, is undergoing an initial public offering with shares attracting orders at $12 each, below the initially marketed range of $13 to $16.
This article is an AI-assisted summary. All facts and figures are drawn from the original report: https://www.investing.com/news/company-news/national-healthcare-buys-five-nursing-facilities-for-505m-93CH-4727295