The lease was scheduled to expire at the end of 2006. The new expiration is the end of 2021, not including three, five-year extension options.
Under the terms of the lease, base rent for 2007 will total $33.7 million. Rent will escalate annually by 4% of the increase in facility revenue over a 2007 base year.
National HealthCare Corp. operates approximately 70 long-term healthcare centers and 30 home healthcare programs, mainly in the southeastern US. National Health Investors is a long-term healthcare REIT that specializes in the financing of healthcare real estate by first mortgage and by purchase and leaseback transactions.
The two companies are also affiliated with National Health Realty, a REIT that owns 16 skilled nursing facilities, six assisted living centers and one retirement center. All three companies are headquartered at 100 Vine St. in Murfreeboro.
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