MUFREESBORO, TN-National Heath Investors Inc. reports that as part of a court settlement agreement, it has acquired eight skilled nursing facilities in Massachusetts and New Hampshire from ElderTrust of Florida for $23.3 million.

That deal also involves the cancellation of notes receivable from ElderTrust with a principal balance of $13.7 million, the company reports in a news release.

The Mufreesboro-based National Health Investors also sold six skilled nursing facilities to locally-based National Healthcare Corp. for $21 million in cash. The properties are located in Columbia (2), Knoxville and Springfield, TN; Madisonville, KY; and Rossville, GA. The properties have been leased by NHC since 1991 and have a total of 650 beds. 

In its purchase of the eight facilities from ElderTrust of Florida, National Health Investors reports that beginning on Monday (Sept. 1) the properties will be under a new triple-net lease to the current manager, National Healthcare Corp. for an initial period of 15 years at a lease amount of $350,000 for the remainder of 2013; beginning in 2014, a base lease amount of $3.4 million will be levied; and, beginning in 2015, the base lease amount, plus an annual rent escalator calculated as 4% of the increase in each facility's revenue over a 2014 base year, will be charged. Beginning in the 12th year of the lease, NHC has the option to purchase the facilities for $49 million.

With the sale and acquisitions, NHI says it has now completed the court settlement agreement involving ElderTrust and SeniorTrust and believes it has resolved an investigation by the Office of the Tennessee Attorney General, as well as lawsuits that are to be dismissed pursuant to the terms of the court settlement agreement.