XML 44 R24.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Note 16 - Subsequent Events | 6 Months Ended
--- | ---
Jun. 30, 2024
Notes to Financial Statements |
Subsequent Events [Text Block] | Note 16 – Subsequent Events White Oak Senior Living Asset Acquisition On August 1, 2024, the Company purchased the White Oak Senior Living (“White Oak”) portfolio including its long-term care pharmacy for a purchase price of approximately $221,400,000. White Oak’s portfolio consists of six skilled nursing facilities in North Carolina, three of which are continuing care retirement centers, and including one leased facility. The portfolio also includes nine skilled nursing facilities in South Carolina, one of which also includes assisted and independent living units. The acquisition represents both an expansion of NHC’s operations into a new state and a strategic advancement of its growth in its existing operational footprint. NHC currently operates multiple skilled nursing facilities in South Carolina, as well as a long-term care pharmacy. The following table contains unaudited pro forma interim condensed consolidated statements of operations information for the three months and six months ended June 30, 2024 and 2023, assuming that the White Oak acquisition closed on January 1, 2023 (in thousands).
|  | Three Months Ended June 30 |  |  | Six Months Ended June 30 |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net patient revenues |  | $ | 334,906 |  |  | $ | 318,606 |  |  | $ | 675,324 |  |  | $ | 624,381 |
Net operating revenues and grant income |  |  | 355,631 |  |  |  | 331,738 |  |  |  | 707,393 |  |  |  | 649,370 |
Total costs and expenses |  |  | 332,379 |  |  |  | 319,253 |  |  |  | 667,183 |  |  |  | 630,599 |
Income from operations |  |  | 23,252 |  |  |  | 12,485 |  |  |  | 40,210 |  |  |  | 18,771 |
Non-operating income |  |  | 4,956 |  |  |  | 3,696 |  |  |  | 10,641 |  |  |  | 8,019 |
Income before income taxes |  |  | 37,332 |  |  |  | 20,831 |  |  |  | 74,374 |  |  |  | 32,826 |
Net income attributable to NHC |  | $ | 27,386 |  |  | $ | 15,177 |  |  | $ | 54,582 |  |  | $ | 24,143 |
New $200 Million Credit Facility On August 1, 2024, the Company entered into a $200,000,000 senior credit facility with a five-year term consisting of a $50,000,000 revolving facility and a $150,000,000 term facility (the “Credit Facility”). The Credit Facility is for general corporate purposes, including working capital and acquisitions. The loans bear interest at either (i) Term Secured Overnight Financing Rate (“SOFR”) for interest periods of one, three or six months, plus the applicable margin or, at NHC’s option, (ii) the Base Rate plus the applicable margin. The applicable margin is an interest rate per annum between 1.30% and 1.65% for Term SOFR loans and between .30% and .65% for Base Rate loans, depending upon the Company meeting certain conditions. NHC’s obligations under the Credit Facility are unsecured. The Credit Facility contains customary representations and warranties, financial covenants, and other customary affirmative and negative covenants. The Credit Facility also contains customary events of default.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration