MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today a $55.5
million purchase/leaseback transaction involving four Texas skilled
nursing facilities with 595 beds owned by affiliates of Legend
Healthcare, LLC, a privately-owned company ("Legend"). The average age
of the facilities is 5 years. Legend is currently a lease customer of
NHI and specializes in the operation of transitional care and skilled
nursing facilities. Three of the four facilities were purchased by NHI
on June 30, 2009, for a total of $39.7 million, with the fourth facility
expected to be purchased by NHI for $15.8 million no later than August
1, 2009. The purchases are funded from NHI's accumulated cash liquidity.
The four facilities are being leased to Legend over 15 years at an
initial lease rate of 10% plus annual increases. Legend has the option
after 7 years to purchase the facilities.
"This transaction is representative of the execution of our business
strategy which is focused on investing in high-quality real estate
assets with a solid return to NHI shareholders," stated Andy Adams, NHI
Chairman and CEO.
Justin Hutchens, NHI President and COO stated, "We are delighted to
expand our business relationship with Legend Healthcare. Their
operations continue to demonstrate excellent patient care delivery and
strong financial performance."
National Health Investors, Inc. is a health care real estate investment
trust that specializes in the financing of healthcare real estate by
first mortgage and by purchase and leaseback transactions. The common
stock of the company trades on the New York Stock Exchange with the
symbol NHI. Additional information including NHI's most recent press
releases may be obtained on NHI's web site at www.nhinvestors.com.
Statements in this press release that are not historical facts are
forward-looking statements. NHI cautions investors that any
forward-looking statements may involve risks and uncertainties and are
not guarantees of future performance. All forward-looking statements
represent NHI's judgment as of the date of this release.
Source: National Health Investors, Inc.
Contact: National Health Investors, Inc.
Roger R. Hopkins, Chief Accounting Officer, 615-890-9100