MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today it has closed
a $5.4 million purchase of a 60-unit assisted living community with four
independent living cottages in Greensboro, Georgia known as Willow Run
Retirement Center and has leased the facility to Senior Living
Management. The purchase price was funded from NHI’s available cash. The
assisted living community has been renamed Savannah Court of Lake Oconee.
The Savannah Court at Lake Oconee community, which was built in 1998,
attracts private payment for services and is being leased to Senior
Living Management for a term of nine years at an initial lease rate of
8.5% plus annual fixed escalators. Senior Living Management now operates
or manages 25 assisted living and memory care communities in Georgia,
Florida and Pennsylvania. The lease of the Savannah Court facility
expands NHI’s relationship with Senior Living Management to a total of
six communities in a master lease with an initial term expiring in 2020,
plus renewal options.
Justin Hutchens, NHI’s CEO and President stated, “The acquisition of
this stabilized private-pay assisted living community continues the
execution of our selective growth plan and expands our relationship with
Senior Living Management.”
National Health Investors, Inc. is a healthcare real estate investment
trust that specializes in the financing of healthcare real estate by
purchase and leaseback transactions and by mortgage loans. NHI’s
investments involve skilled nursing facilities, assisted living
facilities, independent living facilities, medical office buildings, an
acute psychiatric hospital, an acute care hospital and a transitional
rehabilitation center. The common stock of the company trades on the New
York Stock Exchange with the symbol NHI. Additional information about
NHI, including its most recent press releases, may be obtained on NHI's
website at www.NHIReit.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.Investors
are urged to carefully review and consider the various disclosures made
by NHI in its periodic reports filed with the Securities and Exchange
Commission, including the risk factors and other information disclosed
in NHI’s Annual Report on Form 10-K for the most recently ended fiscal
year. Copies of these filings are available at no cost on the SEC's
website at http://www.sec.gov
or on NHI’s website at http://www.NHIReit.com.
Source: National Health Investors, Inc.
Contact:
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer