MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today it has
entered into a development and lease transaction with affiliates of
Polaris Hospital Company to develop a 60-bed general acute care hospital
in Murfreesboro, Tennessee that will provide acute psychiatric and
in-patient rehabilitation services. NHI’s total commitment to the
project is $21.5 million.
Construction is expected to commence in October 2011, and the hospital
is expected to open in the fourth quarter of 2012. During construction,
the lease rate will be 10% on NHI’s cumulative invested amount. Once the
facility is open, the lease rate of 10% will be calculated on NHI’s
total invested amount with lease escalators beginning in the second
year. The initial lease term is for 15 years.
Based in Brentwood, Tennessee, Polaris Hospital Company is backed by
Hispania Private Equity II, L.P., a $112 million fund of HCP & Company,
LLC a Chicago-based private equity firm. HCP & Company, LLC manages
approximately $215 million on behalf of some of the country’s largest
public pension funds and has been an active and successful investor in
growth companies since its founding in 2002.
Justin Hutchens, NHI CEO and President, noted, “We believe NHI has the
potential to play a role filling the gap for available financing for
experienced developers and operators. This investment further
diversifies our healthcare real estate portfolio. The market demand and
the solid backing of HCP & Company fit our criteria for select
investments that offer the best combination of asset quality, credit and
yield.”
About National Health Investors
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 care hospital, an acute psychiatric 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
web site at www.nhinvestors.com.
About Polaris Hospital Company
Founded in 2008, Polaris Hospital Company acquires, develops and
operates psychiatric hospitals and physical medicine/rehabilitation
hospitals in cooperation with acute care hospitals. The Polaris team is
focused on delivering high quality services while providing an
attractive environment for its patients and staff. The company operates
TrustPoint Hospital in Lubbock, Texas and has one other hospital in
development.
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 web
site at http://www.sec.gov
or on NHI’s web site at http://www.nhinvestors.com
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.