NHC to Purchase Six Older Skilled Nursing Facilities in Twelve Months
MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today the extension
of a master lease with National Healthcare Corporation (NHC) through
December 31, 2026, for 38 skilled nursing facilities and 3 independent
living facilities. Additionally, NHC agreed to a $21 million purchase
price for six older skilled nursing facilities from the existing
portfolio.
Rent revenue from NHC is $33.7 million per year, plus an additional
percentage of revenue growth over a base year. Effective January 1,
2014, NHC's annual base rent will decrease by $2.95 million.
“This new agreement with our largest customer strengthens NHI’s
relationship with one of the nation’s most experienced and financially
sound healthcare operators,” said Justin Hutchens, NHI’s President and
CEO. “The 2026 expiration provides long-term stability while the sale of
the six older facilities enhances NHI’s portfolio by reducing SNF
concentration.”
About National Health Investors
National Health Investors, Inc. (NYSE: NHI) is a healthcare real estate
investment trust specializing in financing healthcare real estate by
purchase and leaseback transactions, RIDEA transactions and by mortgage
loans. NHI’s investments include independent living, assisted living,
senior living campuses, skilled nursing facilities, medical office
buildings, and hospitals. Find additional information about NHI 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 web
site at http://www.sec.gov
or on NHI’s web site at http://www.nhireit.com.
National Health Investors, Inc.
Roger R. Hopkins, Chief Accounting
Officer, 615-890-9100
Source: National Health Investors, Inc.