- Commits $2.5 Million Loan to New Project in Florida -
MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today the $12
million acquisition of a 120-unit Regency Pointe Retirement Community in
Rainbow City, Alabama and a $2.5 million commitment to a second mortgage
loan for the construction of a new senior living campus in Naples,
Florida.
Justin Hutchens, NHI’s CEO and President, said, "We are pleased to enter
into this new relationship with Discovery Senior Living, a recognized
leader in the development, marketing and management of senior housing
communities for nearly 20 years."
Built in 2003, Regency Pointe has 72 rental independent living units, 36
assisted living units and 12 memory care units, altogether having a
current occupancy rate of 87%. The new manager, Discovery Senior Living
("Discovery") of Bonita Springs, Florida, is leasing the community for
an initial 15-year term with options to extend. Annual rental income to
NHI will be $942,000 plus fixed escalators. NHI has committed to
Discovery a lease incentive amount up to $2.5 million available to be
drawn over a three-year period based on the achievement of a specified
lease coverage ratio after giving effect to the increased rent on such
lease incentive amount. The purchase of Regency Point was funded from
borrowings on NHI’s revolving credit facility.
Additionally, NHI has committed a $2.5 million second mortgage loan to
Discovery for the construction of a new senior living campus in Naples,
Florida. The loan requires interest-only monthly payments at an annual
rate of 12% and matures in five years.
NHI is a 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 assisted
living, senior living campuses, independent living, 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, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.