- Broadens Relationship with Chancellor Health Care -
MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today a $17 million
commitment for two senior housing properties with its current tenant,
Chancellor Health Care. The commitment includes today’s $9.5 million
acquisition and planned renovation of Woodlands Assisted Living in
Baltimore, Maryland along with a $7.5 million commitment to construct a
free-standing assisted living and memory care community on the Linda
Valley senior living campus in Loma Linda, California already leased
from NHI. The acquisition was funded from borrowings on NHI’s revolving
credit facility.
“The purchase of the Woodlands community and the Loma Linda campus
expansion are great opportunities to expand our relationship with
Chancellor Health Care,” said Justin Hutchens, NHI’s CEO and President.
Located in Baltimore, MD, Woodlands Assisted Living is a 63-unit
assisted living community built in 1999. NHI acquired the property for
approximately $9 million plus a $500,000 commitment for renovations and
improvements. The initial lease term is for seven years with renewal
options at an annual rate of 8% plus annual fixed escalators.
Additionally, NHI committed $7.5 million to build a 46-unit
free-standing assisted living and memory care community, expanding the
Linda Valley senior living campus in Loma Linda, California, which will
be added to an existing lease between Chancellor and NHI. The current
lease term is 15 years with renewal options at an annual rate of 9% plus
fixed annual escalators. NHI purchased the Linda Valley campus in 2012
and leased it to Chancellor Health Care, who has been operating the
campus since 1993.
NATIONAL HEALTH INVESTORS, INC (NYSE: NHI), a Maryland corporation
incorporated and publicly listed in 1991, is a healthcare real estate
investment trust (REIT) specializing in financing healthcare real estate
by purchase and leaseback transactions, RIDEA transactions and by
mortgage loans. NHI’s investments include senior housing (assisted
living, memory care, independent living and senior living campuses),
skilled nursing, medical office buildings and specialty hospitals. 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.