Highlights:
- Attractive yield and rent escalators
- Provides geographic, asset class and operator diversification
- Acquisition volume increases to $750 million in 2013
MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today it has signed
a definitive purchase agreement to acquire 25 independent living
facilities from certain subsidiaries of Holiday Acquisition Holdings LLC
(“Holiday”), an affiliate of Holiday Retirement, for a total purchase
price of $491 million. The acquisition is expected to close by December
31, 2013. Wells Fargo Securities, LLC served as financial advisor to NHI
on this transaction.
Following the closing of the acquisition, the 25 independent living
facilities will continue to be operated by affiliates of Holiday
Retirement pursuant to a 17-year master lease signed by an affiliate of
Holiday. The lease equates to an initial cash yield of 6.5% on the
purchase price with annual escalators of 4.5% in years two through four
and annual escalators thereafter at 3.5%, or a maximum of 3.75% if CPI
is higher during the preceding year.
Justin Hutchens, NHI’s CEO and President stated, “This investment is in
line with our stated goals of partnering with strong operators,
diversifying our portfolio, and financing growth in a conservative
fashion. Holiday, a portfolio company of Fortress Investment Group, is
an industry leading operator of independent living communities.”
Portfolio Highlights
-
The 25 facilities total 2,841 units, have a median age of 16 years and
have an average occupancy rate for the nine months ended September 30,
2013 of 89%
-
Locations: Arkansas, California, Georgia, Idaho, Indiana, Louisiana,
New Jersey, Ohio, Oklahoma, Oregon, South Carolina and Washington
Portfolio Details
|
|
|
| Property Name |
|
| Units |
|
| Market |
|
| State |
|
1
|
|
| Apple Blossom |
|
|
119
|
|
|
Rogers
|
|
|
AR
|
|
2
|
|
| Butterfield Place |
|
|
117
|
|
| Fort Smith |
|
|
AR
|
|
3
|
|
| Bay Park |
|
|
98
|
|
| Pinole |
|
|
CA
|
|
4
|
|
|
Bridgecreek
|
|
|
108
|
|
| West Covina |
|
|
CA
|
|
5
|
|
|
Camelot
|
|
|
136
|
|
| Hemet |
|
|
CA
|
|
6
|
|
|
Fig Garden
|
|
|
103
|
|
| Fresno |
|
|
CA
|
|
7
|
|
| Hampshire |
|
|
115
|
|
| Merced |
|
|
CA
|
|
8
|
|
|
Mistywood
|
|
|
117
|
|
| Roseville |
|
|
CA
|
|
9
|
|
| Standiford Place |
|
|
121
|
|
| Modesto |
|
|
CA
|
|
10
|
|
| Iris Place |
|
|
142
|
|
| Athens |
|
|
GA
|
|
11
|
|
|
Riverplace
|
|
|
114
|
|
| Columbus |
|
|
GA
|
|
12
|
|
|
River’s Edge
|
|
|
121
|
|
|
Savannah
|
|
|
GA
|
|
13
|
|
|
Chateau De Boise |
|
|
97
|
|
|
Boise
|
|
|
ID
|
|
14
|
|
|
Arbor Glen
|
|
|
120
|
|
| Fort Wayne |
|
|
IN
|
|
15
|
|
|
Nouveau Marc
|
|
|
113
|
|
| Kenner |
|
|
LA
|
|
16
|
|
| Yardley Commons |
|
|
107
|
|
| Voorhees |
|
|
NJ
|
|
17
|
|
| Worthington |
|
|
117
|
|
| Gahanna |
|
|
OH
|
|
18
|
|
| Silver Arrow Estates |
|
|
126
|
|
| Broken Arrow |
|
|
OK
|
|
19
|
|
| Astor House at Springbrook Oak
|
|
|
121
|
|
| Newberg |
|
|
OR
|
|
20
|
|
|
Eagle Crest
|
|
|
120
|
|
| Myrtle Beach |
|
|
SC
|
|
21
|
|
| Westminster |
|
|
117
|
|
| Greenville |
|
|
SC
|
|
22
|
|
| Bedford |
|
|
103
|
|
| Vancouver |
|
|
WA
|
|
23
|
|
| Garden Club |
|
|
105
|
|
| Bellevue |
|
|
WA
|
|
24
|
|
| Kamlu Retirement Inn - Vancouver |
|
|
83
|
|
| Vancouver |
|
|
WA
|
|
25
|
|
| Orchard Park |
|
|
101
|
|
|
Yakima
|
|
|
WA
|
|
|
| |
|
| |
|
| |
|
| |
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 assisted living, senior living
campuses, independent living, skilled nursing facilities, medical office
buildings, and hospitals. Find additional information about NHI at www.nhireit.com.
Safe Harbor Statement
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.