MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors (NYSE: NHI) announced today the $11.5 million
acquisition of a 56-unit assisted living community specializing in
memory care services in Sacramento, California. Built in 1999, the
community is private-pay, and 94% occupied with monthly revenue per
occupied unit of $7,300. The purchase was funded by NHI’s revolving
credit facility.
A subsidiary of Chancellor Health Care, LLC will lease and operate the
community for an initial 15-year term with two renewal options for 10
years each. The initial lease rate is 8% plus fixed annual escalators.
“This community is a nice addition to our portfolio and the transaction
offers NHI the opportunity to expand our relationship with Chancellor
Health Care,” said Justin Hutchens, NHI’s CEO and President.
About NHI
National Health Investors, Inc. (NYSE: NHI) is a real estate investment
trust (REIT) specializing in financing healthcare real estate by
sale-leaseback, joint-venture, mortgages and mezzanine financing. NHI’s
investments include senior housing (assisted living, memory care,
independent living and senior living campuses), skilled nursing, medical
office buildings and specialty hospitals. NHI was incorporated and
publicly listed in 1991. For more information, visit www.nhireit.com.
About Chancellor Health Care, LLC
Incorporated in 1992, Chancellor Health Care (CHC) develops and manages
long-term senior care communities by providing housing, supportive
services and skilled nursing. CHC cares for more than 400 seniors
throughout California, Colorado and Maryland. For more information,
visit www.chancellorhealthcare.com.
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.