Expands Relationship with Chancellor Health Care
MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors (NYSE: NHI) announced today the $5.65 million
acquisition of an assisted living community in greater Portland, OR.
Substantially renovated and remodeled in 2012, the 25-unit community is
94% occupied, private-pay backed, and generates approximately $4,400 in
revenue per unit per month. The community will be leased to existing
operating partner Chancellor Health Care, LLC for 15 years with two,
10-year renewal options with an initial cash yield to NHI of 8%, plus 3%
annual fixed escalators. The lease yield for accounting purposes is
9.92%. This acquisition expands NHI’s relationship with Chancellor to
four communities. The purchase was funded from borrowings on NHI’s
revolving credit facility.
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
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors