MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE: NHI) announced today a
sale-leaseback arrangement with Vancouver, WA based Prestige Senior
Living (“Prestige”). The $42 million acquisition includes one Assisted
Living Community in Idaho (105 Assisted Living and Memory Care units)
and three Skilled Nursing Facilities in Oregon (196 beds).
Prestige will lease all four facilities for a 15-year term with renewal
options at an initial lease rate of 8.4% plus fixed annual escalators.
The purchase was funded from borrowings on NHI’s revolving credit
facility.
Justin Hutchens, NHI’s CEO and President said, “I’m excited for NHI to
start this relationship with Prestige Senior Living given their
attractive track record operating for over twenty-five years.”
The $42 million purchase price includes $2 million for capital
improvement projects at two of the Oregon facilities that are expected
to be completed by June 30, 2015. Additionally, NHI has committed to
funding an earn out up to $6.4 million upon receipt of Prestige’s
performance results that meet certain financial metrics for the periods
ending December 31, 2014, June 30, 2015 and December 31, 2015,
increasing total potential investment to $48.4 million.
About Prestige Senior Living, L.L.C.
Prestige Senior Living and Prestige Care operate a family of more than
80 senior communities throughout the Western United States. Prestige
Care provides a comprehensive senior service experience, offering
assisted living, memory care, skilled nursing and rehabilitation. For
more information on Prestige, visit its website at www.prestigecare.com.
About NHI
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 sale-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. For more information,
visit www.nhireit.com.
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.