MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today it has closed
the previously announced transaction to acquire eight senior housing
communities for $476 million.
All eight communities are leased to Senior Living Communities, LLC
(“SLC”) and will continue to be managed by an SLC affiliate. The 15-year
master lease equates to an initial gross cash yield of 6.51% of the
purchase price and has annual escalators of 4% in years two through four
and annual escalators of 3% thereafter. In connection with the
acquisition, NHI will provide SLC a $15 million working capital line of
credit. Borrowings will be used to finance construction projects within
the SLC-leased portfolio, including building additional units at several
of the communities.
Justin Hutchens, NHI’s CEO and President stated, “We are pleased to
begin our new relationship with Senior Living Communities with this
conservatively funded, accretive acquisition.”
NHI funded the acquisition with cash proceeds of a previously announced
equity offering and borrowings on its revolving credit facility.
About National Health Investors
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a
real estate investment trust specializing in sale-leaseback,
joint-venture, mortgage and mezzanine financing of need-driven and
discretionary senior housing and medical investments. NHI’s portfolio
consists of independent, assisted and memory care communities,
entrance-fee retirement communities, skilled nursing facilities 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.