MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE: NHI) announced today a $67
million purchase of three senior living communities in North Carolina,
Indiana and Tennessee in a sale-leaseback transaction with affiliates of
East Lake Capital Management. The 413-unit portfolio is 86% occupied and
comprised of 205 independent living, 137 assisted living and 71 memory
care units. The purchase was funded with borrowings on NHI’s revolving
credit facility.
“This acquisition of high-quality senior living communities is
representative of NHI’s relationship-oriented approach of partnering
with experienced operators,” said Justin Hutchens, NHI’s CEO and
President.
Transaction Highlights
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100% private-pay communities
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Operated by New Horizons Senior Living, an affiliate of East Lake
Capital Management
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10-year lease with renewal options at a lease rate of 7% plus fixed
annual escalators
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8.12% GAAP lease yield derived from favorable annual rent escalators
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NHI has committed to fund up to $8 million of incentive payments based
upon the financial performance of the communities
Property Overview
- Charlotte, NC: 112 units (92 assisted living, 20 memory care), 90%
occupied
- Indianapolis, IN: 153 units (116 independent living, 37 memory care),
80% occupied
- Nashville, TN: 148 units (89 independent living, 45 assisted living,
14 memory care), 89% occupied
About NHI
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, medical
office buildings and specialty hospitals. For more information, visit www.nhireit.com.
About East Lake Capital Management
East Lake Capital Management (“ELCM”) is an investment management firm
specializing in real estate and healthcare related investments. ELCM
holds interests in New Horizons Senior Living, a property management
company which provides property management services for independent
living, assisted living and memory care communities.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150701006526/en/
National Health Investors, Inc.
Roger Hopkins, Chief Accounting
Officer, 615-890-9100
Source: National Health Investors, Inc.