MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today that it has
acquired The Country Club of Woodland Hills, a 200-unit independent
living and assisted living community in Tulsa, Oklahoma. NHI’s
investment is $35.1 million, including $500,000 for capital improvements
expected to be fully funded by the end of 2019. The facility will be
leased to NHI’s current tenant, Discovery Senior Living, for a term of
15 years, with renewal options, at an initial lease rate of 7.0% plus
annual fixed escalators. The acquisition was funded with a draw on NHI’s
revolving credit facility.
Eric Mendelsohn, NHI President and CEO, stated, “This is an opportunity
to acquire a high-performing seniors housing community and expand our
current relationship with Discovery Senior Living, an operating partner
with a very experienced management team. This is a great addition to
NHI’s exceptional seniors housing portfolio.”
About Discovery
Discovery Senior
Living based out of Bonita Springs, FL was formed in 1991 and is an
award-winning industry leader in developing and managing seniors housing
communities. They currently operate 47 senior living communities, with
nearly 7,000 units in 13 states throughout the United States. For more
information, visit www.discoveryseniorliving.com.
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.
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding the Company’s, tenants’, operators’, borrowers’ or
managers’ expected future financial position, results of operations,
cash flows, funds from operations, dividend and dividend plans,
financing opportunities and plans, capital market transactions, business
strategy, budgets, projected costs, operating metrics, capital
expenditures, competitive positions, acquisitions, investment
opportunities, dispositions, acquisition integration, growth
opportunities, expected lease income, continued qualification as a real
estate investment trust (“REIT”), plans and objectives of management for
future operations, continued performance improvements, ability to
service and refinance our debt obligations, ability to finance growth
opportunities, and similar statements including, without limitation,
those containing words such as “may,” “will,” “believes,” “anticipates,”
“expects,” “intends,” “estimates,” “plans,” and other similar
expressions are forward-looking statements. Forward-looking statements
involve known and unknown risks and uncertainties that may cause our
actual results in future periods to differ materially from those
projected or contemplated in the forward-looking statements. Such risks
and uncertainties include, among other things; the operating success of
our tenants and borrowers for collection of our lease and interest
income; the success of property development and construction activities,
which may fail to achieve the operating results we expect; the risk that
our tenants and borrowers may become subject to bankruptcy or insolvency
proceedings; risks related to governmental regulations and payors,
principally Medicare and Medicaid, and the effect that lower
reimbursement rates would have on our tenants’ and borrowers’ business;
the risk that the cash flows of our tenants and borrowers would be
adversely affected by increased liability claims and liability insurance
costs; risks related to environmental laws and the costs associated with
liabilities related to hazardous substances; the risk that we may not be
fully indemnified by our lessees and borrowers against future
litigation; the success of our future acquisitions and investments; our
ability to reinvest cash in real estate investments in a timely manner
and on acceptable terms; the potential need to incur more debt in the
future, which may not be available on terms acceptable to us; our
ability to meet covenants related to our indebtedness which impose
certain operational; the risk that the illiquidity of real estate
investments could impede our ability to respond to adverse changes in
the performance of our properties; risks associated with our investments
in unconsolidated entities, including our lack of sole decision-making
authority and our reliance on the financial condition of other
interests; our dependence on revenues derived mainly from fixed rate
investments in real estate assets, while a portion of our debt bears
interest at variable rates; the risk that our assets may be subject to
impairment charges; and our dependence on the ability to continue to
qualify for taxation as a real estate investment trust. Many of these
factors are beyond the control of the Company and its management. The
Company assumes no obligation to update any of the foregoing or any
other forward looking statements, except as required by law, and these
statements speak only as of the date on which they are made. Investors
are urged to carefully review and consider the various disclosures made
by NHI in its periodic reports filed with the Securities and Exchange
Commission, including the risk factors and other information disclosed
in NHI’s Annual Report on Form 10-K for the most recently ended fiscal
year. Copies of these filings are available at no cost on the SEC’s web
site at http://www.sec.gov
or on NHI’s web site at http://www.nhireit.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171204005162/en/
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.