MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE: NHI) announced today it has
exercised its purchase option to acquire Spring Arbor of Durham, a
32-unit assisted living and memory care community in Durham, North
Carolina. The community was part of a purchase option negotiation with
NHI’s tenant Navion Senior Solutions (Navion), formerly Ravn Senior
Solutions, when NHI purchased two communities in North Carolina in
February 2017. NHI’s investment will include the purchase price of
$7,550,000 and up to $650,000 for a 4-unit expansion and capital
improvements to the existing building. The community will be added to an
existing master lease with nearly 14 years remaining at a blended yield
of 7.15% with annual escalators and two 5-year renewal options. NHI
purchased the community with a draw on its revolving credit facility.
NHI’s President and CEO, Eric Mendelsohn, stated, “The early execution
of this purchase option is an example of our commitment to work with our
operating partners to make sound investments and strengthen our business
relationships.”
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 Navion
Navion Senior Solutions is a family-owned business headed by a
management team with a combined eighty-five years of senior living
management experience and operates a multi-faceted business platform,
including developing & operating senior housing communities throughout
the Southeastern US, launching senior-focused technology businesses, &
advising innovative new companies that improve the lives of seniors. For
more information, visit www.navionseniorsolutions.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/20171218005101/en/
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.