(By Balaseshan) National Health Investors Inc. (NYSE: NHI), a healthcare real estate investment trust (REIT), announced a purchase and leaseback transaction worth $9 million with Milestone Retirement Communities, LLC.
The Murfreesboro, Tennessee-based NHI said 101-unit acquisition includes two assisted living facilities in Ontario, Oregon and one in Weiser, Idaho.
Milestone will lease and continue to operate the facilities for an initial term of 10 years with renewal options at a lease rate of 7.75% plus annual fixed escalators. The purchase was funded from borrowings on NHI's revolving credit facility.
"This acquisition continues the growth of our assisted living portfolio with an experienced operator," said Justin Hutchens, NHI's President and CEO.
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Milestone, which was headquartered in Vancouver, Washington, operates 16 assisted living facilities totaling 1,324 units in Washington, Oregon, Idaho, Arizona, California, Nevada, Colorado, Oklahoma and Virginia.
National Health Investors specializes in financing healthcare real estate by purchase and leaseback transactions, RIDEA transactions and by mortgage loans. NHI's investments include independent living, assisted living, senior living campuses, skilled nursing facilities, medical office buildings, and hospitals.
NHI closed Friday's regular session down 0.46% at $56.88. The stock has been trading between $43.37 and $57.30 for the past 52 weeks.