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National Health Investors (NHI) Buys Wisconsin Assisted Living Facility

 December 26, 2012 08:00 AM
 


(By Balaseshan) National Health Investors Inc. (NYSE: NHI), a healthcare real estate investment trust (REIT), said it has acquired Charleston House, a 120-unit assisted living and memory care facility in Beaver Dam, Wisconsin for $20.2 million.

Charleston House will be leased to Landmark Senior Living Communities for an initial term of 15 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 is illustrative of NHI's commitment to growing our private-pay assisted living portfolio through creating valuable relationships with experienced operators," said Justin Hutchens, NHI's President and CEO.

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On Monday, the company announced a purchase and leaseback transaction worth $9 million with Milestone Retirement Communities, LLC. 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.

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.

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NHI closed Monday's session up 0.09% at $56.93. The stock has been trading between $43.37 and $57.30 for the past 52 weeks.

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