NHI buys Texas nursing facility for $13.9 mln

National Health Investors Inc has acquired a New Braunfels, Texas-based nursing facility for $13.9 million. NHI will lease the facility to The Ensign Group Inc.

PRESS RELEASE

MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors, Inc. (NYSE: NHI) announced that it has acquired a 126-bed skilled nursing facility in New Braunfels, Texas for $13,900,000 and will lease the facility to an affiliate of The Ensign Group, Inc. (“Ensign”). The acquisition is the first of four that NHI had previously committed to and will be added to the existing lease at an initial rate of 8.35% plus annual lease escalators based on inflation. The facility, which opened in September 2015, joins the current Ensign assets comprised of 15 skilled nursing facilities located in Texas. Two of the remaining facilities were licensed in the first quarter of 2017 and the remaining facility is expected to be licensed in the second quarter of 2017. The acquisition was funded from NHI’s revolving credit facility.
Eric Mendelsohn, CEO and President of NHI, stated, “We value the opportunity to expand our relationship with Ensign, one of the nation’s top operators, and remain committed to helping our existing customers grow.”

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 Ensign™
The Ensign Group, Inc.’s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services, and other rehabilitative and healthcare services at 211 healthcare facilities, nineteen hospice agencies, seventeen home health agencies and three home care businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon, Wisconsin, Kansas and South Carolina. More information about Ensign is available at http://www.ensigngroup.net.