NHI buys two Michigan assisted living/memory care communities for $17.1 mln

National Health Investors has acquired two Michigan-based assisted living/memory care communities: Bavarian Comfort Care and Shield Comfort Care. The total price of the transactions is $17.1 million. NHI will have a purchase option on two additional communities in Michigan.

PRESS RELEASE

MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors, Inc. (NYSE:NHI) announced today that it purchased Bavarian Comfort Care, a 51-unit assisted living and memory care community located in Bridgeport, Michigan, and Shield Comfort Care, a 53-unit assisted living and memory care facility located in Saginaw, Michigan, for $17.1 million. The communities were acquired from and will be leased to affiliates of a new partner, Comfort Care Senior Living, at an average yield of 8.1% with CPI-based escalators. NHI will also have a purchase option on two additional communities in Michigan.

Eric Mendelsohn, NHI President and CEO, stated, “NHI is pleased to have a new partner in Comfort Care Senior Living, a growth-oriented operator with an excellent reputation and demonstrated innovative operating concepts.”

About Comfort Care
Founded in 2013, Comfort Care is an owner, operator and developer of assisted living and memory care communities based in Saginaw, Michigan.

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.