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NHI buys two North Carolina assisted living/memory care facilities

National Health Investors Inc has acquired two assisted living/memory care facilities in Hendersonville, North Carolina. No financial terms were disclosed.

PRESS RELEASE

MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors, Inc. (NYSE:NHI) announced today it has purchased two assisted living/memory care facilities totaling 86 units in Hendersonville, North Carolina. The adjacent facilities, known as Spring Arbor, will be leased to affiliates of Ravn Senior Solutions for a lease term of 15 years at an annual lease rate of 7.35% plus annual fixed escalators. The acquisition was funded with borrowings from NHI’s revolving credit facility.

The first facility, opened in 1999, includes 26 assisted living units and 13 memory care units. The second facility, opened in 2002, is comprised of 47 assisted living units. With this purchase, NHI was granted a purchase option on a third building in the Raleigh/Durham market. Ravn Senior Solutions is headed by Steve Morton, Ted Turner, Patti Jones, and Arick Morton, who have a combined eighty-five years of senior living management experience. More information about Ravn Senior Solutions is available at http://www.ravnsl.com.

NHI’s President and CEO, Eric Mendelsohn, stated, “We are excited to enter into a new relationship with Ravn Senior Solutions, which is a growth-oriented company with an experienced management team. These facilities will be an excellent addition to NHI’s portfolio.”

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.