NHI buys two Texas skilled nursing facilities for $29 mln

National Health Investors Inc has acquired two skilled nursing facilities in Texas for $29 million. NHI will lease the facilities to The Ensign Group Inc. The facilities include a 132-bed SNF in Garland, Texas and a 132-bed SNF in Fort Worth, Texas.

PRESS RELEASE

MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors, Inc. (NYSE: NHI) announced that it has acquired two skilled nursing facilities (“SNF”) in Texas for $29 million and will lease the facilities to affiliates of The Ensign Group, Inc. (“Ensign”). The newly acquired facilities will be added to the existing master lease at an incremental rate of 8.1% plus annual lease escalators based on inflation and the master lease obligations will be guaranteed by The Ensign Group, Inc. The facilities, a 132-bed SNF located in Garland, Texas and a 132-bed SNF located in Fort Worth, Texas, join the current Ensign assets comprised of 17 SNFs located in Texas. The acquisition of these two facilities completes NHI’s commitment to acquire 4 SNFs in development. These acquisitions were funded by NHI’s revolving credit facility.

Eric Mendelsohn, NHI President and CEO, stated, “NHI appreciates having an operating partner like Ensign. We are aligned in our commitment to develop high-quality skilled nursing facilities that are the standard setter for their local market areas.”

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 234 healthcare facilities, 22 hospice agencies, 20 home health agencies and four home care businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon, Wisconsin, Kansas, South Carolina, and Oklahoma. More information about

Ensign is available at http://www.ensigngroup.net.