NHI to buy North Carolina assisted living and memory care community

National Health Investors Inc has agreed to acquire Durham, North Carolina-based Spring Arbor, an assisted living and memory care community. The purchase price is $7.55 million.

PRESS RELEASE

MURFREESBORO, Tenn.–(BUSINESS WIRE)–National Health Investors, Inc. (NYSE: NHI) announced today it has exercised its purchase option to acquire Spring Arbor of Durham, a 32-unit assisted living and memory care community in Durham, North Carolina. The community was part of a purchase option negotiation with NHI’s tenant Navion Senior Solutions (Navion), formerly Ravn Senior Solutions, when NHI purchased two communities in North Carolina in February 2017. NHI’s investment will include the purchase price of $7,550,000 and up to $650,000 for a 4-unit expansion and capital improvements to the existing building. The community will be added to an existing master lease with nearly 14 years remaining at a blended yield of 7.15% with annual escalators and two 5-year renewal options. NHI purchased the community with a draw on its revolving credit facility.

NHI’s President and CEO, Eric Mendelsohn, stated, “The early execution of this purchase option is an example of our commitment to work with our operating partners to make sound investments and strengthen our business relationships.”

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 Navion
Navion Senior Solutions is a family-owned business headed by a management team with a combined eighty-five years of senior living management experience and operates a multi-faceted business platform, including developing & operating senior housing communities throughout the Southeastern US, launching senior-focused technology businesses, & advising innovative new companies that improve the lives of seniors. For more information, visit www.navionseniorsolutions.com.