This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NHI Completes $37 Million Acquisition And Settlement Resolution

National Health Investors (NYSE: NHI) announced today the acquisition of eight skilled nursing facilities, the resolution of a settlement agreement and the sale of six skilled nursing facilities.

On August 30, 2013, NHI completed an acquisition of eight skilled nursing facilities in Massachusetts and New Hampshire from ElderTrust of Florida, Inc. for consideration consisting of $23.3 million in cash and the cancellation of notes receivable from ElderTrust with a principal balance of $13.7 million. Beginning September 1, 2013, the facilities will be under a new triple-net lease to the current manager, National Healthcare Corporation (NYSE: NHC), for an initial period of 15 years at a lease amount of $350,000 for the remainder of 2013; beginning in 2014, a base lease amount of $3.4 million; and, beginning in 2015, the base lease amount plus an annual rent escalator calculated as 4% of the increase in each facility's revenue over a 2014 base year.

Additionally, NHI previously agreed to full settlement of its notes receivable from SeniorTrust of Florida, Inc., for $15 million in cash, received by NHI on June 27, 2013.

As a result of the foregoing, NHI has now completed the settlement agreement involving ElderTrust and SeniorTrust and believes it resolved, in full, the previously disclosed investigation by the Office of the Tennessee Attorney General, as well as the lawsuits regarding the two nonprofit corporations which are to be dismissed pursuant to the terms of the agreement.

As previously disclosed, NHI entered into an agreement with existing tenant NHC to sell six skilled nursing facilities for $21 million in cash. The sale closed on August 29, 2013. Further, NHI and NHC previously agreed to extend the master lease of 32 skilled nursing facilities and three independent living facilities to NHC through December 2026.

About National Health Investors

National Health Investors, Inc. (NYSE: NHI) is a healthcare real estate investment trust specializing in financing healthcare real estate by purchase and leaseback transactions, RIDEA transactions and by mortgage loans. NHI’s investments include assisted living, senior living campuses, independent living, skilled nursing facilities, medical office buildings, and hospitals. Find additional information about NHI at

Safe Harbor Statement

Statements in this press release that are not historical facts are forward-looking statements. NHI cautions investors that any forward-looking statements may involve risks and uncertainties and are not guarantees of future performance. All forward-looking statements represent NHI's judgment as of the date of this release. Investors are urged to carefully review and consider the various disclosures made by NHI in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information disclosed in NHI’s Annual Report on Form 10-K for the most recently ended fiscal year. Copies of these filings are available at no cost on the SEC's web site at or on NHI’s web site at .

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs