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NHI To Acquire 25 Independent Living Facilities From Affiliate Of Holiday Retirement For $491 Million

National Health Investors, Inc. (NYSE:NHI) announced today it has signed a definitive purchase agreement to acquire 25 independent living facilities from certain subsidiaries of Holiday Acquisition Holdings LLC (“Holiday”), an affiliate of Holiday Retirement, for a total purchase price of $491 million. The acquisition is expected to close by December 31, 2013. Wells Fargo Securities, LLC served as financial advisor to NHI on this transaction.

Following the closing of the acquisition, the 25 independent living facilities will continue to be operated by affiliates of Holiday Retirement pursuant to a 17-year master lease signed by an affiliate of Holiday. The lease equates to an initial cash yield of 6.5% on the purchase price with annual escalators of 4.5% in years two through four and annual escalators thereafter at 3.5%, or a maximum of 3.75% if CPI is higher during the preceding year.

Justin Hutchens, NHI’s CEO and President stated, “This investment is in line with our stated goals of partnering with strong operators, diversifying our portfolio, and financing growth in a conservative fashion. Holiday, a portfolio company of Fortress Investment Group, is an industry leading operator of independent living communities.”

Portfolio Highlights

  • The 25 facilities total 2,841 units, have a median age of 16 years and have an average occupancy rate for the nine months ended September 30, 2013 of 89%
  • Locations: Arkansas, California, Georgia, Idaho, Indiana, Louisiana, New Jersey, Ohio, Oklahoma, Oregon, South Carolina and Washington

Portfolio Details

     

Property Name

   

Units

   

Market

   

State

1     Apple Blossom     119     Rogers     AR
2     Butterfield Place     117     Fort Smith     AR
3     Bay Park     98     Pinole     CA
4     Bridgecreek     108     West Covina     CA
5     Camelot     136     Hemet     CA
6     Fig Garden     103     Fresno     CA
7     Hampshire     115     Merced     CA
8     Mistywood     117     Roseville     CA
9     Standiford Place     121     Modesto     CA
10     Iris Place     142     Athens     GA
11     Riverplace     114     Columbus     GA
12     River’s Edge     121     Savannah     GA
13     Chateau De Boise     97     Boise     ID
14     Arbor Glen     120     Fort Wayne     IN
15     Nouveau Marc     113     Kenner     LA
16     Yardley Commons     107     Voorhees     NJ
17     Worthington     117     Gahanna     OH
18     Silver Arrow Estates     126     Broken Arrow     OK
19     Astor House at Springbrook Oak     121     Newberg     OR
20     Eagle Crest     120     Myrtle Beach     SC
21     Westminster     117     Greenville     SC
22     Bedford     103     Vancouver     WA
23     Garden Club     105     Bellevue     WA
24     Kamlu Retirement Inn - Vancouver     83     Vancouver     WA
25     Orchard Park     101     Yakima     WA
               

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 www.nhireit.com.

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 http://www.sec.gov or on NHI’s web site at http://www.nhireit.com .

Copyright Business Wire 2010

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