MURFREESBORO, Tenn.--(BUSINESS WIRE)--National Health Investors, Inc. (NYSE:NHI) announced today that it will acquire an entrance-fee continuing care retirement community, in North Branford, Connecticut. The community will be leased to NHI’s current tenant, Senior Living Communities, headquartered in Charlotte, North Carolina. NHI’s total investment, including acquisition of the facility and other costs, will be $74 million, and the lease term will be 13 years at a lease rate of 6.77% with a 4% annual escalator on January 1, 2017 and 2018 and a 3% annual escalator thereafter. The investment, planned for closing in mid-November 2016, will be funded with a draw on NHI’s revolving credit facility.
The CCRC consists of 227 independent living units, 22 assisted living/memory care units and 50 skilled nursing units. This community will be the ninth leased by NHI to SLC.
Eric Mendelsohn, NHI’s President and CEO, stated, “We are excited to have this opportunity to add another high-quality CCRC to our portfolio under the management of our experienced and well-respected tenant, Senior Living Communities.”
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.