National Health Investors buys 126-bed Texas skilled nursing unit for $13.9M
National Health Investors, Inc. (NYSE: NHI) announced that it has acquired a 126-bed skilled nursing facility in New Braunfels, Texas for $13,900,000 and will lease the facility to an affiliate of The Ensign Group, Inc. (“Ensign”). The acquisition is the first of four that NHI had previously committed to and will be added to the existing lease at an initial rate of 8.35% plus annual lease escalators based on inflation.
The facility, which opened in September 2015, joins the current Ensign assets comprised of 15 skilled nursing facilities located in Texas. Two of the remaining facilities were licensed in the first quarter of 2017 and the remaining facility is expected to be licensed in the second quarter of 2017. The acquisition was funded from NHI’s revolving credit facility.
Eric Mendelsohn, CEO and President of NHI, stated, “We value the opportunity to expand our relationship with Ensign, one of the nation’s top operators, and remain committed to helping our existing customers grow.”