NHI Expands Comfort Care Partnership
National Health Investors expanded its relationship with Comfort Care Senior Living, adding another Michigan assisted living community to its existing portfolio with the operator. The collaboration began in 2018 when NHI acquired two assisted living communities in Bridgeport and Saginaw, Michigan for $17.1 million, or $164,400 per unit. Those properties, both built within the last five years, were then leased to Comfort Care at an average yield of 8.1% with CPI-based escalators. Now, NHI is acquiring a brand-new, 73-unit assisted living/memory care community in the town of Brighton at a price of $13.5 million, or $184,900 per unit. Comfort Care is assuming operations under a 10-year lease... Read More »
NHI Adds Another Holiday Retirement Community to Master Lease
In the middle of restructuring and extending its master lease with Holiday Retirement, National Health Investors also was able to acquire a senior living community in Vero Beach, Florida. Consisting of 157 independent living and 75 assisted living units, the community was leased back to Holiday for approximately $2.6 million in rent annually. It falls under the new lease terms, which come with annual lease escalators beginning November 1, 2020 and varying between 2% and 3% depending on the annual revenue growth of the 26-property Holiday portfolio. As part of the acquisition and lease restructuring, Holiday also paid NHI $17.1 million in cash and relinquished a $10.6 million cash security... Read More »
REIT Buys Boston Senior Care Property
National Health Investors picked up a senior care campus outside of Boston, Massachusetts for a purchase price over $50 million. The REIT also immediately leased it back to the previous operator, Wingate Healthcare, for a 10-year term with three 5-year renewal options and an initial annual lease rate of 7.5% plus annual fixed escalators. Located in Kingston, this campus features three separate buildings with 34 independent living units, 69 assisted living units and 164 skilled nursing beds. Funding the acquisition with a draw on its revolving credit facility, NHI plans to spend up to $1.9 million in capital improvements over the next two years, which will be added to the lease... Read More »
NHI Finances CCRC Expansion Project in Phoenix
The Phoenix, Arizona market has been a hotbed of senior living construction activity thanks to its rapidly growing retiree population, and a large CCRC catering to high-income residents is looking to capture part of that growth with an independent living expansion. Sagewood already has 316 independent living units, 44 assisted living units, 28 memory care units and 78 skilled nursing beds. Demand for independent living was strong (with the IL units fully occupied in 2018), so ownership decided to build a Phase II, which included 101 more units. It was clearly the right decision, as 96% of the new IL units are already presold, with entrance fees projected to average $700,000. Recently, the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
