May 14, 2018
MURFREESBORO, TN–National Health Investors, Inc. (NYSE: NHI) announced that it has acquired two skilled nursing facilities (“SNF”) in Texas for $29 million and will lease the facilities to affiliates of The Ensign Group, Inc. (“Ensign”).
The newly acquired facilities will be added to the existing master lease at an incremental rate of 8.1% plus annual lease escalators based on inflation and the master lease obligations will be guaranteed by The Ensign Group, Inc.
The facilities, a 132-bed SNF located in Garland, Texas and a 132-bed SNF located in Fort Worth, Texas, join the current Ensign assets comprised of 17 SNFs located in Texas. The acquisition of these two facilities completes NHI’s commitment to acquire 4 SNFs in development. These acquisitions were funded by NHI’s revolving credit facility.
Eric Mendelsohn, NHI President and CEO, stated, “NHI appreciates having an operating partner like Ensign. We are aligned in our commitment to develop high-quality skilled nursing facilities that are the standard setter for their local market areas.”