National Health Investors, Inc. (NYSE:NHI) has announced the completion of the purchase of six Florida skilled nursing facilities from Care foundation of America, Inc. The purchase amount was $67 million. The facilities are currently being leased to Health Services Management, Inc. for $6.2 million per year and a 3% escalator beginning at the start of the third lease year. The lease will expire in 2014 with a 3 year optional renewal term.
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The Florida facilities hold a total of 780 beds. They have been part of NHI’s mortgage loan portfolio for sixteen years. The purchase was a result of the dismissal of pending litigation between NHI and CFA. Earnings prior to interest, taxes, depreciation, amortization and rents for the facilities totaled $10.6 million for the twelve months ended November 30, 2009.
National Health Investors, Inc. (NHI) is a real estate investment trust (REIT), which invests in health care properties primarily in the long-term care industry. As of December 31, 2008, it had ownership interests in real estate and mortgage investments (excluding assets held for sale). NHI revenues are derived primarily from mortgage interest income and rental income. As of December 31, 2008, the Company had investments in real estate and mortgage notes receivable in 123 health care facilities located in 17 states consisting of 83 long-term care facilities, one acute care hospital, four medical office buildings, 14 assisted living facilities, four retirement centers and 17 residential projects for the developmentally disabled. As of December 31, 2008, 32% of the total invested assets of the Health Care Facilities were operated by publicly-held company operators, 58% by regional operators, and 10% by small operators.
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