National Health Investors, Inc. (NYSE:NHI) announced it has closed a $10.15 million purchase/leaseback transaction with affiliates of Senior Living Management(SLM) involving three assisted living facilities totaling 108 beds in Florida. The three facilities are being leased to Senior Living Management for 15 years with two five year renewal options. The purchase, which was funded from NHI’s revolving credit facility, expands the relationship between NHI and SLM to total of five facilities. NHI has invested a total of $141 million during 2010.
Justin Hutchens, NHI President and COO stated, "NHI is pleased to expand our real estate portfolio with these high quality and stabilized assisted living communities. Senior Living Management has operated the communities successfully since their opening ten years ago, and they are located in solid markets."