National Health Investors, Inc. (NYSE:NHI) recently acquired two assisted living communities for $9 million from Milestone Retirement Communities, LLC in a sale/leaseback transaction.
The two properties have a total of 101 units and are located in Ontario, Ore. and Weiser, Ida.
Milestone will lease and continue to operate the communities. The lease has an initial 10-year term with renewal options and a lease rate of 7.75% plus annual fixed escalators.
NHI funded the acquisition with borrowings from its revolving credit facility.
“This acquisition continues the growth of our assisted living portfolio with an experienced operator,” said Justin Hutchens, NHI’s President and CEO.
Written by Alyssa Gerace