NHI Provides $42.5 Million Senior Loan and Exercises Purchase Option to Acquire a 60-Unit Community in Virginia

MURFREESBORO, TN / ACCESSWIRE / November 21, 2022 / National Health Investors, Inc. (NYSE:NHI) today announced that it funded a $42.5 million senior loan to refinance a portfolio of skilled nursing facilities located in Texas. The loan is being made to an affiliate of Capital Funding Group and the properties are leased by subsidiaries of The Ensign Group, Inc. (ENSG). The five-year loan has an annual interest rate of 7.25% with two one-year extensions.

NHI also announced that it has exercised its purchase option to acquire Bickford of Virginia Beach, a 60-unit assisted living and memory care community in Virginia Beach, VA. The acquisition was primarily funded with the satisfaction of a $14.0 million construction loan due from Bickford Senior Living ("Bickford"). The community was added to an existing master lease with Bickford at an initial cash lease yield of 8.0% based on a $17.2 million investment. As part of the transaction, NHI agreed to a $3.0 million credit to Bickford's outstanding deferral balance. The Virginia Beach pro forma EBITDARM coverage through the twelve months ended June 30, 2022, was 1.68x and is therefore expected to improve Bickford's total coverage with NHI.

About NHI

Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale, leasebacks, joint-ventures, senior housing operating partnerships, and mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, and specialty hospitals. For more information, visit www.nhireit.com.