NHI Acquires $30M Nursing Portfolio in Texas
- May 15, 2018
National Health Investors Inc. (NHI) has bought two skilled nursing facilities in Texas for $29 million. The Ensign Group Inc. will be leasing both facilities, completing its current 17-asset lineup. The transacted portfolio includes a 132-bed skilled nursing facility in Garland, Texas, and a 132-bed skilled nursing facility in Fort Worth, Texas.
The properties will be added to Ensign’s existing master lease obligations at an incremental rate of 8.1 percent plus annual lease escalators based on inflation. NHI President & CEO Eric Mendelsohn arranged the transaction.
“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,” said Mendelsohn in prepared remarks.
NHI recently bought a 121-bed skilled nursing facility in Waxahachie, Texas, for $14.4 million. The property was also leased to an affiliate of The Ensign Group Inc. The company’s revolving credit facility funded the acquisitions.