NHI Acquires Six Senior Housing Properties in $107.7 Million Investment
National Health Investors (NYSE:NHI) has acquired six senior housing properties across Kentucky, Michigan, and Tennessee for a total investment of $107.7 million, including transaction costs. The acquisition includes 443 units that will be managed by Allegro Living Management under NHI's Senior Housing Operating Portfolio segment. An additional $2.3 million is expected to be invested in the first year following routine capital expenditures. The properties are projected to yield an initial net operating income (NOI) of approximately 7.0% and 6.6%. The company currently has around $164.3 million under signed Letters of Intent for future investments, with a broader pipeline totaling about $285 million in potential senior housing-related opportunities. NHI plans to use proceeds from its Section 1031 exchange transaction stemming from the NHC portfolio sale to fund these new acquisitions and defer taxable gains.
Tickers: $NHI
Topics: investment REIT activity senior housing