NHI To Acquire 25 Independent Living Facilities For $491 Mln

(RTTNews) - National Health Investors, Inc. (NHI) said Tuesday that it has signed a definitive purchase agreement to acquire 25 independent living facilities from certain subsidiaries of Holiday Acquisition Holdings LLC, an affiliate of Holiday Retirement, for a total purchase price of $491 million.

The acquisition is expected to close by December 31.

Following the closing of the acquisition, the 25 independent living facilities will continue to be operated by affiliates of Holiday Retirement pursuant to a 17-year master lease signed by an affiliate of Holiday. The 25 facilities total 2,841 units, have a median age of 16 years and have an average occupancy rate for the nine months ended September 30, 2013 of 89% .