NHI selling facilities for $44M, to issue special dividend
Continuing its flurry of late-year news, National Health Investors says it has signed agreements to sell seven properties in four states and will pay investors a special dividend next month.
Murfreesboro-based NHI says it already has completed the sale of a senior-living campus in New Jersey to Sunrise Senior Living for $23 million. Nursing home operator National HealthCare Corp. has signed an agreement to buy six properties in Tennessee, Kentucky and Georgia — two are in Columbia and one is in Springfield — for $21 million. Those deals are expected to be completed by the end of next year.
NHI also has extended NHC's master lease covering 41 other properties through 2026. Starting in 2014, the rent NHC pays NHI will drop to $30.7 million from $33.7 million.
“This new agreement with our largest customer strengthens NHI’s relationship with one of the nation’s most experienced and financially sound healthcare operators,” said Justin Hutchens, NHI’s president and CEO. “The 2026 expiration provides long-term stability while the sale of the six older facilities enhances NHI’s portfolio by reducing SNF concentration.”
Hutchens also said NHI shareholders will receive a special dividend of 22 cents per share next month. The payout, which will count as a 2012 event for tax records, will cost NHI about $6.1 million and comes after it received a mortgage payoff of $4.6 million. The company (Ticker: NHI) pays quarterly dividends of 67 cents per share.
NHI execs have been busy this month. Earlier this week, they announced deals to buy properties in Wisconsin and the Northwest for a combined $29 million.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS




