National Health Investors Inc. has purchased eight skilled nursing facilities in Texas for $118.5 million.
The facilities, which have more than 900 beds, are currently operated by NHI’s existing tenant, Legend Healthcare. Legend transitioned its operators to a new one. NHI has agreed to enter into a new 15-year master lease with affiliates of The Ensign Group Inc. on 15 former Legend facilities for an initial annual amount of $17.75 million, plus an annual escalator based on inflation.
Under the new lease agreements, in a deal expected to close May 1, NHI will sell two of its existing facilities in Texas totaling 245 beds to affiliates of Ensign for $24.6 million.
Additionally, NHI has committed to purchase four skilled nursing facilities in Texas from Legend for $56 million and lease to Ensign.
