National Health Investors, Inc. (NYSE:NHI) announced today that it has invested $89.2 million, including transaction costs, in four separate transactions at an average initial yield of 8.20%.
The Investments
$52.1 million (including transaction costs) for the acquisition of a 107-unit assisted living and memory care community in Jamison, PA operated by Priority Life Care (“PLC”) which is a new relationship for NHI. The community is leased pursuant to a 5-year lease with an initial lease rate of 8.00% plus a revenue participation feature. In addition, both NHI and PLC have agreed to the terms upon which NHI would acquire the operations of the property pursuant to a RIDEA-compliant structure.
$7.0 million (including transaction costs) for the acquisition of a 56-unit assisted living and memory care community in Anniston, AL operated by William James Group. This property was added to the existing triple-net master lease with William James Group that now operates four properties for NHI. The master lease has an existing lease rate of 8.25% with fixed annual escalators of 2.00% and matures in November 2034.
$18.8 million funded for a mortgage note receivable secured by a 94-unit assisted living and memory care community in Mount Pleasant, SC. The five-year loan agreement with Fellowship Senior Living has an annual interest rate of 8.50% with an option to purchase the property upon the satisfaction of certain conditions.
$11.3 million funded for a mortgage note receivable secured by a 141-unit independent living facility in Wichita Falls, TX. The five-year loan agreement with affiliates of Silver Wave Capital has an annual interest rate of 8.75% with an option to purchase the property upon the satisfaction of certain conditions.
Investment Activity and Pipeline
NHI has completed investments of approximately $392.4 million year-to-date in 2025 at an average initial yield of 8.10%. The Company currently has approximately $214.0 million in signed letters of intent at an average expected yield of approximately 7.80% after routine capital expenditures and primarily structured as SHOP investments. In addition, NHI is evaluating an incremental pipeline of approximately $423 million in senior housing investments excluding large portfolio deals.
About National Health Investors
National Health Investors, Inc. (NYSE:NHI), established in 1991, is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (“SHOP”). NHI’s portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. For more information, visit www.nhireit.com.
Source: National Health Investors – Investor Relations
Original Publication Date: December 18, 2025
