Did Emeritus Corporation signs multimillion dollar lease with National Health?
Seattle-based Emeritus Corporation, a national provider of assisted living and Alzheimer’s care services, announced this week it has reached an agreement with Murfreesboro-based National Health Investors Inc. to lease eight senior living communities in Arizona, South Carolina and Tennessee. The lease agreement, effective Jan. 1, has an initial term of 15 years with two available extension options of five years each. Emeritus will have the right to purchase the facilities after 11 years. Annual rent will start at $3.4 million, with annual increases during the initial term. Emeritus and NHI will split $1.5 million in capital expenses in 2010. The lease with NHI’s existing tenant had expired; according to NHI filings, the new lease represents a 10 percent increase over the previous lease’s income. It is the first business relationship between the two companies. However, Justin Hutchens, National Health Investors’ president and CEO, is the former COO of Emeritus. The lease encompasses 258
Seattle-based Emeritus Corporation , a national provider of assisted living and Alzheimer’s care services, announced this week it has reached an agreement with Murfreesboro-based National Health Investors Inc. ยป Full Sources: http://us.lrd.yahoo.com/_ylt=An9_aFFCeoAlBa6iWezlVr10fNdF/SIG=142cpmdkl/**http%3A//wichita.bizjournals.com/wichita/othercities/nashville/stories/2009/12/14/daily9.
