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MURFREESBORO, Tenn.—National Health Investors, Inc. (NYSE:NHI) has signed a definitive agreement with an affiliate of Life Care Services (LCS) to form a joint venture to own and operate the Timber Ridge at Talus continuing care retirement community, in Issaquah, Wash.

The joint venture is acquiring Timber Ridge from a joint venture between Westminster Capital and LCS for a purchase price of $133 million, exclusive of closing costs which are estimated to be approximately $2.0 million.

Timber Ridge serves the greater Seattle area. The existing campus was built in 2008 and an extensive expansion project was completed in 2017 with financing provided by NHI. The community is over 95 percent occupied and has 401 units including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds.

NHI’s total investment is $125 million and will be partially funded with an $81 million first mortgage from NHI representing approximately 60 percent of the cost. It is expected to close on or around

NHI president and CEO Eric Mendelsohn stated, “I’m thrilled to announce this joint venture with LCS, which is highly regarded as one of the premier operators of CCRC properties in the country. Timber Ridge is a first class community in a high barrier to entry market in the Pacific Northwest and an excellent fit to the growing NHI portfolio.”

About LCS

LCS is the nation’s second largest senior living operator and a leading provider of high-quality senior lifestyle products and services, serving thousands of seniors across the nation. Committed to service, the LCS Family of Companies focuses on development, operations management, marketing and sales management, and strategic planning for Continuing Care/Life Plan and rental communities, rental independent living, assisted living, and memory care communities nationwide. Based in Des Moines, Iowa, the LCS Family of Companies provides a full-service real estate private equity enterprise, insurance, national purchasing consulting services and in-home care. In the field of senior living, Experience is Everything. For more information, visit LCSnet.com.

About NHI

Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals. For more information, visit www.nhireit.com.

About Westminster Capital

Westminster Capital manages real estate investment strategies on behalf of private wealth capital through commercial property investments across the United States in industrial/distribution, apartments, medical office and senior living properties. Founded in 1988, the firm is headquartered in Lake Forest, Ill. Visit WestminsterCapitalllc.com

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