National Health Investors, Inc. (NYSE:NHI) announced it has completed the sale of 3 skilled nursing facilities in Texas to Fundamental Long Term Care Holdings, LLC ("Fundamental") for $18,491,000. Fundamental owns and operates over a 130 long term care facilities in more than 17 states. Fundamental is owned and controlled by Murray Forman and Leonard Grunstein.
The facilities, totaling 484 beds, have an average age of 41 years. Cash rent to NHI for 2013 for the 3 facilities sold was approximately $2,138,000, after allocations under the amended master lease. NHI continues to lease 4 skilled nursing facilities to Fundamental.