Discovery Senior Living, NHI Launch Milestone JV; Acquire 9-Community Independent Living Portfolio
Apr 4, 2022
Discovery Senior Living
Discovery Senior Living and NHI have announced the acquisition and rebranding of 10 former Holiday Retirement communities.
Discovery Senior Living ("Discovery") and National Health Investors ("NHI") have announced a new, joint venture, the provisions for which include the acquisition and rebranding of nine (9) former Holiday Retirement communities. Management functions for the communities, which are located in Arkansas (2), Georgia (2), Ohio (1), Oklahoma (1), New Jersey (1) and South Carolina (2), have been transferred to Discovery Senior Living and its subsidiary management companies, effective immediately. Additionally, Discovery will be assuming operations of an assisted living community in Vero Beach, Florida, through Discovery and NHI's existing joint venture.
The acquisition represents a breakthrough JV for NHI, which will share ownership of the new, nine-community, Independent Living portfolio with affiliates of the Discovery organization. Of the newly rebranded communities, seven were allocated across Discovery's new, Morada and TerraBella Regional Management Companies, with the remaining three split up between the provider's Rittenhouse Village, Seaton Senior Living and flagship Discovery Village portfolios.
The move is the latest in a trio of large-scale acquisitions that have seen the Discovery enterprise and its capital partners add 39 communities since November 2. The joint venture with NHI helps establish a debut presence in Arkansas, New Jersey and Ohio, which become the 17th, 18th and 19th states in which the senior living provider now owns and/or operates communities.
"We are very enthusiastic to grow our relationship even more closely with NHI and see tremendous opportunities to leverage our unique operating management structure to position these communities for further success. The leadership team at NHI has been a tremendous partner before, during and after the pandemic and we are both humbled and excited to be part of their continued forward evolution while executing our proprietary growth plans," said Richard J. Hutchinson, CEO of Discovery Senior Living.
"We are excited to expand our relationship with Discovery through this new joint venture which is a transformative operating model for NHI. Our decision to pivot from the traditional triple-net lease model to an operating partnership is a milestone moment for the company and one we would only contemplate with a trusted and experienced partner like Discovery. This creates another avenue of long-term growth for NHI and we are confident that Discovery will be a key partner in delivering that growth," said Eric Mendelsohn, President and CEO of NHI.
Including the latest acquisitions, Discovery Senior Living now operates a portfolio of 110 communities together encompassing more than 15,000 units.
About Discovery Senior Living
Discovery Senior Living is a family of companies that includes Discovery Management Group, Morada Senior Living, TerraBella Senior Living, Discovery Development Group, Discovery Design Concepts, Discovery Marketing Group, and Discovery At Home, a Medicare-certified home healthcare company. With almost three decades of experience, the award-winning management group has been developing, building, marketing, and operating upscale senior-living communities across the United States. By leveraging its innovative "Experiential Living" operating philosophy across a growing portfolio of more than 15,000 existing homes or homes under development, Discovery Senior Living is a recognized industry leader for lifestyle customization and today ranks among the 10 largest U.S. senior living operators and providers.
About National Health Investors
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 communities, skilled nursing facilities, medical office buildings and specialty hospitals.
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Original Source: Discovery Senior Living, NHI Launch Milestone JV; Acquire 9-Community Independent Living Portfolio
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