Murfreesboro, TN-based National Health Investors announced Monday that its board of directors on Friday had approved a repurchase plan for up to $240 million of the real estate investment trust’s common stock.
The approval is good for one year and allows NHI to repurchase common stock from time to time in open-market transactions at prevailing market prices. The plan does not obligate the REIT to repurchase any specific number of shares.
“The timing and number of shares repurchased, if any, will depend on a variety of factors, including price, general market and economic conditions, alternative investment opportunities and other corporate considerations,” the company said.
NHI also announced that as part of its strategy to optimize its portfolio this year, the REIT on April 15 sold two Texas memory care communities with a total of 74 units for net proceeds of approximately $7.3 million. The communities previously were classified as held for sale and operated under net operating income-based leases from which NHI received no rental income in 2021 or in the first quarter of 2022.