National Health Investors, Inc. (NYSE: NHI) acquired six senior housing properties totaling 443 units across Kentucky, Michigan, and Tennessee for $107.7 million, including transaction costs, according to a press release.

The properties will be added to NHI's Senior Housing Operating Portfolio (SHOP) segment and managed by Allegro Living Management, an affiliate of existing NHI partner Allegro Living. The communities are expected to generate an initial net operating income (NOI) yield of approximately 7.0%, or 6.6% after routine capital expenditures. NHI expects to invest an additional $2.3 million in the properties during the first year.

NHI also reported approximately $164.3 million in investment opportunities under signed letters of intent and approximately $51.7 million under real estate purchase options. The company stated it plans to use proceeds from a Section 1031 exchange tied to a prior NHC portfolio sale to fund a significant portion of these opportunities, with the goal of deferring recognition of a substantial portion of taxable gains from that sale.

Beyond signed letters of intent, NHI said it is evaluating a pipeline of approximately $285 million in additional investments, including SHOP properties, sale-leasebacks, and loans with purchase options, primarily for senior housing. The pipeline excludes portfolio deals.