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MURFREESBORO, Tenn. — National Health Investors Inc. (NYSE: NHI) has entered into a memorandum of understanding with Welltower (NYSE: WELL) regarding a lawsuit over a portfolio of Holiday Retirement properties.
The agreement sets forth principal terms by which NHI and Welltower agree to operate until the execution of a final settlement agreement resolves the litigation.
The agreement states that both REITs wish to transition the 16 communities to new tenants. The two companies will cooperate to sell one of the communities.
Meanwhile, Welltower will pay NHI $6.9 million, which will be held in escrow until the final settlement. NHI is also entitled to an $8.8 million security deposit.
Following these moves, NHI plans to dismiss the lawsuit.