Benzinga | Dec 27, 2021 04:34PM EST

NHI Files LawsuitAgainst Welltower Related To Legacy Holiday Properties; Says 'The Litigation further asserts that the Welltower Entities currently owe more than $14.1 million in back rent'

MURFREESBORO, TN / ACCESSWIRE / December 27, 2021 / National Health Investors, Inc. (NYSE:NHI), NHI-REIT of Next House, LLC, Myrtle Beach Retirement Resident LLC, and Vorhees Retirement Residence LLC (collectively, "NHI") have filed suit against Welltower and certain of its subsidiaries (collectively, the "Welltower Entities") in the Delaware Court of Chancery (the "Litigation"). In the Litigation, NHI contends that the Welltower Entities have failed repeatedly to honor their legal obligations to NHI. In particular, NHI asserts that the Welltower Entities acquired assets from a third party, Holiday Retirement, that included leases to NHI senior living facilities and fraudulently induced NHI to consent to the assignment of the leases, and then immediately failed to pay rent or provide a promised security agreement that was intended to secure against their default, all as part of an effort to pressure NHI to agree to new conditions outside the assignment agreement or force a sale of the properties to the Welltower Entities. The Litigation further asserts that the Welltower Entities currently owe more than $14.1 million in back rent. The litigation is styled NHI, Plaintiffs v. Welltower Entities, Defendants under case number 2021-1097-MTZ.