REBusinessOnline

NHI to Acquire Five Bickford Seniors Housing Communities in the Midwest for $87.5M

MURFREESBORO, TENN. National Health Investors Inc. (NYSE: NHI), a Murfreesboro-based REIT, has exercised an $87.5 million purchase option on five assisted living and memory care communities currently owned and operated by Bickford Senior Living.

The acquisitions include a 56-unit community in Crystal Lake, Iowa; a 76-unit community in St. Charles, Mo.; a 56-unit community in Oswego, Ill.; a 40-unit community in Omaha, Neb.; and a 49-unit community in West Des Moines, Iowa. The properties total 277 units with an average occupancy of 92 percent and an average age of 12 years.

NHI has committed $2.4 million for capital improvements and expansions on the existing facilities. Bickford will continue to operate the communities under a 15-year lease with two five-year renewal options and a 3 percent annual lease escalator.

The acquisition was funded with available cash and borrowings on the company’s revolving credit facility.

“We are very pleased to exercise our purchase option on these high-quality, high-performing facilities and to expand our existing relationship with Bickford Senior Living,” says Eric Mendelsohn, president and CEO of NHI.

National Health Investors specializes in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments.

NHI’s stock price closed on Monday, May 23 at $67.49 per share, up from $63.15 per share at this time last year.

Katie Sloan

 

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