MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today it has
entered into an agreement with Bickford Senior Living and its affiliates
(“Bickford”) to construct up to 8 assisted living and memory care
facilities over the next three years, with construction of the first
facility to begin in the second half of 2012. Each facility is estimated
to have 60 beds at a total average cost of $9 million or less. The
parties expect to initiate up to three development projects per year
over the three-year period. The facilities will be leased to Bickford
over 15 years at an initial annual lease rate of 9% plus annual fixed
escalators. NHI currently leases eight other assisted living and memory
care facilities to Bickford. NHI has agreed to immediately provide a $3
million revolving credit facility to Bickford to fund the market
feasibility and pre-construction costs related to the new development
projects.
Bickford, headquartered in Olathe, Kansas, has experience in
constructing over 150 assisted living, memory care and independent
living facilities, including 40 of the 42 that they currently operate in
Kansas, Iowa, Illinois, Indiana, Missouri, Nebraska and Michigan.
Justin Hutchens, NHI President and Chief Executive Officer, noted, “We
are very pleased to deepen our existing business relationship with a
high-quality, experienced operator in Bickford Senior Living. They have
a proven track record in identifying good markets and constructing
assisted living and memory care facilities that meet the demand for
need-based, private pay residents. This development agreement helps us
achieve our ongoing strategic thrust of increasing our portfolio revenue
from senior housing assets that are not dependent on government payors.”
About National Health Investors
National Health Investors, Inc. is a healthcare real estate investment
trust that specializes in the financing of healthcare real estate by
purchase and leaseback transactions and by mortgage loans. NHI’s
investments involve skilled nursing facilities, assisted living
facilities, independent living facilities, medical office buildings and
hospitals. The common stock of the company trades on the New York Stock
Exchange with the symbol NHI. Additional information about NHI,
including its most recent press releases, may be obtained on NHI's web
site at www.nhireit.com.
Statements in this press release that are not historical facts are
forward-looking statements. NHI cautions investors that any
forward-looking statements may involve risks and uncertainties and are
not guarantees of future performance. All forward-looking statements
represent NHI's judgment as of the date of this release.Investors
are urged to carefully review and consider the various disclosures made
by NHI in its periodic reports filed with the Securities and Exchange
Commission, including the risk factors and other information disclosed
in NHI’s Annual Report on Form 10-K for the most recently ended fiscal
year. Copies of these filings are available at no cost on the SEC's web
site at http://www.sec.gov
or on NHI’s web site at http://www.nhireit.com
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.