MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors (NYSE: NHI) announced today its NHI – Bickford
Senior Living joint venture acquired a 101-unit assisted living and
memory care community in Middleton, Ohio for $18.1 million.
The transaction consists of $8.55 million in cash and the assumption of
$9.55 million HUD-secured debt with an interest rate of 2.9% inclusive
of the mortgage insurance premium. The facility will be leased to the
joint venture under terms structured to comply with RIDEA provisions.
The community was valued at an 8.7% capitalization rate on its trailing
net operating income performance.
Built in 2010, the community is 91% occupied, primarily private-pay
backed and generates approximately $3,500 revenue per unit per month.
Operations will be managed by Bickford Senior Living. This acquisition
expands the NHI-Bickford Senior Living joint venture to 31 communities
in six states.
The purchase was funded with borrowings on NHI’s revolving credit
facility.
About NHI
National Health Investors, Inc. (NYSE: NHI) is a real estate investment
trust (REIT) specializing in financing healthcare real estate by
sale-leaseback, joint-venture, mortgages and mezzanine financing. NHI’s
investments include senior housing (assisted living, memory care,
independent living and senior living campuses), skilled nursing, medical
office buildings and specialty hospitals. NHI was incorporated and
publicly listed in 1991. For more information, visit www.nhireit.com.
About Bickford Senior Living
Bickford Senior Living, founded in 1991, is headquartered in Olathe,
Kansas and operates 50 assisted living, memory care and independent
living facilities in Kansas, Iowa, Illinois, Indiana, Missouri, Georgia,
Nebraska and Michigan and has experience in constructing over 150 of
these types of facilities for various owners.
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.