MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors (NYSE: NHI) announced today its NHI-Bickford
Senior Living joint venture has acquired Fairfield Village in Lancaster,
OH, an assisted living and memory care community, for $21 million in
cash.
Highlights
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Built in 2006
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92 units (69 ALF, 23 MC)
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95% occupied
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Valued at an 8.0% capitalization rate on its trailing net operating
income performance
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Generates approximately $3,900 revenue per unit per month
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80% private pay
Fairfield Village will be leased to the joint venture under terms
structured to comply with RIDEA provisions and operations will be
managed by Bickford Senior Living. This acquisition expands the
NHI-Bickford Senior Living joint venture to 32 communities in six
states. The purchase was funded with borrowings on NHI’s revolving
credit facility.
About NHI
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a
real estate investment trust specializing in sale-leaseback,
joint-venture, mortgage and mezzanine financing of need-driven and
discretionary senior housing and medical investments. NHI’s portfolio
consists of independent, assisted and memory care communities,
entrance-fee retirement communities, skilled nursing facilities, medical
office buildings and specialty hospitals. For more information, visit www.nhireit.com.
About Bickford Senior Living
Bickford Senior Living manages and operates 50 Independent Living,
Assisted Living and Memory Care branches in Georgia, Illinois, Indiana,
Iowa, Kansas, Missouri, Nebraska, Michigan and Ohio, with headquarters
located in Olathe, KS. The company was created when owners Don and Judie
Eby were unable to find a quality assisted living residence for their
mother, Mary Bickford who was diagnosed with Alzheimer’s disease.
Safe Harbor Statement
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.These
statements include, but are not limited to, statements regarding the
benefits of the transaction, including future financial and operating
results, statements regarding plans, objectives, expectations relating
to the transaction and other statements that are not historical facts.All statements regarding the Company’s, tenants’, operators’,
borrowers’ or managers’ expected future financial position, results of
operations, cash flows, funds from operations, dividend and dividend
plans, financing opportunities and plans, capital market transactions,
business strategy, budgets, projected costs, operating metrics, capital
expenditures, competitive positions, acquisitions, investment
opportunities, dispositions, acquisition integration, growth
opportunities, expected lease income, continued qualification as a real
estate investment trust (“REIT”), plans and objectives of management for
future operations, continued performance improvements, ability to
service and refinance our debt obligations, ability to finance growth
opportunities, and similar statements including, without limitation,
those containing words such as “may,” “will,” “believes,” “anticipates,”
“expects,” “intends,” “estimates,” “plans,” and other similar
expressions are forward-looking statements.Forward-looking
statements involve known and unknown risks and uncertainties that may
cause our actual results in future periods to differ materially from
those projected or contemplated in the forward-looking statements. Such
risks and uncertainties include, among other things:the risk
that the expected benefits of the transaction, including financial
results, may not be fully realized or may take longer to realize than
expected;risks related to disruption of management’s attention
from ongoing business operations due to the proposed transaction;the
effect of the announcement of the transaction on NHI’S relationships
with their respective customers, tenants, lenders, operating results and
businesses generally;the operating success of our tenants and
borrowers for collection of our lease and interest income; the success
of property development and construction activities, which may fail to
achieve the operating results we expect; the risk that our tenants and
borrowers may become subject to bankruptcy or insolvency proceedings;
risks related to governmental regulations and payors, principally
Medicare and Medicaid, and the effect that lower reimbursement rates
would have on our tenants’ and borrowers’ business; the risk that the
cash flows of our tenants and borrowers would be adversely affected by
increased liability claims and liability insurance costs; risks related
to environmental laws and the costs associated with liabilities related
to hazardous substances; the risk that we may not be fully indemnified
by our lessees and borrowers against future litigation; the success of
our future acquisitions and investments; our ability to reinvest cash in
real estate investments in a timely manner and on acceptable terms; the
potential need to incur more debt in the future, which may not be
available on terms acceptable to us; covenants related to our
indebtedness which impose certain operational limitations and a breach
of those covenants could materially adversely affect our financial
condition and results of operations; the risk that the illiquidity of
real estate investments could impede our ability to respond to adverse
changes in the performance of our properties; risks associated with our
investments in unconsolidated entities, including our lack of sole
decision-making authority and our reliance on the financial condition of
other interests; our dependence on revenues derived mainly from fixed
rate investments in real estate assets, while a portion of our debt
capital used to finance those investments bear interest at variable
rates. This circumstance creates interest rate risk to the Company; the
risk that our assets may be subject to impairment charges; our
dependence on the ability to continue to qualify for taxation as a real
estate investment trust;ownership limits in our charter with
respect to our common stock and other classes of capital stock which may
delay, defer or prevent a transaction or a change of control that might
involve a premium price for our common stock or might otherwise be in
the best interests of our stockholders; and certain provisions of
Maryland law and our charter and bylaws that could hinder, delay or
prevent a change in control transaction, even if the transaction
involves a premium price for our common stock or our stockholders
believe such transaction to be otherwise in their best interests.The
Company assumes no obligation to update any of the foregoing or any
other forward looking statements, except as required by law, and these
statements speak only as of the date on which they are made.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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150803005234/en/
National Health Investors, Inc.
Roger R. Hopkins, Chief Accounting
Officer, 615-890-9100
Source: National Health Investors, Inc.