MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE: NHI) announced today its
NHI-Bickford Senior Living joint venture will develop five senior
housing communities in Illinois and Virginia. Construction is slated to
start in early 2015 with openings planned for 2016. The total estimated
project cost is $55 million.
Each community will consist of 60 private-pay assisted living and memory
care units managed by Bickford Senior Living. The communities are
projected to yield double-digit returns at stabilization.
“We are excited to continue the successful execution of the joint
venture’s growth plan,” said Justin Hutchens, NHI’s CEO & President.
“Bickford’s management expertise and NHI’s financial strength combine
effectively to create value for our shareholders.”
“It’s exciting to continue growing the number of seniors we serve,” said
Joe Eby, President of Bickford Senior Living. “NHI shares our core
purpose of ‘enriching happiness’ in the lives of our residents. Having a
financial partner who thinks like an operator frees us to focus on
improving operations every day.”
These five communities are part of the previously announced agreement
between NHI and Bickford Senior Living to construct eight communities.
The first three, all in Indiana, opened in 2014. Once completed, the
NHI-Bickford joint venture will be comprised of 36 communities in eight
states. Construction will be funded with borrowings on NHI’s revolving
credit facility.
About National Health Investors
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 and
specialty hospitals. For more information, visit www.nhireit.com.
About Bickford Senior Living
Bickford Senior Living manages and operates 49 Independent Living,
Assisted Living, and Memory Care branches throughout the country and has
experience in constructing over 150 of these types of communities for
various owners. The company was created when owners, Don & Judie Eby,
were unable to find a quality assisted living residence for their
mother, Mary Bickford who was diagnosed with Alzheimer’s disease.
Statements in this press release that are not historical facts are
forward-looking statements. NHI cautions investors that any
forward-looking statements made 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.
National Health Investors, Inc.
Roger Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.