National Health Investors, Inc. NHI announced today an agreement with
Bickford Senior Living (“Bickford”) to combine their ownership in the real
estate and operating assets of 10 stabilized assisted living and memory care
facilities. Under the arrangement which is expected to close by September 30,
2012, NHI will contribute eight properties and Bickford will contribute two,
with NHI owning an 85 percent interest and Bickford owning the remaining 15
percent. Bickford will continue to manage the facilities. Wells Fargo
Securities, LLC served as financial advisor to NHI on this transaction.
“This investment is substantially accretive from day one,” said Justin
Hutchens, NHI's President and Chief Executive Officer. “There is inherent
appeal in the solid initial cap-rate of 9% and in this portfolio's potential
to outpace the growth of our typical triple-net lease structure. Bickford
Senior Living is a premier operator with twenty years of operating
experience.”
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