NHI and Bickford Senior Living Announce 10-Property Partnership
National Health Investors, Inc. (NYSE: 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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