Sunday, November 22, 2009

Bickford Senior Living Closes $28.25 Million Sale Leaseback of Five Assisted Living Facilities in MI & IL

SEC Edgar Web Site - November 19, 2009

National Health Investors, Inc. (NYSE:NHI) announced today it has closed a $28.25 million purchase/leaseback transaction with Bickford Senior Living and its affiliates (“Bickford”) involving four assisted living facilities in Michigan and one in Illinois. The assisted living communities are two to three years old totaling 216 units and attract 100% private payment for services. The purchase price was funded from NHI’s accumulated cash liquidity and includes $3 million in contingent payments to be made over the next three years based on Bickford’s expected achievement of certain operational measures. The five facilities are being leased to Bickford over 15 years at an initial lease rate of 9.5% plus annual fixed escalators. Bickford Senior Living, headquartered in Olathe, Kansas, operates over 40 assisted living, independent living and memory care facilities in Kansas, Iowa, Illinois, Indiana, Missouri, Nebraska and Michigan. The purchase/leaseback of the Bickford facilities brings NHI’s total 2009 year-to-date new investments in long-term care real estate and mortgages to $88.6 million. Sphere: Related Content

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