National Health Investors, Inc. (NYSE:NHI) announced today it has closed a $11.5 million purchase/leaseback transaction with Bickford Senior Living and its affiliates ("Bickford") involving two assisted living facilities in Iowa and one in Indiana. The assisted living communities, two of which were built in 1998 and one in 2005, total 102 units and attract 100% private payment for services. The purchase price was funded from NHI's revolving credit facility. The three facilities are being leased to Bickford over 15 years at an initial lease amount of $1,035,000 plus annual fixed escalators. The purchase of the three facilities brings the master lease with Bickford to a total of eight facilities.
Justin Hutchens, NHI President and COO, stated, "NHI is excited to add three more high-quality assisted living facilities to our portfolio while expanding our relationship with Bickford Senior Living."
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.