May 24, 2016
National Health Investors, headquartered in Murfreesboro, TN, has exercised its purchase option to acquire five assisted living and memory care facilities owned and operated by Bickford Senior Living. The total acquisition cost is $87.5 million. Bickford will continue operating the assets.
The facilities are located in Crystal Lake, Illinois (56 units), St. Charles, Missouri (76 units), Oswego, Illinois (56 units), Omaha, Nebraska (40 units), and West Des Moines, Iowa (49 units), and have an average age of 12 years.
NHI has committed $2.4 million for capital expenditures and expansion of the existing facilities, the funding of which will be added to the lease base. The lease has an initial term of 15 years, plus two 5-year renewal options.