NHI agrees to convert portfolio
National Health Investors Inc. has signed an agreement with its joint venture partner, an affiliate of Bickford Senior Living, to convert NHI's RIDEA portfolio of 32 assisted living and memory care assets to a triple-net lease structure.
NHI purchased Bickford's 15% interest in the real estate for $25.1 million while Bickford bought NHI's 85% interest in the facility operations for $8.1 million.
The company has five additional facilities under development that it owns, one of which opened in July. Two are planned to open by the end of the year, and the other two will open in 2017.