National Health Investors will defer $1 million in Bickford Senior Living rent for September, the real estate investment trust said Monday in a business update.
Deferred rents related to Bickford total $3.5 million for the third quarter of 2021 and $13.8 million for 2021.
NHI said it has not yet collected rent from its tenant for the legacy Holiday Retirement portfolio of 18 properties that recently were acquired, but the REIT continues to hold $8.8 million in Holiday security deposits. NHI said last month that it still is “considering alternatives” for the 18 properties, “which could result in a range of outcomes, including a lease restructuring, re-tenanting, or further asset sales.”
NHI has collected 80.9% of contractual cash due for September. The remaining balance for the month is comprised of 3.8% in deferrals related to Bickford; 1.8% in deferrals agreed to with two tenants; 8.4% related to the legacy Holiday properties; 4.5% related to amounts expected to be collected; and 0.6% related to lower forecasted revenue from transitioned properties prior to the start of the pandemic.