Mateo Acacina

Mateo Acacina asked about how NHI plans to get value for the remaining Bickford deferred rent, specifically if it could involve lowering the valuation of future acquisitions from Bickford, similar to past arrangements. Acacina also inquired if the option of transitioning the NHC lease to another operator is still on the table, or if negotiations are now firmly focused on renegotiating with NHC.

Answer

Kevin Pascoe, Chief Investment Officer, did not guide to specific methods for the Bickford deferred rent but confirmed that the rent reset is being finalized this month. He mentioned various options, including building new properties with Bickford, other developments, or portfolio reimagination, and expects NHI to continue receiving aggregate rent. Eric Mendelsohn, President and CEO, reiterated that NHI is in a "quiet period" regarding the NHC lease negotiations, emphasizing that they are "in the thick of it."

Mateo Acacina asked about the form of value NHI expects to receive for the remaining Bickford deferred rent, specifically if it could involve lowering acquisition valuations from Bickford as done in the past. He also inquired if exploring other operators for the NHC portfolio remains an option or if negotiations are solely focused on NHC.

Answer

Kevin Pascoe, Chief Investment Officer, indicated that while he couldn't guide specifically, NHI has various options to derive value from the remaining Bickford deferred rent beyond direct cash payments, including future developments or portfolio adjustments. Eric Mendelsohn, President and CEO, reiterated that NHC negotiations are in a "quiet period," limiting further comment.