National Health Investors already has collected 88.4% of its contractual cash due for July, the real estate investment trust said Monday in a business update.
The REIT said it expects more than a 90% collection rate by the end of the month; 1.7% is related to amounts expected to be collected, and 0.6% is related to lower forecasted revenue from properties transitioned before the start of the pandemic. The rest of the outstanding balance comes from 5.5% in deferrals related to Bickford Senior Living; 2.2% in deferrals related to Holiday Retirement; and 1.6% in deferrals, either agreed to or pending, related to two tenants.
Occupancy continues to trend upward for the NHI’s three largest senior housing operators: Bickford, Holiday and Senior Living Communities.
“We are pleased to see overall occupancy gains throughout the portfolio increase through June and collections continue to improve with the expected collection rate over 90% this month. We are making progress on optimizing relationships with our larger operating partners and look forward to providing more details over the next several months,” NHI President and CEO Eric Mendelsohn said in a press release.