0000877860-14-000034.txt : 20140505 0000877860-14-000034.hdr.sgml : 20140505 20140502195434 ACCESSION NUMBER: 0000877860-14-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140502 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140505 DATE AS OF CHANGE: 20140502 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL HEALTH INVESTORS INC CENTRAL INDEX KEY: 0000877860 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 621470956 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10822 FILM NUMBER: 14811013 BUSINESS ADDRESS: STREET 1: 222 ROBERT ROSE DRIVE CITY: MURFREESBORO STATE: TN ZIP: 37129 BUSINESS PHONE: 6158909100 MAIL ADDRESS: STREET 1: 222 ROBERT ROSE DRIVE CITY: MURFREESBORO STATE: TN ZIP: 37129 8-K 1 fforecast8-k.htm FFO, AFFO & FAD RECONCILIATION FFO Recast 8-K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8-K


CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): May 2, 2014 (May 2, 2014)


National Health Investors, Inc.
(Exact name of Registrant as specified in its charter)

Maryland
(State or other jurisdiction of incorporation or organization)

001-10822
 
62-1470956
(Commission File No.)
 
(I.R.S. Employer
 
 
Identification No.)

222 Robert Rose Drive
Murfreesboro, Tennessee 37129
(Address of principal executive offices)

(615) 890-9100
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 8.01. Other Items.

In order to provide a better basis for comparing the results of our operations with those of others in our industry, National Health Investors, Inc. has revised its interpretation of the definition provided by the National Association of Real Estate Investment Trusts (“NAREIT”) for the performance metric, Funds From Operations (“FFO”). We now consider “real estate depreciation” to include all amounts associated with real property under triple-net lease.

To consistently report results of operations in accordance with our revised interpretation, we have restated amounts previously disclosed according to our past interpretation of FFO. With the presentation included as Exhibit 99.1, we provide reconciliation from net income applicable to common shares, the most directly comparable financial GAAP metric, to FFO.

Our measure of FFO may not be comparable to similarly titled measures used by other REITs. Consequently, our FFO may not provide a meaningful measure of our performance as compared to that of other REITs. Since other REITs may not define the term in accordance with the current NAREIT definition or may have a different interpretation of the current NAREIT definition from us, caution should continue to be exercised when comparing our FFO to that of other REITs.

In addition, we have restated amounts previously reported for our performance metrics, normalized Adjusted FFO and normalized Funds Available for Distribution, to conform to our current definitions.

Item 9.01. Financial Statements and Exhibits.

Exhibit Index

Number
 
Exhibit
99.1
 
Reconciliation of Funds from Operations, Normalized Funds from Operations, Adjusted Funds from Operations, and Funds Available for Distribution with Amounts Previously Reported

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

National Health Investors, Inc.



By: /s/ Roger R. Hopkins
Name: Roger R. Hopkins
Title: Chief Accounting Officer



Date: May 2, 2014



EX-99.1 2 item991-fforecasttables.htm FFO, AFFO & FAD RECONCILIATION TABLES Item 99.1 - FFO Recast Tables


NATIONAL HEALTH INVESTORS, INC.
RECONCILIATION OF FUNDS FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATIONS, ADJUSTED FUNDS FROM OPERATIONS, AND FUNDS AVAILABLE FOR DISTRIBUTION WITH AMOUNTS PREVIOUSLY REPORTED
(in thousands, except share and per share amounts)

 
Previously Reported
 
Currently Reported
 
Year Ended
 
Year Ended
 
December 31, 2012
 
December 31, 2012
Net income attributable to common stockholders
$
90,731

 
$
90,731

Elimination of certain non-cash items in net income:
 
 
 
Real estate depreciation in continuing operations
13,182

 
14,772

Real estate depreciation related to noncontrolling interest
(68
)
 
(87
)
Real estate depreciation in discontinued operations
2,209

 
2,209

Net gain on sales of real estate
(11,966
)
 
(11,966
)
Funds from operations
$
94,088

 
$
95,659

Investment gains
(4,760
)
 
(4,760
)
Non-cash write-off of straight-line rent receivable
963

 
963

Expenses related to abandoned capital offering
297

 
297

Acquisition costs under business combination accounting
—

 
—

Legal settlement
365

 
365

Loan impairments (recoveries), net
(2,195
)
 
(2,195
)
Other items, net
(271
)
 
(271
)
Normalized FFO
$
88,487

 
$
90,058

Straight-line lease revenue, net
(3,664
)
 
(3,664
)
Amortization of debt issuance costs
 
 
320

Non-cash write-off of straight-line rent receivable
(963
)
 
(963
)
Normalized AFFO
$
83,860

 
$
85,751

Non-real estate depreciation in continuing operations
1,590

 
—

Non-real estate depreciation related to noncontrolling interest
(19
)
 
—

Non-cash stock based compensation
2,168

 
2,168

Normalized FAD
$
87,599

 
$
87,919

 
 
 
 
BASIC
 
 
 
Weighted average common shares outstanding
27,811,813

 
27,811,813

FFO per common share
$
3.38

 
$
3.44

Normalized FFO per common share
$
3.18

 
$
3.24

Normalized AFFO per common share
$
3.02

 
$
3.08

Normalized FAD per common share
$
3.15

 
$
3.16

 
 
 
 
DILUTED
 
 
 
Weighted average common shares outstanding
27,838,720

 
27,838,720

FFO per common share
$
3.38

 
$
3.44

Normalized FFO per common share
$
3.18

 
$
3.23

Normalized AFFO per common share
$
3.01

 
$
3.08

Normalized FAD per common share
$
3.15

 
$
3.16






NATIONAL HEALTH INVESTORS, INC.
RECONCILIATION OF FUNDS FROM OPERATIONS, NORMALIZED ADJUSTED FUNDS FROM OPERATIONS, AND NORMALIZED FUNDS AVAILABLE FOR DISTRIBUTION WITH AMOUNTS PREVIOUSLY REPORTED (CONTINUED)
(in thousands, except share and per share amounts)

 
Previously Reported For 2013
 
Currently Reported For 2013
 
Three Months Ended
 
Three Months Ended
 
June 30,
 
September 30,
 
June 30,
 
September 30,
Net income attributable to common stockholders
$
19,920

 
$
42,744

 
$
19,920

 
$
42,744

Elimination of certain non-cash items in net income:
 
 
 
 
 
 
 
Real estate depreciation in continuing operations
3,985

 
5,079

 
4,558

 
5,732

Real estate depreciation related to noncontrolling interest
(68
)
 
(199
)
 
(87
)
 
(226
)
Real estate depreciation in discontinued operations
—

 
—

 
—

 
—

Net gain on sales of real estate
—

 
(19,370
)
 
—

 
(19,370
)
Funds from operations
$
23,837

 
$
28,254

 
$
24,391

 
$
28,880

Debt issuance costs expensed due to credit facility modifications
353

 
—

 
353

 
—

Acquisition costs under business combination accounting
208

 
—

 
208

 
—

Loan impairments (recoveries), net
—

 
(2,061
)
 
—

 
(2,061
)
Normalized FFO
$
24,398

 
$
26,193

 
$
24,952

 
$
26,819

Straight-line lease revenue, net
(1,413
)
 
(1,713
)
 
(1,413
)
 
(1,713
)
Amortization of debt issuance costs
 
 
 
 
404

 
110

Normalized AFFO
 
 
 
 
$
23,943

 
$
25,216

Non-real estate depreciation in continuing operations
573

 
653

 
—

 
—

Non-real estate depreciation related to noncontrolling interest
(19
)
 
(27
)
 
—

 
—

Non-cash stock based compensation
253

 
253

 
253

 
253

Normalized FAD
$
23,792

 
$
25,359

 
$
24,196

 
$
25,469

 
 
 
 
 
 
 
 
BASIC
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,876,176

 
27,876,176

 
27,876,176

 
27,876,176

FFO per common share
$
.86

 
$
1.01

 
$
.87

 
$
1.04

Normalized FFO per common share
$
.88

 
$
.94

 
$
.90

 
$
.96

Normalized AFFO per common share
 
 
 
 
$
.86

 
$
.90

Normalized FAD per common share
$
.85

 
$
.91

 
$
.87

 
$
.91

 
 
 
 
 
 
 
 
DILUTED
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,913,727

 
27,905,545

 
27,913,727

 
27,905,545

FFO per common share
$
.85

 
$
1.01

 
$
.87

 
$
1.03

Normalized FFO per common share
$
.87

 
$
.94

 
$
.89

 
$
.96

Normalized AFFO per common share
 
 
 
 
$
.86

 
$
.90

Normalized FAD per common share
$
.85

 
$
.91

 
$
.87

 
$
.91







NATIONAL HEALTH INVESTORS, INC.
RECONCILIATION OF FUNDS FROM OPERATIONS, NORMALIZED ADJUSTED FUNDS FROM OPERATIONS, AND NORMALIZED FUNDS AVAILABLE FOR DISTRIBUTION WITH AMOUNTS PREVIOUSLY REPORTED (CONTINUED)
(in thousands, except share and per share amounts)

 
Previously Reported For 2013
 
Currently Reported For 2013
 
Year To Date Period Ended
 
Year To Date Period Ended
 
June 30,
 
September 30,
 
December 31,
 
June 30,
 
September 30,
 
December 31,
Net income attributable to common stockholders
$
35,663

 
$
78,408

 
$
106,183

 
$
35,663

 
$
78,408

 
$
106,183

Elimination of certain non-cash items in net income:
 
 
 
 
 
 
 
 
 
 
 
Real estate depreciation in continuing operations
7,868

 
12,947

 
17,646

 
8,973

 
14,705

 
20,101

Real estate depreciation related to noncontrolling interest
(135
)
 
(334
)
 
(537
)
 
(175
)
 
(401
)
 
(634
)
Real estate depreciation in discontinued operations
—

 
—

 
557

 
—

 
—

 
557

Net gain on sales of real estate
—

 
(19,370
)
 
(22,258
)
 
—

 
(19,370
)
 
(22,258
)
Funds from operations
$
43,396

 
$
71,651

 
$
101,591

 
$
44,461

 
$
73,342

 
$
103,949

Investment gains
—

 
—

 
(3,256
)
 
—

 
—

 
(3,256
)
Debt issuance costs expensed due to credit facility amendments
353

 
353

 
416

 
353

 
353

 
416

Acquisition costs under business combination accounting
208

 
208

 
208

 
208

 
208

 
208

Loan impairments (recoveries), net
4,037

 
1,976

 
1,976

 
4,037

 
1,976

 
1,976

Normalized FFO
$
47,994

 
$
74,188

 
$
100,935

 
$
49,059

 
$
75,879

 
$
103,293

Straight-line lease revenue, net
(2,695
)
 
(4,408
)
 
(6,560
)
 
(2,695
)
 
(4,408
)
 
(6,560
)
Straight-line lease revenue, net, related to noncontrolling interest
—

 
—

 
55

 
—

 
—

 
55

Amortization of debt issuance costs
 
 
 
 
 
 
486

 
596

 
706

Normalized AFFO
 
 
 
 
$
94,430

 
$
46,850

 
$
72,067

 
$
97,494

Non-real estate depreciation in continuing operations
1,105

 
1,758

 
2,455

 
—

 
—

 
—

Non-real estate depreciation related to noncontrolling interest
(40
)
 
(67
)
 
(97
)
 
—

 
—

 
—

Non-cash stock based compensation
1,833

 
2,086

 
2,339

 
1,833

 
2,086

 
2,339

Normalized FAD
$
48,197

 
$
73,557

 
$
99,127

 
$
48,683

 
$
74,153

 
$
99,833

 
 
 
 
 
 
 
 
 
 
 
 
BASIC
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,871,120

 
27,872,805

 
28,362,398

 
27,871,120

 
27,872,805

 
28,362,398

FFO per common share
$
1.56

 
$
2.57

 
$
3.58

 
$
1.60

 
$
2.63

 
$
3.67

Normalized FFO per common share
$
1.72

 
$
2.66

 
$
3.56

 
$
1.76

 
$
2.72

 
$
3.64

Normalized AFFO per common share
 
 
 
 
$
3.33

 
$
1.68

 
$
2.59

 
$
3.44

Normalized FAD per common share
$
1.73

 
$
2.64

 
$
3.50

 
$
1.75

 
$
2.66

 
$
3.52

 
 
 
 
 
 
 
 
 
 
 
 
DILUTED
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,907,600

 
27,906,914

 
28,397,702

 
27,907,600

 
27,906,914

 
28,397,702

FFO per common share
$
1.55

 
$
2.57

 
$
3.58

 
$
1.59

 
$
2.63

 
$
3.66

Normalized FFO per common share
$
1.72

 
$
2.66

 
$
3.55

 
$
1.76

 
$
2.72

 
$
3.64

Normalized AFFO per common share
 
 
 
 
$
3.33

 
$
1.68

 
$
2.58

 
$
3.43

Normalized FAD per common share
$
1.73

 
$
2.64

 
$
3.49

 
$
1.74

 
$
2.66

 
$
3.52