(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
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)) |
Title of each Class | Trading Symbol(s) | Name of each exchange on which registered |
Number | Exhibit | |
99.1 |
• | GAAP net income attributable to common stockholders of $.92 for the second quarter and $1.75 year-to-date, per diluted common share |
• | AFFO of $1.26 for the second quarter and $2.48 year-to-date, per diluted common share |
• | Announced or completed $295 million in real estate and mortgage note investments |
• | Ample liquidity with $277 million available to draw on revolving credit facility |
• | Maintained low leverage balance sheet at 4.8x net debt-to-annualized adjusted EBITDA |
• | Fixed charge coverage remains conservative at 5.4x |
• | Portfolio lease coverage remains strong at 1.65x |
• | Transitioned three non-compliant leases to high-quality operating partners |
Full-Year 2019 Range | |||||||
Low | High | ||||||
Net income attributable to common stockholders - diluted | $ | 3.63 | $ | 3.67 | |||
Plus: Depreciation | 1.75 | 1.77 | |||||
Plus: real estate write-down | .06 | .06 | |||||
Normalized FFO per diluted common share | $ | 5.44 | $ | 5.50 | |||
Less: Straight-line rental income | (0.46 | ) | (0.48 | ) | |||
Plus: Amortization of debt issuance costs | 0.06 | 0.06 | |||||
Plus: Amortization of original issue discount | 0.02 | 0.02 | |||||
Normalized AFFO per diluted common share | $ | 5.06 | $ | 5.10 |
• | Net income attributable to common stockholders per diluted common share for the three months ended June 30, 2019 was $.92, an increase of 1.1% from the same period in the prior year. Net income attributable to common stockholders per diluted common share for the six months ended June 30, 2019 was $1.75, a decrease of 4.4% from the same period in the prior year. Net income for the six months ended June 30, 2019 included a write-down of $2,500,000 on two assisted living properties which we have classified as held for sale. Net income per common share for the three and six months ended June 30, 2019 includes the dilutive impact of 1,185,152 common shares issued since June 30, 2018. |
• | Normalized FFO per diluted common share for the three months ended June 30, 2019 was $1.36, a decrease of 1.4% from the same period in the prior year. Normalized FFO per diluted common share for the six months ended June 30, 2019 was $2.67, a decrease of 1.8% from the same period in the prior year. Normalized FFO per common share for the three and six months ended June 30, 2019 includes the dilutive impact of 1,185,152 common shares issued since June 30, 2018. |
• | Normalized AFFO per diluted common share for the three months ended June 30, 2019 was $1.26, unchanged over the same period in the prior year. Normalized AFFO per diluted common share for the six months ended June 30, 2019 was $2.48, unchanged over the same period in the prior year. Normalized AFFO per common share for the three and six months ended June 30, 2019 includes the dilutive impact of 1,185,152 common shares issued since June 30, 2018. |
• | NAREIT FFO per diluted common share for the three months ended June 30, 2019 was $1.36, an increase of 2.3% from the same period in the prior year. NAREIT FFO per diluted common share for the six months ended June 30, 2019 was $2.67, unchanged over the same period in the prior year. NAREIT FFO per common share for the three and six months ended June 30, 2019 includes the dilutive impact of 1,185,152 common shares issued since June 30, 2018. |
Reconciliation of FFO, Normalized FFO, Normalized AFFO and Normalized FAD | |||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income attributable to common stockholders | $ | 39,979 | $ | 37,839 | $ | 75,658 | $ | 76,271 | |||||||
Elimination of certain non-cash items in net income: | |||||||||||||||
Depreciation | 19,020 | 17,794 | 37,511 | 35,129 | |||||||||||
Depreciation related to noncontrolling interest | (7 | ) | — | (7 | ) | — | |||||||||
Impairment of real estate | — | — | 2,500 | — | |||||||||||
NAREIT FFO attributable to common stockholders | 58,992 | 55,633 | 115,662 | 111,400 | |||||||||||
Loss on convertible note retirement | — | — | — | 738 | |||||||||||
Non-cash write-off of straight-line rent receivable | — | 1,436 | — | 1,436 | |||||||||||
Note receivable impairment | — | 413 | — | 413 | |||||||||||
Recognition of unamortized note receivable commitment fees | — | — | — | (515 | ) | ||||||||||
Normalized FFO attributable to common stockholders | 58,992 | 57,482 | 115,662 | 113,472 | |||||||||||
Straight-line rent revenue, net | (5,307 | ) | (5,835 | ) | (10,535 | ) | (11,797 | ) | |||||||
Straight-line lease revenue, net, related to noncontrolling interest | 2 | — | 2 | — | |||||||||||
Amortization of lease incentives | 215 | 69 | 383 | 132 | |||||||||||
Amortization of original issue discount | 195 | 187 | 388 | 408 | |||||||||||
Amortization of debt issuance costs | 704 | 590 | 1,404 | 1,203 | |||||||||||
Normalized AFFO attributable to common stockholders | 54,801 | 52,493 | 107,304 | 103,418 | |||||||||||
Non-cash share-based compensation | 477 | 368 | 2,478 | 1,794 | |||||||||||
Normalized FAD attributable to common stockholders | $ | 55,278 | $ | 52,861 | $ | 109,782 | $ | 105,212 | |||||||
BASIC | |||||||||||||||
Weighted average common shares outstanding | 43,232,384 | 41,704,819 | 43,029,104 | 41,618,487 | |||||||||||
NAREIT FFO attributable to common stockholders per share | $ | 1.36 | $ | 1.33 | $ | 2.69 | $ | 2.68 | |||||||
Normalized FFO attributable to common stockholders per share | $ | 1.36 | $ | 1.38 | $ | 2.69 | $ | 2.73 | |||||||
Normalized AFFO attributable to common stockholders per share | $ | 1.27 | $ | 1.26 | $ | 2.49 | $ | 2.48 | |||||||
DILUTED | |||||||||||||||
Weighted average common shares outstanding | 43,498,021 | 41,786,829 | 43,311,527 | 41,681,854 | |||||||||||
NAREIT FFO attributable to common stockholders per share | $ | 1.36 | $ | 1.33 | $ | 2.67 | $ | 2.67 | |||||||
Normalized FFO attributable to common stockholders per share | $ | 1.36 | $ | 1.38 | $ | 2.67 | $ | 2.72 | |||||||
Normalized AFFO attributable to common stockholders per share | $ | 1.26 | $ | 1.26 | $ | 2.48 | $ | 2.48 |
Condensed Statements of Income | |||||||||||||||
(in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(unaudited) | (unaudited) | ||||||||||||||
Revenues: | |||||||||||||||
Rental income | $ | 72,578 | $ | 69,869 | $ | 143,531 | $ | 139,122 | |||||||
Interest income and other | 5,518 | 3,087 | 10,673 | 6,580 | |||||||||||
78,096 | 72,956 | 154,204 | 145,702 | ||||||||||||
Expenses: | |||||||||||||||
Depreciation | 19,020 | 17,794 | 37,511 | 35,129 | |||||||||||
Interest | 13,746 | 12,220 | 27,264 | 23,834 | |||||||||||
Legal | 99 | 223 | 369 | 334 | |||||||||||
Franchise, excise and other taxes | 775 | 266 | 1,320 | 612 | |||||||||||
General and administrative | 2,972 | 2,765 | 6,986 | 6,935 | |||||||||||
Property taxes and insurance on leased properties | 1,506 | — | 2,597 | — | |||||||||||
Loan and realty losses | — | 1,849 | 2,500 | 1,849 | |||||||||||
38,118 | 35,117 | 78,547 | 68,693 | ||||||||||||
Income before loss on convertible note retirement | 39,978 | 37,839 | 75,657 | 77,009 | |||||||||||
Loss on convertible note retirement | — | — | — | (738 | ) | ||||||||||
Net income | $ | 39,978 | $ | 37,839 | $ | 75,657 | $ | 76,271 | |||||||
Less: net loss attributable to noncontrolling interest | 1 | — | 1 | — | |||||||||||
Net income attributable to common stockholders | $ | 39,979 | $ | 37,839 | $ | 75,658 | $ | 76,271 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 43,232,384 | 41,704,819 | 43,029,104 | 41,618,487 | |||||||||||
Diluted | 43,498,021 | 41,786,829 | 43,311,527 | 41,681,854 | |||||||||||
Earnings per common share: | |||||||||||||||
Net income attributable to common stockholders - basic | $ | .92 | $ | .91 | $ | 1.76 | $ | 1.83 | |||||||
Net income attributable to common stockholders - diluted | $ | .92 | $ | .91 | $ | 1.75 | $ | 1.83 |
Selected Balance Sheet Data | |||||||
(in thousands) | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Real estate properties, net | $ | 2,571,129 | $ | 2,366,882 | |||
Mortgage and other notes receivable, net | $ | 306,454 | $ | 246,111 | |||
Cash and cash equivalents | $ | 5,635 | $ | 4,659 | |||
Straight-line rent receivable | $ | 78,672 | $ | 105,620 | |||
Assets held for sale, net | $ | 3,745 | $ | — | |||
Other assets | $ | 31,746 | $ | 27,298 | |||
Debt | $ | 1,471,787 | $ | 1,281,675 | |||
National Health Investors Stockholders' Equity | $ | 1,419,045 | $ | 1,389,713 |
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Document and Entity Information Document |
Aug. 08, 2019 |
---|---|
Document And Entity Information [Abstract] | |
Written Communications | false |
Document Type | 8-K |
Document Period End Date | Aug. 08, 2019 |
Entity Registrant Name | National Health Investors Inc |
Entity Incorporation, State or Country Code | MD |
Entity File Number | 001-10822 |
Entity Tax Identification Number | 62-1470956 |
Entity Address, Address Line One | 222 Robert Rose Drive |
Entity Address, City or Town | Murfreesboro |
Entity Address, State or Province | TN |
Entity Address, Postal Zip Code | 37129 |
City Area Code | 615 |
Local Phone Number | 890-9100 |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | NHI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000877860 |
Amendment Flag | false |
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