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Mar 31, 2021
NHI Q1 2021 Earnings Report
NHI's financial performance decreased due to a gain on the sale of real estate assets in the first quarter of 2020, rent deferrals, and an increase in non-cash stock-based compensation.
Key Takeaways
National Health Investors reported a decrease in net income per share for the three months ended March 31, 2021, compared to the same period in the prior year. However, normalized FAD was flat compared to the same period in the prior year and increased compared to the fourth quarter of 2020. The company collected 94.3% of contractual cash due for the quarter.
Net income attributable to common stockholders per diluted common share decreased by 43.1% compared to the same period in the prior year, reaching $0.78.
Normalized FAD was $59.6 million, flat compared to the same period in the prior year and an increase of 0.9% compared to the fourth quarter of 2020.
Normalized FFO per diluted common share was $1.24, a decrease of 8.8% from the same period in the prior year.
The company collected 94.3% of contractual cash due for the quarter ended March 31, 2021.
NHI
NHI
NHI Revenue by Segment
Revenue by Segment
Rental income Revenue
CapyFin.comInterest income and other Revenue
CapyFin.com Forward Guidance
The length and severity of the pandemic is making it clear that our tenants will need more assistance over the coming quarters. The roll-out of the vaccine across our portfolio has been a tremendous success and our communities are opening up again with good initial occupancy trends. But the road to a full recovery is likely to be uneven which will make 2021 a difficult year.
Positive Outlook
- Vaccine roll-out across the portfolio has been a tremendous success.
- Communities are opening up again.
- Good initial occupancy trends.
- Bickford saw a 180 basis point monthly increase in April.
- Company is in an excellent financial position to weather this crisis.
Challenges Ahead
- Tenants will need more assistance over the coming quarters.
- The road to a full recovery is likely to be uneven.
- 2021 will be a difficult year.
- Company is in negotiations with Holiday Retirement that could result in rent concessions starting in the second quarter of 2021.
- Concessions with four other tenants are expected to impact results for the second quarter by approximately $2.3 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income