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Mar 31, 2023
NHI Q1 2023 Earnings Report
Announced results for the first quarter of 2023, showing increased net income and NAREIT FFO per share compared to the same period last year, while revising the 2023 annual guidance range for Normalized FFO per share and Normalized FAD.
Key Takeaways
National Health Investors (NHI) reported a strong first quarter in 2023, with net income attributable to common stockholders at $0.79 per diluted share, up from $0.18 in the prior year. NAREIT FFO per diluted share increased to $1.16 from $1.05, and Normalized FFO per diluted share was $1.11, slightly up from $1.10. The company is revising its 2023 annual guidance upwards for Normalized FFO per share and Normalized FAD.
Net income attributable to common stockholders per diluted common share increased to $0.79, compared to $0.18 in the same period last year.
NAREIT FFO per diluted common share rose to $1.16, up from $1.05 in the prior year.
Normalized FFO per diluted common share saw a slight increase to $1.11, compared to $1.10 in the same period last year.
The company is revising its 2023 annual guidance range for Normalized FFO per share to $4.37 - $4.42 and Normalized FAD to a range of $186.3 million - $188.9 million.
Forward Guidance
NHI is revising its 2023 annual guidance range for Normalized FFO per share to $4.37 - $4.42 from $4.24 - $4.30 and is revising Normalized FAD to a range of $186.3 million - $188.9 million from $185.3 million - $187.9 million.
Positive Outlook
- Continued rent concessions throughout 2023.
- Asset dispositions throughout 2023.
- Loan repayments throughout 2023.
- Approximately $56.4 million in investment funding for recently announced investments in the first quarter of 2023 and fulfillment of existing commitments.
- Includes continuing collection of deferred rents in line with recent trailing two quarter cash deferred rent collection experience excluding $2.5 million non-cash revenue recognition for the Bickford property acquisition in the first quarter of 2023.
Challenges Ahead
- Continued rent concessions throughout 2023.
- Asset dispositions throughout 2023.
- Loan repayments throughout 2023.
Historical Earnings Impact
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