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Mar 31, 2024
NHI Q1 2024 Earnings Report
NHI's first quarter performance in 2024 was strong, driven by increased deferral repayments, accelerating revenue growth at NHC, no unexpected rent concessions, and sequential SHOP NOI growth.
Key Takeaways
National Health Investors (NHI) reported a strong start to 2024, exceeding expectations in the first quarter. Key drivers included deferral repayments, revenue growth at NHC, stable rent concessions, and increased SHOP NOI. The company is raising its full-year guidance as a result.
Net income attributable to common stockholders per diluted common share was $0.71, compared to $0.79 in the same period last year.
NAREIT FFO per diluted common share was $1.10, compared to $1.16 in the prior year.
Normalized FFO per diluted common share was $1.12, compared to $1.11 in the prior year.
Normalized FAD was $51.0 million, compared to $47.7 million in the same period last year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NHI is updating its 2024 annual guidance range.
Positive Outlook
- NAREIT FFO per diluted common share to a range of $4.36- $4.41 from $4.31 - $4.37
- Normalized FFO per diluted common share to a range of $4.37- $4.43 from $4.31 - $4.37
- Normalized FAD to a range of $196.7 million - $199.2 million from $191.3 million - $194.1 million
- Continued rent concessions, asset dispositions and loan repayments
- Continued fulfillment of existing commitments
Challenges Ahead
- SHOP NOI growth in a range of 25%-30% year over year
- Continued collection of deferred rents
- No incremental benefit from unidentified acquisitions
- Guidance range is based on several assumptions, many of which are outside the Company’s control and all of which are subject to change
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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