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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.
NHI
NHI
NHI Revenue by Segment
NHI Revenue by Geographic Location
Revenue by Segment
Rental income Revenue
CapyFin.comResident fees and services Revenue
CapyFin.comInterest income and other Revenue
CapyFin.comRevenue by Geographic Location
South Carolina Revenue
CapyFin.comTexas Revenue
CapyFin.comFlorida Revenue
CapyFin.comNorth Carolina Revenue
CapyFin.comTennessee Revenue
CapyFin.comAll others Revenue
CapyFin.com 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
- The guidance range may change if actual results vary from these assumptions
Revenue & Expenses
Visualization of income flow from segment revenue to net income