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NHI Q1 2025 Earnings Report
NHI reported an increase in net income and revenue, driven by new investments and higher occupancy in its SHOP segment.
Key Takeaways
National Health Investors, Inc. reported a net income of $33.817 million for Q1 2025, an increase from $30.657 million in Q1 2024. Total revenues grew to $89.296 million from $81.513 million in the prior year, primarily due to new investments and increased occupancy in the SHOP segment. EPS increased to $0.75 basic and $0.74 diluted.
Net income increased by 10.3% to $33.817 million.
Total revenues increased by 9.5% to $89.296 million.
Basic earnings per common share increased to $0.75 from $0.71.
The SHOP segment showed increased revenues due to higher occupancy.
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
The Company expects to continue making new investments that meet underwriting criteria and generate sufficient returns. They anticipate adequate cash flows from operations to fund dividends at the current rate and intend to comply with REIT dividend requirements.
Positive Outlook
- Ability to access approximately $68.9 million of undrawn net proceeds through ATM forward sale agreements.
- Potential to access $409.0 million through the issuance of common stock under the ATM equity program.
- Maintenance of an effective automatic shelf registration statement for future debt and/or equity securities offerings.
- Expectation of adequate cash flows from operations to fund dividends at the current rate.
- Commitment to comply with REIT dividend requirements, distributing at least 90% of annual taxable income.
Challenges Ahead
- Dependence on the operating success of managers, tenants, and borrowers, with potential adverse effects if their financial condition deteriorates.
- Exposure to the risk of managers, tenants, and borrowers becoming subject to bankruptcy or insolvency proceedings.
- Significant percentage of rent generated from a small number of tenants, posing risk if obligations are not met.
- Potential material adverse effects from actual or perceived risks associated with pandemics, epidemics, or outbreaks.
- Exposure to risks related to governmental regulation and payors, including changes to laws, regulations, and reimbursement rates.