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Jun 30, 2023
NHI Q2 2023 Earnings Report
NHI's financial performance reflected stable cash collections and slightly better-than-expected deferral repayments.
Key Takeaways
National Health Investors, Inc. reported second quarter 2023 results with net income per diluted share of $0.92, NAREIT FFO per diluted share of $1.05, and Normalized FFO per diluted share of $1.06. The company revised its 2023 annual guidance for Normalized FFO per share to $4.31 - $4.35 and Normalized FAD to $185.0 million - $186.8 million.
Net income attributable to common stockholders per diluted common share was $0.92, compared to $0.47 in the prior year.
NAREIT FFO per diluted common share was $1.05, compared to $0.71 in the prior year.
Normalized FFO per diluted common share was $1.06, compared to $1.27 in the prior year.
The company sold six properties during the second quarter of 2023 for net proceeds of approximately $39.1 million.
NHI
NHI
Forward Guidance
NHI is revising its 2023 annual guidance range for Normalized FFO per share to $4.31 - $4.35 from $4.37 - $4.42 and is revising Normalized FAD to a range of $185.0 million - $186.8 million from $186.3 million - $188.9 million.
Positive Outlook
- Continued rent concessions
- Asset dispositions
- Loan repayments throughout 2023
- Approximately $60.6 million in investment funding for announced investments and fulfillment of existing commitments
- Includes continuing collection of deferred rents in line with quarterly year-to-date deferred rent collections excluding $2.5 million non-cash revenue recognition for the Bickford property acquisition in the first quarter of 2023
Challenges Ahead
- Higher second quarter of 2023 rent concessions
- Incremental asset disposition
- Increased interest rates
- Increased range for the non-cash amortization of lease incentives
- No incremental benefit from unidentified acquisitions