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Sep 30, 2023
NHI Q3 2023 Earnings Report
NHI's results for the third quarter of 2023 were announced.
Key Takeaways
National Health Investors (NHI) reported strong third-quarter results, exceeding expectations due to robust rent collections, significant deferral repayments, discrete payments from cash-basis accounting tenants, and no unexpected rent concessions. EBITDARM coverage ratios improved across all asset classes, and SHOP NOI margins expanded due to occupancy growth.
Net income attributable to common stockholders per diluted common share was $0.68, compared to $0.78 in the same period last year.
NAREIT FFO per diluted common share was $1.08, compared to $1.04 in the same period last year.
Normalized FFO per diluted common share was $1.08, compared to $1.06 in the same period last year.
Normalized FAD was $48.2 million, compared to $47.4 million in the same period last year.
Forward Guidance
NHI is revising its 2023 annual guidance range for Normalized FFO per share to $4.28 - $4.31 from $4.31 - $4.35 and is revising Normalized FAD to a range of $186.0 million - $187.6 million from $185.0 million - $186.8 million.
Positive Outlook
- Increased expectations for cash lease revenue
- Increased expectations for interest income
- Lower general, administrative and legal expenses
- Lower franchise, excise and other taxes
- Continued collection of deferred rents in line with recent trailing three quarter cash deferred rent collection experience
Challenges Ahead
- Continued rent concessions
- Asset dispositions
- Loan repayments throughout 2023
- Reduction in straight-line revenue due to the acceleration of contractual rents collected related to prior deferrals
Historical Earnings Impact
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Avg. Return Before/After Earnings
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