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Dec 31, 2021
NHI Q4 2021 Earnings Report
Announced fourth quarter results, reflecting progress in portfolio optimization through dispositions, rent restructuring, and tenant transitions.
Key Takeaways
National Health Investors reported a net income of $0.14 per diluted common share for Q4 2021, a decrease compared to $0.83 in the prior year period. The company is actively optimizing its portfolio through dispositions, rent restructuring and tenant transitions.
Completed dispositions of 23 properties for $243.7 million, including 19 underperforming senior housing properties for $195.2 million.
Working closely with Bickford to sell properties and restructure the lease.
Lawsuit against the tenant entity in the legacy Holiday portfolio is ongoing.
Provided assistance to senior housing operators during a challenging period.
Forward Guidance
Due to the ongoing impact of the pandemic, particularly low occupancy and high labor costs, NHI is limiting its ability to provide guidance at this time but expects to continue to provide support throughout 2022.
Positive Outlook
- NHI is in a strong financial position.
- Leverage is within the targeted range.
- Dividend is right-sized.
- Plenty of access to capital.
- Well-positioned to return to growing the portfolio this year.
Challenges Ahead
- Industry negatively impacted by the recent surge in Covid cases.
- Industry is still struggling with historically low occupancy.
- Industry is struggling with high labor costs.
- May require additional near-term assistance to Bickford due to the impact of omicron on staffing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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