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Dec 31, 2023
NHI Q4 2023 Earnings Report
NHI's Q4 2023 results were announced, showing increased net income and exceeding expectations due to deferral repayments and SHOP NOI growth.
Key Takeaways
National Health Investors, Inc. (NHI) reported positive Q4 2023 results, with net income attributable to common stockholders at $0.74 per diluted share, compared to $0.04 in the same period last year. The results were driven by deferral repayments and growth in SHOP NOI. The company's financial profile remains strong, with leverage at 4.4 times net debt-to-adjusted EBITDA.
Net income attributable to common stockholders per diluted common share was $0.74, up from $0.04 in the prior year.
NAREIT FFO per diluted common share was $1.09, compared to $0.74 in the prior year.
Normalized FFO per diluted common share was $1.09, up from $0.85 in the prior year.
SHOP NOI grew 24.4% sequentially compared to Q3 2023.
Revenue by Segment
Forward Guidance
NHI issued its 2024 annual guidance range, expecting NAREIT FFO per diluted common share and Normalized FFO per diluted common share in a range of $4.31 - $4.37, and Normalized FAD in a range of $191.3 million - $194.1 million.
Positive Outlook
- Continued rent concessions, asset dispositions and loan repayments
- Continued fulfillment of existing commitments
- SHOP NOI growth in a range of 25%-30%
- Continued collection of deferred rents
- No incremental benefit from unidentified acquisitions
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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