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Dec 31, 2024
NHI Q4 2024 Earnings Report
NHI reported strong fourth quarter results, exceeding internal expectations with significant growth in rental income and SHOP NOI, driven by new investments and increased occupancy.
Key Takeaways
National Health Investors, Inc. (NHI) announced robust financial results for the fourth quarter of 2024, with net income attributable to common stockholders per diluted common share increasing to $0.95 from $0.74 in the prior year. The company's rental income saw an 8.3% increase, primarily due to new investments, and its Senior Housing Operating Portfolio (SHOP) segment experienced a 12.5% growth in net operating income.
Net income attributable to common stockholders per diluted common share increased to $0.95 in Q4 2024 from $0.74 in Q4 2023.
NAREIT FFO per diluted common share rose to $1.24 in Q4 2024 from $1.09 in Q4 2023.
Rental income increased by $5.1 million, or 8.3%, primarily due to new investments funded since December 2023.
SHOP Net Operating Income (NOI) increased by $0.4 million, or 12.5%, driven by higher occupancy.
NHI
NHI
NHI Revenue by Segment
Revenue by Segment
Rental income Revenue
CapyFin.comResident fees and services Revenue
CapyFin.comInterest income and other Revenue
CapyFin.com Forward Guidance
NHI's 2025 annual guidance projects NAREIT FFO per diluted common share between $4.59 and $4.66, and Normalized FAD between $219.8 million and $223.6 million, driven by new investments and continued operational improvements.
Positive Outlook
- Anticipated $225 million in unidentified new investments at an initial average yield of 8.1%.
- Expected SHOP NOI growth in a range of 12% - 15% year over year.
- Continued collection of deferred rents.
- Investments from announced subsequent events.
- Continued fulfillment of existing commitments.
Challenges Ahead
- Continued rent concessions.
- Asset dispositions.
- Loan repayments.
- Expenses associated with transitioning properties.
- Guidance range is based on several assumptions, many of which are outside the Company's control and subject to change.
Revenue & Expenses
Visualization of income flow from segment revenue to net income