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Jun 30, 2022
NHI Q2 2022 Earnings Report
Announced second quarter 2022 results, impacted by Bickford's conversion to cash basis accounting but otherwise in line with expectations.
Key Takeaways
National Health Investors, Inc. reported second quarter results with net income attributable to common stockholders per diluted common share at $0.47. The company completed disposition of 10 underperforming senior housing properties and repurchased approximately 1.2 million shares. They reduced debt by approximately $145.0 million and reported net debt to Adjusted EBITDA of 4.0x.
Converted Bickford Senior Living to the cash basis of accounting, writing off $18.1 million of straight-line rents receivable and $7.1 million of lease incentives.
Settled litigation against Welltower, receiving $6.9 million and terminating the master lease for 17 legacy Holiday independent living facilities.
Formed a new Seniors Housing Operating Portfolio (SHOP) segment, contributing approximately $2.9 million to NHI’s net operating income.
Completed the disposition of 10 underperforming senior housing properties for net proceeds of approximately $76.3 million.
Forward Guidance
NHI updated its range for 2022 annual guidance, originally issued on April 18, 2022.
Positive Outlook
- NAREIT FFO per diluted common share in a range of $3.86 - $3.92
- Normalized FFO per diluted common share in a range of $4.48 - $4.53
- Normalized Funds Available for Distribution in a range of $200.2 million - $203.0 million
- Weighted average diluted common shares of 45.2 million
Challenges Ahead
- Continued rent concessions throughout 2022
- Asset dispositions throughout 2022
- Loan repayments throughout 2022
- Approximately $52.6 million in investment funding of existing commitments
- No incremental benefit from unidentified acquisitions or repayment of outstanding deferral balances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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