News
NHI Reports First Quarter Income
MURFREESBORO, Tenn.-(Business Wire)-May 6, 2008 - National Health Investors, Inc., (NYSE:NHI) announced net income for the three months ended March 31, 2008 of $13,399,000 or $0.48 per common share, basic and diluted, compared to net income of $15,481,000 or $0.56 per common share, basic and diluted for the same period in 2007. Net income previously reported for the first quarter in 2007 had been favorably impacted by recoveries of earlier writedowns of mortgage loan receivables and gains from loan payoffs totaling $2,168,000 or $.08 per common share, basic and diluted.
Funds from operations ("FFO") for the three months ended March 31, 2008 was $15,325,000, or $0.55 per share of common stock, basic and diluted, compared to $18,135,000 or $0.65 per basic and diluted share for the same period in 2007. FFO previously reported for the first quarter in 2007 had been favorably impacted by recoveries of earlier writedowns of mortgage loan receivables and gains from loan payoffs totaling $2,168,000 or $.08 per common share, basic and diluted.
National Health Investors, Inc. is a long-term health care real estate investment trust that specializes in the financing of health care real estate by first mortgage and by purchase and leaseback transactions. The common stock of the company trades on the New York Stock Exchange with the symbol NHI. Additional information including NHI's most recent press releases may be obtained on NHI's web site at www.nhinvestors.com.
Statements in this press release that are not historical facts are forward-looking statements. NHI cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. All forward-looking statements represent NHI's judgment as of the date of this release. -0- *T Condensed Statements of Income (in thousands, except share and per share amounts) Three Months Ended March 31 ———————————— 2008 2007 —————- —————— Revenues: Mortgage interest income $ 2,397 $ 3,171 Rental income 12,962 12,316 —————- —————— $ 15,359 $ 15,487 —————- —————— Expenses: Interest expense $ 105 $ 2,008 Depreciation 2,025 2,282 Amortization of loan costs 4 34 Legal expense 134 204 Franchise, excise and other taxes 223 71 General and administrative 1,447 1,620 Loan and realty losses (recoveries) - (1,700) —————- —————— $ 3,938 $ 4,520 —————- —————— Income Before Non-Operating Income $ 11,421 $ 10,967 Non-operating income (investment Interest and other) 1,978 3,694 —————- —————— Income From Continuing Operations $ 13,399 $ 14,661 —————- —————— Discontinued Operations Operating income-discontinued operations $ - $ 820 —————- —————— Net income $ 13,399 $ 15,481 =========== ============ Weighted average common shares outstanding: Basic 27,730,686 27,703,239 Diluted 27,786,425 27,776,864 Earnings per share: Basic: Income from continuing operations $ 0.48 $ 0.53 Discontinued operations - 0.03 —————- —————— Net income available to common stockholders $ 0.48 $ 0.56 =========== ============ Diluted: Income from continuing operations $ 0.48 $ 0.53 Discontinued operations - 0.03 —————- —————— Net income available to common stockholders $ 0.48 $ 0.56 =========== ============ Funds from operations Basic $ 15,325 $ 18,135 Diluted $ 15,325 $ 18,135 Funds from operations per common share Basic $ 0.55 $ 0.65 Diluted $ 0.55 $ 0.65 *T -0- *T Balance Sheet Data (in thousands) March 31 December 31 2008 2007 —————- —————- Real estate properties, net $ 185,430 $ 187,455 Mortgages receivable, net 113,551 141,655 Preferred stock investment 38,132 38,132 Cash and marketable securities 137,499 131,172 Debt 8,831 9,512 Stockholders' equity 442,835 446,138 *T -0- *T Reconciliation of Funds From Operations (1)(2) The following table reconciles net income to funds from operations available to common stockholders: (in thousands, except share and per share amounts) Three Months Ended March 31 March 31 —————- —————- 2008 2007 —————- —————- Net income 13,399 15,481 Elimination of non-cash items in net income: Real estate depreciation 1,926 2,031 Real estate depreciation in discontinued operations - 623 —————- —————- Basic funds from operations 15,325 18,135 —————- —————- Other Adjustments - - —————- —————- Diluted funds from operations $ 15,325 $ 18,135 =========== =========== Basic funds from operations per share $ 0.55 $ 0.65 Diluted funds from operations per share $ 0.55 $ 0.65 Shares for basic funds from operations per share 27,730,686 27,703,239 Shares for diluted funds from operations per share 27,786,425 27,776,864 *T
(1)Management believes that funds from operations (FFO) is an important supplemental measure of operating performance for a real estate investment trust. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative, and should be supplemented with a measure such as FFO. The term FFO was designed by the real estate investment trust industry to address this issue. Our measure may not be comparable to similarly titled measures used by other REITs. Consequently, our funds from operations may not provide a meaningful measure of our performance as compared to that of other REITs. Since other REITs may not use our definition of FFO, caution should be exercised when comparing our Company's FFO to that of other REITs. Funds from operations in and of itself does not represent cash generated from operating activities in accordance with GAAP (funds from operations does not include changes in operating assets and liabilities) and therefore should not be considered an alternative to net earnings as an indication of operating performance, or to net cash flow from operating activities as determined by GAAP in the United States, as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs.
(2) Our computations above are intended to comply with the SEC's interpretation that recurring impairments taken on real property may not be added back to net income in the calculation of FFO. The SEC's position is that recurring impairments on real property are not an appropriate adjustment. -0- *T National Health Investors, Inc. Portfolio Summary March 31, 2008 Portfolio Statistics # of Investment Properties Percentage Investment ————————————————————- Real Estate Properties 72 62% $ 185,430,000 Mortgage Note Receivables 52 38% 113,551,000 ————————————————————- Total Real Estate Portfolio 124 100.0% $ 298,981,000 Real Estate Properties # of Properties # of Beds Investment ————————————————————- Long-Term Care Centers 49 6,835 $ 104,318,000 Assisted Living 14 1,133 57,347,000 Medical Office Buildings 4 124,427 sq.ft. 9,451,000 Retirement Homes 4 458 7,800,000 Hospitals 1 55 6,514,000 ————————————————————- 72 $ 185,430,000 —————— ———————- Mortgage Note Receivables # of Properties # of Beds Investment ————————————————————- Long-Term Care Centers 34 3,581 $ 108,957,000 Developmentally Disabled 17 108 3,901,000 Retirement Homes 1 78 693,000 ————————————————————- 52 $ 113,551,000 —————— ———————- Total Real Estate Portfolio 124 $ 298,981,000 ============ =============== Summary of Facilities by Type # of % of Total Properties Total $ Dollars ————————————————————- Long-Term Care Centers 83 71.3% $ 213,275,000 Assisted Living 15 19.4% 58,040,000 Medical Office Buildings 4 3.2% 9,451,000 Retirement Homes 4 2.6% 7,800,000 Hospitals 1 2.2% 6,514,000 Developmentally Disabled 1 1.3% 3,901,000 ————————————————————- 108 100.0% $ 298,981,000 ========================================= Portfolio by Operator Type # of Percent of Total Properties RE Assets Dollars ————————————————————- Regional 46 61.45% $ 159,653,000 Public 66 33.66% 100,630,000 Small 12 12.94% 38,698,000 ————————————————————- 124 100.00% $ 298,981,000 ========================================= *T -0- *T National Health Investors, Inc. Summary of Facilities by State March 31, 2008 Acute Dev. Asst. Retire- LTC Care MOB Disab. Living ment ——————————————————————————- 1 Florida 11 1 14 4 2 Texas 8 2 3 Tennessee 20 3 3 2 4 Missouri 8 1 5 Virginia 8 6 Arizona 1 4 7 Kansas 6 8 Massachusetts 4 9 New Jersey 0 1 10 Georgia 6 11 New Hampshire 3 1 12 Kentucky 2 1 13 South Carolina 3 1 14 Idaho 1 1 15 Pennsylvania 0 1 16 Alabama 2 17 Illinois 0 1 ——————————————————————————- 83 1 4 17 15 4 ===================================================== Percent Investment Total Total Amount Portfolio ——————————————————————- 1 Florida 30 75,734,000 25.33% 2 Texas 10 48,502,000 16.22% 3 Tennessee 28 27,180,000 9.09% 4 Missouri 9 21,102,000 7.06% 5 Virginia 8 19,507,000 6.52% 6 Arizona 5 17,286,000 5.78% 7 Kansas 6 15,766,000 5.27% 8 Massachusetts 4 15,535,000 5.20% 9 New Jersey 1 12,520,000 4.19% 10 Georgia 6 9,683,000 3.24% 11 New Hampshire 4 9,432,000 3.15% 12 Kentucky 3 7,432,000 2.49% 13 South Carolina 4 6,856,000 2.29% 14 Idaho 2 4,961,000 1.66% 15 Pennsylvania 1 4,143,000 1.39% 16 Alabama 2 1,936,000 0.65% 17 Illinois 1 1,406,000 0.47% ——————————————————————- 124 298,981,000 100.00% ============================================= *T
Search Our News Using Google Search
Can't find what you want? Try using Google:
