MURFREESBORO, TN / ACCESSWIRE / June 6, 2022 / National Health Investors, Inc. (NYSE:NHI) today provided a business update regarding recent portfolio activity, share repurchase program, guidance and average occupancy for Senior Living Communities ("SLC"), Bickford Senior Living ("Bickford") and the senior housing operating portfolio ("SHOP") through May 2022.
Portfolio Activity
In May 2022, NHI completed the disposition of three assisted living communities located in Kansas and Illinois formerly operated by Bickford for approximately $26.4 million in gross proceeds. The Company also completed the disposition of four assisted living communities located in Michigan for gross proceeds of $40.0 million.
Since April 2021, NHI has completed dispositions totaling approximately $327.7 million including approximately $279.4 million for 30 underperforming senior living communities.
Share Repurchase
Through June 6, 2022, NHI has repurchased 751,803 shares at an average price of $57.71 totaling $43.4 million under its April 2022 Board-authorized $240 million stock repurchase plan.
Board Member Appointment
NHI announced in May 2022 that Tracy M.J. Colden will join the Board of Directors. Ms. Colden's term began on June 1, 2022 and increased the total number of directors from seven to eight.
Guidance
The Company's guidance issued in a press release dated April 18, 2022 remains unchanged. A summary of the guidance includes the following:
- NAREIT FFO per diluted common share in a range of $4.32 - $4.42
- Normalized FFO per diluted common share in a range of $4.38 - $4.48
- Funds Available for Distribution in a range of $201.8 million - $206.4 million
- Weighted average diluted common shares of 45.9 million
NHI expects to update the 2022 annual guidance with the release of its results for the second quarter of 2022.
Occupancy
The following table summarizes the average monthly portfolio occupancy for SLC, Bickford, and SHOP for the periods indicated, excluding development properties in operation less than 24 months, notes receivable, and properties disposed or transitioned to new operators.
Properties | May-22 | Apr-22 | Mar-22 | Feb-22 | Jan-22 | Dec-21 | Nov-21 | Oct-21 | |
SLC | 9 | 82.4% | 82.3% | 81.8% | 81.7% | 81.7% | 81.7% | 81.9% | 81.5% |
Bickford 1 | 38 | 82.6% | 82.0% | 82.0% | 81.8% | 83.2% | 83.3% | 83.9% | 83.2% |
SHOP | 15 | 76.2% | 77.2% | 76.8% | 77.6% | 78.6% | 79.5% | 81.3% | 81.2% |
Properties | Sep-21 | Aug-21 | Jul-21 | Jun-21 | May-21 | Apr-21 | Mar-21 | Feb-21 | |
SLC | 9 | 80.9% | 80.4% | 80.0% | 79.1% | 78.6% | 77.9% | 77.8% | 78.1% |
Bickford 1 | 38 | 82.3% | 82.1% | 81.1% | 79.9% | 78.8% | 77.9% | 76.0% | 76.1% |
SHOP | 15 | 81.0% | 79.3% | 79.1% | 78.3% | 77.8% | 76.9% | 76.9% | 76.8% |
1 Prior periods restated to reflect the sale of three properties in May 2022.
About NHI
Incorporated in 1991, National Health Investors, Inc. (NYSE:NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals. For more information, visit www.nhireit.com.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's, tenants', operators', borrowers' or managers' expected future financial position, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust ("REIT"), plans and objectives of management for future operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "believes", "anticipates", "expects", "intends", "estimates", "plans", and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, among other things; the impact of COVID-19 on our tenants, borrowers, economy and the Company; the operating success of our tenants and borrowers for collection of our lease and interest income; the success of property development and construction activities, which may fail to achieve the operating results we expect; the risk that our tenants and borrowers may become subject to bankruptcy or insolvency proceedings; risks related to the concentration of a significant percentage of our portfolio to a small number of tenants; risks related to governmental regulations and payors, principally Medicare and Medicaid, and the effect that lower reimbursement rates would have on our tenants' and borrowers' business; the risk that the cash flows of our tenants and borrowers would be adversely affected by increased liability claims and liability insurance costs; risks related to environmental laws and the costs associated with liabilities related to hazardous substances; the risk of damage from catastrophic weather and other natural or man-made disasters and the physical effects of climate change; the risk that we may not be fully indemnified by our lessees and borrowers against future litigation; the success of our future acquisitions and investments; our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; the potential need to incur more debt in the future, which may not be available on terms acceptable to us; our ability to meet covenants related to our indebtedness which impose certain operational limitations and a breach of those covenants could materially adversely affect our financial condition and results of operations; the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties; risks associated with our investments in unconsolidated entities, including our lack of sole decision-making authority and our reliance on the financial condition of other interests; operational risks with respect to our senior housing operating portfolio ("SHOP") structured communities; our dependence on revenues derived mainly from fixed rate investments in real estate assets, while a portion of our debt bears interest at variable rates; the risk that our assets may be subject to impairment charges; risks related to our ability to maintain the privacy and security of Company information; and our dependence on the ability to continue to qualify for taxation as a real estate investment trust. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any of the foregoing or any other forward looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by NHI in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information disclosed in NHI's Annual Report on Form 10-K for the most recently ended fiscal year. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on NHI's web site at https://www.nhireit.com.
CONTACT:
Dana Hambly, Vice President, Investor Relations
Phone: (615) 890-9100
SOURCE: National Health Investors
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