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NHI Reports 9.2% Increase In Third Quarter Normalized FFO

Stocks in this article: NHI

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the nine months ended September 30, 2012, was $61,206,000, or $2.20 per basic and diluted common share, compared with $67,805,000, or $2.45 and $2.44 per basic and diluted common share, respectively, for the same period in 2011. Net income for the nine months ended September 30, 2012, was $49,628,000, or $1.78 per basic and diluted common share compared with net income of $63,018,000, or $2.27 per basic and diluted common share, for the same period in 2011.

The reconciliation of net income to FFO, Normalized FFO, FAD and Normalized FAD is included as tables to this press release and is filed on Form 8-K and in our Form 10-Q and supplemental data filed with the Securities and Exchange Commission.

2012 Guidance

The Company currently forecasts Normalized FFO for 2012 from $3.15 to $3.18 per diluted common share. The Company's guidance range for the full year 2012 for net income per share and Normalized FFO per share, with underlying assumptions and timing of certain transactions, is set forth and reconciled below:

  Full-Year 2012 Range
Low   High
Net income per diluted common share $ 2.48   $ 2.49
Plus: Real estate depreciation .53 .55
Plus: Loan write-downs .08 .08
Plus: Expenses due to early lease termination and other adjustments .06   .06
Normalized FFO per diluted common share $ 3.15   $ 3.18

The Company's guidance range reflects the existence of volatile economic conditions, but does not assume any material deterioration in tenant credit quality and/or performance of its portfolio. The guidance is based on a number of assumptions, many of which are outside the Company's control and all of which are subject to change. The Company expects to make new investments in health care real estate during the remainder of 2012 that meet its underwriting criteria and where the spreads over its cost of capital generates sufficient returns to its shareholders. These new investments are expected to be funded by the Company's liquid investments and by short-term and long-term debt financing. The Company's guidance may change if actual results vary from these assumptions.

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