This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

NHI Reports 17.2% Increase In Third Quarter Normalized FFO

National Health Investors, Inc. (NYSE:NHI) announced today its normalized Funds From Operations (“FFO”), its normalized Funds Available for Distribution ("FAD") and net income attributable to common stockholders for the three and nine months ended September 30, 2013.

Year-To-Date Highlights

  • Increased third quarter Normalized FFO 17.2% over the same quarter in 2012
  • Closed or announced over $258 million of new investments
  • Amended and expanded an unsecured credit facility of $370 million consisting of $250 million revolving credit facility and $120 million of 7-year term loans

Financial Results

Normalized FFO for the three months ended September 30, 2013, was $26,193,000, or $0.94 per diluted common share, compared with $22,357,000, or $0.80 per diluted common share, for the same period in 2012, an increase of 17.2%. Normalized FAD for the three months ended September 30, 2013, was $25,359,000 or $0.91 per diluted common share, compared with $21,736,000 or $0.78 per diluted common share for the same period in 2012, an increase of 16.7%. Normalized FFO and Normalized FAD for the quarter ended September 30, 2013 excludes a $2,061,000 recovery of a previous write-down on a mortgage note receivable.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the three months ended September 30, 2013, was $28,254,000, or $1.01 per diluted common share, compared with $19,860,000, or $0.71 per diluted common share, for the same period in 2012. Net income attributable to common stockholders for the three months ended September 30, 2013, was $42,744,000, or $1.53 per diluted common share, compared with $14,351,000, or $0.52 per diluted common share, for the same period in 2012. Net income for the three months ended September 30, 2013 includes a gain $19,370,000 on the sale of real estate.

Normalized FFO for the nine months ended September 30, 2013, was $74,188,000, or $2.66 per diluted common share, compared with $65,118,000, or $2.34 per diluted common share, for the same period in 2012, an increase of 13.9%. Normalized FAD for the nine months ended September 30, 2013, was $73,557,000 or $2.64 per diluted common share, compared with $64,829,000 or $2.33 per diluted common share for the same period in 2012, an increase of 13.5%. Normalized FFO and Normalized FAD for the nine months ended September 30, 2013 excludes net loan impairments of $1,976,000 and the effects of $561,000 in acquisition and debt issuance costs expensed in 2013.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,095.52 +57.55 0.32%
S&P 500 2,111.92 +3.00 0.14%
NASDAQ 5,054.8820 -5.3640 -0.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs