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NHI Announces First Quarter 2014 Results

National Health Investors, Inc. (NYSE:NHI) announced today its Normalized Adjusted Funds From Operations (“AFFO”), its Normalized Funds From Operations (“FFO”), its Normalized Funds Available for Distribution ("FAD") and net income attributable to common stockholders for the three months ended March 31, 2014.

Q1 2014 Highlights

  • Normalized AFFO per diluted common share increased by 13.4% over the same quarter in 2013
  • Acquired $42 million portfolio at an initial lease rate of 8.4%
  • Issued $200 million of 3.25% senior unsecured convertible notes due April 2021
  • Increased senior unsecured credit facilities to $700 million

Financial Results

  • Normalized AFFO for the three months ended March 31, 2014, was $30,859,000 or $0.93 per diluted common share, compared with $22,907,000 or $0.82 per diluted common share for the same period in 2013, an increase of 13.4%.
  • Normalized FFO for the three months ended March 31, 2014, was $34,669,000, or $1.05 per diluted common share, compared with $24,108,000, or $0.86 per diluted common share, for the same period in 2013, an increase of 22.1%.
  • Normalized FAD for the three months ended March 31, 2014, was $32,208,000 or $0.97 per diluted common share, compared with $24,487,000 or $0.88 per diluted common share for the same period in 2013, an increase of 10.2%.
  • FFO for the three months ended March 31, 2014, was $32,524,000, or $0.98 per diluted common share, compared with $20,071,000, or $0.72 per diluted common share, for the same period in 2013.
  • Net income attributable to common stockholders for the three months ended March 31, 2014, was $23,533,000, or $0.71 per diluted common share, compared with $15,743,000, or $0.56 per diluted common share, for the same period in 2013.

Normalized FFO, Normalized AFFO and Normalized FAD for the quarter ended March 31, 2014 exclude $2,145,000 of debt issuance costs written off as a result of modifications and amendments to our unsecured credit facility. See our Form 8-K dated May 5, 2014 which describes changes to these previously reported metrics as a result of our revised interpretation of the NAREIT definition of FFO.

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