Q2 2024 National Health Investors Inc Earnings Call Transcript
Key Points
- National Health Investors Inc (NHI) exceeded their forecast for the fourth straight quarter, driven by stable cash collections, steady deferral payments, and improving operator fundamentals.
- Year-to-date, NHI has closed on $56.6 million of investments at an average initial yield of approximately 8.4%, with a pipeline of investment opportunities totaling more than $1.8 billion.
- Normalized FFO per share and total dollar FAD increased by 11.4% and 16.1% respectively, compared to the second quarter of 2023.
- The senior housing operating portfolio (SHOP) NOI increased by 39.9% year-over-year, with occupancy continuing to move higher.
- NHI raised their 2024 guidance, representing midpoint normalized FFO per share growth of 4.8% and midpoint FAD growth of 7% compared to 2023.
- The SHOP NOI result was slightly below internal expectations, despite the year-over-year increase.
- Bickford occupancy declined by 50 basis points to 85.4% from the first quarter of 2024 to the second.
- NHI's net income per diluted common share for the quarter ended June 30, 2024, was $0.81, down from $0.92 for the same period last year.
- Cash G&A expense increased by $700,000 compared to the first quarter, primarily due to increases in business development and proxy-related expenses.
- NHI placed one property in assets held for sale, resulting in impairment and increased the loan loss reserve on another property's loan, resulting in loan and realty losses of approximately $1.1 million.
Good morning, everyone, and welcome to the National Health Investors Second Quarter 2024 Earnings Webcast and Conference Call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Dana Hambly. Sir, the floor is yours.
Thank you, and welcome to the National Health Investors conference call to review the results for the second quarter of 2024. On the call today are Eric Mendelsohn, President and CEO; Kevin Pascoe, Chief Investment Officer; John Spaid, Chief Financial Officer; and David Travis, Chief Accounting Officer. The results as well as notice of the accessibility of this conference call were released after the market closed yesterday and a press release has been covered by the financial media. Any statements in this conference call, which are not historical facts are forward-looking statements. NHI cautions investors that any forward-looking statements may involve risks or uncertainties and are not guarantees of future performance.
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