Exhibit 99.1
Contact: Roger R. Hopkins, Chief Accounting Officer
Phone: (615) 890-9100
NHIReports 22.8% Increase in Normalized FFO, Raises Dividend 5.2%
MURFREESBORO, Tenn. – (August 3, 2010) National Health Investors, Inc. (NYSE:NHI) announced today its normalized Funds From Operations (“FFO”) and net income for the three and six months ended June 30, 2010.
Second Quarter Highlights
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Normalized FFO improved 22.8% to $0.70 per basic and diluted common share compared with $0.57 in the same period of 2009
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FFO increased 14.7% compared with the same period in 2009
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Completed real estate and mortgage loan investments totaling $16.9 million and announced a $20 million loan participation agreement with Capital Funding Group
Increase in Third Quarter Dividend
The Company announced it will pay a third quarter dividend of $0.605 per common share to shareholders of record on September 30, 2010 and payable on November 10, 2010. This dividend represents an increase of 5.2% from the second quarter dividend which would represent an annualized dividend of $2.42 per share.
Financial Results
Normalized FFO for the three months ended June 30, 2010, was $19,255,000, or $0.70 per basic and diluted common share, compared with $15,693,000, or $0.57 per basic and diluted common share, for the same period in 2009.
FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the three months ended June 30, 2010, was $19,868,000, or $0.72 per basic and diluted common share, compared with $17,327,000, or $0.63 per basic and diluted common share, for the same period in 2009. Net income for the three months ended June 30, 2010, was $19,189,000, or $0.69 per basic and diluted common share, compared with net income of $15,415,000, or $0.55 per basic and diluted common share, for the same period in 2009.
Normalized FFO for the six months ended June 30, 2010, was $36,429,000, or $1.32 per basic and diluted common share, compared with $30,790,000, or $1.12 per basic and diluted common share, for the same period in 2009.
FFO for the six months ended June 30, 2010, was $38,272,000, or $1.38 per basic and diluted common share, compared with $34,304,000, or $1.24 per basic and diluted common share, for the same period in 2009. Net income for the six months ended June 30, 2010, was $35,132,000, or $1.27 per basic and diluted common share, compared with net income of $30,464,000, or $1.10 per basic and diluted common share, for the same period in 2009.
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NHI Reports 22.8% Increase in Second Quarter Normalized FFO
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2010 Guidance
The Company currently forecasts an increase in normalized FFO for 2010 from 17.2% to 18.5% compared with 2009. The Company’s guidance range for the full year 2010 for EPS, FFO and Normalized FFO per share, with underlying assumptions and timing of certain transactions, is set forth and reconciled below:
Following are current assumptions reflected in the company’s full-year 2010 guidance for the low and high end of the guidance range:
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Total investments of $30 million in the second half of the year (assumed for both low and high end).
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Existing and future investments are funded through borrowings on our revolving credit facility (assumed for the high end).
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New debt financings of $100 million - $125 million to fund existing and future investments (assumed for the low end).
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Corporate G&A expenses of $8.4 million to $9.0 million (assumed for both low and high end).
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’s guidance may change if actual results vary from these assumptions.
Investor Conference Call and Webcast
NHI will host a conference call on Wednesday, August 4, 2010, at 10 a.m. ET, to discuss second quarter results. The number to call for this interactive teleconference is (212) 231-2906 with the confirmation number, 21476530. The live broadcast of NHI’s quarterly conference call will be available online athttp://www.videonewswire.com/event.asp?id=70952 on Wednesday, August 4, 2010, at 10 a.m. ET. The online replay will follow shortly after the call and continue for approximately 90 days.
National Health Investors, Inc. is a healthcare real estate investment trust that specializes in the financing of healthcare real estate by purchase and leaseback transactions and by mortgage loans. NHI’s investments involve skilled nursing facilities, assisted living facilities, independent living facilities, medical office buildings, an acute care hospital, an acute psychiatric hospital and a transitional rehabilitation center. The common stock of the company trades on the New York Stock Exchange with the symbol NHI. Additional information about NHI, including its most recent press releases, may be obtained on NHI's web site atwww.nhinvestors.com.
Statements in this press release that are not historical facts are forward-looking statements. NHI cautions investors that any forward-looking statements may involve risks and uncertainties and are not guarantees of future performance. All forward-looking statements represent NHI's judgment as of the date of this release. 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 http://www.sec.gov or on NHI’s web site athttp://www.nhinvestors.com ..
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NHI Reports 22.8% Increase in Second Quarter Normalized FFO
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