The following is a summary of the National Health Investors, Inc. (NHI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• NHI reported a strong financial performance with an 11.4% increase in normalized FFO per share and a 16.1% increase in total dollar FAD compared to the second quarter of 2023.

• Significant contributions to the financial results include a $2.5 million deferral repayment and the Bickford rent step up, which enhanced growth.

• Revenue from investments closed year-to-date contributed to the strong performance, with a $32.1 million acquisition highlighting this activity.

Business Progress:

• NHI has actively expanded its investment portfolio with $56.6 million in new investments at an average yield of 8.4% year-to-date.

• Plans to continue acquisition growth particularly in senior housing assets and fee simple real estate, reflecting a strategic shift post-pandemic.

• SHOP NOI increased by 39.9% year-over-year, driven primarily by occupancy improvements and revenue growth in the senior housing operating portfolio.

Opportunities:

• NHI has sourced investment opportunities totaling more than $1.8 billion, with board approved, signed LOI investment opportunities of $155.4 million expected to close within the year.

• The company is targeting senior housing assets and fee-simple real estate, anticipating significant cash flow growth.

• Demographic trends continue to favor the senior housing market, presenting further growth opportunities.

Risks:

• Despite strong quarter results, SHOP NOI was slightly below internal expectations due to minor occupancy fluctuations which could impact immediate cash flows.

More details: National Health Investors Inc IR

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