A detailed schedule for the 2025 guidance range as well as additional assumptions is included in this press release. Results for the three months ended March 31, 2025 compared to the same period in the prior year were impacted by the following: Exhibit 99.1 Contact: John L. Spaid, Chief Financial Officer Phone: (615) 890-9100 NHI Announces First Quarter 2025 Results MURFREESBORO, Tenn. – (Monday, May 5, 2025) National Health Investors, Inc. (NYSE:NHI) announced today its results for the three months ended M ...

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Total assets increased to **$2.78 billion**, with Q1 2025 revenues at **$89.3 million** and net income at **$33.8 million** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.78 billion** from **$2.61 billion**, driven by real estate and cash, with liabilities rising to **$1.34 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Real estate properties, net | $2,270,257 | $2,211,253 | | Cash and cash equivalents | $135,004 | $24,289 | | **Total Assets** | **$2,782,885** | **$2,614,371** | | **Liabilities & Equity** | | | | Debt | $1,262,985 | $1,146,041 | | **Total Liabilities** | **$1,338,300** | **$1,229,194** | | **Total Equity** | **$1,435,045** | **$1,375,387** | | Total Liabilities and Equity | $2,782,885 | $2,614,371 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues grew to **$89.3 million** in Q1 2025, resulting in net income of **$33.8 million** and diluted EPS of **$0.74** Statement of Income Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Rental income | $68,866 | $62,187 | | Total Revenues | $89,296 | $81,513 | | Total Expenses | $56,008 | $51,122 | | Net income | $33,817 | $30,657 | | Net income attributable to common stockholders | $34,113 | $30,915 | | Earnings per common share - diluted | $0.74 | $0.71 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was **$46.5 million**, with a **$110.8 million** net increase in cash driven by financing activities and real estate acquisitions Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $46,478 | $40,827 | | Net cash used in investing activities | ($75,469) | ($16,193) | | Net cash provided by (used in) financing activities | $139,766 | ($35,922) | | **Increase (decrease) in cash and cash equivalents** | **$110,775** | **($11,288)** | - A significant non-cash investing activity in Q1 2025 was the acquisition of **$8.6 million** in real estate through a deed in lieu of foreclosure of a mortgage note receivable[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail NHI's business, **$76.1 million** in Q1 2025 real estate acquisitions, **$1.26 billion** total debt, and a **$0.90** quarterly dividend - NHI is a self-managed REIT operating through **two segments**: Real Estate Investments (leases, mortgages for senior housing/medical facilities) and Senior Housing Operating Portfolio (SHOP), which consists of **15** company-owned independent living facilities[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) Q1 2025 Real Estate Acquisitions (in thousands) | Operator | Asset Class | Total Cost | | :--- | :--- | :--- | | Generations, LLC | SLC | $21,200 | | Mainstay Healthcare | ALF | $8,600 | | Juniper Communities, LLC | ALF | $46,284 | | **Total** | | **$76,084** | - As of March 31, 2025, mortgage and other notes receivable totaled **$278.7 million** before a credit loss reserve of **$18.9 million**. **Two** mezzanine loans totaling **$15.8 million** were designated as non-performing[75](index=75&type=chunk)[76](index=76&type=chunk)[90](index=90&type=chunk) Debt Composition as of March 31, 2025 (in thousands) | Debt Type | Amount | | :--- | :--- | | Revolving credit facility - unsecured | $447,200 | | Bank term loans - unsecured | $200,000 | | 2031 Senior Notes - unsecured, net | $398,124 | | Private placement notes - unsecured | $150,000 | | Fannie Mae term loans - secured | $75,704 | | **Total Debt (net of unamortized costs)** | **$1,262,985** | - In Q1 2025, the company settled a forward equity sale agreement for approximately **$65.5 million** in proceeds. It also entered into new ATM forward sale agreements to sell **~0.2 million** shares for potential proceeds of **~$15.5 million**[125](index=125&type=chunk)[127](index=127&type=chunk) - The Board of Directors declared a quarterly dividend of **$0.90** per common share, consistent with the prior year[132](index=132&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) Management discusses **9.5%** Q1 2025 revenue growth, a **$3.3 billion** portfolio, improved tenant performance, strong liquidity, and **$1.15** Normalized FFO per share [Executive Overview and Portfolio Summary](index=43&type=section&id=Executive%20Overview%20and%20Portfolio%20Summary) NHI, a REIT, manages a **$3.3 billion** portfolio of **205** senior housing and medical facilities, diversified by asset type and with limited geographic concentration Portfolio Summary as of March 31, 2025 | Segment | Properties | Gross Investment | % of Total NOI | | :--- | :--- | :--- | :--- | | Real Estate Properties | 175 | $2,669.3 M | 87.4% | | Mortgage and Other Notes | 15 | $278.7 M | 8.5% | | SHOP | 15 | $359.8 M | 4.1% | | **Total Portfolio** | **205** | **$3,307.8 M** | **100.0%** | - The company's largest tenant concentrations by revenue for Q1 2025 are Senior Living Communities (**15%**), National HealthCare Corporation (NHC) (**12%**), and Bickford Senior Living (**12%**)[59](index=59&type=chunk)[194](index=194&type=chunk) - The only geographic concentration of **10%** or more of investment is in South Carolina, at **11.3%** as of March 31, 2025[60](index=60&type=chunk) [Investment Activity and Tenant Performance](index=49&type=section&id=Investment%20Activity%20and%20Tenant%20Performance) Q1 2025 saw **$76.1 million** in new investments, with tenant EBITDARM coverage improving to **2.09x** and occupancy rising to **84.6%** - Total real estate acquisitions in Q1 2025 amounted to **$76.1 million**. A subsequent acquisition in April 2025 added a **$63.5 million** portfolio of **six** memory care communities[181](index=181&type=chunk)[184](index=184&type=chunk) Real Estate Investments Portfolio Coverage (TTM) | Metric | 4Q23 | 4Q24 | | :--- | :--- | :--- | | Total Portfolio Coverage | 1.94x | 2.09x | | Total Portfolio Occupancy | 82.6% | 84.6% | - As of March 31, 2025, **two** tenants were on a cash basis of accounting for revenue recognition, with total cash rents received from them in Q1 2025 being **$11.5 million**, slightly down from **$11.8 million** in Q1 2024[199](index=199&type=chunk) - The company established a credit loss reserve of **$18.9 million** for receivables and a liability of **$0.1 million** for unfunded loan commitments as of March 31, 2025[212](index=212&type=chunk) [Results of Operations](index=56&type=section&id=Results%20of%20Operations) Total revenues increased by **9.5%** to **$89.3 million** in Q1 2025, driven by new investments, leading to **$33.8 million** net income Year-over-Year Change in Key Financial Items (in thousands) | Item | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Total Rental Income | $68,866 | $62,187 | $6,679 | 10.7% | | Total Revenues | $89,296 | $81,513 | $7,783 | 9.5% | | Total Expenses | $56,008 | $51,122 | $4,886 | 9.6% | | Net income | $33,817 | $30,657 | $3,160 | 10.3% | - Key drivers of revenue growth included new investments funded since March 2024. Interest expense decreased by **3.6%** due to lower interest rates and borrowings on the Credit Facility[216](index=216&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) NHI maintains strong liquidity with **$135.0 million** cash and **$252.8 million** credit facility availability, a conservative **4.1x** net debt to EBITDA ratio, and investment-grade credit ratings - At March 31, 2025, liquidity sources included **$135.0 million** in cash, **$252.8 million** available on the credit facility, and potential access to **$409.0 million** via the ATM equity program[217](index=217&type=chunk) - The company's consolidated net debt to Annualized Adjusted EBITDA ratio was **4.1x** for the three months ended March 31, 2025[235](index=235&type=chunk) - In Q1 2025, the company settled a forward equity sale for **$65.5 million** in proceeds. As of March 31, 2025, it had approximately **$68.9 million** of undrawn net proceeds available through ATM forward sale agreements[217](index=217&type=chunk)[243](index=243&type=chunk)[247](index=247&type=chunk) - On April 1, 2025, the company repaid **$60.3 million** of maturing Fannie Mae term-debt using proceeds from its Credit Facility[112](index=112&type=chunk)[229](index=229&type=chunk) [FFO & FAD (Non-GAAP Measures)](index=65&type=section&id=FFO%20%26%20FAD) Normalized FFO per diluted share increased to **$1.15** in Q1 2025, with Normalized FAD rising **9.9%** to **$56.0 million**, driven by new investments and improved performance Non-GAAP Performance Measures (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | NAREIT FFO attributable to common stockholders | $52,350 | $47,713 | | Normalized FFO attributable to common stockholders | $52,614 | $48,499 | | Normalized FAD attributable to common stockholders | $56,001 | $50,975 | | Normalized FFO per diluted share | $1.15 | $1.12 | - The increase in Normalized FFO per diluted share was primarily due to new investments completed since March 31, 2024[258](index=258&type=chunk)[259](index=259&type=chunk) - The company's Fixed Charge Coverage ratio improved to **5.1x** in Q1 2025 from **4.5x** in Q1 2024[266](index=266&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) Primary market risk is interest rate exposure on **$647.2 million** variable-rate debt, with a **50 basis-point** change impacting annual net interest expense by **$3.2 million** - The company is exposed to interest rate risk on approximately **$647.2 million** of variable-rate debt as of March 31, 2025[270](index=270&type=chunk) - A **50 basis-point (0.50%)** increase or decrease in interest rates would change annual net interest expense by approximately **$3.2 million**[271](index=271&type=chunk) - Inflation risk is mitigated through leases that generally provide for annual rent increases (fixed or CPI-based) and require tenants to pay all property operating expenses[275](index=275&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures%2E) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period, March 31, 2025[276](index=276&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal controls[277](index=277&type=chunk) Part II. Other Information [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ordinary course legal claims, but management expects no material adverse effect on its financial condition or operations due to indemnification - The company faces claims and suits in the ordinary course of business, but management does not expect them to have a material adverse effect on its financials[279](index=279&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, except for a new one addressing potential costs and distractions from stockholder activism - A new risk factor was added concerning stockholder activism, which could lead to substantial costs, management distraction, and potential damage to the company's reputation and business opportunities[281](index=281&type=chunk) [Other Information](index=58&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the first quarter of 2025[282](index=282&type=chunk) [Exhibits](index=59&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including corporate governance documents, CEO/CFO certifications, and XBRL data files - The report includes standard corporate governance documents and required CEO/CFO certifications (Sections **302** and **906** of Sarbanes-Oxley) as exhibits[283](index=283&type=chunk)

Group 1 - The healthcare sector is highlighted as a promising long-term investment opportunity, encompassing a diverse range of companies including pharmaceuticals, drug distributors, insurers, and hospitals [2] - The focus on income-producing asset classes suggests a strategy aimed at sustainable portfolio income, diversification, and inflation hedging [1] Group 2 - The article emphasizes the importance of performing due diligence and drawing personal conclusions before making investment decisions [4][5] - It is noted that past performance does not guarantee future results, indicating a cautious approach to investment recommendations [5]

Financial Data and Key Metrics Changes - The company reported a cash rent increase of nearly 9% year over year, contributing to a 12.5% growth in NOI [8][10] - NAREIT FFO per diluted common share increased by 3.6% to $4.55 for the year and $1.24 for the fourth quarter [32] - Normalized FFO per diluted common share increased by 2.5% and 2.8% to $4.44 and $1.12, respectively [32] - FAD for the year and quarter increased by 8.7% and 10% to $204.2 million and $52.1 million, respectively [33] Business Line Data and Key Metrics Changes - Bickford's cash rental income grew approximately 17% [10] - Shop NOI increased by approximately 32%, driven by improved occupancy and margin improvement [10][29] - The discretionary senior housing portfolio had coverage of 1.7 times compared to 1.6 times in the previous period [27] Market Data and Key Metrics Changes - The company’s balance sheet leverage decreased to 4.1 times from 4.4 times in the previous quarter [9] - The shop portfolio occupancy improved by 620 basis points to 89.4% [29] - The company expects to see continued growth in the senior housing industry, which has strong tailwinds [13] Company Strategy and Development Direction - The company plans to transition select triple net senior housing assets to shop structures to enhance shareholder value [13] - The strategy includes increasing RevPAR to drive margin expansion, targeting 12% to 15% NOI growth for 2025 [14][46] - The company aims to strategically invest $225 million in new investments at an average yield of 8.1% for 2025 [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, expecting continued growth supported by rent step-ups and deferral repayments [12][16] - The company is positioned to capitalize on favorable industry fundamentals, despite recent interest rate pressures [17] - Management acknowledged the need to balance investments in existing operations with new market opportunities [127] Other Important Information - The company declared a dividend of $0.90 per share for shareholders of record on March 31, 2025 [43] - The company has approximately $327 million available on its revolver and $45 million in ATM capacity [41] Q&A Session Summary Question: Rent and interest income expectations for 2025 - Management expects rent and interest income to be closer to 55% for 2025 compared to 2024 [52] Question: Comments on Bickford's occupancy - Management noted that Bickford experienced some seasonal effects and price point adjustments impacting occupancy [78] Question: Clarification on acquisition guidance - Management explained that the guidance of $225 million reflects expected closings from LOIs, with confidence in achieving this number [82][84] Question: Future of the Discovery portfolio - Management indicated that they are evaluating options for the Discovery portfolio, including potential re-tenanting [96] Question: Dividend rationale - Management stated that maintaining the current dividend aligns with long-term growth objectives and market conditions [124]

National Health Investors Q4 2024 Supplemental TABLE OF CONTENTS COMPANY | COMPANY INFORMATION & LEADERSHIP | 02 | | --- | --- | | PORTFOLIO | | | PORTFOLIO OVERVIEW | 03 | | REAL ESTATE INVESTMENTS | 04 | | SENIOR HOUSING OPERATING PORTFOLIO | 05 | | OPERATING PARTNERS | 06 | | EBITDARM LEASE COVERAGE & OCCUPANCY | 07 | | PURCHASE OPTIONS & LEASE MATURITIES | 08 | | INVESTMENTS | | | INVESTMENT RATIONALE | 09 | | RECENT INVESTMENTS | 10 | | CAPITALIZATION | | | CAPITALIZATION OVERVIEW | 11 | | CAPITAL STRU ...

Core Insights - National Health Investors (NHI) reported revenue of $85.75 million for the quarter ended December 2024, marking a year-over-year increase of 7.9% and exceeding the Zacks Consensus Estimate by 2.52% [1] - The earnings per share (EPS) for the same period was $1.13, compared to $0.74 a year ago, with an EPS surprise of 2.73% over the consensus estimate of $1.10 [1] Revenue Breakdown - Rental income was reported at $65.78 million, surpassing the two-analyst average estimate of $62.06 million, reflecting a year-over-year change of 8.3% [4] - Interest income and other revenues amounted to $5.97 million, exceeding the estimated $5.43 million, with a year-over-year increase of 3% [4] - Resident fees and services generated $14 million, above the average estimate of $13.88 million, representing a year-over-year change of 8.1% [4] Stock Performance - Over the past month, shares of National Health Investors returned -0.2%, compared to a -1.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - National Health Investors (NHI) reported quarterly funds from operations (FFO) of $1.13 per share, exceeding the Zacks Consensus Estimate of $1.10 per share, and showing an increase from $1.09 per share a year ago, resulting in an FFO surprise of 2.73% [1] - The company achieved revenues of $85.75 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.52%, compared to $79.47 million in the same quarter last year [2] - NHI has outperformed the market with a 2% increase in shares since the beginning of the year, compared to the S&P 500's gain of 1.7% [3] 分组2 - The future performance of NHI's stock will largely depend on management's commentary during the earnings call and the outlook for FFO expectations [4][6] - The current consensus FFO estimate for the upcoming quarter is $1.14 on revenues of $90.22 million, and for the current fiscal year, it is $4.66 on revenues of $358.39 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 46% of over 250 Zacks industries, which may impact NHI's stock performance [8]

Financial Performance - Net income attributable to common stockholders per diluted common share for Q4 2024 was $0.95, up from $0.74 in Q4 2023, while annual net income per diluted common share remained at $3.13[5] - The company reported a net income of $43.2 million for Q4 2024, compared to $32.0 million in Q4 2023, representing a year-over-year increase of 35%[30] - Net income attributable to common stockholders for 2025 is projected to be between $141.6 million and $145.0 million[25] - The company's diluted earnings per share for the year ended December 31, 2024, was $3.13, consistent with the previous year[38] Funds from Operations - NAREIT FFO per diluted common share for Q4 2024 was $1.24, compared to $1.09 in Q4 2023, with annual NAREIT FFO per diluted common share increasing to $4.55 from $4.39[5] - NAREIT Funds From Operations (FFO) for 2025 is expected to range from $214.7 million to $218.1 million[25] - Normalized FFO (NFFO) for 2025 is also projected to be between $214.7 million and $218.1 million[25] - The company emphasizes the importance of FFO and Normalized FFO as supplemental measures of operating performance for better comparability across periods[34] Funds Available for Distribution - Normalized FAD for Q4 2024 was $52.1 million, an increase from $47.3 million in Q4 2023, with annual normalized FAD rising to $204.2 million from $187.8 million[5] - Funds Available for Distribution (FAD) is anticipated to be between $219.8 million and $223.6 million for 2025[25] - Normalized Funds Available for Distribution (FAD) is adjusted for non-cash items and is a key measure of liquidity for the REIT[36] Revenue and Income Growth - Total revenues for the year ended December 31, 2024, were $335,181,000, up from $319,835,000 in 2023, reflecting a growth of 4.8%[38] - Rental income recognized from tenants increased by $5.1 million, or 8.3%, primarily due to new investments funded since December 2023[5] - Rental income for Q4 2024 was $65,784,000, an increase of 3.5% from $60,721,000 in Q4 2023[38] - Consolidated net operating income (NOI) for Q4 2024 was $72.2 million, up from $66.6 million in Q4 2023, reflecting a growth of 8%[31] Investment Activity - NHI closed on $237.5 million in new investments during 2024, marking the most active year since 2019, and has signed LOIs for investments totaling $152.3 million with an average yield of approximately 8.2%[7] - The company has $225 million in unidentified new investments with an initial average yield of 8.1%[28] - The company acquired a 109-unit assisted living and memory care community in Colorado for $21.2 million in January 2025, with an initial lease rate of 8.0%[10] Debt and Equity - As of December 31, 2024, NHI had $1.1 billion in net debt, with $331.2 million outstanding on its $700.0 million revolving credit facility[14] - NHI's net debt to adjusted EBITDA ratio is at the low end of the target range of 4.0x – 5.0x, maintaining compliance with all debt covenants[17] - The company's total debt as of December 31, 2024, was $1,146,041,000, slightly up from $1,135,051,000 in 2023[39] - National Health Investors' stockholders' equity increased to $1,366,475,000 as of December 31, 2024, from $1,253,952,000 in 2023, indicating a growth of 9%[39] Operational Metrics - Net operating income from the Senior Housing Operating Portfolio (SHOP) segment totaled $3.2 million, a 12.5% increase from the prior year, driven by higher occupancy[5] - Same-store occupancy for SLC properties improved to 85.7% in January 2025 from 84.1% in May 2024[23] - SHOP NOI growth is projected to be between 12% and 15% year-over-year[28] - Net operating income (NOI) is used to evaluate the operating performance of real estate, defined as total revenues less tenant reimbursements and property operating expenses[37]

Real Estate Investments - As of December 31, 2024, National Health Investors, Inc. had a gross investment of approximately $2.6 billion in real estate, comprising 188 facilities across 31 states[241]. - The Real Estate Investments segment includes 116 senior housing properties, 70 skilled nursing facilities (SNFs), and two hospitals (HOSPs), with an aggregate carrying value of mortgage and other notes receivable amounting to $289.2 million[241]. - The total portfolio consists of 203 properties, with a net operating income (NOI) of $281.3 million, representing 100% of the portfolio[249]. - The total investment in senior housing properties classified as need-driven was approximately $1.1 billion, accounting for 28.6% of total investment[248]. - The total investment in medical facilities was approximately $600.3 million, representing 30.7% of total investment[248]. - The company operates through two segments: Real Estate Investments and SHOP, with the former primarily funded through operating cash flow, debt offerings, and equity securities[240]. - The company disposed of four facilities for aggregate net proceeds of $15.2 million, with a net real estate investment of $8.9 million[278]. - The company acquired a portfolio of ten assisted living and memory care communities in North Carolina for a total purchase price of $121.0 million[270]. - The company recognized impairment charges of approximately $0.7 million for long-lived assets in 2024, reflecting adjustments to carrying values[302]. - The company recognized impairment charges of approximately $0.7 million, $1.6 million, and $51.6 million for the years ended December 31, 2024, 2023, and 2022, respectively[433]. Financial Performance - Total revenue for the year ended December 31, 2024, was $335.2 million, up $15.3 million, or 4.8%, from the previous year[306]. - Net income attributable to common stockholders was $137.9 million, reflecting an increase of $2.3 million, or 1.7%[306]. - Net cash provided by operating activities increased by $23.3 million, or 12.6%, totaling $207.8 million for the year ended December 31, 2024[310]. - Total revenues for the year ended December 31, 2024, were $305.4 million, with net income of $131.8 million[327]. - The company reported a weighted average NAREIT FFO per share of $4.55 for diluted shares in 2024, consistent with $4.39 in 2023[360]. - NAREIT FFO attributable to common stockholders increased to $200.645 million in 2024, up 5.9% from $190.369 million in 2023[360]. - Adjusted EBITDA for 2024 reached $262.550 million, representing a 5.2% increase from $249.603 million in 2023[362]. - Consolidated NOI for 2024 was $281.765 million, a 4.8% increase compared to $268.735 million in 2023[365]. - Rental income increased by $7.8 million, or 3.1%, primarily due to an increase in rent from cash basis tenants of approximately $4.2 million[307]. - Resident fees and services less senior housing operating expenses rose by $2.9 million, or 32%, driven by higher occupancy in the SHOP segment[307]. Debt and Financing - Outstanding net debt as of December 31, 2024, was $1.1 billion[313]. - The company had $368.8 million available to draw on its $700.0 million unsecured revolving Credit Facility[308]. - The company issued $400.0 million in 3.00% senior notes maturing on February 1, 2031, with net proceeds of approximately $392.3 million[320]. - The company has a stock repurchase plan allowing for the repurchase of up to $160.0 million in shares, which expired in February 2025, but no shares were repurchased in 2024[329]. - The company entered into forward equity sale agreements to sell up to 2.8 million shares at an initial price of $68.40 per share, with 1.8 million shares settled for net proceeds of $122.4 million[335][336]. - The company’s total debt rose to $1,070.3 million and total liabilities of $1,150.2 million as of December 31, 2024[327]. - The company had a total debt of $1.157 billion, with a weighted average interest rate of 4.55%[370]. - A 50 basis-point change in interest rates related to variable-rate debt could result in an annual net interest expense change of approximately $2.7 million, or $0.06 per diluted common share[368]. Cash Flow and Liquidity - The company experienced a net cash used in financing activities of $13,568,000 in 2024, a significant improvement from $169,719,000 in 2023[396]. - Total cash and cash equivalents at the end of 2024 were $26,502,000, an increase from $24,617,000 at the end of 2023[396]. - The company had approximately $10.8 million in cash and cash equivalents and $327.3 million available under the Credit Facility as of January 31, 2025[340]. - The company’s expected material cash requirements for the twelve months ended December 31, 2025, total $1,412.1 million, primarily for debt maturities and interest payments[342]. Investment and Development - The company completed new real estate investments totaling approximately $160.3 million, including a $22.2 million construction loan conversion[267]. - The company completed new mortgage notes receivable investments of $61.2 million during the year[267]. - The company approved an additional investment of up to $25.0 million in existing leased properties, with $19.6 million committed and $8.8 million expended as of December 31, 2024[346]. - Total development commitments reached $37.115 million, with $19.498 million funded and $17.617 million remaining[348]. - The company expects approximately $10.2 million in capital expenditures for its SHOP segment during 2025[350]. Credit Losses and Reserves - The company recognized credit loss charges of $4.6 million for the year ended December 31, 2024, with a credit loss reserve increase of $3.6 million during Q3 2024 related to a $14.5 million mezzanine loan due from SLM[265]. - Estimated credit losses reserve established by the company reached $20.2 million as of December 31, 2024, with a provision for expected credit losses of $4.64 million in 2024[301]. - The credit loss liability for unfunded loan commitments was $0.1 million as of December 31, 2024[345]. - The company estimates and records an allowance for credit losses upon origination of a loan, based on expected credit losses over the term of the loan[437]. Occupancy and Rent - The average effective annualized NOI for skilled nursing facilities was $9,917 per bed, while for assisted living facilities it was $17,627 per unit as of December 31, 2024[249]. - The average occupancy for Bickford properties reached 87.3% in Q4 2024, an increase from 86.2% in Q3 2024[291]. - Average portfolio occupancy for Senior Living properties improved to 84.8% in Q4 2024, compared to 83.0% in Q4 2023[291]. - Total cash rent received from cash basis operators increased to $49.981 million in 2024, up 9.5% from $45.796 million in 2023 and 41.5% from $35.331 million in 2022[286]. - Cash rent received from SLM decreased to $2.7 million in 2024, down 50% from $5.4 million in 2023, but up 27% from $3.7 million in 2022[289]. Dividends and Shareholder Returns - The company intends to comply with REIT dividend requirements, distributing at least 90% of annual taxable income, with dividends per share remaining at $3.60 for the last three years[331][334]. - Dividends paid to stockholders in 2024 totaled $156,510,000, slightly up from $156,238,000 in 2023[396]. - The company declared dividends of $3.60 per common share, totaling approximately $158.559 million[405].

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