Financial Data and Key Metrics Changes - The company reported a net income per diluted common share of $0.74, up 4.2% from the prior year [17] - Net FFO per diluted common share increased 3.6% to $1.14, while normalized FFO increased 2.7% to $1.15 compared to the prior year [17] - FAD for the quarter increased 9.9% to $56 million [17] - Cash rent from the Real Estate Investment segment increased by $2.6 million, attributed to acquisitions and percentage revenue rents [18] Business Line Data and Key Metrics Changes - The SHOP segment's NOI increased 4.9% year over year to $3.1 million, with resident fees up 5.2% driven by occupancy improvement [15][19] - The discretionary senior housing portfolio had a coverage of 1.67 times, while the SNF portfolio reported solid coverage of 3.06 times [14] Market Data and Key Metrics Changes - The company has an active investment pipeline of approximately $264 million, with a focus on senior housing [5][11] - The balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 4.1 times, well within the stated leverage policy [21] Company Strategy and Development Direction - The company is focused on growing its SHOP portfolio through internal conversions and has made significant investments in acquisitions [5][6] - The company is not pursuing growth for growth's sake and is selective in its investment strategy [6][78] - The company aims to maintain a competitive cost of capital and solid access to debt and equity capital [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about surpassing last year's investment total of $237.5 million due to a strong start in 2025 [10] - The company maintains its outlook for 12% to 15% NOI growth this year, despite typical seasonality in the first quarter [8][16] - Management is closely monitoring the potential impact of Medicaid cuts on the portfolio but believes geographic exposure can mitigate risks [14] Other Important Information - The company declared a $0.90 per share dividend for shareholders of record on June 30, 2025 [23] - The updated full-year guidance for NAREIT FFO and normalized FFO per diluted common share is $4.67 and $4.71, representing increases of 2.6% and 6.1% respectively over 2024 [23][24] Q&A Session Summary Question: Update on NHC and Medicaid clarity - Management is in dialogue with NHC regarding lease renewal and is cautious about discussing land and buildings due to legal monitoring [30] Question: SHOP performance in Q1 - Management acknowledged a one-time expense affecting performance but noted that seasonality was expected [34] Question: Status of SLM mezz loans - Management indicated that SLM is largely wrapped up, with potential for additional payments as facilities are sold [36] Question: Discovery transition and potential disruptions - Management expects some noise during the transition but is confident in maintaining FAD guidance [40][44] Question: Impact of percentage rent on tenant profitability - Management stated that the percentage rent was factored into projections and that tenant performance is improving [46] Question: SHOP occupancy and incentives - Management explained that occupancy challenges are due to a subset of buildings not reaching 90% and the need for incentives to maintain occupancy [62] Question: Large SHOP portfolio that fell out of pipeline - Management decided not to pursue the portfolio due to concerns about its fit and potential returns [53] Question: Unidentified new investments mix - Management indicated a mix of property investments and debt financing, primarily focusing on fee simple arrangements [55] Question: Timing for NOI transition with Discovery - Management is targeting the third quarter for the transition, subject to legal review [57] Question: Drivers of increased deal flow - Management noted that sellers are realizing current market conditions, leading to increased activity [74]

National Health Investors (NHI) came out with quarterly funds from operations (FFO) of $1.15 per share, beating the Zacks Consensus Estimate of $1.13 per share. This compares to FFO of $1.10 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 1.77%. A quarter ago, it was expected that this health care real estate investment trust would post FFO of $1.10 per share when it actually produced FFO of $1.13, delivering a surprise of 2.73%. ...

Financial Performance - Net income per diluted share increased from $0.71 in Q1 2024 to $0.74 in Q1 2025[8] - NAREIT FFO per diluted share increased from $1.10 in Q1 2024 to $1.14 in Q1 2025[8] - Funds Available for Distribution (FAD) increased by 9.9% from $50.975 million in Q1 2024 to $56.001 million in Q1 2025[8] - Lease revenue excluding straight-line, lease amortization, and escrow reimbursement revenue of $65.3 million increased 8.0% compared to Q1 2024[11] SHOP Performance - SHOP NOI increased by 4.9% to $3.1 million in Q1 2025 compared to the prior year period[11] - SHOP NOI margin was 22.1% in Q1 2025, a decrease of 10 bps compared to the prior year period[11] - Average SHOP occupancy increased by 390 bps year-over-year to 89.2% in Q1 2025[11] - The company continues to estimate 12%-15% NOI growth for SHOP in 2025[11, 21] Balance Sheet and Investments - Net Debt to Adjusted EBITDA was 4.1x, at the low end of the company's target range of 4.0x – 5.0x[11] - The company announced 2025 YTD investments totaling $174.9 million at an average initial yield of approximately 8.2%[11] - The company is evaluating a pipeline of investment opportunities valued at approximately $264 million[11]

Financial Performance - Net income attributable to common stockholders per diluted common share for Q1 2025 was $0.74, up from $0.71 in Q1 2024, reflecting a 4.2% increase[5] - NAREIT FFO per diluted common share for Q1 2025 was $1.14, compared to $1.10 in Q1 2024, representing a 3.6% increase[5] - Normalized FFO per diluted common share for Q1 2025 was $1.15, an increase from $1.12 in Q1 2024, indicating a 2.7% growth[5] - Net income attributable to common stockholders for Q1 2025 was $34.1 million, an increase from $30.9 million in Q1 2024, representing a year-over-year growth of 7.0%[29] - NAREIT Funds From Operations (FFO) attributable to common stockholders for Q1 2025 was $52.4 million, compared to $47.7 million in Q1 2024, reflecting a 9.0% increase[21] - Normalized FFO attributable to common stockholders for Q1 2025 was $52.6 million, up from $48.5 million in Q1 2024, indicating an 8.6% year-over-year growth[21] - Consolidated net operating income (NOI) for Q1 2025 was $75.6 million, compared to $68.5 million in Q1 2024, marking a 10.0% increase[22] - Rental income for Q1 2025 was $68.9 million, an increase from $62.2 million in Q1 2024, representing a growth of 11.0%[29] - The company provided a 2025 guidance range for NAREIT FFO attributable to common stockholders between $218.3 million and $220.7 million[17] - The company anticipates SHOP NOI growth in a range of 12% to 15% year-over-year[18] Investments and Growth - Rental income recognized from tenants increased by $6.7 million, or 10.7%, primarily due to new investments funded since March 2024[5] - The company has announced investments totaling $174.9 million year-to-date at an average initial yield of 8.2%[6] - NHI is evaluating a pipeline of approximately $264.0 million in investments, including SHOP, sale-leaseback, and loans with purchase options[9] - The company reported $155.0 million in unidentified new investments at an initial average yield of 8.2%[18] - The company is focused on growth opportunities and the successful integration of future acquisitions to enhance its portfolio[31] Debt and Financial Position - As of March 31, 2025, the company had $1.3 billion in net debt, with $447.2 million outstanding on its revolving credit facility[10] - The 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[11] - Total debt increased to $1,262,985 thousand from $1,146,041 thousand, reflecting a rise of 10.2%[30] - Stockholders' equity grew to $1,426,474 thousand, up from $1,366,475 thousand, marking an increase of 4.4%[30] - Management acknowledges the potential need for refinancing existing debt, which may not be available on favorable terms[32] Operational Metrics - Average portfolio occupancy for SHOP was 88.9% in March 2025, slightly down from 89.0% in February 2025[15] - Weighted average diluted common shares outstanding increased to 45.9 million in Q1 2025 from 43.4 million in Q1 2024[21] - Real estate properties increased to $2,270,257 thousand as of March 31, 2025, up from $2,211,253 thousand at December 31, 2024, representing a growth of 2.66%[30] - Cash and cash equivalents rose significantly to $135,004 thousand from $24,289 thousand, indicating a substantial increase of 457.5%[30] Risks and Future Outlook - The company emphasizes the importance of maintaining qualification as a real estate investment trust (REIT) for future operations and financial stability[31] - Forward-looking statements highlight potential risks including tenant bankruptcy, regulatory changes, and economic impacts from international trade disputes[32] - There is a reliance on fixed-rate investments while facing risks from variable-rate debt, which could impact financial performance[32] - The company plans to continue paying dividends, contingent on future cash flows and operational success[32]

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]