[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Fourth Quarter 2023 Performance Overview](index=1&type=section&id=Fourth%20Quarter%202023%20Performance%20Overview) National Health Investors, Inc. (NHI) announced strong fourth quarter 2023 results, with significant increases in rental income, net income per diluted common share, and key REIT performance metrics (FFO, Normalized FFO, Normalized FAD) compared to the prior year, and issued its 2024 annual guidance Q4 2023 vs. Q4 2022 Key Financial Highlights | Metric | Q4 2023 | Q4 2022 | Change (YoY) | | :--------------------------------------- | :------ | :------ | :----------- | | Rental Income | +$7.0M | - | Primarily from rent repayments (approx. $2.6M) and new investments | | Net Income Attributable to Common Stockholders per Diluted Common Share | $0.74 | $0.04 | +$0.70 | | NAREIT FFO per Diluted Common Share | $1.09 | $0.74 | +$0.35 | | Normalized FFO per Diluted Common Share | $1.09 | $0.85 | +$0.24 | | Normalized FAD | $47.3M | $44.7M | +$2.6M | Full Year 2023 vs. Full Year 2022 Key Financial Highlights | Metric | FY 2023 | FY 2022 | Change (YoY) | | :--------------------------------------- | :------ | :------ | :----------- | | Net Income Attributable to Common Stockholders per Diluted Common Share | $3.13 | $1.48 | +$1.65 | | NAREIT FFO per Diluted Common Share | $4.39 | $3.55 | +$0.84 | | Normalized FFO per Diluted Common Share | $4.33 | $4.30 | +$0.03 | | Normalized FAD | $187.8M | $201.0M | -$13.2M | - Q4 2023 results included approximately **$2.0 million** in repayment of previously deferred rent and related interest. For the full year 2023, this amount was approximately **$5.7 million**[6](index=6&type=chunk) [CEO Commentary](index=2&type=section&id=CEO%20Commentary) CEO Eric Mendelsohn highlighted that Q4 2023 results surpassed expectations, driven by deferral repayments and strong sequential SHOP NOI growth, noting the ongoing recovery in the senior housing industry and a strong financial profile - Q4 2023 results exceeded expectations due to over **$2.0 million** in deferral repayments and **24.4% sequential SHOP NOI growth**[8](index=8&type=chunk) - For the full year 2023, NAREIT FFO, NFFO, and FAD all exceeded the midpoint of the initial February 2023 guidance[8](index=8&type=chunk) - The senior housing industry continues to recover, with persistent improvement in EBITDARM coverage, especially for need-driven operators (seven straight quarters of increased coverage)[8](index=8&type=chunk) - SHOP segment saw a sequential occupancy gain of **420 basis points** and a **350-basis point improvement in margin**[8](index=8&type=chunk) - NHI maintains a strong financial profile with leverage at **4.4 times net debt-to-adjusted EBITDA**, within the target range of 4.0x – 5.0x[8](index=8&type=chunk)[11](index=11&type=chunk) - The 2024 guidance implies a return to growth with better visibility, attributed to portfolio optimization[8](index=8&type=chunk) [Financial Results](index=1&type=section&id=Financial%20Results) [Key Financial Metrics](index=1&type=section&id=Key%20Financial%20Metrics) NHI reported increased rental income and significant improvements in net income and FFO metrics for Q4 2023 and the full year, driven by rent repayments and new investments, with interest income rising and interest expense increasing due to higher rates - Rental income increased by **$7.0 million** in Q4 2023, primarily due to **$2.6 million** in pandemic-related rent repayments and new investments[5](index=5&type=chunk) - Amortization of lease incentives increased by **$2.2 million** in Q4 2023, mainly related to a **$10.0 million** lease incentive paid in February 2023[5](index=5&type=chunk) - Interest income and other increased by approximately **$0.7 million** in Q4 2023, driven by new and existing loan fundings[13](index=13&type=chunk) - Net operating income (NOI) from the SHOP segment totaled **$2.9 million** in Q4 2023, an increase of **$0.9 million** year-over-year[13](index=13&type=chunk) - Interest expense increased by approximately **$2.4 million** in Q4 2023, mainly due to higher interest rates and increased borrowings on the unsecured revolving credit facility[13](index=13&type=chunk) - Gains on sales of real estate, net, were **$1.2 million** in Q4 2023, related to the disposition of three properties[13](index=13&type=chunk) - Loan and realty (gains) losses were a net gain of **$0.4 million** in Q4 2023, a significant improvement from a net loss of **$22.0 million** in Q4 2022, which included an **$8.7 million** credit loss reserve and **$13.3 million** in real estate impairment charges[13](index=13&type=chunk) [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) NHI's consolidated statements of income show substantial growth in net income for both the three and twelve months ended December 31, 2023, compared to the prior year, driven by increased rental income and resident fees, coupled with a significant reduction in loan and realty losses Consolidated Statements of Income Highlights (in thousands) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Twelve Months Ended Dec 31, 2023 | Twelve Months Ended Dec 31, 2022 | | :----------------------------------- | :------------------------------ | :------------------------------ | :------------------------------- | :------------------------------- | | **Revenues:** | | | | | | Rental income | $60,721 | $53,764 | $249,227 | $217,700 | | Resident fees and services | $12,950 | $11,791 | $48,809 | $35,796 | | Total Revenues | $79,465 | $70,669 | $319,835 | $278,194 | | **Expenses:** | | | | | | Interest | $14,852 | $12,445 | $58,160 | $44,917 | | Loan and realty (gains) losses | $(351) | $21,960 | $1,376 | $61,911 | | Total Expenses | $49,523 | $69,111 | $200,879 | $241,856 | | Net income attributable to common stockholders | $32,026 | $1,861 | $135,597 | $66,403 | | Earnings per common share - diluted | $0.74 | $0.04 | $3.13 | $1.48 | [Reconciliation of Non-GAAP Measures (FFO, NFFO, FAD, NOI)](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures%20(FFO%2C%20NFFO%2C%20FAD%2C%20NOI)) NHI provides detailed reconciliations for key non-GAAP financial measures, including FFO, Normalized FFO, Normalized FAD, and NOI, showing strong year-over-year growth in FFO and NFFO for both the quarter and full year 2023, while Normalized FAD saw an increase in Q4 but a decrease for the full year, and consolidated NOI also demonstrated significant growth Reconciliation of FFO, Normalized FFO, and Normalized FAD (in thousands, except per share amounts) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--------------------------------------- | :------------------------------ | :------------------------------ | :---------------------- | :---------------------- | | Net income attributable to common stockholders | $32,026 | $1,861 | $135,597 | $66,403 | | NAREIT FFO attributable to common stockholders | $47,336 | $31,973 | $190,369 | $158,957 | | Normalized FFO attributable to common stockholders | $47,336 | $37,020 | $187,922 | $192,484 | | Normalized FAD attributable to common stockholders | $47,347 | $44,712 | $187,841 | $201,031 | | NAREIT FFO per diluted common share | $1.09 | $0.74 | $4.39 | $3.55 | | Normalized FFO per diluted common share | $1.09 | $0.85 | $4.33 | $4.30 | NOI Reconciliation (in thousands) | Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :-------------------- | :------------------------------ | :------------------------------ | :---------------------- | :---------------------- | | Net income | $31,718 | $1,558 | $134,381 | $65,501 | | Consolidated NOI | $66,628 | $58,591 | $268,735 | $240,213 | | Real Estate Investments NOI | $63,668 | $56,550 | $259,162 | $232,295 | | SHOP NOI | $2,888 | $1,949 | $9,222 | $7,603 | [Operational Performance & Portfolio Activity](index=2&type=section&id=Operational%20Performance%20%26%20Portfolio%20Activity) [Portfolio Activity](index=2&type=section&id=Portfolio%20Activity) NHI continued its portfolio optimization strategy through property dispositions, selling three properties in Q4 2023 and twelve for the full year, generating significant net proceeds - During Q4 2023, NHI sold three properties with a net book value of approximately **$5.9 million** for net proceeds of approximately **$7.0 million**[9](index=9&type=chunk) - For the full year ended December 31, 2023, NHI sold 12 properties with a net book value of approximately **$45.1 million** for net proceeds of approximately **$59.1 million**[9](index=9&type=chunk) [Occupancy Trends](index=4&type=section&id=Occupancy%20Trends) The company reported varied occupancy trends across its portfolio segments, with SHOP properties showing consistent sequential gains throughout 2023, while SLC and Bickford same-store occupancies experienced some fluctuations but generally maintained strong levels Average Portfolio Occupancy Trends (Jan 2023 - Jan 2024) | Segment | Jan-24 | Dec-23 | Nov-23 | Oct-23 | Sep-23 | Aug-23 | Jul-23 | Jun-23 | May-23 | Apr-23 | Mar-23 | Feb-23 | Jan-23 | | :------------------ | :----- | :----- | :----- | :----- | :----- | :----- | :----- | :----- | :----- | :----- | :----- | :----- | :----- | | SLC Same-Store (9 properties) | 83.3% | 83.1% | 83.2% | 82.8% | 82.1% | 81.6% | 81.9% | 81.7% | 81.9% | 83.0% | 83.0% | 83.4% | 84.0% | | Bickford Same-Store (38 properties) | 85.3% | 84.6% | 84.5% | 85.3% | 84.8% | 83.7% | 83.0% | 82.4% | 81.5% | 80.9% | 81.2% | 80.9% | 81.8% | | SHOP (15 properties) | 84.7% | 84.4% | 82.9% | 82.2% | 81.2% | 78.6% | 77.2% | 75.6% | 75.4% | 75.4% | 75.2% | 75.1% | 75.4% | - SHOP occupancy showed a notable increase from **75.4% in January 2023 to 84.7% in January 2024**, indicating strong recovery[16](index=16&type=chunk) [Balance Sheet & Liquidity](index=2&type=section&id=Balance%20Sheet%20%26%20Liquidity) [Balance Sheet Overview](index=10&type=section&id=Balance%20Sheet%20Overview) As of December 31, 2023, NHI maintained a solid balance sheet with total real estate properties, net, at over **$2.1 billion**, reporting a slight decrease in total debt and a modest reduction in stockholders' equity compared to the prior year Selected Balance Sheet Data (in thousands) | Metric | December 31, 2023 | December 31, 2022 | | :-------------------------------- | :------------------ | :------------------ | | Real estate properties, net | $2,107,082 | $2,118,210 | | Mortgage and other notes receivable, net | $245,271 | $233,141 | | Cash and cash equivalents | $22,347 | $19,291 | | Assets held for sale, net | $5,004 | $43,302 | | Debt | $1,135,051 | $1,147,511 | | National Health Investors Stockholders' Equity | $1,253,952 | $1,270,225 | [Debt and Liquidity](index=2&type=section&id=Debt%20and%20Liquidity) NHI reported **$1.1 billion** in net debt as of December 31, 2023, with a portion drawn on its revolving credit facility, successfully repaying private placement notes and maintaining a strong financial profile with leverage within its target range and investment-grade credit ratings - As of December 31, 2023, the Company had **$1.1 billion** in net debt[10](index=10&type=chunk) - Outstanding balance on the **$700.0 million** revolving credit facility was **$245.0 million** as of December 31, 2023, increasing to **$273.0 million** by January 31, 2024[10](index=10&type=chunk) - NHI had approximately **$18.8 million** in cash and cash equivalents as of January 31, 2024[10](index=10&type=chunk) - The company has **$500.0 million** available under its at-the-market (ATM) program[10](index=10&type=chunk) - In November 2023, **$50.0 million** of private placement notes due November 2023 were repaid, primarily using proceeds from the revolving credit facility[11](index=11&type=chunk) - Net debt to adjusted EBITDA was **4.4x**, which is within the Company's target range of 4.0x – 5.0x[11](index=11&type=chunk) - NHI is in compliance with all debt covenants and holds investment grade credit ratings from Moody's, S&P Global, and Fitch Ratings[11](index=11&type=chunk) [Share Repurchase Plan](index=2&type=section&id=Share%20Repurchase%20Plan) [2024 Share Repurchase Plan](index=2&type=section&id=2024%20Share%20Repurchase%20Plan) NHI's Board of Directors approved a new stock repurchase plan for up to **$160 million** of common stock, effective for one year, replacing the previous 2023 plan under which no repurchases were made, with repurchases to be made opportunistically based on market conditions and other corporate factors - On February 16, 2024, the Board of Directors approved a stock repurchase plan for up to **$160 million** of common stock, effective for one year[12](index=12&type=chunk) - Shares may be repurchased in open market transactions, privately negotiated transactions, or other means in accordance with Rule 10b-18[12](index=12&type=chunk) - The timing and number of repurchases depend on factors such as price, market conditions, economic conditions, and alternative investment opportunities[12](index=12&type=chunk) - The 2024 plan replaces a similar **$160 million** plan approved in February 2023, under which no repurchases were made[14](index=14&type=chunk) [2024 Financial Guidance](index=1&type=section&id=2024%20Financial%20Guidance) [Guidance Range](index=1&type=section&id=Guidance%20Range) NHI has issued its 2024 annual guidance, projecting NAREIT FFO per diluted common share and Normalized FFO per diluted common share in the range of **$4.31 to $4.37**, and Normalized FAD between **$191.3 million and $194.1 million**, indicating anticipated growth 2024 Annual Guidance Range | Metric | Low | High | | :--------------------------------------- | :---- | :---- | | Net income attributable to common stockholders | $126.3M | $129.1M | | NAREIT FFO attributable to common stockholders | $187.2M | $189.7M | | Normalized FFO attributable to common stockholders | $187.2M | $189.7M | | FAD attributable to common stockholders | $191.3M | $194.1M | | Weighted average diluted common shares | 43.4M | 43.4M | | NAREIT FFO per diluted common share | $4.31 | $4.37 | | Normalized FFO per diluted common share | $4.31 | $4.37 | [Underlying Assumptions](index=5&type=section&id=Underlying%20Assumptions) The 2024 guidance is based on several assumptions, including continued rent concessions, asset dispositions, loan repayments, and fulfillment of existing commitments, with key operational assumptions including SHOP NOI growth of **25%-30%** and continued collection of deferred rents, with no incremental benefit from unidentified acquisitions - Assumptions for 2024 guidance include[18](index=18&type=chunk)[21](index=21&type=chunk) - Continued rent concessions, asset dispositions, and loan repayments[21](index=21&type=chunk) - Continued fulfillment of existing commitments[21](index=21&type=chunk) - SHOP NOI growth in a range of **25%-30%**[21](index=21&type=chunk) - Continued collection of deferred rents[21](index=21&type=chunk) - No incremental benefit from unidentified acquisitions[21](index=21&type=chunk) [Company Information & Forward-Looking Statements](index=5&type=section&id=Company%20Information%20%26%20Forward-Looking%20Statements) [About National Health Investors](index=5&type=section&id=About%20National%20Health%20Investors) National Health Investors, Inc. (NHI) is a real estate investment trust (REIT) established in 1991, specializing in various financing and ownership structures for need-driven and discretionary senior housing and medical investments, with a diverse portfolio - NHI is a REIT specializing in sale, leasebacks, joint-ventures, senior housing operating partnerships, and mortgage and mezzanine financing[20](index=20&type=chunk) - Its portfolio includes independent living, assisted living, memory care communities, entrance-fee retirement communities, skilled nursing facilities, and specialty hospitals[20](index=20&type=chunk) [Investor Conference Call](index=5&type=section&id=Investor%20Conference%20Call) NHI will host a conference call on February 21, 2024, to discuss its fourth-quarter results, with details provided for both teleconference and webcast access - NHI will host a conference call on Wednesday, February 21, 2024, at 11:00 a.m. ET to discuss fourth quarter results[19](index=19&type=chunk) - The live broadcast will be available online at www.nhireit.com, with an online replay available for one year[19](index=19&type=chunk) [Forward-Looking Statements & Risk Factors](index=10&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) The report includes forward-looking statements regarding future financial performance, operations, and strategic plans, which are subject to known and unknown risks and uncertainties, including operational success of tenants, regulatory impacts, and real estate illiquidity, advising investors to review SEC filings - Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from projections[31](index=31&type=chunk) - Risks include the operating success of tenants and borrowers, potential bankruptcy or insolvency proceedings, and concentration of portfolio to a small number of tenants[31](index=31&type=chunk) - Impacts from pandemics, governmental regulations (Medicare/Medicaid), increased liability claims, and liability insurance costs are also noted[31](index=31&type=chunk) - Other risks cover property development and construction, illiquidity of real estate investments, investments in unconsolidated entities, inflation, increased interest rates, and adverse developments in the financial services industry[31](index=31&type=chunk) - Operational risks for senior housing operating portfolio (SHOP) communities, data privacy and security, environmental laws, catastrophic weather, and climate change effects are also mentioned[31](index=31&type=chunk) - The company's ability to execute acquisitions, reinvest cash, retain management, avoid impairment charges, incur future debt, meet debt covenants, and maintain REIT qualification are critical factors[31](index=31&type=chunk) - Investors are urged to review risk factors and other information in NHI's periodic reports filed with the SEC, including the Form 10-K for the year ended December 31, 2023[31](index=31&type=chunk) [Non-GAAP Financial Measures Definitions](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20Definitions) [Funds From Operations (FFO)](index=8&type=section&id=Funds%20From%20Operations%20(FFO)) FFO, as defined by NAREIT, is a key supplemental measure for REITs, calculated as net income excluding gains/losses from real estate sales, plus real estate depreciation and amortization, with Normalized FFO further excluding infrequent or unpredictable items for comparability - FFO is defined as net income (GAAP) excluding gains/losses from real estate sales, plus real estate depreciation and amortization, and adjustments for unconsolidated partnerships[25](index=25&type=chunk) - Normalized FFO excludes certain infrequent or unpredictable items from FFO to improve comparability between periods[25](index=25&type=chunk) - FFO is an important supplemental measure for REITs because historical cost accounting for real estate assets (depreciation) can be less informative given that real estate values fluctuate with market conditions[26](index=26&type=chunk) [Funds Available for Distribution (FAD)](index=8&type=section&id=Funds%20Available%20for%20Distribution%20(FAD)) Normalized FAD is a crucial supplemental liquidity measure for REITs, building upon Normalized FFO by excluding non-cash items such as straight-line rent revenue, amortization of debt issuance costs, non-cash stock-based compensation, and certain equity method investment adjustments, providing a useful indicator of the company's ability to distribute dividends - Normalized FAD excludes from Normalized FFO the impact of straight-line rent revenue, amortization of original issue discount on senior unsecured notes, amortization of debt issuance costs, non-cash stock-based compensation, and certain non-cash items related to equity method investments[27](index=27&type=chunk)[28](index=28&type=chunk) - Normalized FAD is an important supplemental measure of liquidity for a REIT, serving as a useful indicator of the ability to distribute dividends to stockholders[28](index=28&type=chunk) [Net Operating Income (NOI)](index=8&type=section&id=Net%20Operating%20Income%20(NOI)) Net Operating Income (NOI) is a non-GAAP financial measure used to assess the operating performance of real estate properties at the property level on an unleveraged basis, calculated as total revenues less tenant reimbursements and property operating expenses, providing insight into resource allocation and property performance - NOI is defined as total revenues, less tenant reimbursements and property operating expenses[29](index=29&type=chunk) - NOI provides relevant and useful information by measuring the operating performance of properties at the property level on an unleveraged basis[29](index=29&type=chunk) - The Company uses NOI to make decisions about resource allocations and to assess property-level performance[29](index=29&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number 001-10822 National Health Investors, Inc. (Exact name of registrant as specified in its charter) | Maryland | | ...

| --- | --- | --- | |----------------------------------|-------|-------| | | | | | | | | | National | | | | Health Investors | | | | Investor Update November 7, 2023 | | | | | | | Safe Harbor Statement These slides and other materials we have filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to be made, by our senior management contain forward-looking statements that are based on current expectations, estimates, beliefs and assumptions ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-10822 National Health Investors Inc (Exact name of registrant as specified in its charter) Maryland 62-1470956 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 222 Robert Rose Drive Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an em ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-10822 National Health Investors Inc (Exact name of registrant as specified in its charter) Maryland 62-1470956 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 222 Robert Rose Drive Murfreesboro Tennessee 37129 (Address of principal executive offices) (Zip Code) Indicate by check mark whether the registrant is a shell company (as defined i ...

National Health Investors, Inc. (NYSE:NHI) Q1 2023 Earnings Conference Call May 10, 2023 12:00 PM ET Company Participants Dana Hambly - Director of IR Eric Mendelsohn - President and CEO John Spaid - CFO Kevin Pascoe - Chief Investment Officer Conference Call Participants John Kim - BMO Capital Markets Austin Wurschmidt - KeyBanc Capital Markets Tayo Okusanya - Credit Suisse Operator Greetings. And welcome to the First Quarter 2023 Conference Call. During the presentation, all participants will be in a list ...

DEFERRALS & ABATEMENTS1,2 1 Includes all rent concessions accounted for as variable lease payments and as lease modifications. 2 Prior periods adjusted to reflect the satisfaction of deferral balances upon disposition of properties. 3 Q4 2022 includes a $3.0 million credit to the Bickford deferral balance as well as a $1.5 million forgiveness related to another operator. 4 Q1 2023 includes a $2.5 million credit to the Bickford deferral balance. 5 Includes principal and interest repayments. 25 Q1 2023 A newl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-10822 National Health Investors Inc (Exact name of registrant as specified in its charter) Maryland 62-1470956 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 222 Robert Rose Drive Murfreesboro Tennessee 37129 (Address of principal executive offices) (Zip Code) (615) 890-9100 (Registrant's telephone number, including area code) Securities ...

National Health Investors, Inc. (NYSE:NHI) Q4 2022 Earnings Conference Call February 22, 2023 12:00 PM ET Company Participants Dana Hambly - Director of Investor Relations Eric Mendelsohn - President and Chief Executive Officer Kevin Pascoe - Chief Investment Officer John Spaid - Chief Financial Officer David Travis - Chief Accounting Officer Conference Call Participants John Kim - BMO Capital Markets Omotayo Okusanya - Credit Suisse Richard Anderson - SMBC Operator Greetings, and thank you for standing by. ...

Portfolio Overview - As of December 31, 2022, the company's portfolio consisted of investments in 192 properties [39] - The annualized adjusted NOI for contracts in place at December 31, 2022, was $2368 million [15] - Skilled nursing facilities represent 36% of the asset class [16] - Entrance fee assisted living represents 22% of the asset class [16] Financial Performance - Total revenue for Q4 2022 was $70669 thousand, compared to $69668 thousand in Q4 2021 [39] - Rental revenue (GAAP) for Q4 2022 was $53764 thousand [39] - Normalized FFO per diluted common share was $085 in Q4 2022 [39] - Regular dividends declared per common share were $090 in Q4 2022 [39] Capital Structure - Total debt as of Q4 2022 was $1147511 thousand [39] - The company targets a 60/40 equity/debt funding mix [31] - Secured debt accounted for 67% of total debt [47] - Unsecured debt accounted for 933% of total debt [47]