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)

分组1 - Centerspace reported quarterly funds from operations (FFO) of $1.21 per share, matching the Zacks Consensus Estimate, but down from $1.23 per share a year ago [1] - The company achieved revenues of $67.09 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 0.59% and up from $64.51 million year-over-year [2] - Centerspace has surpassed consensus FFO estimates three times in the last four quarters [1] 分组2 - The stock has underperformed, losing about 8.8% since the beginning of the year compared to the S&P 500's decline of 5.3% [3] - The current consensus FFO estimate for the upcoming quarter is $1.24 on revenues of $67.2 million, and for the current fiscal year, it is $4.93 on revenues of $269.7 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is in the bottom 42% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Viewpoint - The article compares Cousins Properties (CUZ) and National Health Investors (NHI) to determine which stock is more attractive to value investors [1] Group 1: Zacks Rank and Valuation Metrics - CUZ has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to NHI, which has a Zacks Rank of 3 (Hold) [3] - Value investors consider various valuation metrics, including P/E ratio, P/S ratio, earnings yield, and cash flow per share to assess a company's fair value [4] Group 2: Valuation Ratios - CUZ has a forward P/E ratio of 9.88, while NHI has a forward P/E of 16.30, suggesting CUZ is undervalued relative to NHI [5] - CUZ's PEG ratio is 2.68, compared to NHI's PEG ratio of 4.96, indicating CUZ may offer better value when factoring in expected earnings growth [5] - CUZ's P/B ratio is 0.95, while NHI's P/B ratio is 2.50, further supporting the notion that CUZ is undervalued [6] Group 3: Overall Assessment - Based on the improving earnings outlook and favorable valuation metrics, CUZ is considered the superior value option at this time [7]

Group 1 - Bank of Marin (BMRC) reported quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.32 per share, but showing an increase from $0.18 per share a year ago, resulting in an earnings surprise of -6.25% [1] - The company posted revenues of $27.82 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.84%, and compared to year-ago revenues of $25.45 million, indicating that it has not beaten consensus revenue estimates over the last four quarters [2] - Bank of Marin shares have declined approximately 12.4% since the beginning of the year, while the S&P 500 has decreased by 6.1% [3] Group 2 - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for Bank of Marin is mixed, leading to a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $29.07 million, and for the current fiscal year, it is $1.53 on revenues of $118.29 million [7] Group 3 - The outlook for the industry, specifically the Banks - West sector, is currently in the bottom 33% of over 250 Zacks industries, which may materially impact the stock's performance [8]

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]

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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 te ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) [ x ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [ x ] Indicate by check mark whether the registrant (1) ...