National Health Investors(US:NHI)2020-02-19 13:16Portfolio Overview - As of February 18, 2020, National Health Investors (NHI) had a diversified portfolio comprising 238 properties across 36 states, operated by 34 partners [3] - The portfolio consists of 157 senior housing properties, 76 skilled nursing facilities, 3 hospitals, and 2 medical office buildings [3] - Senior Housing Need-Driven properties account for 35%, Senior Housing Discretionary properties account for 34%, and Medical facilities account for 30% of the portfolio [3] Financial Performance (Q4 2019) - Total revenue for Q4 2019 was $82195 thousand [30] - Rental revenue (GAAP) was $75404 thousand, with cash rental revenue at $69574 thousand [30] - Adjusted EBITDA was $76952 thousand [30] - Normalized FFO per diluted common share was $141 [30] - Normalized AFFO per diluted common share was $130 [30] Capitalization - Total debt was $1440465 thousand, with secured debt at $139082 thousand [30] - Net debt to adjusted EBITDA (annualized) was 47x [30] - Net debt as a percentage of market capitalization was 283% [30] Investments - Recent lease activity includes a $134892 thousand joint venture with Life Care Services and a $15100 thousand lease with Bickford Senior Living in Q1 2020 [27] - Recent loan origination includes a $3870 thousand second mortgage to 41 Management in Q4 2019 [27] Lease Maturities - Lease maturities in 2029 represent the largest portion at $69978 thousand, followed by "Thereafter" at $106475 thousand [22] - Lease maturities in 2020 are $2559 thousand [22]