NATIONAL HEALTH INVESTORS, INC. Q4 2020
NATIONAL HEALTH INVESTORS
Q42020 SUPPLEMENTAL
1
TABLE OF CONTENTS
COMPANY
COMPANY INFORMATION & LEADERSHIP
PORTFOLIO
PORTFOLIO OVERVIEWPORTFOLIO SUMMARYOPERATING PARTNERSEBITDARM LEASE COVERAGE
PURCHASE OPTIONS & LEASE MATURITIES
INVESTMENTS
INVESTMENT RATIONALE
RECENT INVESTMENTS
CAPITALIZATION
CAPITALIZATION OVERVIEW
CAPITAL STRUCTURE
DEBT MATURITIES
FORWARD LOOKING STATEMENTS AND RISK FACTORS:
This Supplemental Information 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 certain "forward-looking" statements as that term is defined by the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, funds from operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitations, those containing words such as "may," "will," "believes," anticipates," "expects," "intends," "estimates," "plans," and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to di'er materially from those projected or contemplated in the forward-looking. Such risks and uncertainties include, among other things, the impact of COVID-19 on our tenants and the risks which are described under the heading "Risk Factors" in Item 1A in our Form 10-K for the year ended December 31, 2020. In this Supplemental Information, we refer to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this presentation. Throughout this presentation, certain abbreviations and acronyms are used to simplify the format. A list of definitions is provided at the end of this presentation to clarify the meaning of any reference that may be ambiguous. Unless otherwise noted, all amounts are unaudited and are as of or for the quarter ended December 31,2020.
SELECT DEBT COVENANTS
FINANCIAL
FINANCIAL PROFILE
PERFORMANCE
BALANCE SHEETS
STATEMENTS OF INCOME
FFO AFFO & FAD
RECONCILIATIONS
GLOSSARY
GLOSSARY
COVER: The Courtyard at Bellevue, operated by Encore Senior Living (41 Management), in Green Bay, WI.
WE INVEST IN RELATIONSHIPS
NATIONAL HEALTH INVESTORS, INC. (NYSE: NHI), is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical o˜ce buildings and specialty hospitals.
Kevin Pascoe
LEADERSHIP
Eric Mendelsohn
President & CEO
Chief Credit O™cer
Chief Investment O™cer
Chief Financial O™cer
David Travis
Chief Accounting O™cer
SVP, Investments
Dana Hambly
VP, Investor Relations
ANALYST COVERAGE
CONTACT INFORMATION
Aaron Hecht, JMP Securities Connor Siversky, Berenberg
National Health Investors, Inc.
Daniel Bernstein, Capital One Securities, Inc. John Kim, BMO Capital Markets
222 Robert Rose Drive Murfreesboro, Tennessee 37129 615.890.9100 |investorrelations@nhireit.com
Jordan Sadler, KeyBanc Capital Markets Michael Lewis, Truist Securities Omotayo Okusanya, Mizuho Securities
Transfer Agent
Computershare Trust Company, N.A P.O. Box 43078
Rich Anderson, SMBC Nikko Securities America, Inc. Steve Manaker, Stifel
Providence, RI 02940-3078 800.942.5909
Todd Stender, Wells Fargo
PORTFOLIO OVERVIEW
HIGHLIGHTS
Diversified portfolio of exceptional healthcare properties
Conservatively managed balance sheet
Industry leading FFO growth
Strong growing dividend
1%2
7%
OTHER INCOME
3% SMALL
15%
SLC
Regional 55%
Small 3%
Public 24%
National Private Chain 18%Sr. Hsng. Need-Driven 32%
Medical 30%
Sr. Hsng. Discretionary 37%
Other Income 1%2
› Based on annualized cash revenue of $301,128,000 in place at December 31, 2020. 2 Other income consists primarily of revenue from non-mortgage notes receivable.
SENIOR LIVING
CAMPUS
PORTFOLIO SUMMARY
as of December 31, 2020 (dollars in thousands)
PropertiesUnits/ Sq. Ft*YTD GAAP RevenueYTD Straight
LineYTD Cash RevenueFull Year ImpactAnnualized Cash RevenueLeases
Senior Housing - Need Driven Assisted Living
Senior Living Campus
Total Senior Housing - Need Driven Senior Housing - Discretionary Independent Living Entrance-Fee Communities
œž ¢ž ¢©ª
Ÿ¡¢£¢ ¢¡œ¥¦ ¥¡¢©¥
¤
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¤
¦¡£¥Ÿ §¡¢§© ª¡žœŸ
¤
¦œ¡¥£¥ §¢¡¥©ž œ¢¡žž¢
¤
(¢¡©Ÿª)
¤
(§¢§) (¢¡§¥©)
¦ª¡¦¥œ §¢¡žœ§ œ©¡¢¥¢
Total Senior Housing - Discretionary
Total Senior Housing
£§ ¢¢ ž£ ¢Ÿ¢
£¡¥©£ §¡¥©¥ ¦¡ž¢© ¢£¡Ÿ¢¥
ž¥¡©¦£ ¦©¡ž¢¦ ¢©¥¡ž¥œ §©¥¡ž¢Ÿ
¥¡¢ªœ ž¡£©¦ ¢¢¡žœŸ ¢œ¡œœ©
£œ¡ª¥ž Ÿ¦¡¢¢© œŸ¡œªž ¢ª¥¡ž§Ÿ
£§Ÿ œ¢¥ ¢¡§ž§
(§ª)
ž©¡¢œœ Ÿ¥¡©§¥ œ¥¡§§¦ ¢ª¥¡£œ¥
Medical Facilities
Skilled Nursing Hospitals
Medical O™ce Buildings
Total Medical Facilities Current Year Disposals¢
¥§ £ § ¥¥
œ¡ž££ §©¥ ªª¡Ÿ¢¥ * œ¡¦ž©
ª¢¡ž¦Ÿ ¥¡¥£¦ ¦¦¥ ªœ¡ª¦ª §¥§
œ¥¥ (Ÿ§£)
£ žŸ¥ (£ž)
ª©¡žªª ª¡§Ÿœ ¦¦ž ªœ¡ž¢¢ £©¦
ª¦£ ¢¢¦
(¦) œ¥£ (£©¦)
ª¢¡£Ÿ¢ ª¡£¥Ÿ ¦Ÿª œ©¡£ªž -
Total Leases
§§ª
§£¡¢Ÿ¥
Escrow funds received from tenants
Total Rental Income
§œ¥¡ŸŸŸ œ¡¦Ÿ£ £©¥¡§©ª
§©¡ž¢£
§¥¥¡¢ž§ œ¡¦Ÿ£ §ª¦¡¥œŸ
¦£œ (œ¡¦Ÿ£) (œ¡©¢ž)
§¥¥¡¥ª¢ - §¥¥¡¥ª¢
Mortgages and Other Notes Receivable
Senior Housing - Need Driven Senior Housing - Discretionary Skilled Nursing
Other Notes Receivable
Total Mortgage and Other Notes
œ § £ - ¢ž
Ÿ¦Ÿ ¥¢ž ¢ª©
¢¡žŸœ
Current Year Note Payo's Investment and Other Income
ž¡¥ª§ ¢£¡ª©ª ž§Ÿ £¡©Ÿœ §§¡©¥ž §¡œž¦ Ÿª§
ž¡¥ª§ ¢£¡ª©ª ž§Ÿ £¡©Ÿœ
¦£¥ ¢¡©¢ª
(ª) (£¥ž)
Ÿ¡ž¢œ ¢ž¡ª§¦ ž¢¥ §¡¦ªŸ
§§¡©¥ž §¡œž¦ Ÿª§
¢¡§¥£ (§¡œž¦)
(Ÿª§)
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Total Revenue
¤
££§¡ª¢©
¤
§©¡ž¢£
¤
£¢§¡£œ¥
¤ (¢¢¡§¦œ)
¤
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1 Includes eight properties acquired by Brookdale Senior Living under a purchase option and two properties sold to Bickford Senior Living financed by a mortgage from NHI.
OPERATING PARTNERS
Ownership Market Focus % of Revenue1
Senior Living Communities owns and operates luxury retirement communities located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana.
PrivateSHO
15%Bickford Senior Living manages or operates over 60 independent living, assisted living, and memory care branches throughout the country. They are also an experienced developer, constructing over 150 communities.
Private
SHO
¢Ÿ²
Founded in 1971, National HealthCare Corporation (NYSE Amer-ican: NHC) is a publicly traded operator, specializing in skilled nursing centers along with assisted and independent living facilities. NHC oversees more than 9,000 skilled nursing beds across 10 states, with properties located in the Southeastern, Northeastern, and Midwestern parts of the United States.
PublicSNF´SHO
¢£²
Holiday Retirement is one of the largest providers of independent living communities in the U.S. Founded in 1971, they are a privately held company and currently operate more than 260 facilities.
PrivateSHO
¢¢²
The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at multiple locations across 13 states.
Public
SNF
ª²
Based in Des Moines, Iowa, and established in 1971, Life Care Services operates and develops continuing care retirement communities, stand-alone assisted living, memory care, and rental communities nationwide.
PrivateSHO
¥²
For more than 25 years, Discovery Senior Living has become a recognized industry leader in developing, building and operating luxury, resort-style communities across the United States. Discovery provides more than 8,500 homes for seniors which include: villas, senior apartments, independent living, supervised independent living, assisted living and memory care homes.
PrivateSHO
ž²
Health Services Management is a non-profit formed in 2000. The Company operates more than 20 skilled nursing and assisted living facilities located in Florida, Indiana, Tennessee, and Texas.
NFP
SNF
£²
Senior Living Management Corporation is based in Coconut Creek, Florida and operates assisted living, memory care and skilled nursing facilities in Florida, Georgia and Louisiana.
Private
SHO
£²
Chancellor Health Care is based in Windsor, California and formed in 1992. Chancellor operates on the full continuum of care and has more than 15 properties across 6 states, which include California, Colorado,
Private
SHO
£²
Illinois, Maryland, Oregon, and Texas and serves over 750 seniors.
1Based on annualized cash revenue of $301,128,000 for contracts in place at December 31, 2020.
EBITDARM LEASE COVERAGE
NHI TOTAL PORTFOLIO
Property Type | SHO SNF HOSP MOB TOTALProperties 3Q19 3Q20 ¢£Ÿ ¢¼¢œx ¢¼¢§x ¥ž §¼¥žx §¼œžx £ §¼©¢x §¼££x § ¦¼žœx ¥¼©Ÿx §¢ž ¢¼¦¥x ¢¼¦œx |
Property Class | Properties 3Q19 3Q20 Need Driven œ¦ ¢¼¢©x ¢¼©žx Need Driven excl. Bickford žœ ¢¼¢Ÿx ¢¼©¦x Discretionary £œ ¢¼§¥x ¢¼§©x Discretionary excl. SLC & Holiday ž ¢¼ª¦x ¢¼¦Ÿx Medical ¥œ §¼¥©x §¼œ¢x Medical excl. NHC £¥ ¢¼œŸx §¼§£x |
Customers | Properties 3Q19 3Q20 NHC 1 ž§ £¼¦œx £¼ªžx SLC Bickford Holiday œ ¢¼¢©x ¢¼©ªx ž¥ ¢¼©¦x ¢¼©¢x §¦ ¢¼§¢x ¢¼¢žx |
NHI SAME-STORE PORTFOLIO2
Property Type | SHO SNF HOSP MOB TOTALProperties 3Q19 3Q20 ¢§¥ ¢¼¢œx ¢¼¢¢x ¥ž §¼¥žx §¼œžx § ¢¼¦£x ¢¼žœx § ¦¼žœx ¥¼©Ÿx §©Ÿ ¢¼¦¥x ¢¼¦¥x |
Property Class | Properties 3Q19 3Q20 Need Driven ªœ ¢¼¢¢x ¢¼©§x Need Driven excl. Bickford ž§ ¢¼¢Ÿx ¢¼©£x Discretionary £ª ¢¼§¥x ¢¼§©x Discretionary excl. SLC & Holiday £ ¢¼œ¢x ¢¼¥¢x Medical ¥ª §¼¥©x §¼ªªx Medical excl. NHC £¦ ¢¼œ©x §¼¢£x |
Customers | Properties 3Q19 3Q20 NHC1 ž§ £¼¦œx £¼ªžx SLC Bickford Holiday œ ¢¼¢©x ¢¼©ªx ž¥ ¢¼©¦x ¢¼©¢x §¦ ¢¼§¢x ¢¼¢žx |
All tables are based on the trailing 12 months and exclude transitioned properties pursuant to cash-flow based leases, mortgages and other notes receivable and development and lease up properties in operation less than 24 months. The tables include pro forma rents for stabilized acquisitions in the portfolio less than 24 months. These results include any amounts received and recognized by the operators from the HHS CARES Act Provider Relief Fund but do not include any funds received under the Paycheck Protection Program. Our operators may not consistently account for any pandemic relief funds received which can impact comparability among operators and across periods.
1 NHC coverage is based on corporate level Fixed Charge Coverage Ratio and includes 3 independent living facilities.
2
Excludes properties that have transitioned operators in past 24 months.
PURCHASE OPTIONS & LEASE MATURITIES
Tenant Purchase Options (dollars in thousands)
Asset Type | Properties | Lease Expiration | 1st Option Open Year | Option Type | Current Cash Rent ($) | % of Total1 |
SHO | £ | December §©§¢ | Open | C | ¢¡£§ž | ©¼žž ² |
MOB | ¢ | February §©§Ÿ | Open | A | £¢§ | ©¼¢© ² |
HOSP | ¢ | March §©§Ÿ | Open | B | §¡©¢¦ | ©¼¦¥ ² |
HOSP | ¢ | September §©§¥ | Open | D | §¡ª¢Ÿ | ©¼œ£ ² |
HOSP | ¢ | June §©§§ | §©§§ | A | £¡Ÿžž | ¢¼¢ª ² |
SNF | ¥ | August §©§ª | §©§Ÿ | C | £¡¦£ª | ¢¼§¢ ² |
SHO | § | May §©£Ÿ | §©§¥ | B | Ÿ¡£žª | ¢¼¥ª ² |
SNF | ¢ | September §©§ª | §©§ª | C | žª§ | ©¼¢¦ ² |
¦¼ž¥ ² | ||||||
Option Type: |
A¼ Greater of fixed base price or fair market value
B¼ Fixed base price plus a specified share on any appreciation C¼ Fixed base price
D¼ Fixed capitalization rate on lease revenue
1 Based on annualized cash revenue of $301,128,000 for contracts in place at December 31, 2020
Lease Maturities (annualized cash rent; dollars in thousands)
Properties | SHO ($) | SNF ($) | Other ($) | Total ($) | |
§©§¢ | ¢§ | §¡œ©Ÿ | ¢¡£©ª | - | ž¡§¢£ |
§©§§ | ž | ª§œ | - | £¡Ÿžž | ž¡£¥£ |
§©§£ | ¢Ÿ | ¢¢¡œª¦ | §¡œªŸ | - | ¢ž¡œ¥¢ |
§©§ž | œ | ¥¡ž©¦ | - | - | ¥¡ž©¦ |
§©§Ÿ | £ | Ÿ§§ | - | §¡£§ª | §¡ªŸ© |
§©§¦ | £Ÿ | ¢¡£¦© | £§¡ªª¥ | - | £ž¡§ž¥ |
§©§¥ | Ÿ | ¢§¡¦¦ª | - | £¡¢¦¢ | ¢Ÿ¡ª§œ |
§©§ª | ¢ž | ¥¡œ¥Ÿ | ž¡¢§© | - | ¢§¡©œŸ |
§©§œ | £¢ | Ÿ¥¡©Ÿª | ¢£¡¦¢ª | - | ¥©¡¦¥¦ |
§©£© | ¥ | Ÿ¡©ª£ | - | - | Ÿ¡©ª£ |
Thereafter | œ£ | ¥œ¡¦©¦ | §¦¡ž££ | - | ¢©¦¡©£œ |
INVESTMENT RATIONALE
WE INVEST IN RELATIONSHIPS,
NOT JUST PROPERTIES
• FOCUSED ON GROWING WITH OUR 36 OPERATING PARTNERS AND SELECT NEW CUSTOMERS
• DIVERSIFIED INVESTMENT PLAN EMPHASIZING PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS SNF OPERATORS
• EXPERIENCED OPERATORS WITH PROVEN RECORD OF QUALITY CARE AND VALUE CREATION
• LOW LEVERAGE BALANCE SHEET AND STAGGERED LONG-TERM DEBT MATURITIES
• TARGET 60/40 EQUITY/DEBT FUNDING MIX
Investment History*
(dollars in millions)
NOTES
Existing Relationship | New Relationship | |
*The average age of properties acquired since 2013-2020 is 16.8 | ||
10-Year Treasury | WACY | years. The total portfolio average age is 25.0 years. |
RECENT INVESTMENTS
Recent Lease Activity
(dollars in thousands)
Asset Class
Investment Type
Units/ Buildings1
LocationYield
Total
Funded
Remaining
Q3 2020 ž¢ ManagementSHO
Lease
ž£´¢
WI
¥¼Ÿ©²
¤
¢§¡£©© §
¤
(¢§¡£©©)
¤
-
Q2 2020
Autumn Trace*
SHO
Lease
ªª´§
IN
¥¼§Ÿ²
¢ž¡§Ÿ©
(¢ž¡§Ÿ©)
-
Q1 2020
Life Care Services Bickford Senior Living
EFC SHO
JV Lease
ž©¢´¢ ¦©´¢
WA MI
¦¼¥Ÿ² ª¼©©²
¢£ž¡ªœ§ ¢Ÿ¡¢©©£
(¢£ž¡ªœ§) (¢Ÿ¡¢©©)
¤
¢¥¦¡Ÿž§
¤ (¢¥¦¡Ÿž§)
¤
Q4 2019 ž¢ Management
SHO
Lease
žª´¢
MN
¥¼§£²
¤
œ¡£ž©
¤
(œ¡£ž©)
¤
- - - -
Q3 2019
Bickford Senior Living Cappella Living Solutions*
SHO SHO
Lease Lease
¦©´¢ Ÿ¢´¢
IL CO
ª¼©©² ¥¼§Ÿ²
¢Ÿ¡¢©© £ ¥¡¦©©
(¢Ÿ¡¢©©) (¥¡¦©©)
- -
Q2 2019
Discovery Senior Living Comfort Care Senior Living
SHO SHOJV Lease
Ÿœ¦´¦ ¢££´§
PA¡ MD¡ IN
MI
¦¼Ÿ©² ¥¼¥Ÿ²
¢§¥¡œ¢¥ §ž¡£©©
(¢§¥¡œ¢¥) (§ž¡£©©)
- -
Q1 2019
Holiday Retirement Wingate Healthcare*
SHO SHO
Lease Lease
§£§´¢ §¦¥´¢
FL MA
¦¼¥¢² ¥¼Ÿ©²
£ª¡©©© Ÿ§¡§©©
(£ª¡©©©)
(Ÿ¢¡¢©ª)
¤
§¥ž¡žŸ¥
¤ (§¥ž¡£¦Ÿ)
¤
- Ϥ Ϥ
Recent Loan Origination and Other Development Activity
(dollars in thousands)
Asset Class
Investment Type
Units/ Buildings1
LocationYield
Total
Funded
Remaining
Q4 2020 ž¢ ManagementSHOConstruction Loan
¢¢©´¢
WI
ª¼Ÿ©²
¤
§§¡§©©
¤
(ž¡©ž©)
¤
¢ª¡¢¦©
Q2 2020
Bickford Senior Living Watermark Retirement
SHO EFCConstruction Loan Working Capital Note
¦ž´¢ ž§©´§
VA CT
œ¼©©² ¥¼Ÿ©²
¢ž¡§©© Ÿ¡©©©
(¢¡œ¢ª)
-
¢§¡§ª§ Ÿ¡©©©
Q1 2020
Timber Ridge OpCo Bickford Senior Living
EFC SHO
Working Capital Note
Mortgage
N´A Ÿ¦´§
N´A IN
¦¼©©² ¥¼©©²
Ÿ¡©©© ž¡©©©
- (ž¡©©©)
¤
Ÿ©¡ž©©
¤
(œ¡œŸª)
¤
Ÿ¡©©© - ž©¡žž§
Q4 2019 ž¢ ManagementSHOSecond Mortgage
ž£´¢
WI
¢£¼©©² ¤
£¡ª¥©
¤
(£¡ª¥©)
¤
-
Q3 2019
Discovery Senior Living Discovery Senior Living
SHO SHOSenior Mortgage Working Capital Note
¥ž´¢ N´A
IN N´A
¥¼©©² ¦¼Ÿ©²
¦¡ž§£ ¥Ÿ©
(¦¡ž§£)
(¥Ÿ©)
- -
Q2 2019
Senior Living Communities ž¢ Management*
EFC SHOSenior Note Construction Loan
§žª´¢ Ÿ£´¢
SC WI
¥¼§Ÿ² ª¼Ÿ©²
£§¡¥©© ¢©¡ª©©
(£§¡¥©©) (ª¡¥¢¥)
¤
Ÿž¡Ÿž£
¤
(Ÿ§¡ž¦©)
¤
- §¡©ª£ §¡©ª£
Other Loan and Development Commitments
Life Care Services Life Care Services Bickford Senior Living Senior Living Communities Ignite Medical Resorts*
EFC EFC SHO SHO SNF
Senior Note Construction Loan Construction Loan Revolving Credit Development Lease
ž¦¦´¢ ¢©¢´¢ ¢ª£´£
AZ
N´A ¢žž´¢
AZ MI¡ VA N´A WI
¥¼§Ÿ² ª¼Ÿ©² œ¼©©² Variable œ¼Ÿ©²
¤
¢¢ª¡ª©© ¦¢¡§©© ž§¡œ©© ¢§¡©©© §Ÿ¡£Ÿ©
¤
(œª¡¥Ÿ§) (¦¢¡§©©) (£©¡ž¦¦) (¢¢¡§ª©) (§Ÿ¡£Ÿ©)
¤
§©¡©žª - ¢§¡ž£ž ¥§© -
* Indicates new operating relationship › Building count excludes renovations.
¾ Acquisition was partially funded with the cancellation of a $3.9 million second mortgage due from 41 Management. • Acquisition was partially funded with the cancellation of a $14.0 million construction loan due from Bickford.
CAPITALIZATION OVERVIEW
(dollar and share amounts in thousands)
QUARTER ENDED ' AS OF
Q4 2020
Q3 2020
Q2 2020
Q1 2020
Q4 2019
Balance Sheet Data
Gross cost of real estate assets Total assets
Total liabilities
Total noncontrolling interests
Total stockholderÀs equity attributable to NHI
Operating Data
Total revenue
Rental revenue - GAAP Straight-line rents Rental revenue - Cash ¢ Adjusted EBITDA§ Interest expense
General & administrative expense
Funds from operations per diluted common share Normalized FFO per diluted common share Normalized AFFO per diluted common share Regular dividends declared per common share
Capitalization
Common shares outstanding at end of each period Market value of equity at end of each period
Total debt
Secured debt Net debt
Total market capitalization¡ including net debt
Ratios
Interest coverage ratio Fixed charge coverage ratio
Net debt to adjusted EBITDA (annualized)
Net debt as a percentage of market capitalization Total Debt ´ Gross Assets
Secured Debt ´ Gross Assets
Dividend payout ratio for normalized FFO Dividend payout ratio for normalized AFFO
Portfolio Statistics
Number of properties (includes mortgages)
¤ £¡§¦Ÿ¡©¥© £¡¢§©¡žªœ ¢¡Ÿœ¥¡Ÿžž ¢©¡¥¢¢ ¢¡Ÿ¢§¡§£ž
¤ ª¢¡§£ª ¥ž¡œž¢ ž¡œ£© ¦¥¡Ÿžª ¥ž¡œ©¥ ¢§¡§œ£ £¡¢¥¦ ¢¼§ª ¢¼£¥ ¢¼£© ¢¼¢©§Ÿ
žŸ¡¢ª¦
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žž¡¥§œ
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¤ £¡§ž¥¡¢£ª £¡¢¦¦¡œ¥¢ ¢¡¦¦£¡Ÿ©§ ¢¢¡¢¢© ¢¡žœ§¡£Ÿœ
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žž¡¦Ÿ©
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¤ £¡§§ª¡¢£§ £¡¢¦¥¡ª£Ÿ ¢¡¦¦©¡ªž§ ¢¢¡ž£Ÿ ¢¡žœŸ¡ŸŸª
¤ ª£¡©¥¦ ¥¦¡Ÿ§¥ Ÿ¡¢¥¥ ¦œ¡¥œ¥ ¥¦¡ª£¦ ¢ž¡¢ž© ž¡£¢¢ ¢¼£Ÿ ¢¼£¦ ¢¼§œ ¢¼¢©§Ÿ
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¤ £¡©¥ž¡ªž¦ £¡©ž§¡§£Ÿ ¢¡Ÿž£¡œª£ ¦§¢ ¢¡žœ¥¡¦£¢
¤ ª§¡¢œž ¥Ÿ¡ž©ž Ÿ¡ª£© ¦¥¡œª¢ ¥¦¡œŸ§ ¢ž¡£¥ž £¡¦¢¢ ¢¼£œ ¢¼ž¢ ¢¼£© ¢¼©Ÿ
žž¡Ÿª¥
¤ £¡¦£§¡œžœ ¢¡žž©¡ž¦Ÿ ¢£œ¡©ª§ ¢¡ž£Ÿ¡§Ÿ© Ÿ¡©¦ª¡¢œœ
¦¼¢x ¦¼žx ž¼œx £¢¼ª ² ž©¼£ ² §¼¦ ² ª©¼Ÿ ² ªž¼ª ²
¦¼©x ¦¼£x ž¼ªx £Ÿ¼Ÿ² ž¢¼¢² £¼¥² ¥¥¼¦² ª§¼£²
Ÿ¼ªx ¦¼©x ž¼ªx £Ÿ¼¥² ž¢¼¥² £¼¥² ¥Ÿ¼Ÿ² ª¢¼¥²
Ÿ¼žx Ÿ¼¦x ž¼¥x ž©¼Ÿ² ž¢¼ª² £¼¥² ª¢¼¢² ªŸ¼Ÿ²
Ÿ¼žx Ÿ¼œx ž¼¥x §ª¼£² ž©¼Ÿ² £¼œ² ¥ž¼Ÿ² ª©¼ª²
§ž§
§ž£
§ž£
§ž©
§£ª
-
Excludes escrow funds received from tenants
2 For all periods presented the calculation of EBITDA includes GAAP interest expense, which excludes amounts capitalized during the period.
CAPITAL STRUCTURE
Fixed Charge Coverage
10 8 6 4 2 0
2017
2016
2018
2019
Revolver Liquidity (dollars in millions)
$800 $700 $600 $500
$200
$400
$300
$100
$0
BalanceAvailable
2020
Net Debt to Adjusted EBITDA
5.0x 4.0x 3.0x 2.0x 1.0x 0.0x
December 31, 2020 (dollars in thousands)Amount
Rate3
% of Total
Maturity 3
Secured Debt
Fixed Rate
Fannie Mae Mortgage Loans
Total Secured Debt
¤œŸ¡£Ÿž œŸ¡£Ÿž
£¼œž²
¦¼ž²
ž years
Unsecured Debt
Fixed Rate
Term Loans
Private Placement
Convertible Senior Notes
Revolving Credit Facility Variable Rate
Revolving Credit Facility
Term Loans
Total Unsecured Debt
Subtotal
£ž©¡©©© ž©©¡©©© ¦©¡©©© ¦©¡©©© §£ª¡©©© £¢©¡©©© ¢¡ž©ª¡©©© ¢¡Ÿ©£¡£Ÿž
£¼§¥²ž ž¼¢Ÿ² £¼§Ÿ² §¼ª¢² ž ¢¼£ž² ¢¼¥¥²
§§¼¦² §¦¼¦² ž¼©² ž¼©² ¢Ÿ¼ª² §©¼¦²
£ years
ž years ©¼§Ÿ years
¢ year ¢ year
§¼œ¢²
¢©©¼©²
§ years
Note Discounts
-
Unamortized Loan Costs
(ž¡©¦œ)
Total Debt
¤
¢¡žœœ¡§ªŸ
› Excludes impact of unamortized discounts and loan costs
2 Annualized, see page 19 for reconciliation
3 Weighted average
4 Fixed using derivative rate swaps, which mature in 2021
DEBT MATURITIES
Debt Schedule (as of January )
(dollars in thousands)
Financial Instrument
Amount Outstanding 1
Interest Rate2
Fixed/ VariableMaturity
Years to MaturitySecured
Credit Facility ¤ŸŸ©MM Revolver (L Á ¢§©) Bank Term Loan (L Á ¢£Ÿ)
¤
Bank Term Loan (L Á ¢£©)
Convertible Senior Note ¤¢§ŸMM Private Placement Term Loan ¤Ÿ©MM Private Placement Term Loan ¤¥ŸMM Private Placement Term Loan ¤Ÿ©MM Private Placement Term Loan ¤¢©©MM Private Placement Term Loan ¤ž©©MM Senior Unsecured Notes Fannie Mae Term Loans
£©¡©©© §Ÿ©¡©©© £©©¡©©© ¦©¡©©© ¢§Ÿ¡©©© Ÿ©¡©©© ¥Ÿ¡©©© Ÿ©¡©©© ¢©©¡©©© ž©©¡©©© œŸ¡£§Ÿ
¢¼£§² ¢¼ž¥² ¢¼ž§² £¼§Ÿ² £¼œœ² £¼œœ² £¼œ£² ž¼££² ž¼Ÿ¢² £¼©©² £¼œž²
Variable Variable Variable
Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed
Aug-§¢ Aug-§§ Sep-§£ Apr-§¢ Jan-§£ Nov-§£ Sep-§ž Nov-§Ÿ Jan-§¥ Feb-£¢ §©§Ÿ
©¼Ÿ ¢¼Ÿ §¼¦ ©¼§ ¢¼œ §¼ª £¼¦ ž¼ª Ÿ¼œ ¢©¼© ž¼£
No No No No No No No No No No Yes
Total Debt
¤
Weighted Averages Impact of Swaps£
E'ective Weighted Average Interest
¢¡Ÿ£Ÿ¡£Ÿž §¼¥ª² ©¼ž¥² £¼§Ÿ²
ž¼¦
 As of January 31, 2021. On January 26, 2021 NHI issued $400 million in 3.0% Senior unsecured notes which mature February 2031. Proceeds were used to payoff a $100 million term loan due July 2021 and reduce revolver borrowings.
œ Variable rates based on 1-month USD LIBOR on January 29, 2021.
¡ Swap agreements representing a notional amount of $400 million expire in December 2021.
Debt Maturity Schedule
(dollars in millions)
Senior Notes
SELECT DEBT COVENANTS
1 These calculations are made in accordance with the respective debt agreements and may be di¢erent than other metrics presented.
FINANCIAL
A DISCIPLINED APPROACH TO VALUE CREATION
• STEADY REVENUE AND CASH FLOW GROWTH
• STRONG RELATIVE LONG-TERM PERFORMANCE
• CONSISTENT DIVIDEND GROWTH AND HEALTHY PAYOUT RATIO
Cash NOI¯ °± CAGR (dollars in millions)
$320
$290.5
$302.8
$240
Adjusted EBITDA¯ °± CAGR (dollars in millions)
$320
$280
$200
$240
$120
$160
$80
$40
$0
$298.4
$307.4
$280.2
2016
$225.5
2017
$251.5
2018
$271.5
2019
2020
$240
$280
$200
$240
$120
$160
$80
$40
$0
$236.5
2016
$265.0
2017
2018
2019
2020
NFFO Per Share¯ °± CAGR
$6
$5.46
$5.50
$5.60
$5.29
$0
$5
$4
$3
$2
$1
2016
$4.87
2017
2018
2019*
2020
AFFO Per Share¯ °± CAGR
$6
$5
$4
$3
$2
$0
$5.04
$5.10
$5.29
$4.75
$4.39
$1
2016
2017
2018
2019
2020
PERFORMANCE
Normalized FFO ² Share (CAGR)
NHI vs Peer Avg
10%
8% 6%
5.0%
4% 2%
0%
2-Year
1.5%
Dividends ² Share (CAGR)
10%
NHI vs Peer Avg
(7.8)%
3-Year
2.1%
(6.2)%
4-Year
3.7%
(6.0)%
5-Year
3.8%
(4.4)%
6-Year
(2.4)%
8%
6% 4% 2% 0%
2-Year
3-Year
4-Year
5-Year
6-Year
Peer Average Source: Wells Fargo Securities; based on 2020 consensus estimates
Peer Average Source: Wells Fargo Securities; based on 2020 consensus estimates
Dividends
Regular Special
General & Administrative Cost as ± of Total Revenue
$5.00
$1.00 $0.00
$4.00 $3.00 $2.00
9%
8%
7%
6%
5%
4%
3.9%
4.4%
4.3%
4.2%
4.0%
3%
2%
0%
1%
2016
2017
2018
2019
2020
Total Return
400
350
300
250
200
150
100
50
0
NHI MSCI US REIT Index S&P 500 TR Index
Regular Dividends and Payout Ratio
9.2%
3 Year
11.0% 48.9%
49.5% 26.6%
5 Year
103.0%
79.1% 69.3% 7.4%
7 Year
134.0%
122.0%
161.6%
10 Year
267.0%
DIVIDENDPERSHARE
$4.41
OITAR TUOYAP OFFN
BALANCE SHEETS
(in thousands, except share and per share amounts)
December 31, 2020
December 31, 2019
Assets
Real estate properties
Land
¤
§§©¡£¦¢
¤
Buildings and improvements Construction in progress
£¡©ž¢¡¦¢¦ £¡©œ£
§¢£¡¦¢¥ §¡ª£¦¡¦¥£ §ž¡ŸŸ¦
Less accumulated depreciation Real estate properties¡ net
£¡§¦Ÿ¡©¥© (Ÿœ¥¡¦£ª) §¡¦¦¥¡ž£§
£¡©¥ž¡ªž¦ (Ÿ¢ž¡žŸ£)
Mortgage and other notes receivable¡ net Cash and cash equivalents
Straight-line rent receivable Assets held for sale¡ net Other assets
Total Assets
¤
§œ§¡ž§¥ ž£¡£žž œŸ¡¥©£ - §¢¡Ÿª£ £¡¢§©¡žªœ
§¡Ÿ¦©¡£œ£ £ž©¡¢ž£ Ÿ¡§¢Ÿ ª¦¡©žž ¢ª¡ž§© £§¡©§©
¤
£¡©ž§¡§£Ÿ
Liabilities and Stockholders³ Equity
Debt
¤
Accounts payable and accrued expenses Dividends payable
Lease deposit liabilities Deferred income
¢¡žœœ¡§ªŸ §Ÿ¡¢ªœ žœ¡ª¢ª ¢©¡¦£ª ¢§¡¦¢ž
¤
Total Liabilities
¢¡Ÿœ¥¡Ÿžž
¢¡žž©¡ž¦Ÿ §¦¡£¢£ ž¦¡ª¢¥ ¢©¡¦£ª ¢œ¡¥Ÿ© ¢¡Ÿž£¡œª£
Commitments and Contingencies
National Health Investors StockholdersÀ EquityÆ
Common stock¡ ¤©¼©¢ par valueÇ ¢©©¡©©©¡©©© and ¦©¡©©©¡©©© shares authorizedÇ žŸ¡¢ªŸ¡œœ§ and žž¡Ÿª¥¡žª¦ shares issued and outstanding¡ respectively Capital in excess of par value
žŸ§ ¢¡Ÿž©¡œž¦
žž¦ ¢¡Ÿ©Ÿ¡œžª
Cumulative dividends in excess of net income Accumulated other comprehensive loss
(§§¡©¢Ÿ)
Total National Health Investors StockholdersÀ Equity Noncontrolling interests
Total Equity
(¥¡¢žœ) ¢¡Ÿ¢§¡§£ž ¢©¡¥¢¢ ¢¡Ÿ§§¡œžŸ
(Ÿ¡££¢) (£¡ž£§)
¢¡žœ¥¡¦£¢ ¦§¢ ¢¡žœª¡§Ÿ§
Total Liabilities and StockholdersÀ Equity
¤
£¡¢§©¡žªœ
¤
£¡©ž§¡§£Ÿ
STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
Quarter Ended December 31,
2020
2019
Revenues
Rental income
Interest income and other
Expenses
Depreciation Interest Legal
Franchise¡ excise and other taxes General and administrative
Taxes and insurance on leased properties Loan and realty (gains) losses
Loss on early retirement of debt Loss from equity method investment Gain on sale of real estate
Net income
LessÆ net (income) loss attributable to noncontrolling interests Net income attributable to common stockholders
Weighted average common shares outstandingÆ
Basic
Diluted
Earnings per common shareÆ
Net income attributable to common stockholders - basic Net income attributable to common stockholders - diluted
(unaudited)
(unaudited)
¤
¥ž¡œž¢ ¦¡§œ¥ ª¢¡§£ª
¤
¥Ÿ¡ž©ž ¦¡¥œ© ª§¡¢œž
§¢¡©§ž ¢§¡§œ£
(¢œ) £¡¢¥¦ §¡ž¦£
ž§¥
¢œ¡¦¢© ¢ž¡£¥ž œª ¢©œ £¡¦¢¢ ¢¡Ÿœ£
(¢¢) £œ¡£Ÿ£ (£¡œ§ž) (¢¡¢©ª)
(¦©) £œ¡££Ÿ
(ª§£)
£©œ £¥¡¢¦§
(§£)
- - ž§¡©£¦ £
¤
£¥¡¢£œ
¤
ž§¡©£œ
žž¡ªŸœ¡ªœž žž¡ª¦¢¡ž¦œ
žž¡¢©¥¡¥¥© žž¡£§ª¡ªž¥
¤ ¤
©¼ª£ ©¼ª£
¤ ¤
©¼œŸ ©¼œŸ
FFO, AFFO & FAD
(in thousands, except share and per share amounts)
Quarter Ended December 31,
2020
2019
(unaudited)
(unaudited)
Net income attributable to common stockholders Elimination of certain non-cash items in net incomeÆ
¤
Depreciation
£¥¡¢£œ §¢¡©§ž
¤
ž§¡©£œ
¢œ¡¦¢©
Depreciation related to noncontrolling interests Gain on sale of real estate
(§¢©)
(§§)
NAREIT FFO attributable to common stockholders Loss on early retirement of debt
Normalized FFO attributable to common stockholders
Straight-line lease revenue¡ net
(£©œ) Ÿ¥¡¦žž £¡œ§ž ¦¢¡Ÿ¦ª (ž¡œ£©)
-
¦¢¡¦§¥
ª§£
¦§¡žŸ©
(Ÿ¡ª£©)
Straight-line lease revenue¡ net¡ related to noncontrolling interests Amortization of lease incentives
Amortization of original issue discount Amortization of debt issuance costs
Equity method investment adjustments¡ net Note receivable credit loss expense
Normalized AFFO attributable to common stockholders Equity method investment capital expenditure
§œ §Ÿ§ - ª§£ ¥Ÿ¥ (¢¢) Ÿª¡žªª
¦
§£ª
¢¥¦
¦œ£
-
-
Ÿ¥¡¥££
Equity method investment non-refundable fees received Non-cash stock-based compensation
(¢©Ÿ) ££¢ §œ©
-
-
¦œ¢
Normalized FAD attributable to common stockholders
¤
Ÿœ¡©©ž
¤
Ÿª¡ž§ž
BASIC
Weighted average common shares outstanding
NAREIT FFO attributable to common stockholders per share Normalized FFO attributable to common stockholders per share Normalized AFFO attributable to common stockholders per share
¤ ¤ ¤
žž¡ªŸœ¡ªœž ¢¼§ª ¢¼£¥ ¢¼£©
¤ ¤ ¤
žž¡¢©¥¡¥¥© ¢¼ž© ¢¼ž§ ¢¼£¢
DILUTED
Weighted average common shares outstanding
NAREIT FFO attributable to common stockholders per share Normalized FFO attributable to common stockholders per share Normalized AFFO attributable to common stockholders per share
¤ ¤ ¤
žž¡ª¦¢¡ž¦œ ¢¼§ª ¢¼£¥ ¢¼£©
¤ ¤ ¤
žž¡£§ª¡ªž¥ ¢¼£œ ¢¼ž¢ ¢¼£©
PAYOUT RATIOS
Regular dividends per common share
¤
Normalized FFO payout ratio per diluted common share Normalized AFFO payout ratio per diluted common share
¢¼¢©§Ÿ ª©¼Ÿ² ªž¼ª²
¤
¢¼©Ÿ ¥ž¼Ÿ² ª©¼ª²
RECONCILIATIONS
(dollars in thousands)
Adjusted EBITDA Reconciliation
Quarter Ended December 31,
2020
2019
Net Income
Interest expense
Franchise¡ excise¡ and other taxes Depreciation
NHIÀs share of EBITDA adjustments for unconsolidated entities Gain on sale of real estate
Loss on note retirement
Note receivable credit loss expense Adjusted EBITDA
Interest expense at contractual rates Interest rate swap payments¡ net Principal Payments
Fixed Charges
¤
£¥¡¢¦§ ¢§¡§œ£
(¢œ) §¢¡©§ž
ªž£ (£©œ) £¡œ§ž
(¢¢)
¤
ž§¡©£¦ ¢ž¡£¥ž ¢©œ ¢œ¡¦¢© - - ª§£ -
¤ ¤
¥ž¡œ©¥
œ¡¥Ÿœ ¢¡¥¥ª ¢¦Ÿ
¤ ¤
¥¦¡œŸ§ ¢£¡¢ª¥
(ž¢©) £©§
¤
¢¢¡¥©§
¤
¢£¡©¥œ
Fixed Charge Coverage
¦¼žx
Ÿ¼œx
Net Debt to Adjusted EBITDA
Consolidated Total Debt
Less cash and cash equivalents Consolidated Net Debt
Adjusted EBITDA Annualizing Adjustment
Annualized impact of recent investments
¤ ¤ ¤
¢¡žœœ¡§ªŸ
(ž£¡£žž)
¢¡žŸŸ¡œž¢
¥ž¡œ©¥ §§ž¡¥§¢ -
¤
§œœ¡¦§ª
Consolidated Net Debt to Adjusted EBITDA
ž¼œx
Cash NOI
Rental Income Straight-line rent income
Taxes and insurance on leased properties Amortization of lease incentives
Lease payments received from tenants Interest income and other
Amortization of commitment fees and discounts Cash NOI
Period over Period increase (¤)
Period over Period increase (²)
QTD 2020
¤ ¥ž¡œž¢ (ž¡œ£©) (§¡ž¦£)
QTD 2019
YTD 2020
YTD 2019
¤
¥Ÿ¡ž©ž ¤ (Ÿ¡ª£©) (¢¡Ÿœ£)
£©¥¡§©ª ¤ (§©¡ž¢¢) (9,653)
§œž¡¢ª§ (§§¡©ªž) (Ÿ¡¥œª)
§Ÿ§
§£ª
987
ªžŸ
¤ ¦¥¡ª©© ¦¡§œ¥ (§œŸ)
¤
¦ª¡§¢œ ¤ ¦¡¥œ© (¢£ª)
§¥ª¡¢£¢ ¤ §Ÿ¡¦©£
§¦¥¡¢žŸ §£¡ªœœ
(œ©Ÿ)
(Ÿ£§)
¤ ¥£¡ª©§
¤
¥ž¡ª¥¢
¤ ¤
£©§¡ª§œ ¤
§œ©¡Ÿ¢§
¤ (¢¡©¦œ)
(¢¼ž)²
¢§¡£¢¥ ž¼§²
GLOSSARY
ANNUALIZED REVENUES
The term Annualized Revenue refers to the amount of revenue that our portfolio would generate if all leases and mortgages were in e'ect for the twelve-month calendar year¡ regardless of the commencement date¡ maturity date¡ or renewals¼ Therefore¡ annualized revenue is used for financial analysis purposes¡ and is not indicative of actual or expected results¼
ADJUSTED EBITDA & EBITDARM
We consider Adjusted EBITDA to be an important supplemental measure because it provides information which we use to evaluate our performance and serves as an indication of our ability to service debt. We define Adjusted EBITDA as consolidated earnings before interest, taxes, depreciation and amortization, including amounts in discontinued operations, excluding real estate asset impairments and gains on dispositions and certain items which, due to their infrequent or unpredictable nature, may create some di™culty in comparing Adjusted EBITDA for the current period to similar prior periods, and may include, but are not limited to, impairment of non-real estate assets, gains and losses attributable to the acquisition and disposition of assets and liabilities, and recoveries of previous write-downs. Adjusted EBITDA also includes our proportionate share of unconsolidated equity method investments presented on a similar basis. Since others may not use our definition of Adjusted EBITDA, caution should be exercised when comparing our Adjusted EBITDA to that of other companies.
EBITDARM is earnings before interest, taxes, depreciation, amortization, rent and management fees.
CAGR
The acronym CAGR refers to the Compound Annual Growth Rate. The compound annual growth rate represents the year-over-year growth rate over a specified time period.
NORMALIZED FFO- AFFO & FAD
These operating performance measures may not be comparable to similarly titled measures used by other REITs. Consequently, our FFO, normalized FFO, normalized AFFO & normalized FAD may not provide a meaningful measure of our performance as compared to that of other REITs. Since other REITs may not use our definition of these operating performance measures, caution should be exercised when comparing our Company's FFO, normalized FFO, normalized AFFO & normalized FAD to that of other REITs. These financial performance measures do not represent cash generated from operating activities in accordance with generally accepted accounting principles ("GAAP") (these measures do not include changes in operating assets and liabilities) and therefore should not be considered an alternative to net earnings as an indication of operating performance, or to net cash flow from operating activities as determined by GAAP as a measure of liquidity, and are not necessarily indicative of cash available to fund cash needs.
FFO, as defined by the National Association of Real Estate Investment Trusts ("NAREIT") and applied by us, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures, if any. The Company's computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a di'erent interpretation of the current NAREIT definition from that of the Company; therefore, caution should be exercised when comparing our Company's FFO to that of other REITs. Diluted FFO assumes the exercise of stock options and other potentially dilutive securities. Normalized FFO excludes from FFO certain items which, due to their infrequent or unpredictable nature, may create some di™culty in comparing FFO for the current period to similar prior periods, and may include, but are not limited to, impairment of non-real estate assets, gains and losses attributable to the acquisition and disposition of assets and liabilities, and recoveries of previous write-downs.
We believe that FFO and normalized FFO are important supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative, and should be supplemented with a measure such as FFO. The term FFO was designed by the REIT industry to address this issue.
We believe that normalized AFFO is an important supplemental measure of operating performance for a REIT. GAAP requires a lessor to recognize contractual lease payments into income on a straight-line basis over the expected term of the lease.
This straight-line adjustment has the e'ect of reporting lease income that is significantly more or less than the contractual cash flows received pursuant to the terms of the lease agreement. GAAP also requires the original issue discount of our convertible senior notes and debt issuance costs to be amortized as a non-cash adjustment to earnings. We also adjust Normalized AFFO for the net change in our allowance for expected credit losses as well as certain non-cash items related to our equity method investments such as straight-line lease expense and recognition of purchase accounting adjustments. Normalized AFFO is useful to our investors as it reflects the growth inherent in our contractual lease payments without the distortion caused by non-cash amortization.
We believe that normalized FAD is an important supplemental measure of operating performance for a REIT, also providing a useful indicator of the ability to distribute dividends to shareholders. Additionally, normalized FAD improves the understanding of our operating results among investors and makes comparisons with: (i) expected results, (ii) results of previous periods and (iii) results among REITs, more meaningful. Because FAD may function as a liquidity measure, we do not present FAD on a per-share basis.
FACILITY TYPES
SHO - Senior housing
EFC - Entrance Fee Community SNF - Skilled nursing facilityHOSP - Hospital
MOB - Medical o™ce building
FIXED CHARGES
The term Fixed Charges refers to interest expense and debt principal.
Peer Average
The peer average calculations provided by Wells Fargo Securities include the following diversified healthcare REITs:
Ventas, Inc. Welltower, Inc.
LTC Properties, Inc. Healthpeak PropertiesSabra Health Care REIT, Inc.
STABILIZED LEASE
A newly acquired triple-net lease property is generally considered stabilized upon lease-up (typically when senior-care residents occupy at least 85% of the total number of certified units over at least a 12 month period) Newly completed developments, including redevelopments, are considered stabilized upon lease-up, as described above.
TOTAL RETURN
The term Total Return refers to the total return an investor would have realized on an annual basis over a certain period assuming that all dividends are reinvested on the dividend payment date.
WACY
The acronym WACY refers to Weighted Average Cash Yield, which is the anticipated rate of return upon initial investment excluding the impact of any discounts received or premiums paid.
Q4 2020
NATIONAL HEALTH INVESTORS
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National Health Investors Inc. published this content on 22 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2021 21:36:43 UTC.
