National Health Investors, Inc. · NYSE:NHI
National Health Investors — Investor Presentation (August 2010)
14 slides from National Health Investors's investor presentation, Aug 10, 2010
Slide 1: National Health Investors, Inc.
National Health Investors, Inc. NYSE: NHI 2010
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT These slides accompany an oral presentation by National Health Investors, Inc., which contains forward‐ looking statements that are based on current expectations, estimates, our beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "se
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS Strong diversified portfolio Focus on need driven senior housing properties Attractive investment opportunities in the marketplace Low leverage l b l balance sheet h Solid dividend 3
Slide 4: Geographic Diversification June 30, 2010
GEOGRAPHIC DIVERSIFICATION June 30, 2010 4
Slide 5: Portfolio by Investment Type
PORTFOLIO BY INVESTMENT TYPE (Revenue) Quarter Ended June 30, 2010 Quarter Ended June 30, 2009 Independent Independent MOB, 2.13% Acute Living, 3.09% Living, 2.39% Transitional MOB, 2.78% Care, 4.78% Acute Rehab., 0.17% Care, 3.65% Skilled Dev. Acute Nursing, 75.78% Disabled, 0.63% Psychiatric, 2.42
Slide 6: Tenant Concentration
TENANT CONCENTRATION (by Revenue) • Well diversified tenant mix with both public and privately‐ privately‐held companies •Of the 86 health care properties leased to operators, 41 are leased to National HealthCare Corporation p (“NHC”), ( ), a publicly‐ publicly p y‐held company p y and our largest g
Slide 7: Largest Tenant - NHC
LARGEST TENANT ‐ NHC Strongest Balance Sheet in the Senior‐Housing public company operating space National HealthCare Corporation (“NHC”), a publicly‐held company, founded in 1971, provides services to 76 long long‐term term health care centers with 9,772 9 772 beds. beds NHC's NHC s affiliates
Slide 8: Investment Strategy
INVESTMENT STRATEGY Primarily invest in senior housing real estate operated by top‐ top‐tier regional operators Prioritize direct referrals and growth with existing tenants over brokered deals Diversify the portfolio with private pay senior housing facilities with a higher priority i it given
Slide 9: Acquisitions June 2009 through June 2010
ACQUISITIONS JUNE 2009 THROUGH June 2010 Weighted Average Average Investment Type Asset Class Total Investment Initial Yield Maturity Lease‐back SNF $122,550,000 9.59% 2021 Lease‐back AL/ALZ $61,150,000 9.58% 2025 Construction Loan TRC1 $13,870,000 10.00% 2015 Lease‐back APH2 $ $12,500,000 12.00% 20
Slide 10: NHI Capitalization & Liquidity
NHI CAPITALIZATION & LIQUIDITY (millions) Q2 2010 Q1 2010 2009 2008 2007 Debt and Equity Borrowings under revolving credit facility $ 43.8 $ 33.9 $ ‐ $ ‐ $ ‐ Long‐Term Debt ‐ ‐ ‐ 4.0 9.5 Equity 438.5 436.8 434.6 429.6 446.1 Total Book Capitalization $ 482.3 482 3 $ 470.7 470 7 $ 434.6 434 6 $ 433.6
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS (000’s except per share) Q2 2010 Q1 2010 2009 2008 2007 Revenues $ 19,248 $ 20,449 $ 64,221 $ 58,005 $ 57,506 Expenses 4,580 7,189 15,103 12,913 18,637 Other Income and Expenses(1) 4,521 2,683 15,111 12,418 57,566 Net Income $ 19,189 $ 15,943 $ 64,229 $ 57,510 $ 96,435 FFO per s
Slide 12: Goals
GOALS Continue to aggressively manage our existing portfolio Invest in primarily owned real estate assets and opportunistic mortgage investments Raise capital by evaluating all options with the best short term and longg term benefit ((i.e. bank debt,, convertible debt,, straight g debt and HUD
Slide 13: FFO Reconciliation
FFO RECONCILIATION (000’s except per share) Q2 2010 Q1 2010 2009 2008 2007 Net income $ 19,189 $ 15,943 $ 64,229 $ 57,510 $ 96,435 Real estate depreciation 2,654 2,461 7,373 6,667 6,877 Real estate depreciation in discontinued operations 29 ‐ 992 1,030 4,780 Gain on partial land sale – continuing op
Slide 14: National Health Investors, Inc.
National Health Investors, Inc. NYSE: NHI 2010
National Health Investors — Investor Presentation (August 2010) on 6ix