National Health Investors, Inc. · NYSE:NHI
National Health Investors — Shareholder Meeting (May 2009)
15 slides from National Health Investors's shareholder meeting presentation, May 1, 2009
Slide 1: National Health Investors, Inc. Annual Shareholder Presentation
National Health Investors, NYSE: NHI Investors Inc. Inc Annual Shareholder Presentation – May 1, 2009 A platform for growth
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," "see
Slide 3: Geographic Diversification
GEOGRAPHIC DIVERSIFICATION 123 Properties in 17 States ID 2 NH 3 IL PA 1 MA 4 1 KS MO NJ 1 6 9 VA KY 3 VA 8 8 TN 28 AZ 5 AL GA SC 4 2 6 TX 10 FL 30
Slide 4: Portfolio Revenue by Facility Type - 2008
PORTFOLIO REVENUE BY FACILITY TYPE - 2008 Dev. Disabled, Medical M di l Office Offi 0 62% 0.62% Buildings, 2.66% Hospitals, 4.86% Assisted A i t d Living, Li i Nursing Centers, 11.85% 77.15% Retirement Centers, 2.86%
Slide 5: Portfolio by Investment Type - 2008 (NBV)
PORTFOLIO BY INVESTMENT TYPE - 2008 (NBV) 100% 90% 80% 70% 57% 57% 64% 62% 71% 69% 72% 60% 50% 40% 30% 20% 43% 43% 36% 38% 29% 31% 28% 10% 0% 2002 2003 2004 2005 2006 2007 2008 (1) Leases Mortgages (1) Reflects recording of notes receivable from ElderTrust and SeniorTrust totaling $66.8 million
Slide 6: Capitalization
CAPITALIZATION (millions) 12/31/06 12/31/07 12/31/08 Long-Term Long Term Debt $ 113 113.5 5 $ 9 9.5 5 $ 4 4.0 0 Equity 431.7 446.1 429.6 Total Capitalization $ 545.2 $ 455.6 $ 433.6 Debt/Total C it li ti Capitalization (1) 20 8% 20.8% 2 1% 2.1% 0 9% 0.9% (1) Long- Long-term debt divided by total cap
Slide 7: Profits and Dividends
PROFITS AND DIVIDENDS (000’s except per share) Fiscal Year Ended 12/31/06 12/31/07 12/31/08 Revenue, Interest and Other $ 73,983 $ 75,654 $ 69,492 Operating Expenses < 22,817 > < 20,851 > < 14,041> Other Income* 18,062 41,632 2,059 Net Income $ 69,228 $ 96,435 $ 57,510 FFO per Share – Basic $ 2.68 $
Slide 8: Competitor Analysis: EBITDA/Interest Expense Comparison - 2008
COMPETITOR ANALYSIS EBITDA/I t EBITDA/Interest tEExpense C Comparison i - 2008 Interest Expense Coverage National Health Investors, Inc. 215.48 LTC Properties, Inc. 15.08 Universal Health Trust 8.34 Senior Housing Properties Trust 5.17 Nationwide Health Properties 4.82 Health Care REIT REIT, Inc. In
Slide 9: Competitor Analysis: Debt/Total Capitalization Comparison - 2008
COMPETITOR ANALYSIS Debt/Total Capitalization Comparison - 2008 % Debt/Capital N ti National l Health H lth Investors I t 0 9% 0.9% LTC Properties 7.4% Senior Housing Properties Trust 29.9% Universal Health Realty 33.1% Omega Health Investors 41.0% Nationwide Health Properties 45 9% 45.9% Health Car
Slide 10: Reconciliation of Net Income to FFO – Basic
Reconciliation of Net Income to FFO – Basic (000’ exceptt per share) (000’s h ) 12/31/06 12/31/07 12/31/08 Net income $ 69,228 $ 96,435 $ 57,510 Elimination of non- non-cash items in net income: Real estate depreciation 7,546 7,868 7,658 Real estate depreciation in discontinued operations 3,261 3,78
Slide 11: Reconciliation of EBITDA and EBITDA/Interest Expense
Reconciliation of EBITDA and EBITDA/Interest Expense (000’ ) (000’s) 12/31/06 12/31/07 12/31/08 Net income $ 69 228 69,228 $ 96 435 96,435 $ 57 510 57,510 Add: Interest 8,126 4,625 308 Add: Taxes 204 273 647 Add: Depreciation 8,365 8,192 7,888 Add: Amortization 135 75 15 EBITDA $ 86,058 $ 109,600 $
Slide 12: First Quarter Results – Unaudited
First Quarter Results – Unaudited (millions) March M h 31, 31 2009 March M h 31, 31 2008 Revenues $15.9 $15.3 Expenses (3.7) (3 7) (3.9) (3 9) Non--operating income and other Non 2.8 2.0 Net Income $15.0 (1) $13.4 (1) Includes recoveries and other gains of $1.8 million
Slide 13: Investment Strategy
Investment Strategy Enhance exposure in the marketplace Invest in long-term care and senior housing real estate operated by top-tier regional operators Higher potential for concentrated focus on our assets Establish potential deal pipeline with regional operators, other REIT’s, large portfol
Slide 14: 2009 Goals
2009 Goals Continue to aggressively manage our existing portfolio Invest cash in owned real estate assets and opportunistic discounted mortgage debt Raise new capital by leveraging new investments and existing g assets Enhance public exposure through investor relations, media relations trade
Slide 15: National Health Investors, Inc. Annual Shareholder Presentation
National Health Investors, Investors Inc. Inc Annual Shareholder Presentation – May 1, 2009 A platform for growth
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