National Health Investors, Inc. · NYSE:NHI
National Health Investors — Investor Day (September 2017)
12 slides from National Health Investors's investor day presentation, Sep 19, 2017
Slide 1: 2017 Investor Day
2017 INVESTOR DAY at Cascades Verdae Retirement Community Supplement to Oral Presentation 1
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT These slides and the accompanying oral presentation by representatives of National Health Investors, Inc. contain forward-looking statements that are based on current expectations, estimates, beliefs and assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “
Slide 3: Introductions
INTRODUCTIONS Eric Mendelsohn Roger Hopkins, CPA President and CEO Chief Accounting Officer Kevin Pascoe Kristi Gaines EVP, Chief Investment Officer Chief Credit Officer John Spaid Ron Reel, CPA EVP, Finance Controller Colleen Schaller Michelle Kelly Director, Investor Relations SVP, Investments Cam
Slide 4: Creating Shareholder Value
CREATING SHAREHOLDER VALUE Normalized FFO / Share (CAGR) NHI vs Peer Avg 15% 12% 9.9% 10.2% 10.3% 9% • Diversified portfolio of exceptional 7.2% healthcare properties 6% 5.2% 3.8% • Industry leading FFO growth rate 3% 1.7% 2.4% • Conservatively managed balance sheet (3.5)% (0.9)% 0% • Strong, growin
Slide 5: Efficient Management Structure
EFFICIENT MANAGEMENT STRUCTURE Annual Revenue Per Employee* (in millions) 20.0 $18.5 18.0 16.0 14.0 12.0 $11.4 10.0 $9.1 8.0 $7.0 $6.8 6.0 4.0 2.0 0.0 NHI HCP HCN VTR LTC General & Administrative Cost as % of Total Revenue* 9.00% 8.4% 8.00% 7.9% 7.00% 6.00% 5.1% 5.00% 4.6% 3.9% 4.00% 3.00% 2.00% 1.0
Slide 6: Creating Shareholder Value
CREATING SHAREHOLDER VALUE Total Return NHI MSCI US REIT Index S&P 500 TR Index 400% 359% 350% 300% 250% 200% 195% 173% 150% 138% 100% 97% 95% 100% 74% 47% 55% 50% 27% 32% 0% 3-Year 5-Year 7-Year 10-Year Dividends / Share (CAGR) NHI vs Peer Avg 10% 8% 7.3% 7.6% 7.2% 7.0% 6% 5.7% 4.0% 4% 2.6% 2% 1.8%
Slide 7: Financial
FINANCIAL Normalized FFO* (per diluted share) Expected Dividend $6 $5.24 $5 $4.67 $4.87 $4 $3.60 $3.80 $3.40 $3 $2 $1 $0 2015 2016 2017 *mid-point of guidance range as reported in our results for Q2 2017 and posted at nhireit.com and company filings for prior periods Adjusted EBITDA** (millions) $28
Slide 8: Capital Structure
CAPITAL STRUCTURE Unsecured, Variable, 16% A disciplined approach to value creation Secured, Fixed, 11% • Low Leverage Balance Sheet • Staggered Long-term Debt Maturities DEBT1 • Target 60/40 Equity/Debt Funding Mix Unsecured, Fixed, 73% excludes impact of unamortized discounts and loan costs 1 Fixe
Slide 9: Geographical Diversification
GEOGRAPHICAL DIVERSIFICATION AS OF AUG 4, 2017 Senior Housing 139 Skilled Nursing 72 Hospital 3 Medical Office 2 216 Properties 34 Operating Partners 32 States 9
Slide 10: Portfolio Diversification
PORTFOLIO DIVERSIFICATION We invest in relationships, not just properties • Diversified Portfolio of Exceptional Healthcare Properties • Strong private pay mix at 65%1 Prestige, 2% Other, 7% Small, 1% Other, 2% Senior Living Campus, 6% LCS, 2% NHC, 15% LaSalle, 2% SLM, 3% Skilled, 29% HSM, 3% Ensign
Slide 11: Lease Coverages
LEASE COVERAGES Stabilized Lease Portfolio EBITDARM Coverage* Q1 ’16 Q1 ’17 12x 10x 9.17 8.35 8x 6x 4x 2.92 2.67 2.57 2.35 2x 1.24 1.27 0x SHO** (125) SNF (70) HOSP (3) MOB (2) (#) indicates the number of properties; excludes development and lease-up properties that have been in operation for less t
Slide 12: Definitions
DEFINITIONS Annualized Revenues The term Annualized Revenue refers to the amount of revenue that our portfolio would generate if all leases We believe that normalized AFFO is an important supplemental measure of operating performance for a and mortgages were in effect for the twelve-month calendar y
National Health Investors — Investor Day (September 2017) on 6ix