National Health Investors, Inc. · NYSE:NHI
National Health Investors — Investor Presentation (May 2011)
14 slides from National Health Investors's investor presentation, May 6, 2011
Slide 1: Financial Strength-in-a-Growing Sector
Financial Strength-in-a- Growing Sector 2011 National Health Investors, Inc. NYSE: NHI
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: Investment Highlights
Investment Highlights Strong, diversified portfolio Low leverage balance sheet Solid dividend Focus on need driven senior housing and other healthcare properties Attractive investment opportunities in the marketplace 3
Slide 4: Geographic Diversification
Geographic Diversification YTD Revenue Number of Facilities less than $250,000 $250,000 - $1,249,999 $1,250,000 - $2,749,999 $2,750,000 - $5,249,999 more than $5,249,999 less than 2 2–4 5–9 10 – 14 more than 14 4
Slide 5: Portfolio by Investment Type
Portfolio by Investment Type (Revenue) Quarter Ended March 31, 2011 Quarter Ended March 31, 2010 Independent MOB, 1.30% Independent Living, 2.23% Transitional Living, 2.32% Acute Care, MOB, 1.31% Acute Care, Rehab., 1.07% 3.48% 3.41% Acute Acute Psychiatric, Psychiatric, 2.26% 0.46% Assisted Assiste
Slide 6: Tenant Concentration
Tenant Concentration (Revenue) Well diversified tenant mix with both public and privately-held companies Of the 92 health care properties leased to operators, 41 are leased to National HealthCare Corporation (“NHC”), a publicly-held company and our largest customer. Quarter Ended March 31, 2011
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 77 long-term health care centers with 9,742 beds. NHC's affiliates also operate 36 homecare p
Slide 8: Investment Strategy
Investment Strategy Primarily invest in senior housing real estate operated by 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 given to Assiste
Slide 9: Acquisitions (2010-2011)
Acquisitions (2010-2011) Weighted Average Average Investment Type Asset Class Total Investment Initial Yield Maturity Lease-back SNF $ 67,000,000 9.25% 2014 Lease-back AL/ALZ 43,050,000 9.73% 2024 Construction Loan TRC (1) 13,870,000 10.00% 2015 Lease-back APH(2) 12,500,000 12.00% 2025 2nd Mortgage
Slide 10: NHI Capitalization and Liquidity
NHI Capitalization and Liquidity (millions) Q1 2011 2010 2009 2008 Debt and Equity Debt $ 49.4 $ 37.8 $ - $ 4.0 Equity 447.5 442.5 434.6 429.6 Total Book Capitalization $ 496.9 $ 480.3 $ 434.6 $ 433.6 Debt/Total Book Capitalization 9.9% 7.9% 0.0% 0.9% Cash and Securities Cash and cash equivalents $
Slide 11: Financial Highlights
Financial Highlights (000’s except per share) Q1 2011 2010 2009 2008 Revenues $ 20,616 $ 78,396 $ 63,157 $ 56,941 Expenses 7,204 20,471 15,282 12,304 Other Income and (Expenses)(1) 5,681 11,496 16,354 12,873 Net Income $ 19,093 $ 69,421 $ 64,229 $ 57,510 Normalized FFO per diluted share $ 0.70 $ 2.7
Slide 12: Goals
Goals Continue to aggressively manage our existing portfolio Invest in primarily owned real estate assets and opportunistic mortgage investments Continue to enhance public exposure and disclosure 12
Slide 13: FFO Reconciliation
FFO Reconciliation (000’s except per share) Q1 2011 2010 2009 2008 Net income $ 19,093 $ 69,421 $ 64,229 $ 57,510 Real estate depreciation 2,690 10,328 7,373 6,667 Real estate depreciation in discontinued operations - 205 992 1,030 Net gain on sale of real estate (2,299) (2,004) - - Funds from opera
Slide 14: Financial Strength-in-a-Growing Sector
Financial Strength-in-a- Growing Sector 2011 National Health Investors, Inc. NYSE: NHI
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