National Health Investors, Inc. · NYSE:NHI
National Health Investors — JMP Conference 2010
14 slides from National Health Investors's conference presentation, May 12, 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 March 31, 2010
GEOGRAPHIC DIVERSIFICATION March 31, 2010 116 Properties 21 States 4
Slide 5: Portfolio by Investment Type (Revenue)
PORTFOLIO BY INVESTMENT TYPE (Revenue) Quarter Ended March 31, 2010 Quarter Ended March 31, 2009 Independent Independent Living, 2.18% Acute Living, 3.10% MOB, 2.78% Acute Care, 4.78% Care, 3.27% MOB, 1.91% Skilled Acute Dev. Nursing, 75.95% Psychiatric, 1.28 Disabled, 0.63% % Assisted Assisted g, 1
Slide 6: Tenant Concentration (by Revenue)
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 1971, long‐term term health care centers with 9 9,772 772 beds beds. NHC's NHC s affili
Slide 8: Investment Strategy
INVESTMENT STRATEGY Primarily invest in senior housing real estate operated by top‐ top‐tier regional operators Prioritize direct referrals over brokered deals Diversify the portfolio with private pay senior housing facilities with a higher priority i it given i tto A Assisted i t d Li Living
Slide 9: Acquisitions June 2009 through March 2010
ACQUISITIONS JUNE 2009 THROUGH MARCH 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 $49,650,000 9.72% 2025 Lease‐back APH1 $12,500,000 12.00% 2025 Mortgage AL $ $3,900,000 9.64%2 2018 2nd Mort
Slide 10: NHI Capitalization & Liquidity
NHI CAPITALIZATION & LIQUIDITY (millions) Q1 2010 2009 2008 2007 Debt and Equity Borrowings under revolving credit facility $ 33.9 $ ‐ $ ‐ $ ‐ Long‐Term Debt ‐ ‐ 4.0 9.5 Equity 436.8 434.6 429.6 446.1 Total Book Capitalization $ 470.7 $ 434.6 $ 433.6 $ 455.6 Debt/Total Book Capitalization 7.2% 0.0%
Slide 11: Financial Highlights
FINANCIAL HIGHLIGHTS (000’s except per share) Q1 2010 2009 2008 2007 Revenues $ 20,449 $ 64,221 $ 58,005 $ 57,506 Expenses 7,189 15,103 12,913 18,637 Other Income and Expenses(1) 2,683 15,111 12,418 57,566 Net Income $ 15,943 $ 64,229 $ 57,510 $ 96,435 FFO per share ‐ Basic $ 0.67 $ 2.63 $ 2.35 $ 3.
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) Q1 2010 2009 2008 2007 Net income $ 15,943 15 943 $ 64 64,229 229 $ 57 57,510 510 $ 96,435 96 435 Elimination of non‐cash items in net income: Real estate depreciation 2,461 7,373 6,667 6,877 Real estate depreciation in discontinued operations ‐ 992 1,030
Slide 14: National Health Investors, Inc.
National Health Investors, Inc. NYSE: NHI 2010