National Health Investors, Inc. · NYSE:NHI
National Health Investors — Investor Presentation (June 2012)
16 slides from National Health Investors's investor presentation, Jun 4, 2012
Slide 1: National Health Investors
NATIONAL HEALTH INVESTORS Aaa PA ip STALE
Slide 2: National Health Investors NYSE: NHI
National Health Investors NYSE: NHI
Slide 3: 127 Properties in 24 States
127 Properties in 24 States YTD Revenue 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
Slide 4: Strong diversified portfolio; focus on need driven senior housing properties
Strong diversified portfolio Focus on need driven senior housing properties Attractive investment opportunities in the marketplace
Slide 5: Low leverage balance sheet; growing dividends annually since 2001
Low leverage balance sheet Growing dividends annually since 2001 Increasing cash flow annually from lease escalators
Slide 6: Focus on senior housing real estate with top-tier operators
Focus on senior housing real estate with top-tier operators Prioritize direct referrals and growth with existing tenants over brokered deals Diversify portfolio with private pay and priority given to AL and newer SNF with high Private and Medicare potential
Slide 7: Development of AL/ALZ and Specialty Hospitals; Mezzanine Financing
Development of AL/ALZ and Specialty Hospitals Mezzanine Financing Stagger debt maturities by paying down revolver with term loans, HUD financing and other longer term financing (currently no debt maturities until 2017)
Slide 8: 2009-2011 Total Investment
2009-2011 TOTAL Avg Investment Type Asset Class Investment WAIY1 Mat. Lease-back SNF $ 177,828,000 9.41% 2021 Lease-back AL/ALZ 91,700,000 9.39% 2024 Lease-back HOSP 12,500,000 12.00% 2025 Development Construction HOSP 35,370,000 10.00% 2021 Construction Commitment AL/ALZ - Mezzanine / Subordinated
Slide 9: 2009-2011 Average Investment
2009-2011 AVERAGE Investment Type Asset Class Annual Investment WAIY1 Lease-back SNF $ 59,276,000 9.41% Lease-back AL/ALZ 30,566,000 9.39% Lease-back HOSP 4,166,000 12.00% Development Construction HOSP 11,790,000 10.00% Construction Commitment AL/ALZ - Mezzanine / Subordinated Debt SNF/AL/ALZ 3,016,
Slide 10: 2012 Investment
2012 Investment Type Asset Class Investment WAIY1 Lease-back SNF $ 13,400,000 9.00% Lease-back AL/ALZ - Lease-back HOSP - Development Construction HOSP - Construction Commitment AL/ALZ 27,000,000 9.00% Mezzanine / Subordinated Debt SNF/AL/ALZ 18,000,0002 12.75% Mortgage AL/ALZ - $ 58,400,000 10.16%
Slide 11: Portfolio by asset class
REIT Dividends, 4.1% Other, 3.1% Hospitals, 6.2% Assisted Living, 20.6% Skilled Nursing, 66.0%
Slide 12: Portfolio by operator
Emeritus Senior Sun Healthcare Sunrise Senior Living (ESC), 5.3% Group, Inc. (SUNH), Living, Inc. (SRZ), Community Health 1.9% 1.5% Systems, Inc. (CYH), 3.6% Health Services National HealthCare Mgmt, 7.0% Corp. (NHC), 43.0% Legend Healthcare, 13.0% Senior Living Management, 4.1% Public Bickford Seni
Slide 13: Strongest Balance Sheet in the Senior-Housing public company operating space
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 75 long-term health care centers with 9,456 beds. NHC's affiliates also operate 36 homecare programs, six independent
Slide 14: Debt and Equity
Q1 2012 2011 2010 2009 Debt and Equity Debt $ 95.3 $ 97.3 $ 37.8 $ - Equity 445.6 443.5 442.5 434.6 Total Book Capitalization $ 540.9 $ 540.8 $ 480.3 $ 434.6 Debt/Total Book Capitalization 17.6% 18.0% 7.9% 0.0% Cash and Securities Cash and cash equivalents $ 6.9 $ 15.9 $ 2.7 $ 45.7 Marketable securi
Slide 15: Revenues, Expenses, Net Income, FFO and Dividends
Q1 2012 2011 2010 2009 Revenues $ 24.1 $ 97.4 $ 83.2 $ 72.4 Expenses (6.9) (24.6) (21.3) (16.4) Other Income and Expenses 1 1.2 8.3 7.5 8.2 Net Income $ 18.4 $ 81.1 $ 69.4 $ 64.2 Normalized FFO per diluted $0.77 $2.88 $2.76 $2.33 share Regular dividend per share $0.65 $2.495 $2.36 $2.20 Special divi
Slide 16: NHI's goal: selectively invest in income producing healthcare real estate
NHI’s goal is to selectively invest in income producing healthcare real estate investments to support rising income to the NHI shareholder through dividend growth.
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