NATIONAL HEALTH INVESTORS INC - FORM 8-K - EX-99.1 - SUPPLEMENTAL INFORMATION, HTML FORMAT - May 10, 2012

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Supplemental Information
March 31, 2012
National Health Investors, Inc.
222 Robert Rose Drive
Murfreesboro, Tennessee 37129
Phone: (615) 890-9100
Fax: (615) 225-3030
www.nhireit.com
Email: investor_relations@nhireit.com



Table of Contents



CORPORATE

DISCLAIMER

This Supplemental Information and other materials we have filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to be made, by our senior management contain certain “forward-looking” statements as that term is defined by the Private Securities Litigation Reform Act of 1995.  All statements regarding our expected future financial position, results of operations, cash flows, funds from operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitations, those containing words such as “may”, “will”, “believes”, anticipates”, “expects”, “intends”, “estimates”, “plans”, and other similar expressions are forward-looking statements.

Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking. Such risks and uncertainties include, among other things, the following risks, which are described in more detail under the heading “Risk Factors” in Item 1A in our Form 10-K for the year ended December 31, 2011:

•
We depend on the operating success of our customers (facility operators) for collection of our revenues during this time of uncertain economic conditions in the U.S.;

•
We are exposed to the risk that our tenants and borrowers may become subject to bankruptcy or insolvency proceedings;

•
We are exposed to risks related to governmental regulations and payors, principally Medicare and Medicaid, and the effect that lower reimbursement rates will have on our tenants' and borrowers' business;

•
We are exposed to the risk that the cash flows of our tenants and borrowers will be adversely affected by increased liability claims and general and professional liability insurance costs;

•
We are exposed to risks related to environmental laws and the costs associated with the liability related to hazardous substances;

•
We are exposed to the risk that we may not be indemnified by our lessees and borrowers against future litigation;

•
We depend on the success of future acquisitions and investments;

•
We depend on the ability to reinvest cash in real estate investments in a timely manner and on acceptable terms;

•
We may need to incur more debt in the future, which may not be available on terms acceptable to the Company;

•
We are exposed to the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties;

•
We are exposed to the risk that our assets may be subject to impairment charges;

•
We depend on the ability to continue to qualify as a real estate investment trust;

•
We have ownership limits in our charter with respect to our common stock and other classes of capital stock;

•
We are subject to certain provisions of Maryland law and our charter and bylaws that could hinder, delay or prevent a change in control transaction, even if the transaction involves a premium price for our common stock or our stockholders believe such transaction to be otherwise in their best interests.

In this Supplemental Information, we refer to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this presentation.

Throughout this presentation, certain abbreviations and acronyms are used to simplify the format. A list of definitions is provided at the end of this presentation to clarify the meaning of any reference that may be ambiguous.


Page :3

COMPANY PROFILE

ANALYST COVERAGE
 
INVESTOR RELATIONS CONTACT
Stifel Nicolaus & Company, Inc.
 
Roger R. Hopkins, CPA
J.J.B. Hilliard, W.L. Lyons, LLC
 
rhopkins@nhireit.com
JMP Securities, LLC
 
(615) 890-9100 ext. 108
Wells Fargo Securities, LLC
 
 
BMO Capital Markets Corp.
 
 
KeyBanc Capital Markets, Inc.
 
 
 
 
 
SENIOR MANAGEMENT
 
BOARD OF DIRECTORS
J. Justin Hutchens
 
 
W. Andrew Adams
J. Justin Hutchens
Chief Executive Officer and President
 
 
Venture Capital Investments
National Health Investors, Inc.
 
 
 
 
 
Roger R. Hopkins, CPA
 
 
Robert A. McCabe, Jr.
Robert T. Webb
Chief Accounting Officer
 
 
Pinnacle Financial Partners
Webb's Refreshments, Inc.
 
 
 
 
 
Kristin S. Gaines
 
 
Ted H. Welch
 
Chief Credit Officer
 
 
Ted Welch Investments
 

NATIONAL HEALTH INVESTORS, INC., a Maryland corporation incorporated in 1991, is a real estate investment trust ("REIT") which invests in income-producing health care properties primarily in the long-term care and senior housing industries. Our mission is to invest in health care real estate which generates current income that will be distributed to stockholders. Our mission is to invest in health care real estate which generates current income that will be distributed to stockholders. We have pursued this mission by investing in leased properties and mortgage loans nationwide. These investments include skilled nursing facilities, assisted living facilities, medical office buildings, independent living facilities, and hospitals. We have funded these investments in the past through three sources of capital: (1) current cash flow, including principal prepayments from our borrowers, (2) the sale of equity securities, and (3) debt offerings, including bank lines of credit, the issuance of convertible debt instruments, and the issuance of ordinary debt.

Investor Snapshot as of March 31, 2012
Exchange:
NYSE
 
52 week Low/High:
$38.03
$50.90
 
Market Capitalization:
$1.36 billion
Symbol:
NHI
 
Dividend/Yield:
$2.60
5.33%
 
 
 
Closing Price:
$48.78
 
Shares Outstanding:
27,786,186
 
 
 

Revenue Snapshot as of March 31, 2012


Page :4


LONG-TERM GROWTH
VALUE CREATION

Total Annual Return
 
 
 
 
 
 
 
 
 
 
 
 
 
NHI
 
S&P 500
 
NAREIT
 
S&P 500 - Standard & Poor's index of 500 large-cap common stocks
1 year
 
8.92
%
 
8.52
%
 
10.85
 %
 
5 years
 
17.66
%
 
2.01
%
 
(0.56
)%
 
 
 
 
 
10 years
 
21.24
%
 
4.12
%
 
9.72
 %
 
NAREIT - FTSE NAREIT US Real Estate Index Series of all publicly traded REITs
15 years
 
10.43
%
 
6.09
%
 
8.88
 %
 
Since inception*
 
13.21
%
 
8.66
%
 
10.70
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*since inception of NHI in Oct. '91
 
 
 
 
 

DIVIDEND HISTORY


The Board of Directors approves a regular quarterly dividend which is reflective of expected taxable income on a recurring basis. Company transactions that are infrequent and non-recurring that generate additional taxable income have been distributed to shareholders in the form of special dividends.  Taxable income is determined in accordance with the Internal Revenue Code and differs from net income for financial statement purposes determined in accordance with US GAAP.


Page :5

FINANCIAL

CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

 
March 31, 2012

 
December 31, 2011

Assets:
 

 
 

Real estate properties:
 

 
 

Land
$
49,114

 
$
49,114

Buildings and improvements
487,396

 
487,396

Construction in progress
9,864

 
4,983

 
546,374

 
541,493

Less accumulated depreciation
(150,063
)
 
(146,698
)
Real estate properties, net
396,311

 
394,795

Mortgage notes receivable, net
77,853

 
78,672

Investment in preferred stock, at cost
38,132

 
38,132

Cash and cash equivalents
6,927

 
15,886

Marketable securities
11,772

 
11,364

Accounts receivable, net
1,373

 
1,184

Straight-line rent receivable
9,768

 
8,706

Assets held for sale, net
29,381

 
29,381

Deferred costs and other assets
1,387

 
1,443

Total Assets
$
572,904

 
$
579,563

 
 
 
 
Liabilities and Stockholders' Equity:
 

 
 

Borrowings under revolving credit facility
$
95,300

 
$
97,300

Real estate purchase liabilities
9,478

 
9,478

Accounts payable and accrued expenses
2,818

 
3,483

Dividends payable
18,061

 
24,144

Deferred income
1,633

 
1,673

Total Liabilities
127,290

 
136,078

 
 
 
 
Commitments and Contingencies
 

 
 

 
 
 
 
Stockholders' Equity
 

 
 

Common stock, $.01 par value; 40,000,000 shares authorized; 27,786,186 and
 

 
 

27,751,208 shares issued and outstanding, respectively
278

 
278

Capital in excess of par value
467,110

 
465,678

Cumulative dividends in excess of net income
(29,363
)
 
(29,652
)
Unrealized gains on marketable securities
7,589

 
7,181

Total Stockholders' Equity
445,614

 
443,485

Total Liabilities and Stockholders' Equity
$
572,904

 
$
579,563



Page :6

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)

 
Three Months Ended
 
March 31,
 
2012

 
2011

Revenues:
 
 
 
Rental income
$
21,307

 
$
18,929

Mortgage interest income
1,702

 
1,596

Investment income and other
1,060

 
1,412

 
24,069

 
21,937

Expenses:
 
 
 
Depreciation
3,365

 
2,868

Interest expense
575

 
(741
)
Legal expense
91

 
188

Franchise, excise and other taxes
125

 
287

General and administrative
2,786

 
3,845

 
6,942

 
6,447

Income from continuing operations
17,127

 
15,490

Discontinued operations
 
 
 
Income from operations - discontinued
1,223

 
1,304

Gain on sale of real estate
—

 
2,299

Income from discontinued operations
1,223

 
3,603

Net income
$
18,350

 
$
19,093

 
 
 
 
Weighted average common shares outstanding:
 
 
 
Basic
27,776,104

 
27,696,727

Diluted
27,803,222

 
27,796,109

Earnings per common share:
 
 
 
Basic:
 
 
 
Income from continuing operations
$
.62

 
$
.56

Discontinued operations
.04

 
.13

Net income per common share
$
.66

 
$
.69

Diluted:
 
 
 
Income from continuing operations
$
.62

 
$
.56

Discontinued operations
.04

 
.13

Net income per common share
$
.66

 
$
.69

 
 
 
 
Dividends declared per common share
$
.65

 
$
.615



Page :7

FUNDS FROM OPERATIONS (FFO)
(in thousands, except share and per share amounts)
 
Three Months Ended
 
March 31,
 
2012

 
2011

Net income
$
18,350

 
$
19,093

Elimination of certain non-cash items in net income:
 
 
 
Real estate depreciation in continuing operations
3,025

 
2,674

Real estate depreciation in discontinued operations
—

 
17

Net gain on sale of real estate
—

 
(2,299
)
Funds from operations
$
21,375

 
$
19,485

Gains on sales of marketable securities
—

 
(154
)
Change in fair value of interest rate swap agreement
—

 
(1,254
)
Normalized FFO
$
21,375

 
$
18,077

 
 
 
 
BASIC
 
 
 
Weighted average common shares outstanding
27,776,104

 
27,696,727

FFO per common share
$
.77

 
$
.70

Normalized FFO per common share
$
.77

 
$
.65

 
 
 
 
DILUTED
 
 
 
Weighted average common shares outstanding
27,803,222

 
27,796,109

FFO per common share
$
.77

 
$
.70

Normalized FFO per common share
$
.77

 
$
.65

 
 
 
 
FFO payout ratio:
 
 
 
Dividends declared per common share
$
.65

 
$
.615

FFO per diluted share
$
.77

 
$
.70

 
84.4
%
 
87.9
%


Page :8

FUNDS AVAILABLE FOR DISTRIBUTION (FAD)
(in thousands, except share and per share amounts)
 
Three Months Ended
 
March 31,
 
2012

 
2011

Net income
$
18,350

 
$
19,093

Elimination of certain non-cash items in net income:
 
 
 
Depreciation in continuing operations
3,365

 
2,868

Depreciation in discontinued operations
—

 
16

Net gain on sale of real estate
—

 
(2,299
)
Straight-line lease revenue, net
(1,062
)
 
(910
)
Non-cash stock based compensation
1,432

 
2,371

Funds available for distribution
$
22,085

 
$
21,139

Gains on sales of marketable securities
—

 
(154
)
Change in fair value of interest rate swap agreement
—

 
(1,254
)
Normalized FAD
$
22,085

 
$
19,731

 
 
 
 
BASIC
 
 
 
Weighted average common shares outstanding
27,776,104

 
27,696,727

FAD per common share
$
.80

 
$
.76

Normalized FAD per common share
$
.80

 
$
.71

 
 
 
 
DILUTED
 
 
 
Weighted average common shares outstanding
27,803,222

 
27,796,109

FAD per common share
$
.79

 
$
.76

Normalized FAD per common share
$
.79

 
$
.71

 
 
 
 
FAD payout ratio:
 
 
 
Dividends declared per common share
$
.65

 
$
.615

FAD per diluted share
$
.79

 
$
.76

 
82.3
%
 
80.9
%


Page :9

EBITDA RECONCILIATION AND INTEREST COVERAGE RATIO
(in thousands)

 
Three Months Ended
 
March 31, 2012
 
2012

 
2011

 
 

 
 
Net income
$
18,350

 
$
19,093

Interest expense1
575

 
513

Franchise, excise and other taxes
125

 
287

Depreciation
3,365

 
2,884

EBITDA
22,415

 
22,777

 
 

 
 
Interest expense
575

 
513

 
 

 
 
Interest Coverage Ratio
39:1

 
44:1

 
 
 
 
1 excludes the change in fair value of an interest rate swap agreement in 2011
 
 
 


Page :10

PORTFOLIO

PORTFOLIO SUMMARY as of March 31, 2012

 
 
Properties
 
Beds/Units/ Sq. Ft.
 
Investment (NBV)
 
YTD Revenue
 
% of segment
Leases
 
 
 
 
 
 
 
 
 
 
Skilled Nursing1
55

 
7,356

 
$
220,536,000

 
$
14,649,000

 
68.7
%
 
Assisted Living
33

 
1,862

 
136,951,000

 
4,720,000

 
22.2
%
 
Hospitals
3

 
181

 
27,081,000

 
1,196,000

 
5.6
%
 
Independent Living
4

 
456

 
6,419,000

 
473,000

 
2.2
%
 
Medical Office Buildings
2

 
88,517

 
4,603,000

 
269,000

 
1.3
%
 
Total Leases
97

 
 
 
$
395,590,000

 
$
21,307,000

 
100.0
%
 
 
 
 
 
 
 
 
 
 
 
1 
Skilled Nursing
 
 
 
 
 
 
 
 
 
 
NHC facilities*
38

 
5,274

 
$
41,705,000

 
$
9,598,000

 
45.0
%
 
All other facilities
17

 
2,082

 
178,830,000

 
5,051,000

 
23.7
%
 
 
55

 
7,356

 
$
220,535,000

 
$
14,649,000

 
68.7
%
 
 
 
 
 
 
 
 
 
 
 
 
* On October 17, 1991, the NHC facilities were transferred to NHI at their then current book value in a non-taxable exchange.
 
 
 
 
 
 
 
 
 
 
 
Mortgages
 
 
 
 
 
 
 
 
 
 
Skilled Nursing
26

 
2,605

 
$
58,833,000

 
$
1,191,000

 
70.0
%
 
Assisted Living
3

 
266

 
7,150,000

 
211,000

 
12.4
%
 
Hospital
1

 
70

 
11,870,000

 
300,000

 
17.6
%
 
Total Mortgages
30

 
2,941

 
$
77,853,000

 
$
1,702,000

 
100.0
%



Page :11

GEOGRAPHIC DISTRIBUTION as of March 31, 2012

 
SNF
 
ALF
 
HOSP
 
ILF
 
MOB
 
TOTAL
 
YTD Revenue
Tennessee
20

 
3

 
1

 
2

 
—

 
26

 
$
4,789,000

Florida
10

 
7

 
—

 
—

 
1

 
18

 
4,260,000

Texas
9

 
—

 
—

 
—

 
1

 
10

 
3,201,000

South Carolina
4

 
1

 
—

 
—

 
—

 
5

 
1,894,000

Arizona
1

 
4

 
1

 
—

 
—

 
6

 
1,284,000

Kentucky
2

 
—

 
1

 
—

 
—

 
3

 
1,186,000

Missouri
8

 
—

 
—

 
1

 
—

 
9

 
806,000

Minnesota
—

 
5

 
—

 
—

 
—

 
5

 
765,000

Michigan
—

 
4

 
—

 
—

 
—

 
4

 
609,000

Alabama
2

 
—

 
—

 
—

 
—

 
2

 
599,000

Virginia
7

 
—

 
—

 
—

 
—

 
7

 
570,000

Georgia
5

 
1

 
—

 
—

 
—

 
6

 
586,000

California
—

 
—

 
1

 
—

 
—

 
1

 
465,000

New Jersey
—

 
1

 
—

 
—

 
—

 
1

 
343,000

Idaho
1

 
—

 
—

 
1

 
—

 
2

 
243,000

Louisiana
—

 
4

 
—

 
—

 
—

 
4

 
395,000

Massachusetts
4

 
—

 
—

 
—

 
—

 
4

 
176,000

Kansas
5

 
—

 
—

 
—

 
—

 
5

 
154,000

New Hampshire
3

 
—

 
—

 
—

 
—

 
3

 
107,000

Illinois
—

 
1

 
—

 
—

 
—

 
1

 
129,000

Pennsylvania
—

 
1

 
—

 
—

 
—

 
1

 
101,000

Iowa
—

 
2

 
—

 
—

 
—

 
2

 
178,000

Indiana
—

 
1

 
—

 
—

 
—

 
1

 
143,000

Oregon
—

 
1

 
—

 
—

 
—

 
1

 
26,000

 
81

 
36

 
4

 
4

 
2

 
127

 
$
23,009,000





Page :12

LEASE RENEWAL YEARS AND MORTGAGE MATURITIES as of March 31, 2012

 
2012

 
2013

 
2014

 
2015

 
2016 - 2019

 
2020 - 2023

 
Thereafter

 
TOTALS

Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Skilled Nursing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
$
299,000

 
$
—

 
$
6,462,000

 
$
—

 
$
417,000

 
$
39,546,000

 
$
12,033,000

 
$
58,757,000

Properties
1

 
—

 
6

 
—

 
1

 
39

 
8

 
55

Assisted Living
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
—

 
1,376,000

 
—

 
—

 
2,511,000

 
1,676,000

 
13,370,000

 
18,933,000

Properties
—

 
1

 
—

 
—

 
4

 
4

 
24

 
33

Medical Office Buildings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
—

 
412,000

 
—

 
—

 
666,000

 
—

 
—

 
1,078,000

Properties
—

 
1

 
—

 
—

 
1

 
—

 
—

 
2

Independent Living
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
—

 
—

 
—

 
—

 
—

 
1,899,000

 
—

 
1,899,000

Properties
—

 
—

 
—

 
—

 
—

 
4

 
—

 
4

Hospitals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
—

 
—

 
—

 
—

 
—

 
2,931,000

 
1,865,000

 
4,796,000

Properties
—

 
—

 
—

 
—

 
—

 
1

 
2

 
3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Annualized Revenues
$
299,000

 
$
1,788,000

 
$
6,462,000

 
$
—

 
$
3,594,000

 
$
46,052,000

 
$
27,268,000

 
$
85,463,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgages
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Skilled Nursing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
$
1,994,000

 
$
326,000

 
$
996,000

 
$
142,000

 
$
—

 
$
—

 
$
1,320,000

 
$
4,778,000

Properties
10

 
1

 
8

 
1

 
—

 
—

 
6

 
26

Assisted Living
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
—

 
—

 
435,000

 
—

 
409,000

 
—

 
—

 
844,000

Properties
—

 
—

 
2

 
—

 
1

 
—

 
—

 
3

Hospitals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annualized Revenue
—

 
—

 
—

 
1,203,000

 
—

 
—

 
—

 
1,203,000

Properties
—

 
—

 
—

 
1

 
—

 
—

 
—

 
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Annualized Revenues
$
1,994,000

 
$
326,000

 
$
1,431,000

 
$
1,345,000

 
$
409,000

 
$
—

 
$
1,320,000

 
$
6,825,000




Page :13

DEFINITIONS

Annualized Revenue
The term Annualized Revenue refers to the amount of revenue that our portfolio would generate if all leases and mortgages were in effect for the twelve-month calendar year, regardless of the commencement date, maturity date, or renewals. Therefore, annualized revenue is used for financial analysis purposes, and is not indicative of actual or expected results.

EBITDA
Earnings before interest, taxes, depreciation and amortization

Facility Types
ALF - Assisted living facility                 HOSP - Hospital
ILF - Independent living facility                 MOB - Medical office building
SNF -Skilled nursing facility

Funds available for distribution - FAD
FAD is usually calculated by subtracting from Funds from Operations (FFO) both expenditures that are capitalized by the REIT and then amortized, but which are necessary to maintain a REIT's properties and its revenue stream (e.g., new carpeting and drapes in apartment units, leasing expenses and tenant improvement allowances) and "straight-lining" of rents. Our measure may not be comparable to similarly titled measures used by other REITs. Consequently, our FAD may not provide a meaningful measure of our performance as compared to that of other REITs. Since other REITs may not use our definition of FAD, caution should be exercised when comparing our Company's FAD to that of other REITs. FAD in and of itself does not represent cash generated from operating activities in accordance with GAAP (FAD does not include changes in operating assets and liabilities) and therefore should not be considered an alternative to net earnings as an indication of operating performance, or to net cash flow from operating activities as determined by GAAP as a measure of liquidity, and is not necessarily indicative of cash available to fund cash needs.

Funds from operations - FFO
FFO is an important supplemental measure of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative, and should be supplemented with a measure such as FFO. FFO is defined as net income, computed in accordance with GAAP, excluding gains or losses from sales of property, and adding back real estate depreciation. The term FFO was designed by the REIT industry to address this issue. Our measure may not be comparable to similarly titled measures used by other REITs. Consequently, our FFO may not provide a meaningful measure of our performance as compared to that of other REITs. Since other REITs may not use our definition of FFO, caution should be exercised when comparing our Company's FFO to that of other REITs. FFO in and of itself does not represent cash generated from operating activities in accordance with GAAP (FFO does not include changes in operating assets and liabilities) and therefore should not be considered an alternative to net earnings as an indication of operating performance, or to net cash flow from operating activities as determined by GAAP as a measure of liquidity, and is not necessarily indicative of cash available to fund cash needs.

Normalized FFO & Normalized FAD
Normalized FFO and Normalized FAD excludes from FFO and FAD, respectively, any material one-time items reflected in GAAP net income. Excluded items may include, but are not limited to, impairment of assets, gains and losses attributable to the acquisition and disposition of assets and liabilities, recoveries of previous write-downs, and changes in the fair value of interest rate swap agreements.

Investment (NBV)
The term Investment (NBV) refers to the net carrying value of our real estate and mortgage investments.

Total Annual Return
The term Total Annual Return refers to the total return an investor would have realized on an annual basis over a certain period assuming that all dividends are reinvested on the dividend payment date.


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NATIONAL HEALTH INVESTORS INC Reports