Dividend to Increase by 13.1% Compared with a Year Ago
MURFREESBORO, Tenn.--(BUSINESS WIRE)--
National Health Investors, Inc. (NYSE:NHI) announced today that based on
recently announced transactions in the second quarter of 2013, the
Company has increased its second quarter dividend and raised its 2013
Normalized FFO guidance.
The second quarter dividend will be $0.735 per common share, which
represents a 5.8% increase from the first quarter of 2013 and a 13.1%
increase from the second quarter of 2012. The dividend will be payable
on August 9, 2013 to shareholders of record on June 28, 2013.
2013 Normalized FFO Guidance
The Company currently forecasts Normalized FFO for 2013 from $3.42 to
$3.50 per diluted common share. The Company’s guidance range for the
full year 2013 for Normalized FFO per share, with underlying assumptions
and timing of certain transactions, is set forth and reconciled below.
The Company expects to report its results for the first quarter of 2013
on May 6, 2013.
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Full-Year 2013
Range
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Low
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High
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Net income per diluted share attributable to common stockholders
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$
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2.71
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$
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2.76
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Plus: Real estate depreciation
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.57
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.60
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Plus: Loan impairment
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.14
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.14
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| Normalized FFO per diluted common share | | | | |
| $ |
| 3.42 |
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| $ |
| 3.50 |
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The Company’s guidance range reflects the existence of volatile economic
conditions, but does not assume any material deterioration in tenant
credit quality and/or performance of its portfolio. The guidance is
based on a number of assumptions, many of which are outside the
Company’s control and all of which are subject to change. The low end of
our guidance range assumes a baseline from the fourth quarter of 2012,
the recently announced transactions in the second quarter of 2013, the
timing for terming out debt on our credit facility and assuming 3%
growth from our Bickford joint venture. On the top end of that range, we
are adding in assumptions for investment activity and a 6% growth from
our Bickford joint venture. The Company expects to make new investments
in health care real estate during 2013 that meet its underwriting
criteria and where the spreads over its cost of capital generates
sufficient returns to its shareholders. These new investments are
expected to be funded by the Company’s liquid investments and by
short-term and long-term debt financing. The Company’s guidance may
change if actual results vary from these assumptions.
National Health Investors, Inc. is a healthcare real estate investment
trust specializing in financing healthcare real estate by purchase and
leaseback transactions, RIDEA transactions and by mortgage loans. NHI’s
investments include assisted living, senior living campuses, independent
living, skilled nursing facilities, medical office buildings, and
hospitals. Find additional information about NHI at www.nhireit.com.
Statements in this press release that are not historical facts are
forward-looking statements. NHI cautions investors that any
forward-looking statements may involve risks and uncertainties and are
not guarantees of future performance. All forward-looking statements
represent NHI’s judgment as of the date of this release. Investors are
urged to carefully review and consider the various disclosures made by
NHI in its periodic reports filed with the Securities and Exchange
Commission, including the risk factors and other information disclosed
in NHI’s Annual Report on Form 10-K for the most recently ended fiscal
year. Copies of these filings are available at no cost on the SEC’s
website at http://www.sec.gov or
on NHI’s website at http://www.nhireit.com.
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief
Accounting Officer
Source: National Health Investors, Inc.