NHI Reports First Quarter Funds From Operations.Business EditorsMURFREESBORO, Tenn.--(BUSINESS WIRE)--May 16, 2000 National Health Investors, Inc., (NYSE NYSE See: New York Stock Exchange :NHI NHI abbr. National Health Insurance ) (NYSE:NHIPr) one of the nation's largest health care real estate investment trusts, announced diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. for the first quarter ended March 31 of $19,152,000 or 69 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to $20,573,000 or 74 cents per share, for the same period last year. Basic funds from operations for the first quarter ended March 31 totaled $17,007,000 or 70 cents per share compared to $18,337,000 or 75 cents for the same period last year. For the quarter ended March 31 net income was $13,953,000 or 56 cents per share diluted compared to $16,243,000 or 65 cents per share diluted for the same period last year. Revenues for the first quarter were $38,023,000 compared to $29,956,000 for the same period last year. NHI is currently in default on certain financial covenants on a loan it guarantees. NHI is negotiating with the lender to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such this default but the negotiations are not complete. Accordingly, NHI is unable to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the classification of its debt and complete other portions of its financial statements and Form 10-Q Form 10-Q See 10-Q. until negotiations are complete. "The decline in profitability for the first quarter compared to the quarter a year ago reflects the continuing volatility in the long-term industry and increased interest expense on the company's bank debt," NHI President Andy Adams Andy Adams (May 3, 1859 – September 26, 1935) was an American writer of western fiction. Andy Adams was born in Indiana. His parents, Andrew and Elizabeth (Elliott) Adams, were pioneers. As a boy he helped with the cattle and horses on the family farm. said. National Health Investors, Inc. specializes in the financing of health care real estate by first mortgage and by purchase and leaseback transactions. The common and preferred stocks Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. of the company trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. with the symbols NHI and NHIPr respectively. Statements in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . NHI cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. All forward-looking statements represent NHI's judgement as of the date of this release.
Condensed Statements of Income
(in thousands except share and per share amounts)
Three Months Ended March 31
2000 1999
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Revenues:
Mortgage interest income $ 10,380 $ 12,388
Rental income 11,597 11,152
Investment interest and other 2,936 2,293
Facility operating revenue 13,110 4,123
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$ 38,023 $ 29,956
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Expenses:
Interest $ 6,943 $ 6,128
Depreciation of real estate 3,451 2,502
Amortization of loan costs 222 167
General and administrative 1,492 861
Facility operating expenses 11,962 4,055
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$ 24,070 $ 13,713
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Net Income $ 13,953 $ 16,243
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Dividends to preferred stockholders 397 408
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Net income applicable to common stock $ 13,556 $ 15,835
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Net income per common share:
Basic $ .56 $ .65
Diluted $ .56 $ .65
Funds from operations
Basic $ 17,007 $ 18,337
Diluted $ 19,152 $ 20,573
Funds from operations per common share
Basic $ .70 $ .75
Diluted $ .69 $ .74
Weighted average common shares
Basic 24,383,091 24,364,703
Diluted shares for net income
purposes 24,383,091 27,932,648
Diluted shares for FFO
purposes 27,807,966 27,932,648
Common dividends declared $ .64 $ .74
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