NHI Reports First Quarter Funds from Operations.Business EditorsMURFREESBORO, Tenn.--(BUSINESS WIRE)--April 16, 2002 National Health Investors, Inc., (NYSE NYSE See: New York Stock Exchange :NHI NHI abbr. National Health Insurance ) (NYSE:NHIPR) announced basic 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. (FFO FFO See: Funds from operations ) for the first quarter ended March 31 of $11,379,000 or 44 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 $12,580,000 or 53 cents per share 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. for the same quarter last year. Net income was $7,637,000 or 28 cents per share basic for the quarter ended March 31 compared to $9,889,000 or 39 cents per share basic for the same period in 2001. Revenues for the first quarter were $40,405,000 compared to $33,373,000 for the same period last year. The first quarter results include a write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of $2,500,000 or 10 cents per share basic and nine cents per share, diluted. $1,500,000 of the write-down was attributable to two Florida-based facilities operated by American Medical Associates, Inc. and $1,000,000 was attributable to a Georgia-based facility leased to Centennial HealthCare Corporation. "We are pleased to have resumed quarterly dividends at 35 cents per share" said 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. . "At 35 cents per share, our dividend payout ratio Dividend Payout Ratio The percentage of earnings paid to shareholders in dividends. Calculated as: is 80.7%." National Health Investors, Inc. is a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. health care real estate investment trust that specializes in the financing of health care real estate by first mortgage and by purchase and leaseback A transaction whereby land is sold and subsequently rented by the seller from the purchaser who is the new owner. 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. Additional information including NHI's most recent press releases may be obtained on NHI's web site at www.NHInvestors.com. 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 judgment as of the date of this release.
Condensed Statements of Income
(in thousands except share and per share
amounts)
Three Months Ended March 31
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2002 2001
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Revenues:
Mortgage interest income $ 5,779 $ 7,398
Rental income 12,465 12,021
Investment interest and other 1,239 760
income
Facility operating revenues 20,922 13,194
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40,405 33,373
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Expenses:
Interest 4,613 5,868
Depreciation of real estate 4,139 3,448
Amortization of loan costs 94 260
Legal expense 136 187
Franchise and excise tax 64 23
General and administrative 140 862
Loan loss expense 2,500 ---
Facility operating expenses 21,082 12,836
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32,768 23,484
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Net Income 7,637 9,889
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Dividends to preferred stockholders 397 487
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Net income applicable to common stock $ 7,240 $ 9,402
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Net income per common share:
Basic $ .28 $ .39
Diluted $ .27 $ .36
Funds from operations
Basic $ 11,379 $ 12,850
Diluted $ 11,511 $ 13,466
Funds from operations per common share
Basic $ .44 $ .53
Diluted $ .43 $ .49
Weighted average common shares outstanding
Basic 26,072,872 24,392,157
Diluted shares for net income 26,902,501 27,507,254
purposes
Diluted shares for FFO purposes 26,902,501 27,507,254
Dividends per common share $ .35 $ ---
Balance Sheet Data
(in thousands) March 31 December 31
2002 2001
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Real estate properties, net $ 320,026 $ 323,266
Mortgages receivable, net 224,709 222,459
Preferred stock investments 38,132 38,132
REMIC investments 36,366 36,366
Marketable securities 22,601 27,273
Long-term debt and credit facilities 163,897 164,464
Convertible debt 61,050 62,643
Stockholders' equity 399,203 397,793
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