NHR Reports Second Quarter Results.MURFREESBORO Murfreesboro (mûr`frēzbûr'ə), city (1990 pop. 44,922), seat of Rutherford co., central Tenn., on Stones River; inc. 1817. It is the processing center of a dairy, livestock, and farm area. , Tenn. -- National Health Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , Inc., (AMEX AMEX See: American Stock Exchange : NHR NHR National Honor Roll NHR Next Hop Router NHR Nationale Havenraad NHR Natural Hazards Review NHR National Handwriting Recognition NHR Non Hierarchical Routing ) 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, announced net income for the quarter ended June June: see month. 30, 2006 of $2,933,000 compared to $2,828,000 last year, an increase of 3.7%. For the three months ended June 30, net income per share was 29 cents basic and 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. compared to 29 cents basic and diluted, for the same period last year. Basic and diluted 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. were 42 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 42 cents basic and diluted, last year. Revenues for the quarter totaled $4,980,000 compared to $4,938,000 last year. For the six months ended June 30, net income was $6,036,000 compared to $5,611,000 for the same six months last year. Net income per share was 61 cents basic and diluted compared to 57 cents basic and diluted last year. Funds from operations per share were 86 cents basic and diluted compared to 84 cents basic and diluted in 2005. Revenues for the six months totaled $10,143,000 compared to $9,838,000 for the same period of the prior year. NHR owns the real property of 16 skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. , six assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. centers and one retirement center. NHR also owns first and second mortgage notes having a carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of $12.8 million. These notes are secured by operating skilled nursing facilities and other health care properties. Additional information including NHR's most recent press releases may be obtained on NHR's web site at www.nationalhealthrealty.com. The company trades on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. with the symbol NHR. Statements in this press release that are not historical facts are forward looking statements. NHR cautions investors that any 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. made involve risks and uncertainties and are not guarantees of future performance. All forward-looking statements represent NHR's best judgment as of the date of this release.
Condensed Statements of Income
(in thousands except share & per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
2006 2005 2006 2005
---------- ----------- ---------- ----------
Revenues:
Rental income $ 4,444 $ 4,338 $ 9,072 $ 8,645
Mortgage interest
income 536 600 1,071 1,193
---------- ---------- ---------- ----------
4,980 4,938 10,143 9,838
---------- ---------- ---------- ----------
Expenses:
Interest 152 180 301 344
Depreciation of real
estate 1,423 1,468 2,846 2,936
General and
administrative 304 254 539 520
---------- ---------- ---------- ----------
1,879 1,902 3,686 3,800
---------- ---------- ---------- ----------
Income before minority
interest in consolidated
subsidiaries and
non-operating income 3,101 3,036 6,457 6,038
Non-operating Income
(investment and interest
income) 190 138 315 261
Minority interest in
consolidated subsidiaries (358) (346) (736) (688)
---------- ---------- ---------- ----------
Net Income $ 2,933 $ 2,828 $ 6,036 $ 5,611
========== ========== -==========-==========
Net income per common
share:
Basic $ .29 $ .29 $ .61 $ .57
Diluted $ .29 $ .29 $ .61 $ .57
Funds from operations
Basic $ 4,201 $ 4,135 $ 8,572 $ 8,226
Diluted $ 4,201 $ 4,135 $ 8,572 $ 8,226
Funds from operations
per share
Basic $ .42 $ .42 $ .86 $ .84
Diluted $ .42 $ .42 $ .86 $ .84
Weighted average common
shares outstanding
Basic 9,943.199 9,871,919 9,941,341 9,793,657
Diluted 9,946,835 9,908,976 9,946,697 9,843,104
Common dividends
declared per share $ .3325 $ .3325 $ .6650 $ .6650
Balance Sheet Data June 30 Dec. 31
(in thousands) 2006 2005
---------- ----------
Real estate properties,
net $ 112,208 $ 115,054
Mortgages and other
notes receivable 12,848 13,207
Debt 9,600 10,450
Stockholders' equity 112,126 112,390
Reconciliation of Funds from Operations(1)
The following table reconciles net income applicable to common
stockholders to funds from operations applicable to common
stockholders:
Three Months Ended Six Months Ended
June 30 June 30
----------------------------------------------
(in thousands) 2006 2005 2006 2005
----------------------------------------------
Net income applicable to
common stockholder's $ 2,933 $ 2,828 $ 6,036 $ 5,611
Adjustments:
Real estate
depreciation 1,423 1,468 2,846 2,936
Minority interest
in NHR/OP, L.P.
share
of add back for real
estate related
depreciation (155) (161) (310) (321)
------ ------ ------ ------
Funds from operations
applicable to common
stockholders $ 4,201 $ 4,135 $ 8,572 $ 8,226
Basic funds from
operations per share $ .42 $ .42 $ .86 $ .84
Diluted funds from
operations per share $ .42 $ .42 $ .86 $ .84
Weighted average shares:
Basic 9,943,199 9,871,919 9,941,341 9,793,657
Diluted 9,946,835 9,908,976 9,946,697 9,843,104
(1)We believe that funds from operations is an important supplemental
measure of operating performance. We, therefore, disclose funds from
operations, although it is a measurement that is not defined by
accounting principles generally accepted in the United States. We
generally use the National Association of Real Estate Investment
Trusts (NAREIT) measure of funds from operations. We define funds from
operations as income before extraordinary items adjusted for certain
non-cash items, primarily real estate depreciation, less gains/losses
on sales of facilities. Our measure may not be comparable to similarly
titled measures used by other REITs. Consequently, our funds from
operations may not provide a meaningful measure of our performance as
compared to that of other REITs. Funds from operations does not
represent cash generated from operating activities as defined by
accounting principles generally accepted in the United States (funds
from operations, for example, does not include changes in operating
assets and liabilities) and, therefore, should not be considered as an
alternative to net income as the primary indicator of operating
performance or to cash flow as a measure of liquidity.
National Health Realty, Inc. Portfolio Summary June 30, 2006
Portfolio Statistics Investment
Properties Investment Percentage
---------------------------- -------------
Equity Ownership 23 $112,208,000 90%
Mortgage Loan
Receivables 5 12,848,000 10%
--------------- ------------ ------------
Total Real Estate
Portfolio 28 $125,056,000 100%
Equity Ownership Properties Beds Investments
------------------------------------------
Nursing Homes 16 1,908 $ 68,149,000
Assisted Living 6 488 30,010,000
Retirement Homes 1 58 14,049,000
------------------------------------------
23 2,454 $112,208,000
Mortgage Loan Receivables Properties Beds Investment
------------------------------------------
Nursing Homes 5 714 $ 12,848,000
Summary of Facilities By Percentage of Total
Type: Properties Total Dollars Dollars
------------------------------------------
Nursing Homes 21 64.77% $ 80,997,000
Assisted Living 6 24.00% 30,010,000
Retirement Homes 1 11.23% 14,049,000
------------------------------------------
28 100.00% $125,056,000
==========================================
Summary of Facilities By
State: Percent
Asst. Retire- Investment Total
LTC Living ment Amount Portfolio
----------------------------------------------------
1 Florida 8 3 --- $ 55,461,000 44.35%
2 Tennessee 2 2 1 33,140,000 26.50%
3 South Carolina 7 --- --- 27,144,000 21.71%
4 Indiana 3 --- --- 3,718,000 2.97%
5 Alabama --- 1 --- 3,323,000 2.66%
6 Missouri 1 --- --- 2,270,000 1.82%
----------------------------------------------------
21 6 1 $125,056,000 100.00%
========================================
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion