NHI Q3 normalized FFO $1.03; cuts 2024 guidance on SLM credit loss and lower revenue

NATIONAL HEALTH INVESTORS INC

2024-Q3 EPS reported $2.17 revenue$249,426,000

Net income per diluted share Q3 $0.65 (vs $0.68 YoY); Normalized FFO $1.03 (vs $1.08).
2024 guidance lowered: NAREIT FFO now $4.39-$4.41 (prev $4.50-$4.54); Normalized FFO $4.43-$4.44 (prev $4.52-$4.56).
Credit loss reserve increased $3.6M for non-performing loans from Senior Living Management (SLM). SLM transitioned four leased properties; foreclosure initiated on $10M mortgage note.
Acquired 10 assisted living/memory care in NC for $121M at 8.25% yield; signed LOIs for $59.8M at ~8.8% yield. SHOP occupancy improved to 88.6% (+960 bps YoY).
Amended credit facility to Oct 2028; settled 1.8M forward shares for $122.4M net. Net debt to adjusted EBITDA within 4.0x-5.0x target.

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