From the earnings release:
Normalized FFO per diluted common share for the three months ended December 31, 2016, was $1.27, an increase of 8.5% over the same period in the prior year. Normalized FFO per diluted common share for the year ended December 31, 2016, was $4.87, an increase of 4.3% over the prior year. The 2017 Normalized FFO/share projection range is $5.06 to $5.12.
The projections from Nasdaq:
|Over the Last 4 Weeks
Number of Revisions
Summary - Q4 FFO on target while the guidance was lower than current analyst projections.
NHI raised its dividend paid in Q2-17 from $0.90 to $0.95.
|National Health Investors||Q4-16||Q3-16||Q2-16||Q1-16||Q4-15||Q3-15||Q2-15||Q1-15||Q4-14||Q3-14||Q2-14||Q1-14|
|Current year FFO Guide||* 5.09||4.86||4.86||4.85||* 4.85||4.64||4.57||4.55||* 4.55||4.19||4.18||4.17|
|Current year AFFO Guide||* 4.63||4.37||4.37||4.31||* 4.31||4.09||4.03||4.02||* 4.02||3.75||3.73||3.72|
|Fixed Charge Coverage||5.8x||5.8x||5.8x||5.7x||6.1x||6.1x||6.2x||6.5x||5.7x||5.8x||6.0x||8.0x|
|Net Debt / EBITDA||4.4x||4.4x||4.4x||4.1x||4.1x||4.4x||4.1x||4.3x||4.8x||3.8x||3.7x||3.9x|
|Average Cost of Debt||3.62%||3.63%||3.51%||3.73%||3.77%||3.35%||3.56%||3.54%|
|NHI does not produce SSNOI stats. It produces a SSNOI type number for its RIDE-A properties it calls RIDE-A EBITARM|
|RIDE-A EBITDARM = earnings before interest, taxes, depreciation, amortization, rent and management fees|
Summary - NHI predominantly owns Senior Housing properties with some mortgages and SNFs. It owns stuff that generates 8.5% normalized FFO to investment ratio and the average cap rates on acquisitions mirror that number. The Net Debt/EBITDA ratio is superior - as is the fixed change coverage. Due to superior credit metrics, its cost of debt is relatively low.
Last three year FFO growth, FAD growth and dividend growth are superior to sector average.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.