National Health Investors collects 100% of Q2 rent, 96.9% of July rent

• National Health Investors (NYSE:NHI) collected ~100% of contractual rents due for Q2 and 96.9% of July rents.
• August rent collections are running as expected; NHI will provide a business update later this month.
• NHI hasn't granted any rent concessions to tenants as a result of the COVID-19 pandemic as of June 30, 2020.
• But effective July 1, 2020, the REIT agreed to defer $2.1M in rent due for Q3 from Bickford, with half of the deferral being escrowed with the company.
• NHI also executed a non-binding letter of intent with Bickford to negotiate the potential sale to Bickford, or to other third parties, of nine properties currently leased to Bickford at a price in excess of NHI's gross book value of ~$76.7M as of June 30, 2020.
• Q2 normalized FFO per share of $1.35 vs. $1.43 consensus and $1.26 in the year-ago quarter.
• Q2 revenue of $84.2M vs. consensus of $83.1M and $78.1M a year ago.
• Net debt-to-annualized adjusted EBITDA of 4.8x vs. 4.7x at Q1-end.
• Portfolio EBITDARM lease coverage of 1.69x vs. 1.62 in Q2.
• Conference call on Aug. 11 at 12:00 PM ET.
• Previously: National Health Investors FFO beats by $0.03, beats on revenue (Aug. 10)