2023-05-09 17:57:11 ET
National Health Investors ( NYSE: NHI ) raised its normalized FFO per share guidance for the full year, after posting stronger-than-expected first-quarter results "tempered somewhat by industry pressures impacting a limited number of tenants and the SHOP operations," said President and CEO Eric Mendelsohn.
The healthcare REIT sees 2023 normalized FFO of $4.37-$4.42, vs. $4.27 consensus (five estimates), compared with $4.24-$4.30 in the prior view.
Q1 normalized FFO of $1.11 per share, exceeding the average analyst estimate of $0.99, climbed from $0.85 in the prior quarter and from $1.10 for the three months ended March 31, 2022.
Revenue of $82.4M, vs. $77.5M expected, rose from $70.7M in Q4 2022 and from $71.3M a year before.
NHI gained 1.5% in after-hours trading.
Expenses totaled $49.6M, down from $69.1M in Q4 2022 and from $66.2M in the year-earlier period.
SHOP activities contributed net operating income of around $1.9M comprised of revenues from resident fees and related services of $11.7M and operating expenses of $9.8M.
During the second quarter of 2023, the company sold three assisted living communities located in Oregon in two transactions for approximately $5.7M in cash consideration, net of transaction costs and $0.6M of seller financing on one of the transactions.
Conference call on May 10 at 12:00 p.m. ET.
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National Health Investors lifts 2023 guide after strong Q1 results