National Health Investors (NYSE: NHI) reported Q1 EPS of $1.37, $0.42 better than the analyst estimate of $0.95. Revenue for the quarter came in at $83.08 million versus the consensus estimate of $83.09 million.

Q1 2020 Overview

• GAAP net income attributable to common stockholders of $1.37 per diluted common share
• AFFO of $1.29 per diluted common share
• Announced or completed $173.2 million in real estate and mortgage note investments
• $142 million available to draw on revolving credit facility
• Maintained low leverage balance sheet at 4.7x net debt-to-annualized adjusted EBITDA
• Fixed charge coverage remains conservative at 5.8x
• Portfolio lease coverage at 1.68x

Financial Results

• Net income attributable to common stockholders per diluted common share for the three months ended March 31, 2020 was $1.37, an increase of 65.1% from the same period in the prior year. Net income for the quarter includes $21.0 million in gains that relate to the sale of real estate.
• Normalized FFO per diluted common share for the three months ended March 31, 2020 was $1.36, an increase of 3.8% from the same period in the prior year.
• Normalized AFFO per diluted common share for the three months ended March 31, 2020 was $1.29, an increase of 5.7% over the same period in the prior year.
• NAREIT FFO per diluted common share for the three months ended March 31, 2020 was $1.35, an increase of 3.1% from the same period in the prior year.
• Net income, Normalized FFO, Normalized AFFO and NAREIT FFO per common share for the three months ended March 31, 2020 includes the dilutive impact of 1,450,684 common shares issued since March 31, 2019.

2020 Guidance

NHI's 2020 guidance provided on February 19, 2020 did not include any impact from the COVID-19 pandemic. Due to the lack of visibility caused by this pandemic on our operators and our business, the Company is withdrawing its full year 2020 guidance.

For earnings history and earnings-related data on National Health Investors (NHI) click here.