logo
Plus   Neg
Share
Email
Comment

National Health Investors Hikes Q2 Dividend; Lifts FY13 Normalized FFO View

National Health Investors Inc. (NHI) announced that based on recently announced transactions in the second quarter of 2013, the Company has increased its second quarter dividend and raised its 2013 Normalized FFO guidance.

The second quarter dividend will be $0.735 per common share, which represents a 5.8% increase from the first quarter of 2013 and a 13.1% increase from the second quarter of 2012. The dividend will be payable on August 9, 2013 to shareholders of record on June 28, 2013.

Net income per share for 2013 is now expected to be in the range of $2.71 - $2.76.

The company currently forecasts Normalized FFO for 2013 to be in the range of $3.42 to $3.50 per share. While announcing the fourth-quarter results, the company expected normalized FFO per share for the full year 2013, to range between $3.30 and $3.38. Analysts polled by Thomson Reuters expect the company to report earnings of $3.38 per share for fiscal 2013. Analysts' estimates typically exclude special items.

Separately, National Health Investors,National HealthCare Corporation (NHC) , the court-appointed Receiver for two Tennessee nonprofits, SeniorTrust of Florida, Inc., and ElderTrust of Florida, Inc., and the Tennessee Attorney General announced that they have agreed to resolve a long-standing dispute that has been the subject of litigation. The resolution of the litigation, together with the Receiver's sale of 14 nursing homes and liquidation of the nonprofits' assets, will ultimately result in approximately $40 million for charitable purposes in Tennessee.

The Tennessee Attorney General had previously asked the Davidson County Chancery Court to place both of these nonprofits in receivership. The Receiver subsequently filed suit against National Health Investors, Inc. and National HealthCare Corporation.

NHI helped to establish SeniorTrust and ElderTrust, two Tennessee 501(c)(3) nonprofit corporations, in 2000. Between 2001 and 2004, NHI sold a group of skilled nursing facilities in Missouri and Kansas to SeniorTrust and a group of skilled nursing facilities in Massachusetts and New Hampshire to ElderTrust. The Receiver's primary dispute with NHI concerned the financial terms on which NHI had sold and financed the purchase of the facilities to the nonprofit.

In 2007, NHC acquired the lease of a long-term care facility in Chattanooga, Tennessee, known as Standifer Place from SeniorTrust. The Receiver's primary dispute with NHC concerned the financial terms on which NHC acquired the lease.

The Receiver for SeniorTrust and ElderTrust claimed that the financial terms of the various transactions with NHI and NHC were unfair to the nonprofits, a claim NHI and NHC disputed.

As part of the negotiated resolution, NHI will discount amounts it claims remain due from SeniorTrust and ElderTrust. SeniorTrust and ElderTrust will pay those discounted amounts, and NHI will acquire ElderTrust's skilled nursing facilities in Massachusetts and New Hampshire.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Angry protesters are planning more than 50 demonstrations on Friday at several Tim Hortons locations across Canada after some franchise owners in Ontario slashed workers' benefits as well as paid breaks in response to the Ontario government's minimum wage hike. The protests are being organized by advocacy group Leadnow and the Fight for $15 & Fairness Campaign. Athletic footwear giant Nike, Inc. on Thursday announced a new marketing head, in its efforts to boost market share. The company promoted Dirk-Jan "DJ" van Hameren as its VP, Chief Marketing Officer, effective immediately. Van Hameren will succeed Greg Hoffman, who has been appointed VP, Global Brand Creative & Marketing Innovation Amazon.com Inc. (AMZN) said Thursday that it has chosen the 20 metropolitan areas to move to the next phase of the selection process for the company's second headquarters. The company plans to invest over $5 billion and grow the second headquarters to accommodate as many as 50,000 high-paying jobs.
comments powered by Disqus
Follow RTT