National Health Investors Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>National Health Investors Inc. filed its 2023 10-K, detailing its financial performance and operations as a Real Estate Investment Trust.</b>

AI Summary

NATIONAL HEALTH INVESTORS INC (NHI) filed a Annual Report (10-K) with the SEC on February 20, 2024. National Health Investors Inc. (NHI) filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. NHI is classified under Standard Industrial Classification code 6798 for Real Estate Investment Trusts. The company's principal business address is 222 Robert Rose Drive, Murfreesboro, TN 37129. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking NATIONAL HEALTH INVESTORS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of NHI's financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. As a REIT, NHI's disclosure of its real estate investments, revenue streams, and liabilities in this filing is vital for understanding its market performance and compliance with industry regulations.

Risk Assessment

Risk Level: medium — NATIONAL HEALTH INVESTORS INC shows moderate risk based on this filing. The filing is a standard 10-K for a publicly traded company, which inherently carries market and operational risks, but no immediate red flags are apparent from the header information alone.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess NHI's performance and potential risks for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-20 — Filing Date (Filed as of Date)
• 2023 — Fiscal Year (Filing Values)
• 2022 — Previous Fiscal Year (Financial Data)
• 2021 — Prior Fiscal Year (Financial Data)

Key Players & Entities

• NATIONAL HEALTH INVESTORS INC (company) — Filer name
• 0000877860 (company) — Central Index Key
• 6798 (company) — Standard Industrial Classification
• 222 Robert Rose Drive, Murfreesboro, TN 37129 (company) — Business Address
• 6158909100 (company) — Business Phone

FAQ

Industry Context

National Health Investors Inc. operates as a Real Estate Investment Trust (REIT), focusing on healthcare-related real estate. REITs are companies that own, operate, or finance income-generating real estate.

Regulatory Implications

As a publicly traded company and REIT, NHI is subject to SEC regulations and specific accounting standards for real estate investment trusts, including requirements for financial reporting and disclosures.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including revenue, expenses, assets, and liabilities.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Review the Risk Factors section to understand potential challenges and uncertainties facing National Health Investors Inc.

Key Dates

• 2024-02-20: 10-K Filing — Filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing. Detailed comparative data from the previous year's filing will be available within the full document.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value NHI New York Stock Exchange
• $2.4 billion — had gross investments of approximately $2.4 billion in 163 healthcare real estate propertie
• $260.7 m — ong with other notes receivable totaled $260.7 million, excluding an allowance for expec
• $15.5 m — allowance for expected credit losses of $15.5 million, as of December 31, 2023. Our S
• $347.4 million — had gross investments of approximately $347.4 million in 15 properties located in eight state
• $249.2 million — ervices. During 2023, rental income was $249.2 million (77.9%), interest income from mortgages
• $21.8 million — ortgages and other notes receivable was $21.8 million (6.8%) and SHOP revenue was $48.8 milli
• $48.8 million — 1.8 million (6.8%) and SHOP revenue was $48.8 million (15.3%) of total revenue of $319.8 mill
• $319.8 m — 8.8 million (15.3%) of total revenue of $319.8 million, an increase of 15.0% from 2022.
• $50.0 million — cal office buildings ("MOB"). We have a $50.0 million mezzanine loan and security agreement w

Filing Documents

• nhi-20231231.htm (10-K) — 4178KB
• descriptionofsecurities.htm (EX-4.7) — 36KB
• nhi-12312023x10kex21.htm (EX-21) — 47KB
• nhi-12312023x10kex231.htm (EX-23.1) — 3KB
• nhi-12312023x10kex311.htm (EX-31.1) — 11KB
• nhi-12312023x10kex312.htm (EX-31.2) — 11KB
• nhi-12312023x10kex32.htm (EX-32) — 8KB
• nationalhealthinvestorsinc.htm (EX-97) — 30KB
• nhi-20231231_g1.jpg (GRAPHIC) — 85KB
• 0000877860-24-000010.txt (&nbsp;) — 20158KB
• nhi-20231231.xsd (EX-101.SCH) — 152KB
• nhi-20231231_cal.xml (EX-101.CAL) — 108KB
• nhi-20231231_def.xml (EX-101.DEF) — 662KB
• nhi-20231231_lab.xml (EX-101.LAB) — 1488KB
• nhi-20231231_pre.xml (EX-101.PRE) — 991KB
• nhi-20231231_htm.xml (XML) — 3447KB

Business

Item 1. Business. 5

Risk Factors

Item 1A. Risk Factors. 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 34

C . Cybersecurity

Item 1 C . Cybersecurity 34

Properties

Item 2. Properties . 36

Legal Proceedings

Item 3. Legal Proceedings. 37

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 37 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 38

Reserved

Item 6. Reserved . 40

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations . 41

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 62

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 68

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 105

Controls and Procedures

Item 9A. Controls and Procedures. 105

Other Information

Item 9B. Other Information. 108

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 108 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 109

Executive Compensation

Item 11. Executive Compensation. 109

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 109

Certain Relationships and Related Transactions , and Director Independence

Item 13. Certain Relationships and Related Transactions , and Director Independence . 109

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 109 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 109 Exhibit Index. 110

Summary

Item 16. Summary 113 Signatures. 114 2 Table of Contents PART I. Unless the context otherwise requires, references throughout this document to "NHI" or the "Company" include National Health Investors, Inc., and its consolidated subsidiaries. In accordance with the Securities and Exchange Commission's "Plain English" guidelines, this Annual Report on Form 10-K has been written in the first person. In this document, the words "we", "our", "ours" and "us" refer only to National Health Investors, Inc. and its consolidated subsidiaries and not any other person. Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K and other materials we have filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to be made, by our senior management contain certain "forward-looking" statements as that term is defined by the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, funds from operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should," "believes", "anticipates", "expects", "intends", "estimates", "plans", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of factors including, but not limited to, the following: * We depend on the operating success of our tenants, managers and borrowers and if their financial condition or business prospects deteriorate, our financial condition and results of operations could be adversely aff

BUSINESS

ITEM 1. BUSINESS General National Health Investors, Inc., established in 1991 as a Maryland corporation, is a self-managed REIT specializing in sale-leaseback, joint venture, and mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. We operate through two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio ("SHOP"). Our Real Estate Investments segment consists of real estate investments and lease, mortgage and other notes receivables in independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and a hospital. As of December 31, 2023, we had gross investments of approximately $2.4 billion in 163 healthcare real estate properties located in 31 states and leased primarily pursuant to triple-net leases to 25 tenants, consisting of 97 senior housing communities, 65 skilled nursing facilities and one hospital, excluding one property classified as assets held for sale. Our portfolio of 16 mortgages along with other notes receivable totaled $260.7 million, excluding an allowance for expected credit losses of $15.5 million, as of December 31, 2023. Our SHOP segment is comprised of two ventures that own the operations of independent living facilities. As of December 31, 2023, we had gross investments of approximately $347.4 million in 15 properties located in eight states with a combined 1,733 units that are operated on behalf of the Company by independent managers pursuant to the terms of separate management agreements that commenced April 1, 2022. The third-party managers, or related parties of the managers, own equity interests in the respective ventures. We fund our real estate investments primarily through: (1) operating cash flow, (2) debt offerings, including bank lines of credit and term debt, both unsecured and secured, and (3) the sale of equity securities. Our investments in real estat

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View this 10-K filing on SEC EDGAR