67 WALL STREET, New York - July 25, 2013 - The Wall Street Transcript has just published its Medical Real Estate Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: REIT Access to Capital - Affordable Care Act and Reimbursements - Hospitals, Senior Housing, Skilled Nursing and Acute Care - Medicare and Medicaid Reimbursements - Consolidation Activity - Health Care REITs
Companies include: National Health Investors Inc. (NHI) and many more.
In the following excerpt from the Medical Real Estate Report, the President and CEO & the Chief Accounting Officer of National Health Investors, Inc. (NHI) discuss company strategy and the outlook for this vital industry:
TWST: Please start with a brief company history and an overview of National Health Investors' business today to set the stage for readers.
Mr. Hutchens: NHI was founded in 1991. We're a health care REIT specializing in long-term investments in assisted living, skilled nursing facilities, hospitals and medical office buildings. The methods of financing are primarily leaseback transactions; we also provide mezzanine financing, construction financing, and we have a joint venture with one of our operators as well where we own a majority of the operations and the real estate.
We are considered a small- to midcap size company at $1.7 billion market cap. The smaller size has helped us over the past five years to execute a growth plan purchasing one-off properties and small portfolios, primarily senior care related portfolios with a heavy emphasis on diversifying into private pay assisted living facilities. We're invested in 146 properties in 27 states. We have, between 2009 and 2012, invested on average $127 million a year at a weighted average cash yield of 9.4%.
So far in 2013, we have either invested or committed about $225 million at a weighted average cash yield of 8.6%. We've been very actively growing; however, we maintain selectivity in our investments. We've managed to maintain a very low-leveraged balance sheet, in fact, it's one of the lowest-leveraged balance sheets of all publicly traded REITs, and our tendency is to run the company so that we're in the lower part of our peer group in terms of level of leverage.
Mr. Hopkins: I have just one more comment to add to that, and that is that a differentiator for NHI from other investors in health care is the fact that...
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.