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National Health Investors (NHI) collects 77.5% of May Rents

·4 min read

National Health Investors NHI, or NHI, has collected 77.5% of monthly due contractual cash as of May 20, 2021. This compares unfavorably with 84.7% of April rent collected at its first-quarter earnings release on May 10.

Nonetheless, of the remaining uncollected rent balance for May, the company expects to collect 2% of contractual cash, while 0.6% relates to lower projected revenues from properties that were transitioned before the start of the pandemic.

Also, 7.5% and 1.5% of uncollected rent are rent deferrals relating to Bickford Senior Living and two other tenants, respectively. Specifically, NHI has agreed to defer $2 million in rent due for May 2021 from Bickford. With this, deferred rents related to the tenant aggregated $8.75 million for the ongoing year. Nonetheless, the deferred rents are anticipated to be repaid with interest. Moreover, NHI will defer $0.4 million for two other tenants in May. This too is expected to be paid back with interest.

Lastly, 10.9% of the uncollected rent balance relates to Holiday Retirement's monthly rent. Particularly, NHI is in discussions with Holiday Retirement that could lead to rent concessions, beginning second-quarter 2021. Nonetheless, NHI expects to collect a notable part of the current monthly rent from the tenant, which may be supported with a portion of its $10.6-million lease deposit.

In an update provided in its first-quarter 2021 earnings, NHI announced that it received 84.7% of contractual cash for April, with the remaining balance comprising 11% in Bickford-related deferrals, 3.1% in deferrals related to three other tenants, 0.6% related to due rent expected to be collected and another 0.6% of uncollected rent resulting from lower anticipated revenues from transitioned properties prior to the pandemic.

Considering this, from Apr 1, 2021, till May 20, 2021, NHI has collected 81.5% of contractual cash due for the second quarter and expects to collect another 1%. The uncollected balance comprises 9.3% and 2.3% in deferrals related to Bickford and three other tenants, respectively.

Also, 0.5% of uncollected rent relates to lower estimated revenues from transitioned properties prior to the start of the pandemic, while 5.4% is related to Holiday's monthly rent.

Notably, while acceleration in vaccinations and the reopening of the company’s communities have aided a rebound in occupancy, any significant turnaround is less likely in the near term.

Shares of this Zacks Rank #3 (Hold) company have inched up 0.7% over the past six months compared with the industry's growth of 11.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.


Stocks to Consider

Industrial Logistics Properties Trust’s ILPT funds from operations (“FFO”) per share estimate for the current year has moved up 4.5% to $1.87 in the past month. The company currently carries a Zacks Rank of 2 (Buy).

OUTFRONT Media Inc.’s OUT Zacks Consensus Estimate for 2021 FFO per share has moved marginally north to 89 cents over the past month. The company currently carries a Zacks Rank of 2.

Braemar Hotels & Resorts Inc. BHR carries a Zacks Rank of 2 at present. The Zacks Consensus Estimate for the ongoing year’s FFO per share has been revised around 38% upward in a month to 44 cents.

Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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