NATIONAL HEALTH INVESTORS INC - FORM 8-K - EX-99.1 - FFO, AFFO & FAD RECONCILIATION TABLES - May 2, 2014

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8-K - FFO, AFFO & FAD RECONCILIATION - NATIONAL HEALTH INVESTORS INCfforecast8-k.htm


NATIONAL HEALTH INVESTORS, INC.
RECONCILIATION OF FUNDS FROM OPERATIONS, NORMALIZED FUNDS FROM OPERATIONS, ADJUSTED FUNDS FROM OPERATIONS, AND FUNDS AVAILABLE FOR DISTRIBUTION WITH AMOUNTS PREVIOUSLY REPORTED
(in thousands, except share and per share amounts)

 
Previously Reported
 
Currently Reported
 
Year Ended
 
Year Ended
 
December 31, 2012
 
December 31, 2012
Net income attributable to common stockholders
$
90,731

 
$
90,731

Elimination of certain non-cash items in net income:
 
 
 
Real estate depreciation in continuing operations
13,182

 
14,772

Real estate depreciation related to noncontrolling interest
(68
)
 
(87
)
Real estate depreciation in discontinued operations
2,209

 
2,209

Net gain on sales of real estate
(11,966
)
 
(11,966
)
Funds from operations
$
94,088

 
$
95,659

Investment gains
(4,760
)
 
(4,760
)
Non-cash write-off of straight-line rent receivable
963

 
963

Expenses related to abandoned capital offering
297

 
297

Acquisition costs under business combination accounting
—

 
—

Legal settlement
365

 
365

Loan impairments (recoveries), net
(2,195
)
 
(2,195
)
Other items, net
(271
)
 
(271
)
Normalized FFO
$
88,487

 
$
90,058

Straight-line lease revenue, net
(3,664
)
 
(3,664
)
Amortization of debt issuance costs
 
 
320

Non-cash write-off of straight-line rent receivable
(963
)
 
(963
)
Normalized AFFO
$
83,860

 
$
85,751

Non-real estate depreciation in continuing operations
1,590

 
—

Non-real estate depreciation related to noncontrolling interest
(19
)
 
—

Non-cash stock based compensation
2,168

 
2,168

Normalized FAD
$
87,599

 
$
87,919

 
 
 
 
BASIC
 
 
 
Weighted average common shares outstanding
27,811,813

 
27,811,813

FFO per common share
$
3.38

 
$
3.44

Normalized FFO per common share
$
3.18

 
$
3.24

Normalized AFFO per common share
$
3.02

 
$
3.08

Normalized FAD per common share
$
3.15

 
$
3.16

 
 
 
 
DILUTED
 
 
 
Weighted average common shares outstanding
27,838,720

 
27,838,720

FFO per common share
$
3.38

 
$
3.44

Normalized FFO per common share
$
3.18

 
$
3.23

Normalized AFFO per common share
$
3.01

 
$
3.08

Normalized FAD per common share
$
3.15

 
$
3.16






NATIONAL HEALTH INVESTORS, INC.
RECONCILIATION OF FUNDS FROM OPERATIONS, NORMALIZED ADJUSTED FUNDS FROM OPERATIONS, AND NORMALIZED FUNDS AVAILABLE FOR DISTRIBUTION WITH AMOUNTS PREVIOUSLY REPORTED (CONTINUED)
(in thousands, except share and per share amounts)

 
Previously Reported For 2013
 
Currently Reported For 2013
 
Three Months Ended
 
Three Months Ended
 
June 30,
 
September 30,
 
June 30,
 
September 30,
Net income attributable to common stockholders
$
19,920

 
$
42,744

 
$
19,920

 
$
42,744

Elimination of certain non-cash items in net income:
 
 
 
 
 
 
 
Real estate depreciation in continuing operations
3,985

 
5,079

 
4,558

 
5,732

Real estate depreciation related to noncontrolling interest
(68
)
 
(199
)
 
(87
)
 
(226
)
Real estate depreciation in discontinued operations
—

 
—

 
—

 
—

Net gain on sales of real estate
—

 
(19,370
)
 
—

 
(19,370
)
Funds from operations
$
23,837

 
$
28,254

 
$
24,391

 
$
28,880

Debt issuance costs expensed due to credit facility modifications
353

 
—

 
353

 
—

Acquisition costs under business combination accounting
208

 
—

 
208

 
—

Loan impairments (recoveries), net
—

 
(2,061
)
 
—

 
(2,061
)
Normalized FFO
$
24,398

 
$
26,193

 
$
24,952

 
$
26,819

Straight-line lease revenue, net
(1,413
)
 
(1,713
)
 
(1,413
)
 
(1,713
)
Amortization of debt issuance costs
 
 
 
 
404

 
110

Normalized AFFO
 
 
 
 
$
23,943

 
$
25,216

Non-real estate depreciation in continuing operations
573

 
653

 
—

 
—

Non-real estate depreciation related to noncontrolling interest
(19
)
 
(27
)
 
—

 
—

Non-cash stock based compensation
253

 
253

 
253

 
253

Normalized FAD
$
23,792

 
$
25,359

 
$
24,196

 
$
25,469

 
 
 
 
 
 
 
 
BASIC
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,876,176

 
27,876,176

 
27,876,176

 
27,876,176

FFO per common share
$
.86

 
$
1.01

 
$
.87

 
$
1.04

Normalized FFO per common share
$
.88

 
$
.94

 
$
.90

 
$
.96

Normalized AFFO per common share
 
 
 
 
$
.86

 
$
.90

Normalized FAD per common share
$
.85

 
$
.91

 
$
.87

 
$
.91

 
 
 
 
 
 
 
 
DILUTED
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,913,727

 
27,905,545

 
27,913,727

 
27,905,545

FFO per common share
$
.85

 
$
1.01

 
$
.87

 
$
1.03

Normalized FFO per common share
$
.87

 
$
.94

 
$
.89

 
$
.96

Normalized AFFO per common share
 
 
 
 
$
.86

 
$
.90

Normalized FAD per common share
$
.85

 
$
.91

 
$
.87

 
$
.91







NATIONAL HEALTH INVESTORS, INC.
RECONCILIATION OF FUNDS FROM OPERATIONS, NORMALIZED ADJUSTED FUNDS FROM OPERATIONS, AND NORMALIZED FUNDS AVAILABLE FOR DISTRIBUTION WITH AMOUNTS PREVIOUSLY REPORTED (CONTINUED)
(in thousands, except share and per share amounts)

 
Previously Reported For 2013
 
Currently Reported For 2013
 
Year To Date Period Ended
 
Year To Date Period Ended
 
June 30,
 
September 30,
 
December 31,
 
June 30,
 
September 30,
 
December 31,
Net income attributable to common stockholders
$
35,663

 
$
78,408

 
$
106,183

 
$
35,663

 
$
78,408

 
$
106,183

Elimination of certain non-cash items in net income:
 
 
 
 
 
 
 
 
 
 
 
Real estate depreciation in continuing operations
7,868

 
12,947

 
17,646

 
8,973

 
14,705

 
20,101

Real estate depreciation related to noncontrolling interest
(135
)
 
(334
)
 
(537
)
 
(175
)
 
(401
)
 
(634
)
Real estate depreciation in discontinued operations
—

 
—

 
557

 
—

 
—

 
557

Net gain on sales of real estate
—

 
(19,370
)
 
(22,258
)
 
—

 
(19,370
)
 
(22,258
)
Funds from operations
$
43,396

 
$
71,651

 
$
101,591

 
$
44,461

 
$
73,342

 
$
103,949

Investment gains
—

 
—

 
(3,256
)
 
—

 
—

 
(3,256
)
Debt issuance costs expensed due to credit facility amendments
353

 
353

 
416

 
353

 
353

 
416

Acquisition costs under business combination accounting
208

 
208

 
208

 
208

 
208

 
208

Loan impairments (recoveries), net
4,037

 
1,976

 
1,976

 
4,037

 
1,976

 
1,976

Normalized FFO
$
47,994

 
$
74,188

 
$
100,935

 
$
49,059

 
$
75,879

 
$
103,293

Straight-line lease revenue, net
(2,695
)
 
(4,408
)
 
(6,560
)
 
(2,695
)
 
(4,408
)
 
(6,560
)
Straight-line lease revenue, net, related to noncontrolling interest
—

 
—

 
55

 
—

 
—

 
55

Amortization of debt issuance costs
 
 
 
 
 
 
486

 
596

 
706

Normalized AFFO
 
 
 
 
$
94,430

 
$
46,850

 
$
72,067

 
$
97,494

Non-real estate depreciation in continuing operations
1,105

 
1,758

 
2,455

 
—

 
—

 
—

Non-real estate depreciation related to noncontrolling interest
(40
)
 
(67
)
 
(97
)
 
—

 
—

 
—

Non-cash stock based compensation
1,833

 
2,086

 
2,339

 
1,833

 
2,086

 
2,339

Normalized FAD
$
48,197

 
$
73,557

 
$
99,127

 
$
48,683

 
$
74,153

 
$
99,833

 
 
 
 
 
 
 
 
 
 
 
 
BASIC
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,871,120

 
27,872,805

 
28,362,398

 
27,871,120

 
27,872,805

 
28,362,398

FFO per common share
$
1.56

 
$
2.57

 
$
3.58

 
$
1.60

 
$
2.63

 
$
3.67

Normalized FFO per common share
$
1.72

 
$
2.66

 
$
3.56

 
$
1.76

 
$
2.72

 
$
3.64

Normalized AFFO per common share
 
 
 
 
$
3.33

 
$
1.68

 
$
2.59

 
$
3.44

Normalized FAD per common share
$
1.73

 
$
2.64

 
$
3.50

 
$
1.75

 
$
2.66

 
$
3.52

 
 
 
 
 
 
 
 
 
 
 
 
DILUTED
 
 
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
27,907,600

 
27,906,914

 
28,397,702

 
27,907,600

 
27,906,914

 
28,397,702

FFO per common share
$
1.55

 
$
2.57

 
$
3.58

 
$
1.59

 
$
2.63

 
$
3.66

Normalized FFO per common share
$
1.72

 
$
2.66

 
$
3.55

 
$
1.76

 
$
2.72

 
$
3.64

Normalized AFFO per common share
 
 
 
 
$
3.33

 
$
1.68

 
$
2.58

 
$
3.43

Normalized FAD per common share
$
1.73

 
$
2.64

 
$
3.49

 
$
1.74

 
$
2.66

 
$
3.52





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