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CONDENSED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
Three months ended |
Twelve months ended |
||||||||||||
December 31, |
December 31, |
||||||||||||
|
2009 |
2008 |
|
2009 |
2008 |
||||||||
Revenues: |
|
|
|
|
|||||||||
Rental income |
$ |
14,255 |
$ |
12,073 |
$ |
55,076 |
$ |
48,339 |
|||||
Mortgage interest income |
|
2,074 |
2,452 |
|
9,145 |
9,666 |
|||||||
|
16,329 |
| 14,525 |
|
64,221 |
| 58,005 |
||||||
|
|
|
|
||||||||||
Expenses: |
|
|
|
|
|||||||||
Interest |
|
8 |
60 |
|
85 |
308 |
|||||||
Depreciation |
|
2,163 |
1,704 |
|
7,629 |
6,761 |
|||||||
Amortization |
|
79 |
4 |
|
90 |
15 |
|||||||
Legal |
|
681 |
557 |
|
1,954 |
1,598 |
|||||||
Franchise, excise and other taxes |
|
180 |
121 |
|
730 |
646 |
|||||||
General and administrative |
|
1,216 |
1,346 |
|
5,255 |
3,585 |
|||||||
Loan and realty losses (recoveries) |
|
- |
- |
|
(1,077) |
- |
|||||||
|
4,327 |
| 3,792 |
|
14,666 |
| 12,913 |
||||||
|
|
|
|
||||||||||
Income before non-operating income |
|
12,002 |
10,733 |
|
49,555 |
45,092 |
|||||||
Non-operating income (investment and other) |
|
3,289 |
2,023 |
|
8,581 |
6,487 |
|||||||
Income from continuing operations |
|
15,291 |
| 12,756 |
|
58,136 |
| 51,579 |
|||||
|
|
|
|
||||||||||
Discontinued operations: |
|
|
|
|
|||||||||
Income from discontinued operations |
|
1,000 |
611 |
|
6,093 |
5,931 |
|||||||
Net gain on sale of real estate |
|
- |
- |
|
- |
- |
|||||||
|
1,000 |
| 611 |
|
6,093 |
| 5,931 |
||||||
|
|
|
|
||||||||||
Net income |
$ |
16,291 |
$ |
13,367 |
$ |
64,229 |
$ |
57,510 |
|||||
|
|
|
|
||||||||||
Weighted average common shares outstanding: |
|
|
|
|
|||||||||
Basic |
|
27,603,646 |
27,573,294 |
|
27,586,338 |
27,706,106 |
|||||||
Diluted |
|
27,656,684 |
27,578,380 |
|
27,618,300 |
27,731,951 |
|||||||
|
|
|
|
||||||||||
Earnings per share: |
|
|
|
|
|||||||||
Basic: |
|
|
|
|
|||||||||
|
$ |
0.55 |
$ |
0.46 |
$ |
2.11 |
$ |
1.86 |
|||||
|
|
0.04 |
| 0.04 |
|
0.22 |
| 0.22 |
|||||
|
$ |
0.59 |
$ |
0.50 |
$ |
2.33 |
$ |
2.08 |
|||||
|
|
|
|
||||||||||
Diluted: |
|
|
|
|
|||||||||
| $ |
0.54 |
$ |
0.46 |
$ |
2.10 |
$ |
1.86 |
|||||
|
|
0.04 |
| 0.03 |
|
0.22 |
| 0.21 |
|||||
| $ |
0.58 |
$ |
0.49 |
$ |
2.32 |
$ |
2.07 |
|||||
|
|
|
|
||||||||||
Dividends declared per common share(1) |
$ |
0.65 |
$ |
0.69 |
$ |
2.30 |
$ |
2.34(2) |
|||||
(1) Includes special dividends of $0.10 and $0.14 per common share for the years ended December 31, 2009 and 2008, respectively. (2) Excludes an $0.08 per common share spillover dividend declared in 2008 for 2007. |
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CONDENSED BALANCE SHEETS
December 31, |
December 31, |
|||||||||
Assets |
|
2009 |
2008 |
|||||||
Real estate properties: |
|
|
||||||||
Land |
$ |
28,490 |
$ |
26,310 |
||||||
Buildings and improvements |
|
322,296 |
284,596 |
|||||||
Construction in progress |
|
350,786 |
| 310,906 |
||||||
|
(126,925) |
| (129,574) |
|||||||
Less accumulated depreciation |
|
223,861 |
181,332 |
|||||||
|
|
|||||||||
Mortgage notes receivable |
|
94,588 |
108,640 |
|||||||
Investment in preferred stock, at cost |
|
38,132 |
38,132 |
|||||||
Cash and cash equivalents |
|
45,718 |
100,242 |
|||||||
Marketable securities |
|
21,322 |
26,594 |
|||||||
Accounts receivable, net |
|
2,189 |
1,734 |
|||||||
Assets held for sale, net |
|
33,420 |
200 |
|||||||
Deferred costs and other assets |
|
130 |
232 |
|||||||
Total Assets |
$ |
459,360 |
$ |
457,106 |
||||||
|
|
|||||||||
Liabilities and Stockholders' Equity |
|
|
||||||||
Bonds payable |
$ |
- |
$ |
3,987 |
||||||
Earnest money deposit |
|
150 |
- |
|||||||
Real estate purchase liability |
|
3,000 |
- |
|||||||
Accounts payable and accrued expenses |
|
2,754 |
4,359 |
|||||||
Dividends payable |
|
17,959 |
19,030 |
|||||||
Deferred income |
|
885 |
| 115 |
||||||
Total Liabilities |
|
24,748 |
| 27,491 |
||||||
|
|
|||||||||
Commitments and Contingencies |
|
|
||||||||
|
|
|||||||||
Stockholders' Equity |
|
|
||||||||
Common stock, .01 par value; 40,000,000 shares authorized; 27,629,505 and |
|
|
||||||||
27,580,319 shares issued and outstanding, respectively |
|
276 |
276 |
|||||||
Capital in excess of par value |
|
459,842 |
458,911 |
|||||||
Cumulative net income |
|
900,611 |
836,382 |
|||||||
Cumulative dividends |
|
(940,220) |
(876,742) |
|||||||
Unrealized gains on marketable securities |
|
14,103 |
10,788 |
|||||||
Total Stockholders' Equity |
|
434,612 |
| 429,615 |
||||||
Total Liabilities and Stockholders' Equity |
$ |
459,360 |
$ |
457,106 |
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National Health Investors, Inc. – 222 Robert
Rose Drive – Murfreesboro TN 37130
Phone: (615) 890-9100 - Fax: (615) 225-3030