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National Health Investors

NYSE:NHI
Snowflake Description

Average dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NHI
NYSE
$3B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Incorporated in 1991, National Health Investors, Inc. The last earnings update was 13 days ago. More info.


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NHI Share Price and Events
7 Day Returns
2.7%
NYSE:NHI
1.8%
US REITs
-0.7%
US Market
1 Year Returns
14.4%
NYSE:NHI
16.3%
US REITs
3%
US Market
NHI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
National Health Investors (NHI) 2.7% 6.8% -0.3% 14.4% 18.7% 29.2%
US REITs 1.8% 2.4% 3.1% 16.3% 13.8% 26.4%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • NHI underperformed the REITs industry which returned 16.3% over the past year.
  • NHI outperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
NHI
Industry
5yr Volatility vs Market

Value

 Is National Health Investors undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of National Health Investors to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for National Health Investors.

NYSE:NHI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:NHI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (37.18%))
0.79
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:NHI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for National Health Investors is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

National Health Investors is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:NHI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 221.26 Analyst x3 205.83
2020 239.59 Analyst x3 207.33
2021 248.83 Est @ 3.85% 200.31
2022 257.58 Est @ 3.52% 192.89
2023 266.03 Est @ 3.28% 185.32
2024 274.32 Est @ 3.12% 177.77
2025 282.55 Est @ 3% 170.33
2026 290.80 Est @ 2.92% 163.07
2027 299.12 Est @ 2.86% 156.04
2028 307.56 Est @ 2.82% 149.26
Present value of next 10 years cash flows $1,808.15
NYSE:NHI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $307.56 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$6,626.68
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,626.68 ÷ (1 + 7.5%)10
$3,215.82
NYSE:NHI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,808.15 + $3,215.82
$5,023.98
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,023.98 / 43.26
$116.13
NYSE:NHI Discount to Share Price
Calculation Result
Value per share (USD) From above. $116.13
Current discount Discount to share price of $80.12
= -1 x ($80.12 - $116.13) / $116.13
31%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price National Health Investors is available for.
Intrinsic value
31%
Share price is $80.12 vs Future cash flow value of $116.13
Current Discount Checks
For National Health Investors to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • National Health Investors's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • National Health Investors's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for National Health Investors's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are National Health Investors's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:NHI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $3.59
NYSE:NHI Share Price ** NYSE (2019-05-17) in USD $80.12
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 32.79x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of National Health Investors.

NYSE:NHI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:NHI Share Price ÷ EPS (both in USD)

= 80.12 ÷ 3.59

22.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Health Investors is good value based on earnings compared to the US REITs industry average.
  • National Health Investors is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does National Health Investors's expected growth come at a high price?
Raw Data
NYSE:NHI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
7.6%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.4x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:NHI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22.34x ÷ 7.6%

2.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Health Investors is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on National Health Investors's assets?
Raw Data
NYSE:NHI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $32.78
NYSE:NHI Share Price * NYSE (2019-05-17) in USD $80.12
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NYSE:NHI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:NHI Share Price ÷ Book Value per Share (both in USD)

= 80.12 ÷ 32.78

2.44x

* Primary Listing of National Health Investors.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Health Investors is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess National Health Investors's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. National Health Investors has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is National Health Investors expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is National Health Investors expected to grow at an attractive rate?
  • National Health Investors's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • National Health Investors's earnings growth is positive but not above the United States of America market average.
  • National Health Investors's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:NHI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:NHI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 7.6%
NYSE:NHI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 4.6%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:NHI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:NHI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 324 172 5
2019-12-31 310 159 3
NYSE:NHI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 298 233 152
2018-12-31 295 208 154
2018-09-30 292 209 155
2018-06-30 288 205 153
2018-03-31 285 198 154
2017-12-31 279 198 159
2017-09-30 273 194 163
2017-06-30 264 189 157
2017-03-31 255 185 163
2016-12-31 247 177 152
2016-09-30 240 173 165
2016-06-30 235 168 165

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • National Health Investors's earnings are expected to grow by 7.6% yearly, however this is not considered high growth (20% yearly).
  • National Health Investors's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:NHI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from National Health Investors Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NHI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 3.90 3.97 3.84 4.00
2019-12-31 3.67 3.68 3.65 2.00
NYSE:NHI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 3.59
2018-12-31 3.68
2018-09-30 3.71
2018-06-30 3.69
2018-03-31 3.72
2017-12-31 3.90
2017-09-30 4.02
2017-06-30 3.92
2017-03-31 4.14
2016-12-31 3.88
2016-09-30 4.28
2016-06-30 4.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if National Health Investors will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess National Health Investors's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
National Health Investors has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has National Health Investors performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare National Health Investors's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • National Health Investors's year on year earnings growth rate has been positive over the past 5 years.
  • National Health Investors's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • National Health Investors's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
National Health Investors's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from National Health Investors Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NHI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 297.97 151.58 16.56
2018-12-31 294.61 154.33 16.56
2018-09-30 291.70 155.05 15.02
2018-06-30 288.16 153.16 14.58
2018-03-31 285.03 153.57 12.83
2017-12-31 278.66 159.37 12.71
2017-09-30 272.56 162.75 12.13
2017-06-30 263.69 156.70 21.19
2017-03-31 255.01 163.05 20.76
2016-12-31 247.25 151.54 19.65
2016-09-30 239.96 164.75 19.72
2016-06-30 235.43 165.32 9.74
2016-03-31 230.32 151.90 10.09
2015-12-31 227.18 148.86 10.98
2015-09-30 215.03 122.00 10.56
2015-06-30 201.48 113.65 10.99
2015-03-31 189.67 107.76 10.26
2014-12-31 177.44 101.61 9.32
2014-09-30 164.74 98.20 9.13
2014-06-30 151.34 94.98 9.17
2014-03-31 134.30 87.98 9.47
2013-12-31 118.15 78.50 10.04
2013-09-30 108.48 80.69 9.92
2013-06-30 101.80 71.94 9.49
2013-03-31 96.45 69.50 9.05
2012-12-31 93.36 72.67 8.57
2012-09-30 89.15 60.09 7.77
2012-06-30 87.58 64.54 7.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • National Health Investors has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • National Health Investors used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • National Health Investors's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess National Health Investors's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
National Health Investors has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is National Health Investors's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up National Health Investors's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • National Health Investors is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • National Health Investors's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of National Health Investors's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from National Health Investors Company Filings, last reported 1 month ago.

NYSE:NHI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,415.98 1,288.60 5.74
2018-12-31 1,389.71 1,281.68 4.66
2018-09-30 1,363.40 1,220.14 2.64
2018-06-30 1,361.37 1,225.72 5.18
2018-03-31 1,319.88 1,160.23 4.56
2017-12-31 1,322.12 1,146.24 3.06
2017-09-30 1,327.67 1,113.78 3.93
2017-06-30 1,286.43 1,148.06 3.47
2017-03-31 1,287.28 1,148.71 5.69
2016-12-31 1,209.59 1,120.26 4.64
2016-09-30 1,206.99 1,096.36 4.20
2016-06-30 1,178.64 1,085.48 3.88
2016-03-31 1,139.69 948.42 28.81
2015-12-31 1,142.46 921.17 13.29
2015-09-30 1,044.67 1,019.25 14.20
2015-06-30 1,046.51 899.05 3.29
2015-03-31 1,046.44 907.90 4.19
2014-12-31 1,049.93 867.92 3.29
2014-09-30 781.02 643.30 3.82
2014-06-30 780.38 641.90 7.16
2014-03-31 783.19 630.02 6.25
2013-12-31 777.16 617.08 12.29
2013-09-30 490.41 392.07 7.45
2013-06-30 468.99 387.29 36.47
2013-03-31 468.38 204.22 6.05
2012-12-31 468.05 204.49 9.17
2012-09-30 450.41 195.59 4.41
2012-06-30 445.27 120.91 9.80
  • National Health Investors's level of debt (91%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (80.5% vs 91% today).
  • Debt is not well covered by operating cash flow (18.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4x coverage).
X
Financial health checks
We assess National Health Investors's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. National Health Investors has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is National Health Investors's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.24%
Current annual income from National Health Investors dividends. Estimated to be 5.56% next year.
If you bought $2,000 of National Health Investors shares you are expected to receive $105 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • National Health Investors's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • National Health Investors's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Upcoming dividend payment

Purchase National Health Investors before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:NHI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:NHI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 5.11 1.00
2022-12-31 4.91 1.00
2021-12-31 4.64 1.00
2020-12-31 4.38 4.00
2019-12-31 4.20 4.00
NYSE:NHI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-07 4.200 5.420
2019-02-19 4.200 5.413
2018-12-17 4.000 5.047
2018-08-07 4.000 5.266
2018-05-08 4.000 5.431
2018-02-16 4.000 5.952
2017-11-08 3.800 5.167
2017-08-09 3.800 4.858
2017-05-11 3.800 4.935
2017-02-17 3.800 5.201
2016-12-08 3.600 4.872
2016-08-05 3.600 4.732
2016-05-06 3.600 4.938
2016-02-18 3.600 5.499
2015-12-14 3.400 5.650
2015-08-05 3.400 5.797
2015-05-07 3.400 5.228
2015-02-17 3.400 4.868
2014-12-09 3.080 4.290
2014-08-04 3.080 4.897
2014-05-06 3.080 4.957
2014-01-27 3.080 5.041
2013-12-02 2.940 5.079
2013-09-16 3.160 5.281
2013-04-26 3.160 5.119
2013-02-14 2.780 4.249
2012-08-06 2.680 4.855
2012-05-10 2.600 5.116
2012-03-09 2.600 5.339
2011-12-08 2.600 5.601
2011-08-04 2.460 5.728
2011-05-05 2.460 5.432
2011-02-17 2.460 5.217
2010-11-04 2.420 5.336
2010-08-03 2.520 5.808
2010-05-10 2.400 6.114
2010-02-22 2.400 6.270
2009-10-30 2.300 6.750
2009-08-07 2.380 7.446

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of National Health Investors's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess National Health Investors's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can National Health Investors afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. National Health Investors has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of National Health Investors's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
D. Mendelsohn
COMPENSATION $1,800,008
AGE 56
TENURE AS CEO 3.8 years
CEO Bio

Mr. D. Eric Mendelsohn serves as the Chief Executive Officer and President at National Health Investors Inc. since October 05, 2015. Previously, Mr. Mendelsohn served as an Interim Chief Executive Officer and President from August 11, 2015 to August 13, 2015 and served as an Executive Vice President of Corporate Finance since January 26, 2015 at the firm. He joined National Health Investors, Inc. since January 2015. He served as the Senior Vice President of Corporate Development at Emeritus Corp since September 2007. He was responsible for the acquisition, development and financing of new and existing Emeritus buildings. He joined the firm as Director of Real Estate and Legal Affairs in February 2006. He was a practicing transaction attorney, representing lenders and landlords. Prior to this, he served as a Transaction Officer for the University of Washington where he managed the acquisition, leasing and financing of healthcare properties for the School of Medicine as well as other property needs for University clients. He serves as a Member of Board of Trustees at Bloodworks Northwest (alternate name Puget Sound Blood Center and Program). He served as a Director at Emeritus Corp. He is a member of the bar in both Washington State and Florida. He is a member of the Florida and Washington State Bar Associations. He is experienced in Healthecare, real estate and related financing. He received a Master’s (LLM) in Banking and Finance from Boston University, a Law Degree from Pepperdine University and a Bachelor of Science from American University in International Relations.

CEO Compensation
  • D.'s compensation has been consistent with company performance over the past year.
  • D.'s remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the National Health Investors management team in years:

3.5
Average Tenure
56
Average Age
  • The tenure for the National Health Investors management team is about average.
Management Team

D. Mendelsohn

TITLE
President & CEO
COMPENSATION
$2M
AGE
56
TENURE
3.8 yrs

John Spaid

TITLE
Executive Vice President of Finance
COMPENSATION
$647K
AGE
58
TENURE
3.2 yrs

Kevin Pascoe

TITLE
Chief Investment Officer
COMPENSATION
$923K
AGE
37
TENURE
2.3 yrs

Roger Hopkins

TITLE
Chief Accounting Officer
COMPENSATION
$881K
AGE
56
TENURE
12.4 yrs

Colleen Schaller

TITLE
Director

Kimberly Ouimet

TITLE
Director of Compliance
TENURE
4.3 yrs

Michelle Kelly

TITLE
Senior Vice President of Investments
TENURE
1.7 yrs

Susan Sidwell

TITLE
Corporate Secretary

Ron Reel

TITLE
Controller
Board of Directors Tenure

Average tenure and age of the National Health Investors board of directors in years:

23.3
Average Tenure
69.5
Average Age
  • The average tenure for the National Health Investors board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Andy Adams

TITLE
Chairman of the Board
COMPENSATION
$154K
AGE
72
TENURE
28.3 yrs

Robert Webb

TITLE
Director
COMPENSATION
$154K
AGE
73
TENURE
28.3 yrs

Rob McCabe

TITLE
Director
COMPENSATION
$164K
AGE
67
TENURE
18.3 yrs

Jimmy Jobe

TITLE
Director
COMPENSATION
$154K
AGE
57
TENURE
6.1 yrs
Who owns this company?
Recent Insider Trading
  • National Health Investors insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
26. Feb 19 Sell Robert McCabe Individual 21. Feb 19 21. Feb 19 -1,181 $78.04 $-92,168
18. Dec 18 Sell Kevin Pascoe Individual 14. Dec 18 14. Dec 18 -2,070 $79.60 $-164,772
14. Dec 18 Sell Kristin Gaines Individual 12. Dec 18 13. Dec 18 -10,708 $80.92 $-860,526
27. Nov 18 Sell Robert McCabe Individual 26. Nov 18 26. Nov 18 -1,250 $75.41 $-94,263
29. May 18 Buy Robert McCabe Individual 25. May 18 25. May 18 285 $72.00 $20,520
X
Management checks
We assess National Health Investors's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. National Health Investors has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

National Health Investors, Inc. (NYSE:NHI) Is Yielding 5.3% - But Is It A Buy?

National Health Investors has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … Conclusion To summarise, shareholders should always check that National Health Investors's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … First, we think National Health Investors is paying out an acceptable percentage of its cashflow and profit.

Simply Wall St -

Read This Before Buying National Health Investors, Inc. (NYSE:NHI) Shares

So shareholders might well want to know whether insiders have been buying or selling shares in National Health Investors, Inc. … The Last 12 Months Of Insider Transactions At National Health Investors. … In the last twelve months, the biggest single sale by an insider was when the , Kristin Gaines, sold US$861k worth of shares at a price of US$80.92 per share.

Simply Wall St -

Could The National Health Investors, Inc. (NYSE:NHI) Ownership Structure Tell Us Something Useful?

If you want to know who really controls National Health Investors, Inc. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … We'd expect to see both institutions and retail investors owning a portion of the company.

Simply Wall St -

Is National Health Investors, Inc. (NYSE:NHI) Overpaying Its CEO?

First, this article will compare CEO compensation with compensation at similar sized companies. … See our latest analysis for National Health Investors. … Mendelsohn's Compensation Compare With Similar Sized Companies?.

Simply Wall St -

Investing In Property Through National Health Investors, Inc. (NYSE:NHI)

National Health Investors, Inc. … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities … These items can distort the bottom line and not necessarily reflective of NHI’s daily operations.

Simply Wall St -

Did National Health Investors, Inc. (NYSE:NHI) Insiders Sell Shares?

So we'll take a look at whether insiders have been buying or selling shares in National Health Investors, Inc. … National Health Investors Insider Transactions Over The Last Year. … All up, insiders sold more shares in National Health Investors than they bought, over the last year.

Simply Wall St -

Is National Health Investors, Inc.'s (NYSE:NHI) 11% Better Than Average?

By way of learning-by-doing, we'll look at ROE to gain a better understanding National Health Investors, Inc. … National Health Investors has a ROE of 11%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Why National Health Investors Inc's (NYSE:NHI) CEO Pay Matters To You

First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for National Health Investors. … At the time of writing our data says that National Health Investors Inc has a market cap of US$3.2b, and is paying total annual CEO compensation of US$1.7m

Simply Wall St -

You May Have Been Looking At National Health Investors Inc (NYSE:NHI) All Wrong

National Health Investors Inc is a US$3.1b. … See our latest analysis for National Health Investors … REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities

Simply Wall St -

Who Are The Top Investors In National Health Investors Inc (NYSE:NHI)?

A look at the shareholders of National Health Investors Inc (NYSE:NHI) can tell us which group is most powerful. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … We'd expect to see both institutions and retail investors owning a portion of the company.

Simply Wall St -

Company Info

Description

Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.

Details
Name: National Health Investors, Inc.
NHI
Exchange: NYSE
Founded: 1991
$3,465,980,864
43,259,871
Website: http://www.nhireit.com
Address: National Health Investors, Inc.
222 Robert Rose Drive,
Murfreesboro,
Tennessee, 37129,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE NHI Common Stock New York Stock Exchange US USD 09. Oct 1991
DB WX6 Common Stock Deutsche Boerse AG DE EUR 09. Oct 1991
Number of employees
Current staff
Staff numbers
16
National Health Investors employees.
Industry
Health Care REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:37
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/09
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.