NHR Reports First Quarter Income
30 Abril 2007 - 4:00PM
Business Wire
National Health Realty, Inc. (AMEX: NHR), a long-term health care
real estate investment trust, announced net income for the quarter
ended March 31, 2007 of $2,943,000 compared to $3,103,000 in the
comparable quarter of last year. For the three months ended March
31, 2007 net income per share was 30 cents basic and diluted
compared to 31 cents basic and diluted, for the first quarter last
year. Basic and diluted funds from operations were 42 cents per
share compared to 44 cents basic and diluted, last year. Revenues
for the quarter totaled $5,082,000 compared to $5,163,000 last
year. �Quarterly operating results are in line with Company
expectations and include merger related costs of $266,000,� said
NHR President Robert Adams. �We are currently focusing our efforts
on our proposed merger with National HealthCare Corporation that is
expected to be completed in the summer.� NHR owns the real property
of 16 skilled nursing facilities, six assisted living centers and
one retirement center. NHR also owns first and second mortgage
notes having a carrying value of $12.4 million. These notes are
secured by operating skilled nursing facilities and other health
care properties. Additional information including NHR�s most recent
press releases may be obtained on NHR�s web site at
www.nationalhealthrealty.com. The company trades on the American
Stock Exchange with the symbol NHR. Statements in this press
release that are not historical facts are forward looking
statements. NHR cautions investors that any forward-looking
statements made involve risks and uncertainties and are not
guarantees of future performance. All forward-looking statements
represent NHR�s best judgment as of the date of this release.
Condensed Statement of Income (unaudited) (in thousands, except
share and per share amounts) � Three Months Ended March 31 2007�
2006� Revenues: Rental income $ 4,562� $ 4,628� Mortgage interest
income � 520� � 535� � 5,082� � 5,163� Expenses: Interest 138� 149�
Depreciation of real estate 1,341� 1,423� General and
administrative � 525� � 235� � 2,004� � 1,807� Income before
minority interest in consolidated subsidiaries and non-operating
income 3,078� 3,356� � Non-operating income (investment &
interest income) 224� 125� � Minority interest in consolidates
subsidiaries � (359) � (378) � Net Income $ 2,943� $ 3,103� � Net
income per common share: Basic $ 0.30� $ 0.31� Diluted $ 0.30� $
0.31� � Funds from operations: Basic $ 4,138� $ 4,371� Diluted $
4,138� $ 4,371� � Funds from operations per common share: Basic $
0.42� $ 0.44� Diluted $ 0.42� $ 0.44� � Weighted average common
shares: Basic 9,951,864� 9,939,463� Diluted 9,968,645� 9,946,538� �
Common dividends declared $ 0.3325� $ 0.3325� Balance Sheet Data
(in thousands) March 31, Dec. 31, 2007� 2006� Real estate
properties, net $108,022� $109,363� Mortgages receivable 12,371�
12,541� Long-term debt 8,325� 8,750� Stockholders' equity 111,645�
112,385� Reconciliation of Funds From Operations (1) The following
table reconciles net income applicable to common stockholders to
funds from operations applicable to common stockholders: Three
Months Ended March 31 � 2007� � 2006� (in thousands) � Net income
applicable to common stockholders $ 2,943� $ 3,103� Adjustments:
Real estate depreciation 1,341� 1,423� Minority interest in NHR/OP,
L.P. share of add back for real estate related depreciation � (146)
� (155) Funds from operations applicable to common stockholders $
4,138� $ 4,371� � Basic funds from operations per share $ 0.42� $
0.44� Diluted funds from operations per share $ 0.42� $ 0.44� �
Weighted average shares: Basic 9,951,864� 9,939,463� Diluted
9,968,645� 9,946,538� (1) We believe that funds from operations is
an important supplemental measure of operating performance. We,
therefore, disclose funds from operations, although it is a
measurement that is not defined by accounting principles generally
accepted in the United States. We generally use the National
Association of Real Estate Investment Trusts (NAREIT) measure of
funds from operations. We define funds from operations as income
before extraordinary items adjusted for certain non-cash items,
primarily real estate depreciation, less gains/losses on sales of
facilities. Our measure may not be comparable to similarly titled
measures used by other REITs. Consequently, our funds from
operations may not provide a meaningful measure of our performance
as compared to that of other REITs. Funds from operations does not
represent cash generated from operating activities as defined by
accounting principles generally accepted in the United States
(funds from operations does not include changes in operating assets
and liabilities) and, therefore, should not be considered as an
alternative to net income as the primary indicator of operating
performance or to cash flow as a measure of liquidity. National
Health Realty, Inc. Portfolio Summary March 31, 2007 � � PORTFOLIO
STATISTICS Number of Investment Properties � Investment �
Percentage Mortgage loan receivables 5� $ 12,371� 10% Equity
ownership 23� � � 108,022� � 90% Total real estate portfolio 28� $
120,393� 100% � � MORTGAGE LOAN RECEIVABLES Number of Number
Properties � of Beds � Investment Nursing homes 5� 714� $ 12,371� �
� EQUITY OWNERSHIP Number of Number Properties � of Beds �
Investment Nursing homes 16� 1,908� $ 65,455,000� Assisted living
6� 488� 28,804,000� Retirement homes 1� � � 58� � 13,763,000� 23�
2,454� $108,022,000� � � � � � Total Real Estate Portfolio 28� � �
3,168� � $108,034,371� � � SUMMARY OF FACILITIES BY TYPE Number of
% of Total Properties � Total $ � Dollars Nursing homes 21� 64.64%
$ 77,826,000� Assisted living 6� 23.92% 28,804,000� Retirement
homes 1� � � 11.43% � 13,763,000� 28� � � 100.00% � $120,393,000� �
� SUMMARY OF FACILITIES BY STATE Percent Assisted Investment Total
LTC � Living � Retirement � Amount � Portfolio 1� Florida 8� 3�
53,289,000� 44.26% 2� Tennessee 2� 2� 1� 32,228,000� 26.77% 3�
South Carolina 7� 26,101,000� 21.68% 4� Indiana 3� 3,451,000� 2.87%
5� Alabama 1� 3,162,000� 2.63% 6� Missouri 1� � � � � � 2,162,000�
� 1.80% 21� � � 6� � 1� � 120,393,000� � 100.00%
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