National Health Investors produced normalized funds from operations of $21.4 million in the second quarter, an increase of 6 percent from last year. Per diluted share, normalized FFO was 77 cents, in line with analysts' expectations.
Revenues at the Murfreesboro-based real estate investment trust fell to $21.8 million from almost $30 million a year ago, when the top line was helped by $9.8 million in investment income versus $1.1 million this year. Rental and mortgage interest income both rose slightly.
CEO Justin Hutchens raised the floor of his team's full-year earnings guidance range to $3.08 per share from $3.05. The top end of that range remains at $3.13.
Shares of NHI (Ticker: NHI) are up about 18 percent this year.
Auto insurer First Acceptance said it lost $4.2 million in the second quarter as more of its customers reported claims. A year ago, the Green Hills-based company lost $1 million, excluding a large asset writedown.
Revenues at First Acceptance rose 9 percent during the quarter to $57.9 million, but losses spiked to almost $40 million compared to about $32 million last year. The company's combined ratio, which measures expenses and losses versus premium revenues, climbed more than six points to 109.1 percent. Executives said the number of policies in force at the end of June was 9 percent higher than a year ago and that more policy quotes are being converted into new policies.
First Acceptance shares (Ticker: FAC) are unchanged in Wednesday morning trading at $1.20. Year to date, they're down about 12 percent.