Real estate investment trust National Health Investors has completed its secondary stock offering, raising $282 million by issuing almost 5.2 million shares — a number that included a 675,000-share greenshoe. NHI shares (Ticker: NHI) closed Friday's half-day session at $58.87 and are up slightly for the year.
The investment banks handling the sale of 4.5 million National Health Investors shares have set their price at $57. That's a 6 percent discount to the shares' Wednesday closing price before officials announced their plans to buy 25 properties from Holiday Retirement — and a couple of cents above where they ended in 2012. After expenses, NHI execs will take home $245 million, half of the money they'll need to buy the Holiday portfolio.
Murfreesboro-based National Health Investors has been plenty busy making investments across the country this year. Now CEO Justin Hutchens and his team are laying the foundations for more growth in the coming years by filing a shelf registration with the Securities and Exchange Commission. Doing so will let them issue stock or other paper, although there are no details yet of future offerings. NHI shares (Ticker: NHI) are up almost 10 percent so far this year.
National Health Investors posted third-quarter normalized funds from operations of $26.2 million, an increase of 17 percent from the year before. Revenues at the Murfreesboro-based real estate investment trust rose about 30 percent to $31.8 million while costs stayed in check. The company (Ticker: NHI) also got a boost from the recovery of more than $2 million from a mortgage it had previously written down.
Fellow Murfreesboro company National HealthCare Corp. (Ticker: NHC) rang up third-quarter earnings of $19.9 million, up 16 percent from the 2012 quarter. Per diluted share, profits came in at $1.19 versus $1.04 a year ago and were helped by cost controls and a $4.4 million increase in non-operating income. Patient days during the quarter rose 2 percent from a year ago to almost 586,000, helping push revenues up 3 percent to $196 million.
National Health Investors has signed two deals with Chancellor Health Care of Southern California. The Murfreesboro-based real estate investment trust will spend $9.5 million to buy and renovate an assisted-living community in Maryland and also has committed $7.5 million to expand a Loma Linda, Calif., campus it bought from Chancellor last year. NHI shares (Ticker: NHI) closed last week at $62.43 and are up about 10 percent in 2013.
- BRASWELL, ROBERT
- GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR
- GARRETT, TIMOTHY M EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, JOHNNY C EXECUTOR; GARRETT, JOHNNY C IV EXECUTOR
- GARRETT, JOHNNY C IV EXECUTOR; GARRETT, JOHNNY C EXECUTOR; GARRETT, ANN BIGGER ESTATE; GARRETT, TIMOTHY M EXECUTOR