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.
Officials with local companies Brookdale Senior Living and Hoar Construction recently broke ground on an expansion of one of Brookdale's four communities in the Birmingham market. Hoar is building a 66-bed skilled-nursing unit that will encompass 54,000 square feet. The Brookdale Place University Park complex also includes 234 independent-living beds, 90 assisted-living units, and 28 memory-care spots. More info is here.
Officials from Maury Regional Medical Center and National HealthCare Corp. have teamed up to apply for permission to build a 112-bed skilled nursing facility. The NHC/Maury County Regional Transitional Care Center project would be valued at $18 million and, if approved later this month by state regulators, would open its doors in mid-2015.
National Health Investors has drawn on its revolving credit line to buy an Alabama retirement community for $12 million and has signed a 15-year lease deal with Discovery Senior Living. The two companies also have signed a deal to have NHI fund a $2.5 million second mortgage on a Discovery project in Florida. Check out the details here.