Under CEO Justin Hutchens, senior living real estate investment trust National Health Investors has tripled its asset base to about $2 billion while its market cap now stands at more than $2.3 billion. In a recent interview with Senior Housing News, Hutchens discusses some of the ways he plans to further build NHI's footprint. California looks to be a key growth market thanks to its tighter regulations but Texas and Florida likely won't figure as prominently because their barriers to entry are lower.
Read the full Q&A here.
Justin Hutchens, president and CEO of National Health Investors, this week sold about 8 percent of his shares in the company, grossing almost $420,000. The move came after NHI stock shares rose more than 6 percent in about three weeks to get back into positive territory for the year. The stock (Ticker: NHI) is up 25 percent over the past six months. Hutchens still directly owns $4.8 million worth of the Murfreesboro-based company.
Shares of Tractor Supply are up nicely in early trading this morning after Oppenheimer analyst Brian Nagel upgraded his rating to 'outperform' from 'market perform.' Nagel says the Brentwood-based specialty retailer is in good position to get a lift from a strengthening economy and sees its stock (Ticker: TSCO) to get to $95 from the $84.88 at which it closed Wednesday.
Daniel Bernstein at Stifel Nicolaus has trimmed his price target on shares of National Health Investors to $80 from $83 following the real estate investment trust's Q4 report. But he has kept his 'outperform' rating and says investors should look for the company to continue to grow faster than its peers. NHI shares (Ticker: NHI) are changing hands this morning around $71.60.
National Health Investors has announced plans to raise $300 million through an at-the-market equity distribution program. The Murfreesboro-based company plans to use the proceeds of the stock sale for general corporate purposes, which could include acquisitions, real estate investments or debt repayments.
KeyBanc Capital Markets, BMO Capital Markets, Goldman Sachs and Stifel Nicolaus will sell the new NHI shares and receive a commission up to 1.5 percent of gross proceeds.
NHI's portfolio includes 183 properties comprising the long-term care and senior housing industries. Shares of NHI (Ticker: NHI) were down to $70.91 Wednesday morning. In the last six months they're up 10 percent. For NHI's filing with the Securities and Exchange Commission, click here.
Real estate investment trust National Health Investors has sold $225 million in unsecured debt to a division of financial giant Prudential and used that cash to pay down some of the loans from its bank group led by Wells Fargo. Murfreesboro-based NHI says its Prudential debt consists of $125 million that will mature in eight years and pay annual interest of 3.99 percent as well as $100 million due in 2027 and carrying an interest rate of 4.51 percent. NHI shares (Ticker: NHI) are down slightly in early Thursday trading to $74.05. Over the past three months, they've risen more than 20 percent.
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