Benzinga | Jul 19, 2021 04:32PM EDT

National Health Investors Provides Business Update; Says Co Has Collected 88.4% Of Contractual Cash Due For July

National Health Investors, Inc. (NYSE:NHI) today provided a business update regarding its monthly contractual cash collections and average occupancy from its three largest senior housing operators.

Eric Mendelsohn, NHI President and CEO, said, "We are pleased to see overall occupancy gains throughout the portfolio increase through June and collections continue to improve with the expected collection rate over 90% this month. We are making progress on optimizing relationships with our larger operating partners and look forward to providing more details over the next several months."

Collections

NHI has collected 88.4% of contractual cash due for July. The remaining balance for the month is comprised of the following: 5.5% in deferrals related to Bickford; 2.2% in deferrals related to Holiday; 1.6% in deferrals, either agreed to or pending, related to two tenants; 1.7% related to amounts expected to be collected; and 0.6% related to lower forecasted revenue from transitioned properties prior to the start of the pandemic.

Occupancy

The following table summarizes the average monthly portfolio occupancy for Senior Living Communities ("SLC"), Bickford, and Holiday Retirement ("Holiday") for the periods indicated, excluding development properties in operation less than 24 months, notes receivable, and properties disposed or transitioned to new operators.

Properties Jun-21 May-21 Apr-21 Mar-21 Feb-21 Jan-21 Dec-20 Nov-20SLC 9 79.1 % 78.6 % 77.9 % 77.8 % 78.1 % 77.3 % 76.2 % 77.1 %

Bickford 42 78.2 % 77.3 % 76.6 % 74.6 % 74.9 % 75.5 % 77.1 % 79.7 %

Holiday 26 74.1 % 73.9 % 73.5 % 73.5 % 73.6 % 75.3 % 76.8 % 77.0 %

Properties Oct-20 Sep-20 Aug-20 Jul-20 Jun-20 May-20 Apr-20 Mar-20SLC 9 78.6 % 78.9 % 78.8 % 79.2 % 79.0 % 79.2 % 79.0 % 80.5 %

Bickford 42 80.5 % 81.6 % 81.1 % 81.0 % 81.0 % 82.0 % 83.2 % 84.2 %

Holiday 26 77.8 % 78.5 % 79.6 % 80.7 % 82.3 % 83.2 % 85.0 % 86.7 %