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National Health (NHI) Sells Shares Worth $80M on ATM Program

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National Health Investors Inc. (NHI - Free Report) announced that during first-quarter 2017 ended Mar 31, it sold 1,123,184 common shares on its At-The-Market (ATM) equity program. This has added to the financial flexibility of the Murfreesboro, TN-based healthcare real estate investment trust (REIT).
 
National Health Investors invests in income-producing health care properties, primarily in the long-term care industry. The company sold the shares at an average price of $72.31. This generated net proceeds of $80 million. The net proceeds have been utilized for partially funding acquisitions made during first-quarter 2017. Also, National Health Investors is utilizing the net proceeds for financing its loan commitments and development activities as well as for reducing the leverage metrics.

Currently, National Health Investors carries a Zacks Rank #3 (Hold).

Shares of National Health Investors underperformed the Zacks categorized REIT and Equity Trust - Other industry in the last three months. During this time, shares of the company declined 2.5%, whereas the industry gained 1.1%.


Investors interested in the REIT space may consider stocks like Global Net Lease, Inc. (GNL - Free Report) , CoreSite Realty Corporation (COR - Free Report) and CorEnergy Infrastructure Trust, Inc. . Each of these stocks carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 remained unchanged at 60 cents.

In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.

CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 6.5% to $1.14, in the last 30 days.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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