National Health Investors Inc
NYSE:NHI

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National Health Investors Inc
NYSE:NHI
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Price: 78.03 USD 0.96% Market Closed
Market Cap: 3.7B USD

National Health Investors Inc
Investor Relations

National Health Investors Inc. (NHI) navigates the complexities of the healthcare industry with the precision of a seasoned sailor charting familiar waters. Founded in 1991 and headquartered in Tennessee, NHI operates as a real estate investment trust (REIT) specializing in the ownership and financing of senior housing and medical properties. The company has carved a niche in acquiring, holding, and leasing properties like skilled nursing facilities, assisted living communities, and independent living facilities. By partnering with experienced operators and third-party managers across the healthcare spectrum, NHI strategically aligns its portfolio to capitalize on demographic trends such as an aging population that invariably increases demand for such facilities.

Driving its revenue engine, NHI effectively capitalizes on its real estate investments through a business model built on the acquisition and leasing of properties to healthcare operators. The company generates income primarily from rental payments, in addition to mortgage and other financing entities. Its triple-net lease agreements, in particular, ensure that operational expenses such as taxes, insurance, and maintenance are the responsibility of the tenants, thereby providing NHI with a steady, reliable income stream with reduced overhead liabilities. Meticulously maintaining a balance between risk and reward, NHI's focus remains on diversifying its tenant base and ensuring that its properties are operated by proficient managers who can withstand the industry's inherent regulatory and economic challenges. Whether navigating the ebbs and flows of market conditions or capitalizing on emerging opportunities, NHI continues to position itself at the forefront of healthcare real estate investment.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 7, 2025
AI Summary
Q3 2025

Guidance Raised: NHI raised its 2025 guidance for the third time this year, now projecting over 10% normalized FFO per share growth at the midpoint, the strongest annual growth since 2014.

SHOP Expansion: The company transitioned 7 properties into its SHOP portfolio, driving SHOP NOI growth of about 63% year-over-year, and expects SHOP to reach at least 20% of total NOI in 2026.

Strong Investment Pipeline: NHI has announced $303.2 million in investments year-to-date and currently has about $195 million under signed LOIs, with more acquisitions expected in the coming quarters.

Solid Balance Sheet: Net debt to adjusted EBITDA stands at 3.6x, below target, and available liquidity exceeds $1 billion, providing flexibility for future growth.

Same-Store SHOP Weakness: The 15-property same-store SHOP portfolio saw NOI decline 2.2% and occupancy fall, but management expects double-digit growth to return in 2026 after corrective actions.

Dividend Maintained: A $0.92 per share dividend was declared for Q4, payable January 30, 2026.

NHC Lease Negotiation: There are ongoing legal and renewal discussions regarding the NHC master lease, with potential outcomes still uncertain.

Key Financials
Net Income Per Share
$0.69
NAREIT FFO Per Share
$1.09
Normalized FFO Per Share
$1.32
FAD
$62.2 million
Total SHOP NOI
$4.9 million
Same-store SHOP NOI
$3 million
Weighted Average Common Diluted Shares
47.6 million
Cash Lease Revenue
$70.1 million
Net Debt to Adjusted EBITDA
3.6x
Available Liquidity
$1.1 billion
Dividend Per Share
$0.92
SHOP NOI Yield (Compass Acquisition, year 1, stabilized)
8.2%
Earnings Call Recording
Other Earnings Calls

Management

Mr. John L. Spaid
Executive VP of Finance, CFO & Treasurer
No Bio Available
Ms. Kristin Sallee Gaines
Senior VP & Chief Transaction Officer
No Bio Available
Mr. Kimberly Ouimet
Director of Corporate Compliance & Human Resources
No Bio Available
Ms. Michelle R. Kelly
Senior Vice President of Investments
No Bio Available
Susan V. Sidwell
Corporate Secretary
No Bio Available
Ms. Colleen Schaller
Real Estate Transaction Manager
No Bio Available

Contacts

Address
TENNESSEE
Murfreesboro
222 Robert Rose Dr
Contacts
+16158909100.0
www.nhireit.com