NATIONAL HEALTH INVESTORS (NHI) Company Report

NHI reported strong Q3 2025 financial results, with normalized FFO per share increasing 28% to $1.32 and FAD increasing 26% to $62.2 million compared to the prior year.
The company raised its full-year 2025 guidance for the third time, with the midpoint for normalized FFO per share now $4.90, representing a 10.4% increase over 2024.
Strategic expansion of the SHOP portfolio continued, with seven properties transitioned and a $74.3 million SHOP acquisition completed. Total announced investments for the year reached $303.2 million, with an additional $195 million under signed LOIs.
Consolidated SHOP NOI grew 62.6% in Q3 2025, and annualized SHOP NOI is projected to more than double again in 2026 to at least 20% of total adjusted NOI. The company also maintained a strong balance sheet with net debt to adjusted EBITDA at 3.6 times and $1.1 billion in available liquidity.

Nov 7, 2025, 3:00 PM

National Health Investors, Inc. Reports Strong Q3 2025 Results and Updates 2025 Guidance

NHI

Earnings

Guidance Update

New Projects/Investments

National Health Investors, Inc. (NHI) reported strong financial results for Q3 2025, with lease revenue (excluding straight-line, lease amortization, and escrow reimbursement revenue) increasing 16.6% compared to Q3 2024 to $70.1 million, and total Senior Housing Operating Portfolio (SHOP) revenue increasing 53.8% year-over-year.
The company updated its 2025 guidance as of November 2025, with midpoint estimates for NAREIT FFO per diluted common share at $4.64 and Normalized FFO per diluted common share at $4.90.
NHI maintains a strong financial position with Net Debt to Adjusted EBITDA at 3.6x as of September 30, 2025, which is below its target range of 4.0x – 5.0x, and total liquidity of approximately $1.1 billion.
Investment activity remains robust, with $303.2 million in investments closed year-to-date 2025 at an average initial yield of approximately 8.0%, $195.3 million in signed Letters of Intent (LOIs), and a pipeline of investment opportunities valued at approximately $154.0 million.
The company's Return on Invested Capital (ROIC) for Q3 2025 reached 8.45%, exceeding its weighted average cost of capital and pre-pandemic levels.

Nov 6, 2025, 9:29 PM

National Health Investors Inc. Reports Q3 2025 Financial and Portfolio Performance

NHI

Earnings

Debt Issuance

National Health Investors Inc. reported total revenues of $87.69 million and net income of $38.08 million for Q3 2025, with diluted EPS of $0.80.
For Q3 2025, FFO per share was $1.10 and Normalized FAD per share was $0.90.
As of September 30, 2025, the company's total debt was $1,087.87 million, with 80.0% being unsecured fixed-rate debt. Subsequent to the quarter end, the Term Loan was extended by six months, and $50 million in private placement notes were repaid.
The total portfolio EBITDARM coverage was 1.54x and occupancy was 85.2% for Q2 2025.

Nov 6, 2025, 9:27 PM

NHI Announces Strong Third Quarter 2025 Results and Raises Full-Year Guidance

NHI

Earnings

Guidance Update

New Projects/Investments

National Health Investors, Inc. (NHI) reported strong Q3 2025 results, with Net income attributable to common stockholders per diluted share increasing to $0.69 compared to $0.65 in the prior year, and Normalized FFO per diluted share rising to $1.32 compared to $1.03.
The company increased its full-year 2025 guidance for the third time, with NAREIT FFO per diluted share now projected between $4.62 and $4.65 (up from $4.46 - $4.50), and Normalized FFO per diluted share between $4.88 and $4.91 (up from $4.78 - $4.82).
NHI's portfolio saw significant activity, including the transition of seven properties to its SHOP portfolio, contributing to a 63% year-over-year consolidated SHOP NOI growth. The company also announced a $74.3 million SHOP acquisition and has $303.2 million in investments announced to date for 2025.
As of September 30, 2025, NHI maintained a strong balance sheet with $1.1 billion in net debt and a net debt to adjusted EBITDA ratio of 3.6x, which is below its target range. The company also issued $350.0 million in 5.35% senior notes.

Nov 6, 2025, 9:22 PM

National Healthcare Properties Reports Third Quarter 2025 Results

NHI

Earnings

Debt Issuance

Dividends

National Healthcare Properties, Inc. reported a net loss of $(0.56) per basic and diluted share, with FFO of $0.23 per diluted share, and AFFO of $0.36 per diluted share for the third quarter ended September 30, 2025.
FFO per share increased 21.1% on a quarter-over-quarter basis, and AFFO per share increased 12.5% on a quarter-over-quarter basis.
The company's third quarter portfolio Same Store Cash Net Operating Income (NOI) grew 12.2% year-over-year, with the Senior Housing Operating Property (SHOP) segment showing 27.2% growth and the Outpatient Medical Facility (OMF) segment showing 4.7% growth.
As of September 30, 2025, total debt outstanding was $1.0 billion, and Net Leverage (Net Debt to Annualized Adjusted EBITDA) totaled 8.9x.

Nov 5, 2025, 9:52 PM

National Health Investors, Inc. Completes $350 Million Senior Notes Offering

NHI

Debt Issuance

New Projects/Investments

National Health Investors, Inc. (NHI) completed an underwritten public offering of $350,000,000 in 5.350% Senior Notes due 2033 on September 26, 2025.
The Notes were priced at 98.903% of their principal amount, resulting in gross proceeds of $346,160,500 for the company.
NHI intends to use the net proceeds primarily to reduce borrowings under its senior unsecured revolving credit facility, with residual funds allocated to working capital and general corporate purposes, including potential acquisitions.
These Notes are general senior unsecured obligations, ranking equally with other senior unsecured debt, but are effectively subordinated to secured indebtedness.