Earnings summaries and quarterly performance for NATIONAL HEALTH INVESTORS.
Research analysts who have asked questions during NATIONAL HEALTH INVESTORS earnings calls.
AW
Austin Wurschmidt
KeyBanc Capital Markets Inc.
6 questions for NHI
Also covers: AHR, AIV, AMH +20 more
FG
Farrell Granath
Bank of America
5 questions for NHI
Also covers: ADC, AHR, ARE +15 more
Juan Sanabria
BMO Capital Markets
4 questions for NHI
Also covers: AHR, AMH, BRX +22 more
OO
Omotayo Okusanya
Deutsche Bank AG
4 questions for NHI
Also covers: AMH, ARE, AVB +43 more
RA
Richard Anderson
Wedbush Securities
3 questions for NHI
Also covers: AIV, ARE, AVB +25 more
JK
John Kolochowski
Wells Fargo
2 questions for NHI
MA
Mateo Acacina
Deutsche Bank
2 questions for NHI
Rich Anderson
Cantor Fitzgerald
2 questions for NHI
Also covers: ARE, CDP, CPT +11 more
WJ
William John Kilichowski
Wells Fargo
2 questions for NHI
Also covers: ADC, CTRE, EPR +14 more
John Kilichowski
Wells Fargo & Company
1 question for NHI
Also covers: ADC, CTRE, EPR +17 more
JD
Joshua Dennerlein
BofA Securities
1 question for NHI
Also covers: AHR, AMH, ARE +20 more
Robin Haneland
BMO Capital Markets
1 question for NHI
Also covers: GMRE, NSA
Recent press releases and 8-K filings for NHI.
National Health Investors Reports Strong 2025 Results and Issues 2026 Guidance
NHI
Earnings
Guidance Update
New Projects/Investments
- National Health Investors (NHI) reported strong financial performance for Q4 and full-year 2025, with Normalized FFO per share growing 8.9% in Q4 and 10.6% for the full year, exceeding initial guidance. Full-year total FAD growth was 13.7%.
- The company significantly increased its investment activity in 2025, with $392 million in announced investments, well above the initial guidance of $225 million, including $218 million in Q4. The pipeline for 2026 remains active with $488 million and an additional $111 million under signed letters of intent.
- NHI provided 2026 guidance, projecting Normalized FFO per share growth of 1.2% at the midpoint and total FAD growth of 7.8% to $250.2 million. This guidance incorporates $230 million in additional future investments.
- A key strategic focus is the Seniors Housing Operating Portfolio (SHOP), which saw NOI increase 125% year-over-year in Q4 2025 and 57% compared to 2024. SHOP investment grew 106% in the last 12 months to approximately $740 million.
- NHI declared a $0.92 per share dividend for Q1 2026 and adjusted its leverage policy to a range of 3.5x-4.5x net debt to Adjusted EBITDA.
20 hours ago
NHI Reports Strong Q4 and Full-Year 2025 Results, Issues 2026 Guidance, and Declares Dividend
NHI
Earnings
Guidance Update
New Projects/Investments
- National Health Investors (NHI) reported a strong Q4 2025 with 8.9% Normalized FFO per share growth and a 125% year-over-year increase in SHOP total NOI. For the full year 2025, Normalized FFO per share grew 10.6% and total FAD grew 13.7%, exceeding initial guidance.
- The company announced $392 million in investments for 2025, significantly above initial guidance, and has an active pipeline of over $488 million for 2026, with $111 million under signed letters of intent. A $105.5 million SHOP acquisition was already closed in February 2026.
- NHI provided 2026 guidance, expecting Normalized FFO per share growth of 1.2% at the midpoint, Nareit FFO growth of 6.9%, and total FAD growth of 7.8% to $250.2 million. This guidance includes $230 million in future investments, with 70% allocated to SHOP, and $111 million in planned dispositions.
- The balance sheet remains strong with a net debt to adjusted EBITDA ratio of 3.8 times at December 31, 2025, and available liquidity of approximately $875 million. NHI also lowered its leverage policy to a range of 3.5x-4.5x net debt to Adjusted EBITDA.
- The Board of Directors declared a $0.92 per share dividend for shareholders of record March 31, 2026, payable May 1, 2026.
20 hours ago
National Health Investors Reports Strong 2025 Performance and Outlines 2026 Guidance
NHI
Earnings
Guidance Update
New Projects/Investments
- NHI reported strong Q4 2025 and full-year 2025 results, with Normalized FFO per share growth of 8.9% for the quarter and 10.6% for the full year, exceeding initial guidance midpoints.
- The company significantly increased its investment activity in 2025, deploying $392 million, well above initial guidance, and has a robust pipeline of over $488 million for future growth, with 70% of 2026 investment activity expected to be allocated to the SHOP platform.
- The SHOP platform was a core growth driver, with its NOI increasing 125% year-over-year in Q4 2025 and its contribution to total annualized NOI rising to 12% from 4.5% at the end of 2024.
- For 2026, NHI provided guidance for Normalized FFO per share growth of 1.2% at the midpoint, which includes the impact of approximately $111 million in non-strategic asset dispositions, with an estimated normalized growth rate of 5%-6% when adjusted for non-recurring 2025 benefits.
21 hours ago
National Health Investors Inc. Reports Q4 2025 Results and Provides 2026 Guidance
NHI
Earnings
Guidance Update
New Projects/Investments
- National Health Investors Inc. reported Q4 2025 Net Income per diluted share of $0.80 and Normalized FFO per share of $1.22, with total SHOP NOI increasing 124.9% compared to the prior year period.
- For 2026, the company provided guidance for NAREIT FFO per diluted common share between $4.94 and $4.99, anticipating total SHOP NOI growth of 105.0% to 109.0%.
- NHI's balance sheet showed Net Debt to Adjusted EBITDA at 3.8x as of December 31, 2025, within its target range, and it had approximately $0.9 billion in total liquidity.
- The company completed $392.4 million in investments in 2025 and has a significant pipeline, including $110.6 million in signed LOIs and approximately $488.0 million in evaluating opportunities.
1 day ago
National Health Investors Inc. Reports Q4 2025 Supplemental Information
NHI
Earnings
Debt Issuance
- The document provides supplemental financial information for the quarter ended December 31, 2025, detailing portfolio performance, capitalization, and debt.
- The company's investment structure is primarily 84.4% Lease, with 9.3% Senior Housing Operating Portfolio (SHOP) and 6.2% other.
- For the trailing 12 months (T12), Senior Housing EBITDARM coverage was 0.86x with 86.5% occupancy, while Skilled Nursing EBITDARM coverage was 1.50x with 83.0% occupancy.
- As of December 31, 2025, the company reported a Net Debt to Adjusted EBITDA of 5.9x and a Fixed Charge Coverage of 3.4x.
- Significant lease maturities include $39,286 thousand (14.9% of annualized cash rent) in 2026 and $57,492 thousand (21.8%) in 2031.
1 day ago
NHI Announces Fourth Quarter and Full Year 2025 Results and 2026 Guidance
NHI
Earnings
Guidance Update
New Projects/Investments
- National Health Investors, Inc. (NHI) reported strong financial results for the year ended December 31, 2025, with Normalized FFO per diluted share of $4.91 and Normalized FAD of $232.1 million, exceeding initial guidance.
- The company provided 2026 annual guidance, projecting Normalized FFO per diluted share between $4.94 and $4.99 and Normalized FAD between $248.9 million and $251.4 million.
- NHI significantly expanded its Senior Housing Operating Portfolio (SHOP) in 2025, increasing it from 15 to 26 properties, and made $392.3 million in investments during the year, its most active since 2016.
- The company maintains a strong financial profile with a net debt to Adjusted EBITDA ratio of 3.8x as of December 31, 2025, and has an active investment pipeline including approximately $110.6 million under signed Letters of Intent.
1 day ago
NHI Reports Strong Q3 2025 Results, Raises Full-Year Guidance, and Expands SHOP Portfolio
NHI
Earnings
Guidance Update
New Projects/Investments
- 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
Quarterly earnings call transcripts for NATIONAL HEALTH INVESTORS.
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