NHI Announces $89.2 Million in Investments and Updates Pipeline

Rhea-AI Summary

National Health Investors (NYSE:NHI) invested $89.2 million across four senior housing transactions on December 18, 2025, at an average initial yield of 8.20%.

Key deal highlights: a $52.1M acquisition (107-unit assisted living/memory care) on a 5-year lease at 8.00% plus revenue participation and RIDEA acquisition terms; a $7.0M 56-unit addition to an existing master lease at 8.25% with 2% annual escalators; and two mortgage notes funded ($18.8M at 8.50% and $11.3M at 8.75%).

Portfolio activity year-to-date: $392.4M invested in 2025 at an average initial yield of 8.10%, $214.0M in signed LOIs at an expected yield of ~7.80%, and an additional evaluated pipeline of ~$423M in senior housing investments.

Positive

• Invested $89.2M at an 8.20% average initial yield
• Year-to-date investments of $392.4M at 8.10% average yield
• Signed LOIs totaling $214.0M at ~7.80% expected yield
• Mortgage notes funded $30.1M at 8.50%–8.75% interest rates

Negative

• Largest acquisition uses a 5-year initial lease term
• Signed LOIs yield ~7.80%, below YTD 8.10% average

Key Figures

New investments $89.2M Four transactions at average initial yield of 8.20% in 2025

Jamison acquisition $52.1M 107-unit assisted living and memory care, 5-year lease at 8.00%

Anniston acquisition $7.0M 56-unit assisted living and memory care, lease rate 8.25%

Mount Pleasant loan $18.8M Mortgage note, 94 units, 5-year term at 8.50% interest

Wichita Falls loan $11.3M Mortgage note, 141 units, 5-year term at 8.75% interest

2025 YTD investments $392.4M Completed year-to-date 2025 at 8.10% average initial yield

Signed LOIs $214.0M Signed letters of intent at expected 7.80% yield, mainly SHOP

Evaluated pipeline $423M Incremental senior housing investments under evaluation, excluding large portfolios

Market Reality Check

$76.36 Last Close

Volume Volume 275,805 is 32% above 20-day average of 209,306, indicating elevated interest ahead of the investment update. normal

Technical Price $78.35 is trading above the 200-day MA $74.75, reflecting a pre-news uptrend.

Peers on Argus

NHI gained 1.03% while close peers were mixed: MPW up 0.59%, SBRA, AHR, HR and CTRE down between 0.12% and , suggesting a stock-specific move rather than a broad healthcare REIT rally.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 06	Dividend declaration	Positive	+2.0%	Announced Q4 2025 dividend of $0.92 per common share.
Nov 06	Investor update	Neutral	+2.0%	Provided updated investor materials and webcast information.
Nov 06	Earnings results	Positive	+2.0%	Reported Q3 2025 growth in SHOP NOI, FFO and raised guidance.
Oct 09	Earnings schedule	Neutral	-0.2%	Announced Q3 2025 earnings release and conference call dates.
Oct 02	SHOP acquisition	Positive	-1.5%	Announced $74.3M SHOP portfolio acquisition and expanded pipeline.

Pattern Detected

Recent dividend and earnings updates were followed by modest gains, while one prior growth investment headline coincided with a short-term pullback, indicating mixed short-term reactions to expansion news.

Recent Company History

Over the last few months, NHI has focused on dividends, portfolio growth, and communication with investors. A Q3 2025 earnings release on Nov 6 highlighted strong SHOP growth, higher FFO and raised guidance, accompanied by additional acquisitions. A separate SHOP acquisition update on Oct 2 detailed $74.3M of new investments and a growing pipeline. Today’s senior housing investments and pipeline update continue this capital deployment and SHOP-focused expansion story.

Market Pulse Summary

This announcement adds $89.2M of new senior housing investments at an 8.20% average initial yield and brings 2025 year-to-date deployment to $392.4M at an 8.10% yield. With $214.0M in signed LOIs and a $423M evaluated pipeline, NHI continues to scale its senior housing exposure and SHOP strategy. Investors may track future disclosures on funding mix, lease performance, and returns from these assets relative to stated yields.

Key Terms

mortgage note receivable financial

"$18.8 million funded for a mortgage note receivable secured by a 94-unit..."

A mortgage note receivable is a written IOU a company holds when it has lent money tied to a specific property; the borrower promises scheduled payments of principal and interest and the property can be used to recover money if payments stop. Investors care because it is an asset that produces cash flow but also carries credit and collateral risk — its size, payment schedule and borrower quality affect a lender’s income, liquidity and balance sheet strength.

triple-net master lease financial

"This property was added to the existing triple-net master lease with William James Group..."

A triple-net master lease is a long-term rental agreement that covers a group of properties (or an entire property portfolio) under a single contract where the tenant pays base rent plus property taxes, insurance, and most maintenance costs. For investors, it matters because it provides steadier, more predictable cash flow and shifts many operating risks to the tenant, which can raise or stabilize a property’s value but reduce the landlord’s upside from cost savings.

letters of intent financial

"The Company currently has approximately $214.0 million in signed letters of intent..."

A letter of intent is a preliminary written agreement that outlines the main terms and mutual expectations for a planned transaction—such as a sale, merger, partnership, or financing—before the final legal contracts are signed. Think of it as a detailed handshake or a rough recipe: it shows serious intent and sets the roadmap for due diligence and negotiations, but it often leaves key details open and does not guarantee the deal will close, so investors should treat it as a strong signal rather than a certainty.

AI-generated analysis. Not financial advice.

MURFREESBORO, TN / ACCESS Newswire / December 18, 2025 / National Health Investors, Inc. (NYSE:NHI) announced today that it has invested $89.2 million, including transaction costs, in four separate transactions at an average initial yield of 8.20%.

The investments include the following:

• $52.1 million, including transaction costs, for the acquisition of a 107-unit assisted living and memory care community in Jamison, PA operated by Priority Life Care ("PLC") which is a new relationship for NHI. The community is leased pursuant to a 5-year lease with an initial lease rate of 8.00% plus a revenue participation feature. In addition, both NHI and PLC have agreed to the terms upon which NHI would acquire the operations of the property pursuant to a RIDEA-compliant structure.

• $7.0 million, including transaction costs, for the acquisition of a 56-unit assisted living and memory care community in Anniston, AL operated by William James Group. This property was added to the existing triple-net master lease with William James Group that now operates four properties for NHI. The master lease has an existing lease rate of 8.25% with fixed annual escalators of 2.00% and matures in November 2034.

• $18.8 million funded for a mortgage note receivable secured by a 94-unit assisted living and memory care community in Mount Pleasant, SC. The five-year loan agreement with Fellowship Senior Living has an annual interest rate of 8.50% with an option to purchase the property upon the satisfaction of certain conditions.

• $11.3 million funded for a mortgage note receivable secured by a 141-unit independent living facility in Wichita Falls, TX. The five-year loan agreement with affiliates of Silver Wave Capital has an annual interest rate of 8.75% with an option to purchase the property upon the satisfaction of certain conditions.

Investment Activity and Pipeline

NHI has completed investments of approximately $392.4 million year-to-date in 2025 at an average initial yield of 8.10%. The Company currently has approximately $214.0 million in signed letters of intent at an average expected yield of approximately 7.80% after routine capital expenditures and primarily structured as SHOP investments. In addition, NHI is evaluating an incremental pipeline of approximately $423 million in senior housing investments excluding large portfolio deals.

About National Health Investors

National Health Investors, Inc. (NYSE:NHI), established in 1991, is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio ("SHOP"). NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. For more information, visit www.nhireit.com.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's, tenants', operators', borrowers' or managers' expected future financial position, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, among other things; the operating success of tenants, managers and borrowers for collection of rent and interest income; the risk that tenants, managers and borrowers may become subject to bankruptcy or insolvency proceedings; risks related to the concentration of a significant percentage of the Company's portfolio to a small number of tenants; risks associated with pandemics, epidemics or outbreaks on operators' business and results of operations; risks related to governmental regulations and payors, principally Medicare and Medicaid, and the effect that changes in laws, regulations and reimbursement rates would have on the tenants' and borrowers' business; the risk that the cash flows of tenants, managers and borrowers may be adversely affected by increased liability claims and liability insurance costs; the risk that the Company may not be fully indemnified by its tenants, managers and borrowers against future litigation; the success of property development and construction activities, which may fail to achieve the operating results the Company expects; the risk that the illiquidity of real estate investments could impede the Company's ability to respond to adverse changes in the performance of its properties; risks associated with investments in unconsolidated entities, including the lack of sole decision-making authority and the reliance on the financial condition of other interests; risks related to the joint venture investment with Life Care Services for Timber Ridge; inflation and increased interest rates; adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults, or non-performance by financial institutions; operational risks with respect to the SHOP structured communities; risks related to the ability to maintain the privacy and security of Company information; risks related to environmental laws and the costs associated with liabilities related to hazardous substances; the risk of damage from catastrophic weather and other natural or man-made disasters and the physical effects of climate change; the success of future acquisitions and investments; the ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; competition for acquisitions may result in increased prices for properties; the ability to retain the Company's management team and other personnel and attract suitable replacements should any such personnel leave; the risk that the Company's assets may be subject to impairment charges; risks related to the ability to raise capital through equity sales; the potential need to refinance existing debt or incur additional debt in the future, which may not be available on terms acceptable to us; the ability to meet covenants related to indebtedness which impose certain operational limitations and a breach of those covenants could materially adversely affect the Company's financial condition and results of operations; downgrades in the Company's credit ratings could have a material adverse effect on its cost and availability of capital; the Company relies on external sources of capital to fund future capital needs, and if the Company encounters difficulty in obtaining such capital, the Company may not be able to make future investments necessary to grow its business or meet maturing commitments; dependence on revenues derived mainly from fixed rate investments in real estate assets, while a portion of the Company's debt bears interest at variable rates; the ability to pay dividends in the future; disruptions to the management and operations of the business and the uncertainties caused by activist investors; adverse economic effects from international trade disputes (including threatened or implemented tariffs imposed by the United States and threatened or implemented tariffs imposed by foreign countries in retaliation) or similar events impacting economic activity; legislative, regulatory, or administrative changes; and dependence on the ability to continue to qualify for taxation as a REIT and other risks which are described under the heading "Risk Factors" in Item 1A in the Company's Form 10-K for the year ended December 31, 2024 and under the heading "Risk Factors" in Item 1A in its Form 10-Q for the quarter ended September 30, 2025. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any of the foregoing or any other forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information in the above referenced Form 10-K and Form 10-Q. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on NHI's web site at www.nhireit.com.

Contact: Dana Hambly, Vice President, Finance and Investor Relations
Phone: (615) 890-9100

SOURCE: National Health Investors

View the original press release on ACCESS Newswire

FAQ

What did NHI announce on December 18, 2025 regarding new investments?

NHI announced $89.2M invested in four transactions at an average initial yield of 8.20%.

How much has NHI invested year-to-date in 2025 and at what yield?

NHI has invested $392.4M year-to-date in 2025 at an average initial yield of 8.10%.

What are the terms of the Jamison, PA acquisition included in NHI's December 18, 2025 update?

Jamison acquisition: $52.1M, 107-unit assisted living/memory care, 5-year lease at 8.00% plus revenue participation.

How large is NHI's pipeline and signed LOIs as of December 18, 2025?

NHI reported ~$214.0M in signed LOIs at ~7.80% expected yield and an evaluated pipeline of ~$423M.

What mortgage note activity did NHI fund on December 18, 2025?

NHI funded two mortgage notes: $18.8M at 8.50% and $11.3M at 8.75%, both five-year loans with purchase options.