Welcome to our dedicated page for National Health Investors SEC filings (Ticker: NHI), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The SEC filings page for National Health Investors, Inc. (NYSE: NHI) provides direct access to the company’s official regulatory disclosures as a self-managed real estate investment trust focused on senior housing and medical facility investments. Incorporated in 1991, NHI files annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K that together outline its financial condition, portfolio activity, capital structure, and risk factors.
For this senior housing and medical facility REIT, 10-K and 10-Q filings are key resources for understanding segment performance in the Real Estate Investments and Senior Housing Operating Portfolio (SHOP) segments, including rental income, interest income from mortgage and other notes receivable, and resident fees and services. These reports also reference risk considerations such as tenant concentration, regulatory exposure to Medicare and Medicaid, real estate illiquidity, access to capital, and the need to maintain REIT status.
Form 8-K filings for NHI frequently cover material events such as public offerings of senior notes, changes in board composition, investor presentations, supplemental information releases, earnings announcements, and certain tenant or lease matters. Examples include 8-Ks describing the completion of a senior notes offering governed by an indenture with restrictive covenants, notices of non-compliance and default under a master lease with a tenant, and change in control severance agreements with named executive officers.
Through this page, users can follow debt and capital markets activity, including details of senior note issuances and related indentures, as well as governance and compensation disclosures reported under Items 1.01, 2.02, 5.02, 7.01, and 8.01 of Form 8-K. Stock Titan’s tools layer AI-powered summaries on top of these filings, helping explain complex topics such as FFO reconciliations, lease structures, credit facilities, and covenant frameworks in accessible language while preserving the underlying SEC source documents for detailed review.
National Health Investors used this update to share strong fourth-quarter 2025 results and its 2026 outlook. Q4 2025 lease revenue was $67.2 million, up 7.2% from a year earlier, while the senior housing operating portfolio (SHOP) drove much of the growth.
SHOP revenue rose 119.4% year over year, with Q4 SHOP NOI of $7.3 million, up 124.9%, and a 23.8% margin. Net income per diluted share was $0.80, compared with $0.95 a year earlier and $0.69 in Q3 2025. NAREIT FFO per diluted share was $1.22 and Funds Available for Distribution were $57.9 million, with a 76.6% FAD payout ratio.
The company invested $392.4 million in 2025 and another $105.5 million in early 2026, mainly in senior housing. Net debt to adjusted EBITDA was 3.8x, within a new 3.5x–4.5x leverage target. For 2026, NHI guides to NAREIT FFO of $241.9–$244.2 million, FFO per share of $4.94–$4.99, FAD of $248.9–$251.4 million, and strong SHOP growth, including 7%–8% same-store SHOP NOI growth and 105%–109% total SHOP NOI growth.
National Health Investors, Inc. furnished supplemental information for the quarter ended December 31, 2025, providing a detailed look at its senior housing and medical real estate portfolio and capital structure.
The Real Estate Investments segment shows annualized adjusted NOI of $283.5 million for contracts in place at December 31, 2025, while total contracts, including SHOP, are based on annualized adjusted NOI of $312.7 million. The lease portfolio is diversified across assisted living, entrance-fee communities, skilled nursing facilities, hospitals and a senior housing operating portfolio, with data on coverage ratios and occupancy trends.
The company outlines staggered lease maturities, with 29.1% of annualized cash rent maturing thereafter and 21.8% in 2031, and describes a balance sheet funded entirely with unsecured debt, 72.1% fixed-rate and 27.9% variable. The supplement also reconciles non-GAAP measures such as Adjusted EBITDA, FFO, FAD and NOI and explains how they are used to assess performance and dividend capacity.
National Health Investors, Inc. reported mixed but generally solid results for Q4 and full-year 2025 and issued 2026 guidance. Diluted EPS was $0.80 for Q4 and $3.02 for 2025, slightly below the prior year, reflecting items such as proxy contest and transaction costs.
NAREIT FFO per diluted share was $1.22 for Q4 and $4.65 for 2025, while Normalized FFO per diluted share rose to $1.22 in Q4 and $4.91 for 2025, up from $4.44 in 2024. Normalized FAD increased to $57.9 million for Q4 and $232.1 million for the year, supporting dividend capacity.
The company accelerated growth in its senior housing operating portfolio, expanding SHOP from 15 to 26 properties in 2025 and closing or announcing major acquisitions, including a nine-property ALF portfolio for $105.5 million, bringing total SHOP investments to about $740 million. Total 2025 investments reached $392.3 million, the most active year since 2016.
For 2026, NHI guides to NAREIT and Normalized FFO per diluted share of $4.94–$4.99 and Normalized FAD of $248.9–$251.4 million, assuming $230 million of new investments, significant SHOP NOI growth and disposition gains. Net debt was about $1.2 billion with net debt to Adjusted EBITDA of 3.8x, within its 3.5x–4.5x target range.
National Health Investors, Inc. (NHI) is a self-managed healthcare REIT focused on senior housing and medical facilities, operating through Real Estate Investments and a Senior Housing Operating Portfolio (SHOP). As of December 31, 2025, it controlled $2.7 billion of triple-net leased real estate and $634.3 million in SHOP properties.
For 2025, NHI generated $375.6 million in total revenues, up 12.1% year over year, including $271.6 million of rental income, $80.1 million of resident fees and services, and $24.0 million of interest and other income. Rental income contributed 72.3% of revenue, underscoring the importance of its triple-net lease model.
The company highlights key risks: dependence on tenant and manager performance, concentration of 36.9% of 2025 revenues in three tenants (Senior Living Communities, Bickford Senior Living and National HealthCare Corporation), exposure to Medicare and Medicaid reimbursement, inflation and interest rates, regulatory changes, pandemics, cybersecurity, and maintaining REIT status. NHI also outlines growth via acquisitions, development, and financing structures including mortgages, mezzanine and construction loans, all funded by operating cash flow, debt and equity.
National Health Investors Inc. SVP and Chief Accounting Officer David L. Travis reported multiple equity transactions on February 23, 2026. He exercised stock options for a total of 25,000 shares of common stock at a stated price of $57.76 per share. In a separate transaction coded “F,” 19,322 shares of common stock at $90.03 per share were disposed of to satisfy tax-withholding obligations related to the option exercises. After these transactions, he directly owned 37,800 shares of National Health Investors common stock.
National Health Investors Chief Investment Officer Kevin Carlton Pascoe exercised stock options for 8,500 shares of common stock at a price of $57.76 per share on
To cover the exercise price or related tax obligations, 6,409 shares of common stock were disposed of through a tax-withholding transaction, leaving him with 68,356 shares of common stock held directly.
NATIONAL HEALTH INVESTORS INC director COLDEN TRACY M J reported exercising stock options for 10,000 shares of common stock on February 19, 2026. The options converted into common shares at a reported price of $73.34 per share. To cover taxes and related obligations, 8,267 shares were disposed of through a tax-withholding transaction at $88.72 per share. After these transactions, the director directly owned 11,590 shares of NHI common stock.
National Health Investors, Inc. expanded its Board of Directors and appointed Lilly H. Donohue
On the same date, President and CEO D. Eric Mendelsohn resigned as a director and was immediately re-appointed to serve until the 2026 annual meeting. This sequencing is intended to align his directorship with the company’s newly declassified board structure so that, at the 2026 annual meeting, all nominees stand for election to one-year terms.