Here are the 10-K annual reports from National Health Investors (NHI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NHI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NHI filings page.
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.