National Health Investors (NYSE: NHI) projects strong 2026 FFO and SHOP NOI growth
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
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.
Positive
- Robust SHOP growth: Q4 2025 SHOP NOI reached $7.3 million, up 124.9% year over year, with a 23.8% margin and pro forma SHOP contribution to adjusted NOI estimated at about 12%, signaling a rapidly scaling operating platform.
- Strong 2026 growth outlook: Guidance targets NAREIT FFO of $241.9–$244.2 million and Funds Available for Distribution of $248.9–$251.4 million, supported by expected 7%–8% same-store SHOP NOI growth and 105%–109% total SHOP NOI growth.
- Healthy balance sheet and ROIC: Net debt to adjusted EBITDA of 3.8x is within the tightened 3.5x–4.5x leverage target, while Q4 2025 return on invested capital of 8.38% exceeds the company’s weighted average cost of capital.
Negative
- None.
Insights
NHI is leaning into SHOP growth while keeping leverage moderate and guiding to solid 2026 cash generation.
National Health Investors highlights a mix of organic and external growth. Q4 2025 SHOP NOI rose to
Management’s 2026 guidance calls for NAREIT FFO of
ROIC of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Reported): February 26, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
(615 ) 890-9100
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On February 26, 2026, the Company furnished an investor presentation, which is also contained on its website (www.nhireit.com), and issued a press release regarding the investor presentation. See Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in this Item 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
| Exhibit Index | |||||
| Number | Exhibit | ||||
| 99.1 | Press Release Titled "NHI Issues Investor Update" dated February 26, 2026, in HTML format | ||||
| 99.2 | Presentation Titled "National Health Investors Investor Update" dated February 26, 2026, in HTML format | ||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
NATIONAL HEALTH INVESTORS, INC.
By: /s/ John L. Spaid
Name: John L. Spaid
Title: Principal Financial Officer
Date: February 26, 2026
Exhibit 99.1
Contact: Dana Hambly, Vice President, Finance & Investor Relations
Phone: (615) 890-9100
NHI Issues Investor Update
MURFREESBORO, Tenn.-- (February 26, 2026) -- National Health Investors, Inc. (NYSE: NHI) has issued the following investor update which can be found at:
https://investors.nhireit.com/News/presentations-and-webcasts/default.aspx
About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company’s investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.
Forward-Looking Statement
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 expected future financial positions, 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, but are not limited to, those risks and uncertainties which are described under the heading “Risk Factors” in Item 1A in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any 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 Annual Report on Form 10-K. Copies of these filings are available at no cost on the SEC’s web site at https://www.sec.gov or on the Company’s website at www.nhireit.com.
National Health Investors Investor Update February 26, 2026 The Bridges at Warwick operated by Priority Life Care
Disclaimers This presentation, as well as information included in oral statements made, or to be made, by our senior management contain forward- looking statements that are based on current expectations, estimates, beliefs and assumptions. Words such as “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. While we may elect to update these forward-looking statements at some point in the future, we disclaim any obligation to do so, except as may be required by law, even if our estimates or assumptions change. In light of these and other uncertainties, the inclusion of a forward-looking statement in this presentation should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements. Factors which could cause our actual results to be materially different from those in or implied by the forward looking statements we make, many of which are beyond our control, include, among other things, the operating success of our managers, tenants and borrowers for collection of our lease and interest income; the success of property development and construction activities; risks associated with pandemics, epidemics or outbreak; the risk that the cash flows of our tenants, managers and borrowers may be adversely affected by increased liability claims and liability insurance costs; 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; our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties; operational risks with respect to our senior housing operating portfolio structured communities; risks related to our ability to maintain the privacy and security of Company information; our ability to continue to qualify for taxation as a real estate investment trust; and other risks which are described under the heading “Risk Factors” in Item 1A in our Form 10-K for the year ended December 31, 2025. In this presentation we refer to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. Reconciliations to certain non-GAAP measures can be found at the end of this presentation, in the Company’s quarterly supplementals which can be found on our website at www.nhireit.com, and in our quarterly Form 10-Q filings and annual Form 10-K filing. Throughout this presentation, certain abbreviations and acronyms are used to simplify the format. A list of definitions is provided at the end of this presentation to clarify the meaning of any reference that may be ambiguous. 2
Overview of Fourth Quarter 2025 3 Real Estate Investments • Lease revenue excluding straight-line, lease amortization, and escrow reimbursement revenue of $67.2 million increased 7.2% compared to Q4 2024. The current year quarter included approximately $1.9 million in cash revenue related to previously deferred rent which compares to $2.3 million in the prior year period; • Deferral repayments attributable to Bickford increased by 38% to $1.5 million compared to the prior year period; • New properties acquired since 4Q 2025 contributed approximately $3.9 million in cash rental income during the quarter; and • Interest income and other revenue declined by 19.4% to $4.8 million compared to $6.0 million in the prior year period. The Mortgage and other notes receivable balance declined by approximately $65.6 million to $203.3 million compared to Q4 2024. Senior Housing Operating Portfolio (SHOP) 1 • Total SHOP • Q4 2025 SHOP revenue increased 119.4% compared to the prior year period and 45.1% sequentially due to the transition of seven properties effective August 1, 2025 and the acquisition of four properties effective October 1, 2025; • Q4 2025 SHOP occupancy was 86.9% and RevPOR was $3,918; • Q4 2025 NOI of $7.3 million increased 124.9% compared to the prior year period and 48.3% sequentially; • Q4 2025 SHOP NOI margin of 23.8% increased 60 bps compared to the prior year period and declined 50 bps sequentially; • Same-Store (“SS”) SHOP • On a SS basis for 15 properties, SHOP revenue decreased 0.3% driven by a 3.2% increase in RevPOR offset by a 300-bps decline in occupancy to 87.9%; and • SS SHOP NOI decreased by 0.9% compared to the prior year period and increased 8.7% sequentially and the SS NOI margin declined by 10-basis points compared to the prior year period and increased 200 bps sequentially to 23.1%. Balance Sheet 1 • Net Debt to Adjusted EBITDA at an annualized 3.8x is within NHI’s updated target range of 3.5x – 4.5x (from 4.0x – 5.0x previously); • During the quarter, NHI settled approximately 0.6 million shares for proceeds of $46.2 million; • The Company had approximately 0.6 million shares available to settle under ATM forward sales agreements for proceeds of approximately $44.5 million at December 31, 2025; and • Total liquidity of approximately $0.9 billion at December 31, 2025. Portfolio Activity • Announced 2025 investments totaling $392.4 million including $217.5 million in Q4 2025; • Announced $105.5 million in one SHOP investment in February 2026; • NHI has signed LOIs totaling $110.6 million at an average initial yield of 7.5% primarily in SHOP investments; and • NHI is currently evaluating a pipeline of investment opportunities valued at approximately $488.0 million focused on senior housing opportunities (excluding large portfolio investments). Summary of Quarterly Financial Results 1 Key Operating and Balance Sheet Highlights (in thousands except per share and percentages) Q4 2024 Q3 2025 Q4 2025 Net Income per diluted share $0.95 $0.69 $0.80 NAREIT FFO per diluted share $1.24 $1.09 $1.22 Normalized FFO per share $1.12 $1.32 $1.22 Funds Available for Distribution (FAD) $52,073 $62,248 $57,943 Diluted shares outstanding 45,435 47,624 47,882 FAD Payout Ratio 78.9% 70.3% 76.6% SHOP NOI $3,250 $4,924 $7,303 SHOP NOI Margin 23.2% 23.3% 23.8% 1 Refer to Appendix for definitions and relevant non-GAAP reconciliations
Initial 2026 Guidance 4 2026 Guidance Range 1 2026 Guidance Assumptions & Considerations NHI’s 2026 annual guidance includes the following assumptions: • $230.0 million in unidentified new investments at an initial average NOI yield of 7.8% and 70% in new SHOP investments; • $111.3 million in expected disposition proceeds through Q2 2026 on assets yielding 8.2% resulting in a gain ranging between $24.4 million - $24.7 million; • Continued fulfillment of existing commitments; • Same-Store SHOP NOI annual growth in a range of 7.0% - 8.0%; • Total SHOP NOI growth, before the assumption for unidentified new SHOP investments ranging from 105.0% - 109.0%, or $39.2 million - $40.0 million; • Settlement of all existing forward equity sales agreements in 2026; and • Continued collection of deferred rents. In addition to the assumptions listed above, NHI’s guidance range is based on several other assumptions, many of which are outside the Company’s control and all of which are subject to change. The guidance range may change if actual results vary from these assumptions. (in millions except per share amounts) Low High Net income attributable to common stockholders $ 180.1 $ 182.4 Adjustments to NAREIT Funds From Operations (FFO) Depreciation (net) 2 86.2 86.5 Gains on sales (net) and impairments of real estate (24.4) (24.7) NAREIT FFO $ 241.9 $ 244.2 Adjustments to Normalized Funds From Operations (NFFO) Adjustments - - Normalized FFO $ 241.9 $ 244.2 Adjustments to Funds Available for Distribution (FAD) Straight-line revenue and lease incentive amortizations (net) 2 (0.9) (1.0) Equity method investment adjustments (1.5) (1.6) Equity method investment non-refundable fees received 1.8 1.9 Non-cash stock-based compensation 7.1 6.9 SHOP 2 and equity method investment recurring capital expenditures (4.2) (3.9) Other 2, 3 4.7 4.9 FAD $ 248.9 $ 251.4 Weighted average diluted common shares 49.0 48.9 NAREIT FFO per diluted common share $ 4.94 $ 4.99 NFFO per diluted common share $ 4.94 $ 4.99 1 Refer to Appendix for definitions and relevant non-GAAP reconciliations 2 Net of amounts attributable to non-controlling interests 3 Includes credit loss expense, non-real estate depreciation, and amortization of debt issuance costs and discounts
Investment Overview 5 • Diversified portfolio spans the senior housing care continuum across 33 states and 42 operating partners • Triple-net leases provide a secure source of revenue and improving fundamentals have generated significant deferral repayments • EBITDARM coverages across asset classes continue to steadily improve • SHOP NOI growth of 124.9% in Q4 2025 driven by recent transitions and acquisitions • Recent SHOP acquisition for $105.5 million increases pro forma annualized NOI SHOP contribution to approximately 12% from 4.5% at the end of 2024 • Total NOI growth for 2026 estimated at 105% - 109% before unidentified acquisitions • Investments of $392.4 million in 2025 and $105.5 million YTD in 2026 • $110.6 million in signed LOIs and a $488.0 million pipeline • Modified net debt to adjusted EBITDA leverage policy from 4.0x – 5.0x to 3.5x – 4.5x • Significant investment capacity on revolver and ATM • Supply of senior housing inventory is growing at less than 1.0% and slowing as new starts are more than 60% below historical average • Demand is surging as 85+ population growth expected to accelerate over the next 15 years Diversified Portfolio Limits Concentration Risk Significant SHOP Growth Opportunity Financial Strength Positions NHI for External Growth Strong Industry Dynamics Support Long Term Growth 1 1 University of Virginia’s Weldon Cooper Center for Public Service; National Investment Center for Senior Housing & Care (“NIC”); NIC data is from NICMAP Primary & Secondary markets through 4Q 2025.
$3,250 $7,303 Q4 2024 Q4 2025 Total SHOP NOI Senior Housing Operating Portfolio (SHOP) Opportunity 6 (dollars in thousands except RevPOR1) • NHI continues to view the SS SHOP portfolio of 15 properties as a strong source of organic growth as the NOI margin improves toward more historic levels achieved • Based on 2025 revenue run-rate, each 100-bps increase in the NOI margin generates incremental annual NOI of approximately $0.6 million • Q4 2025 NOI margin at 23.1% declined by 10 basis points compared to Q4 2024 which was an improvement compared to the 90-basis point decline year-over-year decline experienced in Q3 2025 • NHI has implemented measures to improve the SS SHOP NOI and expects growth to reaccelerate to double- digit levels in the second half 2026 • Same-store NOI growth guidance of 7% - 8% driven by improvement in the second half of the year Organic NOI Upside in Same-Store SHOP Portfolio 2021 5 2022 5 2023 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Properties 15 15 15 15 15 15 15 15 Units 1,730 1,731 1,734 1,732 1,732 1,732 1,732 1,732 Occupancy 78.9 % 76.7 % 78.2 % 87.6 % 89.2 % 89.1 % 87.9 % 86.4% RevPOR 1 $ 3,020 $ 3,008 $ 2,999 $ 2,990 $ 3,008 $ 3,071 $ 3,074 $3,111 Resident Fees $ 49,469 $ 47,940 $ 48,809 $ 54,421 $13,939 $14,217 $14,057 $13,968 Operating Expenses 3 (28,898) (34,010) (37,154) (39,564) (10,162) (9,687) (10,388) (10,050) Management Fees 3 (2,473) (2,396) (2,433) ___(2,685) ___(691) ___(709) ___(707) (698) SHOP NOI 2 $ 11,535 $ 9,222 $ 12,170 $ 3,086 $ 3,821 $ 2,962 $ 3,220 SHOP NOI Margin 4 36.6 % 24.1 % 18.9 % 22.4% 22.1% 26.9% 21.1% 23.1% 1 RevPOR is calculated as monthly resident fees and services divided by the average occupied units for the period presented. 2 Refer to Appendix for definitions and relevant non-GAAP reconciliations. 3 The sum of operating expenses and management fees reflect the total reported senior housing operating expenses. Management fees reflect 5.0% of resident fees as disclosed in the Company’s senior housing operating portfolio structure. 4 SHOP NOI margin calculated by dividing each respective quarter SHOP NOI by each quarter resident revenue. 5 Shaded area reflects periods of operations under different managers prior to the April 1, 2022, SHOP formation and are provided for illustrative purposes. Refer to Appendix for definitions and relevant non-GAAP reconciliations. Early Stages of Significant Total SHOP Growth • Total SHOP NOI increased 124.9% year-over-year in Q4 2025 • NHI transitioned seven properties (938 units) to SHOP effective August 1, 2025, and acquired four properties (344 units) on October 1, 2025 • Completed the largest SHOP acquisition to date on February 2, 2026, with a $105.5 million investment for nine properties (460 units) and expect an additional investment of $3.3 million during the first year; expected initial NOI yield of 8.0% and 7.6% after routine capital expenditures • Total SHOP contribution to adjusted NOI on a pro forma basis to include the February acquisition is estimated at approximately 12% compared to approximately 5% in the same period last year • Guidance includes that 70% of new investments are allocated to SHOP Total SHOP NOI SHOP % NOI Contribution Same-Store SHOP Opportunity 5% 12% Before SHOP Expansion Pro Forma SHOP SHOP % NOI Contribution 2
2025 Investments: Closed $392.4 million at an average initial yield of 8.08% Recent Investments and Pipeline Significant Pipeline Creates Pathway for External Growth Opportunities 7 (dollars in millions) 1 Represents contractual rent or interest / purchase price. SHOP yields are after routine capex. 2 Investment funded partially with the satisfaction of a mortgage which contained a purchase option for NHI. 3 Property acquired in a deed in lieu of foreclosure transaction to satisfy the repayment of a $10.0 million mortgage note receivable. Investment History with New & Existing Relationships Pipeline: Approximately $488.0 million excluding portfolio deals Signed LOIs: $110.6 million at an average yield of 7.50% primarily in SHOP Date Tenant / Borrower Investment Type Yield 1 Investment 1Q 2026 Allegro Living Management SHOP 7.60% $ 105.5 4Q 2025 PLC Lease 8.00% $ 52.1 4Q 2025 Silver Wave Capital Mortgage loan 8.75% 11.3 4Q 2025 William James Group Lease 8.25% 7.0 4Q 2025 Fellowship Senior Living Mortgage loan 8.50% 18.8 4Q 2025 Senior Living Communities 2 Lease 8.25% 54.0 4Q 2025 Compass Senior Living SHOP 7.51% 74.3 2Q 2025 Encore Senior Living Construction loan 9.00% 28.0 2Q 2025 Agemark Senior Living Lease 8.00% 63.5 1Q 2025 Senior Living Hospitality Loan 9.00% 1.9 1Q 2025 Mainstay 3 Lease 8.00% 8.6 1Q 2025 Vizion Loan 9.15% 5.4 1Q 2025 Juniper Communities Lease 7.95% 46.3 1Q 2025 Generations Lease 8.00% 21.2 Total 2025 8.08% $ 392.4 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 $500.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 New Existing Yield 1
Financial Strength Positions NHI for Potential Accretive External Growth Strong Balance Sheet Provides Ample Liquidity for Investment • NHI’s current leverage at 3.8x is well within its updated target leverage of 3.5x – 4.5x net debt to adjusted EBITDA as recent acquisitions have been funded largely equity • Total liquidity of approximately $876 million includes: • Approximately 0.6 million shares available to settle under ATM forward sales agreements for net proceeds of approximately $44.5 million • Approximately $496.0 million of available revolver capacity and an incremental $315.8 million on the ATM • Investment grade ratings and “stable” outlooks from Moody’s, S&P Global, and Fitch 8 Net Debt to Annualized Adjusted EBITDA 1 (dollars in millions) Liquidity as of December 31, 2025 1 Refer to Appendix for definitions and relevant non-GAAP reconciliations. Debt Maturity Schedule Cash and Restricted Cash $ 19.6 Credit Facility Availability 496.0 Equity available under ATM forward sale agreements 44.5 ATM assuming settlement of ATM forward sale agreements 315.8 Total Liquidity $ 875.9 $100 $125 $204 $750 $496 2026 2027 2028 2029 2030 Thereafter Private Placement Term Loan Line of Credit Senior Notes Available Line of Credit 4.8x 4.9x 4.9x 4.0x 4.5x 4.7x 4.6x 4.6x 4.4x 4.4x 4.4x 4.2x 4.4x 4.1x 4.1x 3.9x 3.6x 3.8x 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Diversified Portfolio Across the Senior Housing Care Continuum 9 Geographically Diverse Portfolio Spans the Senior Housing Care Continuum1 (dollars in thousands) 2 SPECIALTY HOSPITAL119 SENIOR HOUSING 68 SKILLED NURSING 26 SHOP 215 Properties 42 Operating Partners 33 States Portfolio Overview Senior housing 62% Skilled nursing 16% Specialty hospital 2% SHOP 18% Other2 2% $3.5bn Investment1 1 Data as of 12/31/25. Investment includes $3.3 million in gross real estate and $0.2 million in mortgages and other notes receivable, net of credit loss reserves 2 Other consists primarily of investments in non-mortgage notes receivable Portfolio Properties Units Senior Housing Triple-net & Mortgage 119 9,983 Skilled Nursing Triple-net & Mortgage 68 8,901 Specialty Hospital Triple-net & Mortgage 2 107 Senior Housing Operating (“SHOP”) 26 3,009 Total 215 22,000 NHI’s portfolio spans the entire senior care continuum including discretionary senior housing, needs-driven senior housing, and skilled nursing and specialty hospitals. The portfolio is well diversified across asset class and product type with limited concentration risk to tenants or geography.
Senior Housing - Need Driven Fundamentals Stabilizing 10 • The Senior Housing – Need Driven leased portfolio represents approximately 35% of annualized adjusted NOI including approximately 12% from the Bickford leased portfolio and 23% from other Need Driven operators. EBITDARM coverage for this group continues to have the lowest coverage though is much improved through optimization efforts. Coverage excluding Bickford was 1.37x in the most recent period measured compared to a low of 0.76x in 2021 when the portfolio optimization began. • Stabilizing fundamentals: As displayed in the charts below, Need Driven operators have substantially improved operating fundamentals resulting in improved occupancy, greater coverage, fewer deferrals and higher repayments. Excluding Bickford, approximately $15.8 million from eight operators has been repaid to date. • Bickford: Occupancy remained at 85.9% in Q4 2025; Bickford’s pro forma EBITDARM coverage was a healthy 1.72x through September 30, 2025. Including the impact of approximately $4.9 million in deferral repayments over the trailing twelve months ended September 30, 2025, Bickford’s coverage was still healthy at 1.49x. Senior Housing – Need Driven Main Optimization Focus Coverage represents EBITDARM coverage for the TTM period ending in the period specified. Deferrals exclude any incentives granted operators. Occupancy represents average quarterly occupancy for the period specified. 0.79x0.76x0.76x0.79x 0.87x0.91x 0.96x1.00x 1.07x1.09x1.13x1.16x1.15x1.15x 1.22x1.23x 1.29x1.33x1.37x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x $(1,000) $(500) $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 Need Driven excluding Bickford (dollars in '000s) Deferrals Repayments Coverage 77.8% 80.2% 83.3% 85.0% 83.8%83.0% 84.9% 84.2% 82.0%81.8% 84.0% 85.1% 85.8% 85.4% 86.2% 87.3% 85.0% 85.2% 85.9% 85.9% 72.0% 74.0% 76.0% 78.0% 80.0% 82.0% 84.0% 86.0% 88.0% 90.0% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 Bickford (dollars in '000s) Repayments Occupancy
Asset Diversification Creates Stronger Portfolio 11 The Senior Housing – Need Driven portfolio has experienced significant coverage improvement since the start of the portfolio optimization in 2021. The SNF and Discretionary (largely CCRC) portfolios which generate ~54% of adjusted NOI have proved resilient throughout. Coverage represents EBITDARM coverage for the TTM period ending in the period specified. 0.60x 0.80x 1.00x 1.20x 1.40x 1.60x 1.80x 1Q 2 02 1 2Q 2 02 1 3Q 2 02 1 4Q 2 02 1 1Q 2 02 2 2Q 2 02 2 3Q 2 02 2 4Q 2 02 2 1Q 2 02 3 2Q 2 02 3 3Q 2 02 3 4Q 2 02 3 1Q 2 02 4 2Q 2 02 4 3Q 2 02 4 4Q 2 02 4 1Q 2 02 5 2Q 2 02 5 3Q 2 02 5 Senior Housing - Need Driven Bickford Need Driven ex. Bickford 0.60x 1.10x 1.60x 2.10x 2.60x 3.10x 3.60x 1Q 2 02 1 2Q 2 02 1 3Q 2 02 1 4Q 2 02 1 1Q 2 02 2 2Q 2 02 2 3Q 2 02 2 4Q 2 02 2 1Q 2 02 3 2Q 2 02 3 3Q 2 02 3 4Q 2 02 3 1Q 2 02 4 2Q 2 02 4 3Q 2 02 4 4Q 2 02 4 1Q 2 02 5 2Q 2 02 5 3Q 2 02 5 Senior Housing - Discretionary Skilled Nursing
Optimization Creating More Invested Capital Efficiency 12 Optimization Improved ROIC • Pandemic impacts start in late 2020 with first rent concessions granted • Dispositions of underperforming properties begins in 2Q21 and included 48 senior housing properties and seven SNFs • Bickford rent reset and SHOP formation at the beginning of 2Q22 • ROIC improving as dispositions of underperforming assets slow and Normalized FAD stabilizes on solid collections, accretive acquisitions, and continued deferral repayments • 4Q25 ROIC at 8.38% exceeds NHI’s weighted average cost of capital and surpasses pre-pandemic levels Re tu rn o n In ve st ed C ap ita l Refer to Appendix for definitions and relevant non-GAAP reconciliations. 8.33% 8.27% 8.16% 8.04% 7.92% 7.69% 7.53% 7.30% 7.16% 7.47% 7.58% 7.72% 7.80% 7.65% 7.81% 7.94% 8.05% 8.28% 8.29% 8.34% 8.27% 8.25% 8.45% 8.38% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 9.00% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
5000 10000 15000 20000 25000 30000 35000 40000 45000 1Q 20 08 3Q 20 08 1Q 20 09 3Q 20 09 1Q 20 10 3Q 20 10 1Q 20 11 3Q 20 11 1Q 20 12 3Q 20 12 1Q 20 13 3Q 20 13 1Q 20 14 3Q 20 14 1Q 20 15 3Q 20 15 1Q 20 16 3Q 20 16 1Q 20 17 3Q 20 17 1Q 20 18 3Q 20 18 1Q 20 19 3Q 20 19 1Q 20 20 3Q 20 20 1Q 20 21 3Q 20 21 1Q 20 22 3Q 20 22 1Q 20 23 3Q 20 23 1Q 20 24 3Q 20 24 1Q 20 25 3Q 20 25 Senior Housing: Rolling 4-Quarter Units Started Favorable Industry Dynamics: A Pathway For Long Term Growth 13 Supply Growth is Slowing Inventory growth of 0.5% across the care continuum is at an historic low Rolling 4-Quarter units started in Q4 2025 were 61% below the historical average Source: National Investment Center for Senior Housing & Care (“NIC”); data is from NICMAP Primary & Secondary markets through Q4 2025. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 1Q 20 09 3Q 20 09 1Q 20 10 3Q 20 10 1Q 20 11 3Q 20 11 1Q 20 12 3Q 20 12 1Q 20 13 3Q 20 13 1Q 20 14 3Q 20 14 1Q 20 15 3Q 20 15 1Q 20 16 3Q 20 16 1Q 20 17 3Q 20 17 1Q 20 18 3Q 20 18 1Q 20 19 3Q 20 19 1Q 20 20 3Q 20 20 1Q 20 21 3Q 20 21 1Q 20 22 3Q 20 22 1Q 20 23 3Q 20 23 1Q 20 24 3Q 20 24 1Q 20 25 3Q 20 25 Inventory Growth Senior Housing Independent Living Assisted Living
5.7 6.3 7.6 10.8 2010 2020 2030E 2040E U.S. 85+ Population (in millions) Favorable Industry Dynamics: A Pathway For Long Term Growth 14 Source: University of Virginia’s Weldon Cooper Center for Public Service; National Investment Center for Senior Housing & Care (“NIC”); NIC data is from NICMAP Primary & Secondary markets through Q4 2025. The 85+ population growth is expected to accelerate to 1.9% by 2030 and 3.5% in the following decade Absorption remains well above historic averages resulting in the highest ever number of occupied senior housing units Demand Growth is Surging -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 1Q 20 09 3Q 20 09 1Q 20 10 3Q 20 10 1Q 20 11 3Q 20 11 1Q 20 12 3Q 20 12 1Q 20 13 3Q 20 13 1Q 20 14 3Q 20 14 1Q 20 15 3Q 20 15 1Q 20 16 3Q 20 16 1Q 20 17 3Q 20 17 1Q 20 18 3Q 20 18 1Q 20 19 3Q 20 19 1Q 20 20 3Q 20 20 1Q 20 21 3Q 20 21 1Q 20 22 3Q 20 22 1Q 20 23 3Q 20 23 1Q 20 24 3Q 20 24 1Q 20 25 3Q 20 25 Absorption Senior Housing Independent Living Assisted Living
Appendix: Definitions 15 ADJUSTED EBITDA & EBITDARM NHI considers Adjusted EBITDA to be an important supplemental measure because it provides information which is used to evaluate the Company’s performance and serves as an indication of the ability to service debt. NHI defines Adjusted EBITDA as consolidated earnings before interest, taxes, depreciation and amortization, including amounts in discontinued operations, excluding real estate asset impairments and gains on dispositions and certain items which, due to their infrequent or unpredictable nature, may create some difficulty in comparing Adjusted EBITDA for the current period to similar prior periods, and may include, but are not limited to, impairment of non-real estate assets, gains and losses attributable to the acquisition and disposition of assets and liabilities, and recoveries of previous write- downs. Adjusted EBITDA also includes NHI’s proportionate share of unconsolidated equity method investments presented on a similar basis. Since others may not use the Company’s definition of Adjusted EBITDA, caution should be exercised when comparing NHI’s Adjusted EBITDA to that of other companies. EBITDARM is earnings before interest, taxes, depreciation, amortization, rent and management fees. ADJUSTED NET OPERATING INCOME Adjusted net operating income (“Adjusted NOI”) is a non-U.S. GAAP supplemental financial measure used to evaluate the operating performance of real estate. We define Adjusted NOI as total revenues, less straight-line revenue, less corporate interest income, less tenant reimbursements and property operating expenses, and adjusted for non-cash revenue items including, but not limited to, amortization of commitment fees, deferred financing costs and original issue discounts and lease incentive amortization. We believe Adjusted NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use adjusted NOI to make decisions about resource allocations and to assess the property level performance of our properties. FAD PAYOUT RATIO The Funds Available for Distribution (FAD) payout ratio is a metric used in the REIT (Real Estate Investment Trust) industry to gauge the percentage of FAD that a company distributes to shareholders as dividends. The FAD payout ratio is calculated by dividing the Company’s accrued dividends payable to common stockholders by its FAD for the period indicated. NET OPERATING INCOME Net operating income (“NOI”) is a non-U.S. GAAP supplemental financial measure used to evaluate the operating performance of real estate. NHI defines NOI as total revenues, less tenant reimbursements and property operating expenses. The Company believes NOI provides investors relevant and useful information as it measures the operating performance of properties at the property level on an unleveraged basis. NHI uses NOI to make decisions about resource allocations and to assess the property level performance of our properties. NAREIT FUNDS FROM OPERATIONS (FFO) FFO per share, as defined by the National Association of Real Estate Investment Trusts (NAREIT) and applied by us, is calculated using the two-class method with net income allocated to common stockholders and holders of unvested restricted stock by applying the respective weighted-average shares outstanding during each period. The calculation of FFO begins with net income attributable to common stockholders (computed in accordance with GAAP) and excludes gains (or losses) from sales of real estate property, impairments of real estate, and real estate depreciation and amortization after adjusting for unconsolidated partnerships and joint ventures, if any. Diluted FFO per share assumes the exercise of stock options and other potentially dilutive securities.
Appendix: Definitions 16 NAREIT FUNDS FROM OPERATIONS (FFO) FFO per share, as defined by the National Association of Real Estate Investment Trusts (NAREIT) and applied by us, is calculated using the two-class method with net income allocated to common stockholders and holders of unvested restricted stock by applying the respective weighted-average shares outstanding during each period. The calculation of FFO begins with net income attributable to common stockholders (computed in accordance with GAAP) and excludes gains (or losses) from sales of real estate property, impairments of real estate, and real estate depreciation and amortization after adjusting for unconsolidated partnerships and joint ventures, if any. Diluted FFO per share assumes the exercise of stock options and other potentially dilutive securities. NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO) Normalized FFO excludes from FFO certain items which, due to their infrequent or unpredictable nature, may create some difficulty in comparing FFO for the current period to similar prior periods, and may include, but are not limited to, impairment of non-real estate assets, gains and losses attributable to the acquisition and disposition of non-real estate assets and liabilities, and recoveries of previous write-downs. FFO and Normalized FFO are important supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative and should be supplemented with a measure such as FFO. The term FFO was designed by the REIT industry to address this issue. NORMALIZED FUNDS AVAILABLE FOR DISTRIBUTION (FAD) Normalized FAD is an important supplemental performance measure for a REIT. GAAP requires a lessor to recognize contractual lease payments into income on a straight-line basis over the expected term of the lease. This straight-line adjustment has the effect of reporting lease income that is significantly more or less than the contractual cash flows received pursuant to the terms of the lease agreement. GAAP also requires the original issue discount of our senior unsecured notes and debt issuance costs to be amortized as non-cash adjustments to earnings. We also adjust Normalized FAD for the net change in our allowance for expected credit losses, non-cash stock-based compensation, SHOP recurring capital expenditures as well as certain noncash items related to our equity method investments such as straight-line lease expense and amortization of purchase accounting adjustments. Normalized FAD is an important supplemental measure of liquidity for a REIT as a useful indicator of the ability to distribute dividends to stockholders. OCCUPANCY Occupancy is the average percentage of all units in our SHOP segment that are occupied during the time period described. NHI defines occupancy as the average number of units occupied in any given time period divided by the total number of available units. RETURN ON INVESTED CAPITAL (ROIC) ROIC is a performance metric that intends to measure the percentage return earned on capital invested by a company. NHI calculates ROIC as TTM Normalized FAD plus contractual interest divided by the average of total assets plus accumulated deprecation less straight-line rent receivable over the TTM period. RevPOR RevPOR is the average monthly revenue generated by occupied units in the SHOP segment. NHI defines RevPOR as monthly resident fees and services revenue divided the number of monthly occupied units for the period presented.
Appendix: Definitions 17 Same-Store (SS) We define Same-Store as properties owned, consolidated and operational for the full period in both comparison periods and that are not otherwise excluded; provided, however, that we may include selected properties that otherwise meet the Same-Store criteria if they are included in substantially all of, but not a full, period for one or both of the comparison periods, and in our judgment such inclusion provides a more meaningful presentation of our segment performance. Newly acquired properties, recently developed or redeveloped properties, and properties undergoing operator transitions in our SHOP reportable business segment will be included in Same-Store after five full quarters from the date of acquisition, transition, or being placed into service. Our SHOP and NNN that have undergone operator or business model transitions will be included in Same-Store once operating under consistent operating structures for the full period in both periods presented. Properties are excluded from Same-Store if they are: (i) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (ii) impacted by significant disruptive events such as flood or fire; (iii) those properties that are currently undergoing a significant disruptive redevelopment; or (iv) those properties that are scheduled to undergo operator or business model transitions, or have transitioned operators or business models after the start of the prior comparison period.
Reconciliations: FFO, Normalized FFO, Normalized FAD 18 (unaudited, $ in thousands, except share and per share amounts) Q4 2025 Q4 2024 Q3 2025 Net income attributable to common stockholders $ 38,113 $ 43,213 $ 32,812 Elimination of certain non-cash items in net income: Real estate depreciation 20,869 18,370 19,662 Real estate depreciation related to noncontrolling interests (402) (413) (400) Gains on sales of real estate, net (119) (4,960) (113) NAREIT FFO attributable to common stockholders 58,461 56,210 51,961 Non-cash write-offs of straight-line rent receivable - 819 12,141 Non-cash rental income related to operations transfer on early lease termination - - (1,375) Gains on forward equity sales agreements, net - (6,261) - Normalized FFO attributable to common stockholders 58,461 50,768 62,727 Non-cash lease revenue adjustments, net (652) (1,189) (616) Non-real estate depreciation, net 713 271 487 Amortization of debt issuance costs and discounts, net 855 1,215 658 Adjustments related to equity method investments, net (2,023) (452) (273) Recurring capital expenditures, net (791) (432) (668) Equity method investment non-refundable entrance fees 477 477 929 Note receivable credit loss expense (benefit) (61) 745 (1,979) Non-cash stock-based compensation 964 670 983 Normalized FAD attributable to common stockholders $ 57,943 $ 52,073 $ 62,248 BASIC Weighted average common shares outstanding 47,652,977 45,117,095 47,433,336 NAREIT FFO attributable to common stockholders per share $ 1.23 $ 1.25 $ 1.10 Normalized FFO attributable to common stockholders per share $ 1.23 $ 1.13 $ 1.32 DILUTED Weighted average common shares outstanding 47,882,433 45,435,267 47,623,623 NAREIT FFO attributable to common stockholders per share $ 1.22 $ 1.24 $ 1.09 Normalized FFO attributable to common stockholders per share $ 1.22 $ 1.12 $ 1.32 Dividends excluding dividends on unvested restricted shares $ 44,389 $ 41,091 $ 43,777 Normalized FAD payout ratio 76.6% 78.9% 70.3%
Reconciliations: Net Operating Income & Adjusted NOI 19 Three Months Ended December 31, (unaudited, dollars in thousands) 2025 2024 Net Income $ 37,803 $ 42,788 Interest 14,264 15,241 Gains on sales of real estate (119) (4,960) (Gain) loss from equity method investment (1,652) - Franchise, excise and other taxes 324 94 Legal 11 411 Loan and realty gains (losses) (61) 745 General and administrative 7,603 5,416 Depreciation 21,653 18,680 Consolidated NOI $ 79,826 $ 72,154 Straight-line revenue (1,232) (1,800) Amortization of lease incentives 725 724 Amortization of commitment fees and discounts (143) (87) Non-cash write-off of straight-line rent receivable - 836 Non-segment/Corporate ___________- (150) Adjusted NOI $ 79,176 $ 71,677
Reconciliations: SHOP NOI & Same-Store SHOP NOI 20 Total SHOP 2023 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025($ in thousands) Total revenues $ 48,809 $ 13,771 $ 14,004 $ 54,421 $ 13,939 $ 14,217 $ 21,177 $ 30,729 Labor (16,165) (4,304) (4,435) (17,166) (4,299) (4,324) (7,168) (11,741) Dietary (3,763) (1,118) (1,090) (4,287) (1,045) (1,104) (1,483) (2,104) Utilities (3,537) (1,071) (970) (3,887) (1,097) (940) (1,567) (1,969) Taxes and insurance (5,889) (1,611) (1,569) (6,412) (1,538) (1,413) (2,217) (2,649) Other senior housing operating expenses (10,233) (2,640) (2,690) (10,499) (2,874) (2,615) (3,818) (4,963) NOI 9,222 3,027 3,250 12,170 3,086 3,821 4,924 7,303 Depreciation (9,158) (2,591) (2,639) (10,157) (2,758) (2,811) (3,733) (5,557) Net income (loss) $ 64 $ 436 $ 609 $ 2,013 $ 328 $ 1,010 $ 1,191 $ 1,746 Total revenues $ 48,809 $ 13,771 $ 14,004 $ 54,421 $ 13,939 $ 14,217 $ 21,177 $ 30,729 Units 1,734 1,732 1,732 1,732 1,732 1,732 2,670 3,009 Occupancy 78.2% 88.6% 89.4% 87.6% 89.2% 89.1% 87.2% 86.9% Average occupied units 1,356 1,535 1,549 1,517 1,544 1,543 2,337 2,616 RevPOR $ 2,999 $ 2,989 $ 3,014 $ 2,990 $ 3,008 $ 3,071 $ 3,432 $ 3,918 Same-Store SHOP 2023 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025($ in thousands) Total revenues $ 48,809 $ 13,771 $ 14,004 $ 54,421 $ 13,939 $ 14,217 $ 14,057 $ 13,968 Labor (16,165) (4,304) (4,435) (17,166) (4,299) (4,324) (4,398) (4,330) Dietary (3,763) (1,118) (1,090) (4,287) (1,045) (1,104) (1,058) (1,122) Utilities (3,537) (1,071) (970) (3,887) (1,097) (940) (1,085) (1,005) Taxes and insurance (5,889) (1,611) (1,569) (6,412) (1,538) (1,413) (1,721) (1,610) Other senior housing operating expenses (10,233) (2,640) (2,690) (10,499) (2,874) (2,615) (2,833) (2,682) NOI 9,222 3,027 3,250 12,170 3,086 3,821 2,962 3,220 Depreciation (9,158) (2,591) (2,639) (10,157) (2,758) (2,811) (2,843) (3,076) Net income (loss) $ 64 $ 436 $ 609 $ 2,013 $ 328 $ 1,010 $ 119 $ 144 Total revenues $ 48,809 $ 13,771 $ 14,004 $ 54,421 $ 13,939 $ 14,217 $ 14,057 $ 13,968 Units 1,734 1,732 1,732 1,732 1,732 1,732 1,732 1,732 Occupancy 78.2% 88.6% 89.4% 87.6% 89.2% 89.1% 87.9% 86.4% Average occupied units 1,356 1,535 1,549 1,517 1,544 1,543 1,522 1,497 RevPOR $ 2,999 $ 2,989 $ 3,014 $ 2,990 $ 3,008 $ 3,071 $ 3,074 $ 3,111
Reconciliations: Adjusted EBITDA 21 Three Months Ended December 31, (unaudited, dollars in thousands) 2025 2024 Net income $ 37,803 $ 42,788 Interest expense 14,264 15,241 Franchise, excise, and other taxes 324 94 Depreciation 21,653 18,680 Gains on sales of real estate, net (119) (4,960) Notes receivable credit loss (benefit) expense (61) 745 Non-cash write-off of straight-line rents receivable - 819 Gain on forward equity sale agreement, net ___________- (6,261) Adjusted EBITDA $ 73,864 $ 67,146 Interest expense at contractual rates $ 13,412 $ 14,066 Principal payments - 109 Fixed Charges $ 13,412 $ 14,175 Fixed Charge Coverage 5.5x 4.7x Net Debt to Adjusted EBITDA Consolidated Total Debt $ 1,163,814 Less: cash and cash equivalents (19,624) Consolidated Net Debt $ 1,144,190 Adjusted EBITDA $ 73,864 Annualizing Adjustment 221,589 Annualized impact of recent investments 4,517 $ 299,970 Consolidated Net Debt to Adjusted EBITDA 3.8x
Reconciliations: Adjusted EBITDA 22 (dollars in thousands) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net income $ 39,231 $ 30,849 $ 6,505 $ 8,246 $ 21,466 $ 34,229 $ 1,558 $ 34,183 $ 39,448 $ 29,033 $ 31,718 $ 30,657 $ 34,952 $ 28,242 $ 42,788 $ 33,817 $ 36,689 $ 32,478 $ 37,803 Interest expense 12,840 12,715 12,282 10,198 10,862 11,412 12,445 14,027 14,194 15,086 14,852 14,869 14,854 14,939 15,241 14,337 15,001 13,766 14,264 Franchise, excise and other taxes 232 244 79 244 225 225 150 183 258 2 7 (187) 47 83 94 269 243 244 324 Depreciation 20,658 20,035 19,299 18,272 17,772 17,533 17,303 17,617 17,730 17,515 17,112 17,505 17,490 17,768 18,680 19,157 19,918 20,216 21,653 Unconsolidated EBITDA 798 678 678 678 713 713 917 495 706 583 583 719 - - - - - - - NR credit loss expense 1,221 (37) (185) (76) (47) 1,803 8,676 (756) 55 786 (351) 10 452 3,434 745 (14) (1,393) (1,979) (61) Other items (6,484) 1,880 23,075 23,913 18,444 (4,332) 18,234 (3,559) (11,182) 436 (1,221) ______686 (863) (102) 819 494 _____(110) ___10,653 ___(119) Adjusted EBITDA $ 68,496 $ 66,364 $ 61,733 $ 61,475 $ 69,435 $ 61,583 $ 59,283 $ 62,190 $ 61,208 $ 63,441 $ 62,700 $ 64,259 $ 66,932 $ 64,364 $ 67,146 $ 68,060 $ 70,348 $ 75,378 $ 73,864 Interest expense at contractual rates 12,188 12,085 11,668 9,558 10,262 10,821 11,847 13,440 13,612 14,387 14,164 14,088 14,029 14,129 14,066 13,359 14,062 13,108 13,412 Principal payments on debt 91 92 187 98 193 290 389 103 100 101 104 105 105 106 109 112 110 ___- __- Fixed Charges $ 12,279 $ 12,177 $ 11,885 $ 9,656 $ 10,455 $ 11,111 $ 12,236 $ 13,543 $ 13,712 $ 14,488 $ 14,268 $ 14,193 $ 14,134 $ 14,235 $ 14,175 $ 13,471 $ 14,172 $ 13,108 $ 13,412 Fixed Charge Coverage 5.6x 5.4x 5.2x 6.4x 6.6x 5.5x 4.8x 4.6x 4.5x 4.4x 4.4x 4.5x 4.7x 4.5x 4.7x 5.1x 5.0x 5.8x 5.5x Total debt $ 1,434,744 $ 1,285,287 $ 1,242,883 $ 1,249,044 $ 1,104,495 $ 1,114,999 $ 1,147,511 $ 1,176,014 $ 1,134,815 $ 1,144,438 $ 1,135,051 $ 1,139,266 $ 1,136,035 $ 1,136,302 $ 1,146,041 $ 1,262,985 $ 1,118,835 $ 1,109,065 $ 1,163,814 Cash and equivalents (32,544) (48,393) (37,412) (36,121) (43,435) (28,811) (19,291) __(13,875) __(17,411) (16,579) (22,347) (11,357) (14,766) __(15,550) (24,289) (135,004) __(18,640) __(81,625) __(19,624) Net debt $ 1,402,200 $ 1,236,894 $ 1,205,471 $ 1,212,923 $ 1,061,060 $ 1,086,188 $ 1,128,220 $ 1,162,139 $ 1,117,404 $ 1,127,859 $ 1,112,704 $ 1,127,909 $ 1,121,269 $ 1,120,752 $ 1,1221,752 $ 1,127,981 $ 1,100,195 $ 1,027,440 $ 1,144,190 Annualized EBITDA $ 273,981 $ 265,456 $ 246,932 $ 245,900 $ 277,741 $ 246,334 $ 237,131 $ 248,760 $ 244,832 $ 253,765 $ 250,801 $ 257,035 $ 267,728 $ 257,456 $ 268,584 $ 272,240 $ 281,392 $ 301,512 $ 295,453 Impact of recent transactions (953) (7,915) (2,364) (42) (11,792) (2,752) _____ 682 ____2,086 (2,429) _____473 (107) ______85 ____2,341 (194) ____3,717 ____4,798 _______- __(15,107) ___4,517 Adjusted annualized EBITDA $ 273,028 $ 257,541 $ 244,568 $ 245,858 $ 265,949 $ 243,582 $ 237,813 $ 250,846 $ 242,403 $ 254,238 $ 250,693 $ 257,121 $ 270,069 $ 257,262 $ 272,301 $ 277,038 $ 281,392 $ 286,405 $ 299,970 Net Debt / Adj. EBITDA 5.1x 4.8x 4.9x 4.9x 4.0x 4.5x 4.7x 4.6x 4.6x 4.4x 4.4x 4.4x 4.2x 4.4x 4.1x 4.1x 3.9x 3.6x 3.8x
Reconciliations: ROIC 23 (dollars in thousands) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Total Assets $ 3,166,971 $ 3,139,273 $ 3,120,346 $ 3,183,273 $ 3,077,445 $ 2,912,177 $ 2,838,876 $ 2,802,503 $ 2,587,291 $ 2,508,785 $ 2,507,424 Add: Accumulated Depreciation 555,762 576,605 597,638 618,299 622,943 593,215 576,668 582,175 593,036 599,423 611,688 Less: Straight-line Receivable (89,090) (92,418) (95,703) (98,354) (97,723) (99,895) (96,198) (94,739) (79,697) (81,959) (76,895) Invested Capital $ 3,633,643 $ 3,623,460 $ 3,622,281 $ 3,703,218 $ 3,602,665 $ 3,405,497 $ 3,319,346 $ 3,289,939 $ 3,100,630 $ 3,026,249 $ 3,042,217 Normalized FAD $ 60,925 $ 60,270 $ 59,003 $ 59,551 $ 52,839 $ 51,173 $ 45,911 $ 52,669 $ 56,279 $ 47,378 $ 44,712 Add: Contractual Interest 12,832 11,907 11,537 12,230 12,188 12,085 11,668 9,558 10,262 10,821 11,847 FAD before contractual interest $ 73,757 $ 72,177 $ 70,540 $ 71,781 $ 65,027 $ 63,258 $ 57,579 $ 62,227 $ 66,541 $ 58,199 $ 56,559 TTM Invested Capital $ 3,511,852 $ 3,555,284 $ 3,593,428 $ 3,639,943 $ 3,637,053 $ 3,591,424 $ 3,530,601 $ 3,464,133 $ 3,343,616 $ 3,228,332 $ 3,155,676 TTM Normalized FAD plus contractual interest $ 290,548 $ 290,094 $ 289,023 $ 288,256 $ 279,525 $ 270,606 $ 257,645 $ 248,091 $ 249,605 $ 244,546 $ 243,526 Return on Invested Capital 8.27% 8.16% 8.04% 7.92% 7.69% 7.53% 7.30% 7.16% 7.47% 7.58% 7.72% (dollars in thousands) 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Total Assets $ 2,533,230 $ 2,498,495 $ 2,499,090 $ 2,488,480 $ 2,478,125 $ 2,476,912 $ 2,460,090 $ 2,614,371 $ 2,782,885 $ 2,695,959 $ 2,690,064 $ 2,796,887 Add: Accumulated Depreciation 625,743 638,631 656,155 673,276 690,790 705,829 723,606 742,295 761,462 781,390 801,614 821,982 Less: Straight-line Receivable (79,103) (82,295) (83,549) (84,713) (84,257) (85,321) (86,334) (87,150) (88,311) (89,097) (77,906) (78,891) Invested Capital $ 3,079,870 $ 3,054,831 $ 3,071,696 $ 3,077,043 $ 3,084,659 $ 3,097,420 $ 3,097,362 $ 3,269,516 $ 3,456,036 $ 3,388,251 $ 3,413,772 $ 3,539,978 Normalized FAD $ 47,739 $ 44,586 $ 48,171 $ 47,347 $ 50,975 $ 51,780 $ 49,383 $ 52,071 $ 56,001 $ 55,957 $ 62,248 $ 57,943 Add: Contractual Interest 13,440 13,612 14,387 14,164 14,088 14,028 14,129 14,066 13,359 14,062 13,108 13,412 FAD before contractual interest $ 61,179 $ 58,198 $ 62,558 $ 61,511 $ 65,063 $ 65,808 $ 63,512 $ 66,137 $ 69,360 $ 70,019 $ 75,356 $ 71,355 TTM Average Invested Capital $ 3,107,781 $ 3,060,759 $ 3,054,973 $ 3,065,131 $ 3,073,620 $ 3,077,130 $ 3,085,636 $ 3,125,200 $ 3,200,999 $ 3,261,717 $ 3,324,987 $ 3,413,511 TTM Normalized FAD plus contractual interest $ 242,479 $ 234,136 $ 238,495 $ 243,447 $ 247,329 $ 254,939 $ 255,893 $ 260,518 $ 264,815 $ 269,028 $ 280,872 $ 286,090 Return on Invested Capital 7.80% 7.65% 7.81% 7.94% 8.05% 8.28% 8.29% 8.34% 8.27% 8.25% 8.45% 8.38%
FAQ
What did National Health Investors (NHI) report for Q4 2025 earnings and cash flow?
National Health Investors reported Q4 2025 net income of $0.80 per diluted share. NAREIT FFO per diluted share was $1.22, while Funds Available for Distribution totaled $57.9 million, resulting in a FAD payout ratio of 76.6% for the quarter.
How did NHI’s senior housing operating portfolio (SHOP) perform in Q4 2025?
NHI’s SHOP segment delivered Q4 2025 revenue growth of 119.4% year over year. SHOP NOI reached $7.3 million, up 124.9%, with a 23.8% NOI margin. Q4 2025 SHOP occupancy was 86.9%, and revenue per occupied room (RevPOR) was $3,918.
What 2026 financial guidance did National Health Investors provide?
For 2026, NHI projects net income attributable to common stockholders of $180.1–$182.4 million. It expects NAREIT FFO of $241.9–$244.2 million, FFO per diluted share of $4.94–$4.99, and Funds Available for Distribution of $248.9–$251.4 million.
What assumptions underlie NHI’s 2026 guidance and growth plans?
NHI’s 2026 guidance assumes $230.0 million of unidentified new investments at an average 7.8% NOI yield, $111.3 million of dispositions, 7%–8% same-store SHOP NOI growth, 105%–109% total SHOP NOI growth, settlement of all forward equity sales, and continued deferred rent collections.
How is National Health Investors positioned in terms of leverage and liquidity?
At December 31, 2025, NHI’s net debt to annualized adjusted EBITDA was 3.8x, within its 3.5x–4.5x target range. Total liquidity was about $875.9 million, including $496.0 million of revolver capacity, $19.6 million of cash, and equity available under ATM arrangements.
What recent investment activity and pipeline did NHI highlight in this update?
NHI completed $392.4 million of investments in 2025 at an average initial yield of 8.08%, plus a $105.5 million SHOP acquisition in early 2026. It also reported $110.6 million of signed letters of intent and an additional $488.0 million investment pipeline focused on senior housing.
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National Health Investors
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NHI Announces Fourth Quarter 2025 Results
Feb 2, 2026
NHI Announces $105.5 Million SHOP Investment
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4.20B
46.55M
REIT - Healthcare Facilities
Real Estate Investment Trusts
United States
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