National Health Investors, Inc. (NHI) filings document the disclosures of a self-managed healthcare and senior housing REIT. Its regulatory record includes Form 8-K reports for investor presentations, supplemental financial information, material events, executive-transition governance matters and equity distribution agreements, along with registration materials tied to common stock offerings.
Proxy materials cover board matters, executive compensation and shareholder voting topics. NHI filings also describe its Real Estate Investments and SHOP segments, capital structure, NYSE-listed common stock, lease and interest-income exposures, development and construction risks, tenant, manager and borrower performance, environmental matters and other risk factors affecting senior housing and medical facility investments.
National Health Investors Inc reported that SVP, Legal Affairs Elizabeth Jackson Blankenship acquired 2,420 shares of common stock through a restricted stock grant at a stated price of $0.00 per share.
The restricted shares vest in three equal annual installments on each anniversary of the March 3, 2026 grant date, beginning March 3, 2027, subject to her continued service through each vesting date.
National Health Investors Inc. reported that Elizabeth Jackson Blankenship, who serves as Senior Vice President of Legal Affairs, has filed an initial statement of beneficial ownership of the company’s securities on Form 3 as an officer. The filing does not list any reportable transactions.
NATIONAL HEALTH INVESTORS INC director Donohue Lilly has filed a Form 3, which is an initial statement of beneficial ownership. The filing lists Donohue Lilly as a director of the company and does not report any insider buy, sell, acquire, or dispose transactions in this data.
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 February 23, 2026.
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 CEO and President D. Eric Mendelsohn reported option exercises and related tax share dispositions. On February 23, 2026, he exercised 13,334 stock options, receiving 13,334 shares of common stock at an exercise price of $57.76 per share.
To cover tax obligations associated with these equity awards, 10,192 shares and an additional 194 restricted shares were automatically withheld and disposed of at $90.03 per share. After these transactions, he directly owned 118,398 shares of National Health Investors common stock.