NYSE: NHI
NATIONAL HEALTH INVESTORS INCCIK 0000877860 · SIC 6798 · Real Estate Investment Trusts
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NHI publishes investor update presentation under Regulation FD
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NHI: revenue $121.3M, net income $55.7M. NHI sells legacy NHC portfolio for, deploys into SHOP acquisitions
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NHI completes $560M NHC portfolio sale, reports 188% SHOP NOI growth, raises dividend
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NHI files Q2 2026 supplemental disclosing 5.0x net leverage, 97% FAD payout ratio
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NHI appoints Chris Maingot as first Chief Operations Officer to drive senior housing growth
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NHI sells 35 facilities to related-party stockholder NHC for $560M, exits master lease
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NHI enters change-in-control severance agreement with Todd Siefert
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NHI clears antitrust hurdle, buyer waives termination rights on 35-facility sale to NHC
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NHI completes routine 2026 Annual Meeting, elects seven directors with strong quorum
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NHI: revenue $115.1M, net income $40.1M. NHI to sell NHC portfolio, doubles SHOP segment with in acquisitions
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National Health Investors reports Q1 2026 earnings results
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NHI files routine Q1 2026 supplemental information under Regulation FD
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NHI files routine investor presentation and Q1 2026 business update under Reg FD
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Income (Unaudited)
(unaudited and $ in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Rental income | 71,390 | 70,270 | 144,540 | 139,136 |
| Resident fees and services | 44,779 | 14,217 | 81,839 | 28,156 |
| Interest and other income | 5,150 | 6,175 | 10,070 | 12,666 |
| Total revenues | 121,319 | 90,662 | 236,449 | 179,958 |
| Expenses: | ||||
| Depreciation and amortization | 25,548 | 19,918 | 49,239 | 39,075 |
| Interest expense | 15,814 | 15,001 | 30,854 | 29,338 |
| Senior housing operating expenses | 33,757 | 10,396 | 61,926 | 21,249 |
| Legal expense | 445 | 1,095 | 750 | 2,521 |
| Franchise, excise and other taxes | 213 | 243 | 428 | 512 |
| General and administrative expenses | 8,823 | 6,125 | 16,674 | 12,954 |
| Proxy contest and related expenses | — | 1,308 | — | 1,572 |
| Taxes and insurance on leased properties | 2,742 | 2,914 | 5,546 | 5,801 |
| Loan and realty gains, net | (59) | (1,393) | (109) | (1,407) |
| Total expenses | 87,283 | 55,607 | 165,308 | 111,615 |
| Gains on dispositions of real estate properties | 21,967 | 110 | 24,579 | 224 |
| Other non-operating income | 86 | — | 121 | — |
| Income before income taxes and equity | ||||
| method investment | 56,089 | 35,165 | 95,841 | 68,567 |
| Income tax expense | (732) | — | (732) | — |
| Gains from equity method investment | — | 1,524 | — | 1,939 |
| Net income | 55,357 | 36,689 | 95,109 | 70,506 |
| Add: Net loss attributable to noncontrolling interests | 314 | 298 | 664 | 646 |
| Net income attributable to stockholders | 55,671 | 36,987 | 95,773 | 71,152 |
| Less: Net income allocated to participating securities | (95) | (49) | (173) | (101) |
| Net income attributable to common stockholders | 55,576 | 36,938 | 95,600 | 71,051 |
| Weighted average common shares outstanding: | ||||
| Basic | 48,435,914 | 46,691,953 | 48,379,930 | 46,206,225 |
| Diluted | 48,498,181 | 46,822,465 | 48,523,038 | 46,350,498 |
| Earnings per share: | ||||
| Basic | 1.15 | 0.79 | 1.98 | 1.54 |
| Diluted | 1.15 | 0.79 | 1.97 | 1.53 |
Consolidated Balance Sheets (Unaudited)
| Description | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 30.4 | 19.6 |
| Restricted cash | 20.0 | — |
| Property, plant and equipment, net | 2,566 | 2,472 |
| Operating lease right-of-use assets, net | 4.5 | 1.5 |
| TOTAL ASSETS | 2,964 | 2,797 |
| Current liabilities: | ||
| Deferred income taxes and other liabilities | 0.7 | — |
| Total liabilities | 1,375 | 1,257 |
| Shareholders' equity: | ||
| Common stock | 0.5 | 0.5 |
| Capital in excess of stated value | 1,967 | 1,923 |
| Retained earnings (deficit) | 2,843 | 2,747 |
| Total shareholders' equity | 1,571 | 1,522 |
| Noncontrolling interest | 7.5 | 8.2 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,964 | 2,797 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(unaudited and $ in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 95,109 | 70,506 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 49,239 | 39,075 |
| Amortization of debt issuance costs and discounts | 1,708 | 1,917 |
| Share-based compensation expense | 4,600 | 3,629 |
| Deferred income tax expense | 732 | — |
| Straight-line rent revenue adjustments | (1,320) | (2,444) |
| Non-cash interest income on mortgage notes receivable | (581) | (655) |
| Other non-cash items, net | 1,374 | 1,134 |
| Loan and realty gains, net | (109) | (1,407) |
| Gains on dispositions of real estate properties | (24,579) | (224) |
| Gains from equity method investment | — | (1,939) |
| Changes in operating assets and liabilities: | ||
| Other assets, net | (11,153) | 1,110 |
| Accounts payable and other liabilities | 3,514 | (4,414) |
| Deferred income | (121) | 7 |
| Net cash provided by operating activities | 118,413 | 106,295 |
| Cash flows from investing activities: | ||
| Acquisitions of real estate properties | (229,886) | (130,984) |
| Investments in existing real estate properties and equipment | (11,132) | (4,806) |
| Proceeds from dispositions of real estate properties | 92,961 | — |
| Fees received on mortgage notes receivable | — | 389 |
| Investments in mortgage and other notes receivable | (12,176) | (25,688) |
| Repayments of mortgage and other notes receivable | 12,933 | 35,365 |
| Distributions received from equity method investment | — | 1,939 |
| Net cash used in investing activities | (147,300) | (123,785) |
| Cash flows from financing activities: | ||
| Proceeds from revolving credit facility | 449,000 | 329,000 |
| Repayments of revolving credit facility | (215,000) | (282,200) |
| Repayments of term loans | (125,000) | (75,815) |
| Payments of debt issuance costs | — | (185) |
| Proceeds from issuance of common shares, net | 44,934 | 123,484 |
| Payments of equity issuance costs | (414) | (153) |
| Capital contributions from noncontrolling interests | 700 | 56 |
| Distributions paid to noncontrolling interests | (317) | (542) |
| Dividends paid to stockholders | (89,021) | (83,143) |
| Taxes paid related to net settlement of stock incentive awards | (5,185) | (191) |
| Net cash provided by financing activities | 59,697 | 10,311 |
| Increase (decrease) in cash, cash equivalents and restricted cash | 30,810 | (7,179) |
| Cash, cash equivalents and restricted cash at the beginning of the period | 19,624 | 26,502 |
| Cash, cash equivalents and restricted cash at the end of the period | 50,434 | 19,323 |
Face scale: (unaudited and $ in thousands, except per share amounts); (unaudited and $ in thousands). Amounts in millions USD (mixed scale; EPS as reported); EPS as reported. Statements found on the EDGAR/iXBRL face print as filed; the rest are presentation-friendly mappings of filer XBRL tags. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗