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Get filing alertsNHI files Q2 2026 supplemental disclosing 5.0x net leverage, 97% FAD payout ratio
Filed August 10, 2026 · Period ending August 10, 2026 · ~1 min read
Key Changes
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high
Net debt to adjusted EBITDA of 5.0x on $1.04B total debt; 69.7% fixed-rate debt provides rate stability but leverage remains elevated for a healthcare REIT
Exhibit 99.1 view on EDGAR → -
high
FAD payout ratio of 97.0% leaves minimal retained cash flow for growth or deleveraging; normalized FFO and FAD both $1.02 per share
Exhibit 99.1 view on EDGAR → -
medium
SHOP segment posted negative NOI of $1.5M despite 86.2% occupancy and $4,872 RevPOR; represents 15.3% of portfolio by NOI
Exhibit 99.1 view on EDGAR → -
medium
Lease portfolio coverage of 1.79x with 89.6% occupancy; senior housing 1.79x, skilled nursing/hospital 1.94x
Exhibit 99.1 view on EDGAR → -
low
Portfolio composition: 38.3% senior housing need-driven, 25.7% discretionary senior housing, 18.8% skilled nursing/hospital, 15.3% SHOP
Exhibit 99.1 view on EDGAR →
Summary
NHI furnished routine Q2 2026 supplemental information under Regulation FD, disclosing portfolio metrics and capital structure details that warrant attention. The company carries 5.0x net debt to adjusted EBITDA on $1.04 billion total debt, elevated for a healthcare REIT, though 69.7% fixed-rate debt provides some interest rate protection. More concerning is the 97.0% FAD payout ratio—the company is distributing nearly all available cash flow as dividends, leaving minimal retained capital for growth investments or deleveraging.
The SHOP segment posted negative NOI of $1.5 million despite 86.2% occupancy and $4,872 revenue per occupied room, a drag on overall performance. The lease portfolio shows adequate coverage at 1.79x with 89.6% occupancy, indicating tenants can meet rent obligations from operating cash flow. The combination of high leverage and near-total cash distribution limits financial flexibility in a capital-intensive business.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
NHI furnished Q2 2026 supplemental information under Regulation FD, available on its website.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The Company is furnishing its Supplemental Information for the quarter ended June 30, 2026, which is also contained on its website (www.nhireit.com). Reference Exhibit 99.1 to this Current Report on Form 8-K.
NHI disclosed supplemental financial and operational information for the quarter ended June 30, 2026 under Item 7.01 Regulation FD. The supplemental package is attached as Exhibit 99.1 and posted to the company's investor relations website. This is a routine quarterly disclosure providing additional metrics and detail beyond the standard earnings release.
Event · Exhibit 99.1
NHI filed Q2 2026 supplemental financial information disclosing portfolio metrics, SHOP performance, and capital structure details.
Added in current filing · view on EDGAR →
Sr. Hsng. Need-Driven 38.3% Sr. Hsng. Discretionary 25.7% SNF/Hospital 18.8% Other 1.9% SHOP 15.3%
NHI's Q2 2026 portfolio consists of 38.3% senior housing need-driven properties, 25.7% discretionary senior housing, 18.8% skilled nursing/hospital facilities, 15.3% senior housing operating portfolio (SHOP), and 1.9% other. The portfolio includes 137 leased properties across 12,453 units and 15 mortgage/other notes across 1,388 units, generating annualized adjusted NOI of $289.0 million.
Added in current filing · view on EDGAR → · paraphrased
TOTAL SENIOR HOUSING OPERATING PORTFOLIO ... Q2 2026 ... RevPOR $4,872 ... Occupancy 86.2% ... NOI $(1,490)
NHI's SHOP segment reported Q2 2026 revenue per occupied room of $4,872, occupancy of 86.2%, and negative NOI of $1.5 million. Same-store SHOP occupancy was 85.1% with RevPOR of $4,872. The SHOP segment represents 15.3% of the portfolio by NOI and includes 3,210 units across 15 properties.
Added in current filing · view on EDGAR → · paraphrased
NHI TOTAL PORTFOLIO ... T12 89.6% 79.4%
NHI's total lease portfolio reported trailing-12-month EBITDARM coverage of 1.79x and occupancy of 89.6% for Q2 2026. Senior housing properties showed 1.79x coverage with 90.7% occupancy, while skilled nursing/hospital facilities reported 1.94x coverage with 91.3% occupancy. These metrics indicate tenants' ability to cover rent obligations from operating cash flow.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 11, 2026 · How we verify