NATIONAL HEALTH INVESTORS INC
Business
National Health Investors, Inc. is a self-managed real estate investment trust that owns, leases, operates and finances senior housing communities and medical facilities across 32 states. The company operates senior housing properties including independent living, assisted living, and entrance fee communities, as well as skilled nursing facilities and hospitals, through triple-net leases to tenants and direct operations of senior housing communities. NHI operates two reportable segments: Real Estate Investments, comprising leased properties and mortgage notes, and Senior Housing Operating Portfolio (SHOP), comprising directly operated senior housing communities managed by third parties.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Rental income | 272 | 257 | 249 | 218 | 271 | |
| Resident fees and services | 80 | 54 | 49 | 36 | 0 | |
| Interest and other income | 24 | 24 | 22 | 25 | 28 | |
| Revenues | 376 | 335 | 320 | 278 | 299 | |
| Depreciation and amortization | 81 | 71 | 70 | — | — | |
| Interest expense | 57 | 60 | 58 | 45 | — | |
| Senior housing operating expenses | 61 | 42 | 40 | 28 | 0 | |
| Legal | 3 | 1 | 507,000 | 3 | 908,000 | |
| Franchise, excise and other taxes | 1 | 38,000 | 449,000 | 844,000 | 788,000 | |
| General and administrative expenses | 27 | 21 | 19 | 23 | 18 | |
| Proxy contest and related | 2 | 0 | 0 | 3 | 908,000 | |
| Taxes and insurance on leased properties | 11 | 11 | 12 | 10 | 12 | |
| Loan and realty (gains) losses, net | −3 | 5 | 1 | 62 | 53 | |
| Total operating expenses | 239 | 212 | 201 | 242 | 216 | |
| Gains on operations transfers, net | 0 | 0 | 20,000 | −700,000 | 0 | |
| Gains on sales of real estate properties, net | 456,000 | 7 | 15 | 28 | 32 | |
| Gains from equity method investment | 4 | 400,000 | 600,000 | 600,000 | −2 | |
| Loss on early retirement of debt | 0 | 0 | −73,000 | −151,000 | −2 | |
| Gains on forward equity sales agreements, net | 0 | 6 | 0 | 0 | — | |
| Other income | 0 | 0 | 202,000 | 0 | 350,000 | |
| Net income (loss) | 141 | 137 | 134 | 66 | 112 | |
| Add: Net loss attributable to noncontrolling interests | 1 | 1 | 1 | 902,000 | −163,000 | |
| Net income attributable to stockholders | 142 | 138 | 136 | 66 | 112 | |
| Less: Net income attributable to unvested restricted stock awards | −201,000 | −118,000 | −57,000 | 0 | 0 | |
| Net income attributable to common stockholders | 142 | 138 | 136 | 66 | 112 | |
| Basic (in shares) | 47 | 44 | 43 | 45 | 46 | |
| Diluted (in shares) | 47 | 44 | 43 | 45 | 46 | |
| Basic (in usd per share) | 3.03 | 3.14 | 3.13 | 1.48 | 2.45 | |
| Diluted (in usd per share) | 3.02 | 3.13 | 3.13 | 1.48 | 2.44 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Land | 222 | 192 | 181 | 178 | 187 | |
| Buildings, building improvements and intangible assets | 3,056 | 2,751 | 2,594 | 2,549 | 2,707 | |
| Construction in progress | 18 | 11 | 6 | 3 | 468,000 | |
| Total real estate properties | 3,296 | 2,954 | 2,780 | 2,730 | 2,895 | |
| Less: Accumulated depreciation and amortization | −822 | −742 | −673 | −612 | — | |
| Total real estate properties, net | 2,474 | 2,211 | 2,107 | 2,118 | — | |
| Mortgage and other notes receivable, net of credit loss reserves | 203 | 269 | 245 | 233 | — | |
| Cash and cash equivalents | 20 | 24 | 22 | 19 | 37 | |
| Straight-line rents receivable | 79 | 87 | 85 | 77 | 96 | |
| Assets held for sale, net | 4 | 0 | 5 | — | — | |
| Other assets, net | 18 | 23 | 24 | 17 | — | |
| Total Assets | 2,797 | 2,614 | 2,488 | 2,507 | 2,839 | |
| Debt, net | 1,164 | 1,146 | 1,135 | 1,148 | 1,243 | |
| Accounts payable and other liabilities | 44 | 38 | 34 | 26 | 23 | |
| Dividends payable | 44 | 41 | 39 | 39 | 41 | |
| Deferred income | 5 | 4 | 6 | 5 | 6 | |
| Total Liabilities | 1,257 | 1,229 | 1,214 | 1,218 | 1,322 | |
| Commitments and contingencies | — | — | — | — | — | |
| Redeemable noncontrolling interest | 10 | 10 | 10 | 10 | 0 | |
| Common stock | 483,000 | 457,000 | 434,000 | 434,000 | 459,000 | |
| Capital in excess of par value | 1,923 | 1,737 | 1,604 | 1,599 | 1,591 | |
| Retained earnings | 2,747 | 2,605 | 2,467 | 2,331 | — | |
| Cumulative dividends | −3,149 | −2,976 | −2,817 | −2,661 | — | |
| Total National Health Investors, Inc. stockholders equity | 1,522 | 1,366 | 1,254 | 1,270 | 1,507 | |
| Noncontrolling interests | 8 | 9 | 10 | 10 | 10 | |
| Total equity | 1,530 | 1,375 | 1,264 | 1,280 | 1,517 | |
| Total liabilities and equity | 2,797 | 2,614 | 2,488 | 2,507 | 2,839 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of lease incentives | 3 | 3 | 3 | — | — | |
| Amortization of commitment fees and notes receivable discounts | −920,000 | −116,000 | −412,000 | −872,000 | −729,000 | |
| Amortization of debt issuance costs and discounts | 3 | 4 | 3 | 4 | 4 | |
| Payments of lease incentives | 0 | 0 | −10 | −1 | −1 | |
| Share-based compensation expense | 6 | 4 | 5 | 9 | 8 | |
| Non-cash rental income related to operations transfers upon early lease terminations | −1 | 0 | 0 | 710,000 | — | |
| Other non-cash rental income | 0 | 0 | −3 | −3 | 0 | |
| Non-cash changes in straight-line rents receivable | 7 | −3 | −7 | 17 | −15 | |
| Non-cash interest income on mortgage and other notes receivable | −2 | −124,000 | −1 | −4 | −3 | |
| Non-cash lease incentives recognized as interest and other income | 0 | −100,000 | 0 | 0 | — | |
| Gains on forward equity sales agreements, net | 0 | −6 | 0 | 0 | — | |
| Other assets, net | 57,000 | −2 | −705,000 | −4 | −4 | |
| Accounts payable and other liabilities | 5 | 3 | 6 | 425,000 | 3 | |
| Deferred income | 2 | −1 | 101,000 | 412,000 | 260,000 | |
| Net cash provided by operating activities | 237 | 208 | 184 | 185 | 211 | |
| Acquisitions of real estate properties | −274 | −138 | −38 | −6 | −47 | |
| Investments in existing real estate properties and equipment | −20 | −20 | −11 | −5 | −3 | |
| Proceeds from sales of real estate properties | 0 | 6 | 57 | 169 | 239 | |
| Investments in mortgage and other notes receivable | −71 | −60 | −36 | −80 | −72 | |
| Payments received on mortgage and other notes receivable | 92 | 19 | 13 | 119 | 68 | |
| Distributions from equity method investment | 4 | 402,000 | 3 | 569,000 | 1 | |
| Net cash used in investing activities | −269 | −192 | −12 | 198 | 185 | |
| Proceeds from revolving credit facility | 694 | 450 | 364 | 225 | 95 | |
| Repayments of revolving credit facility | −821 | −364 | −161 | −183 | −393 | |
| Borrowings on bank term loan | 0 | 0 | 200 | 0 | 0 | |
| Repayments of bank term loan and private placement notes | −201 | −75 | −415 | −135 | −293 | |
| Proceeds from issuance of senior notes | 346 | 0 | 0 | 0 | 397 | |
| Payments of debt issuance costs | −4 | −3 | −3 | −5 | −5 | |
| Proceeds from issuance of common shares, net | 182 | 142 | 0 | 0 | 48 | |
| Payments of equity issuance costs | −767,000 | −930,000 | 0 | −66,000 | 0 | |
| Capital contributions from noncontrolling interests | 2 | 1 | 3 | 12 | 0 | |
| Distributions paid to noncontrolling interests | −917,000 | −1 | −1 | −916,000 | −910,000 | |
| Dividends paid to stockholders | −170 | −157 | −156 | −162 | −183 | |
| Taxes paid related to net settlement of stock incentive awards | −456,000 | −6 | 0 | −288,000 | 0 | |
| Net cash provided by (used in) financing activities | 26 | −14 | −170 | −401 | −403 | |
| (Decrease) increase in cash, cash equivalents and restricted cash | −7 | 2 | 3 | −18 | −7 | |
| Interest paid, net of amounts capitalized | 51 | 55 | 52 | 43 | 44 | |
| Real estate properties acquired to settle mortgage notes receivable | 51 | 22 | 14 | — | — | |
| Increase in liabilities associated with acquisitions of real estate properties | 778,000 | 0 | 0 | — | — | |
| Assets received upon early lease terminations | 1 | 0 | 0 | — | — | |
| Right of use assets acquired in exchange for finance lease liabilities | 139,000 | 344,000 | 101,000 | 0 | 0 | |
| Changes in other assets related to sales of real estate properties | 0 | 0 | 325,000 | 102,000 | −33,000 | |
| Changes in accounts payable related to real estate property renovations | −95,000 | −250,000 | 0 | — | — | |
| Noncash or Part Noncash Acquisition, Payables Assumed | 0 | 189,000 | 0 | 0 | — | |
| Changes in accounts payable related to noncontrolling interest distributions | −241,000 | 16,000 | 6,000 | — | — | |
| Increases in notes receivable from sales of real estate properties | 0 | 9 | 2 | — | — | |
| Reclassification of prepaid equity issuance costs to capital in excess of par value | 0 | 471,000 | 275,000 | 0 | 0 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is NATIONAL HEALTH INVESTORS INC's CIK number?
NATIONAL HEALTH INVESTORS INC's SEC CIK number is 0000877860 (877860). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find NATIONAL HEALTH INVESTORS INC's SEC filings?
All of NATIONAL HEALTH INVESTORS INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did NATIONAL HEALTH INVESTORS INC last report earnings?
NATIONAL HEALTH INVESTORS INC (NHI) most recently filed an earnings 8-K with the SEC on May 4, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000877860-26-000136). This is NATIONAL HEALTH INVESTORS INC's most recent earnings filing of record — not a forecast of its next earnings date.
What is NATIONAL HEALTH INVESTORS INC's most recent earnings 8-K?
NATIONAL HEALTH INVESTORS INC's latest earnings 8-K (Item 2.02) was filed May 4, 2026 under accession 0000877860-26-000136. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View NATIONAL HEALTH INVESTORS INC's latest earnings 8-K →
Look up any company's CIK number →