National Health Investors, Inc. (NHI) reported a total revenue of $375.6 million for the fiscal year ended December 31, 2025, marking a 12.1% increase from $335.2 million in the previous year. The revenue growth was primarily driven by a $14.6 million rise in rental income, which reached $271.6 million, and a significant increase in resident fees and services, which surged by 47.1% to $80.1 million. The company’s net income attributable to common stockholders also saw a modest increase of 3.0%, rising to $142.2 million from $138.0 million in 2024.
In terms of operational changes, NHI transitioned seven properties from its Real Estate Investments segment to its Senior Housing Operating Portfolio (SHOP) segment in August 2025. This transition was part of a strategic move to enhance operational efficiency and align with the company’s focus on senior housing. The total gross carrying value of NHI's real estate investments stood at $3.3 billion, comprising 176 properties across 32 states, with 110 senior housing properties and 65 skilled nursing facilities. The company also reported a total of 3,009 units in its SHOP segment, with a gross carrying value of $634.3 million.
NHI's financial position remained strong, with total assets amounting to $2.8 billion as of December 31, 2025. The company had $1.2 billion in outstanding debt, with a fixed charge coverage ratio of 5.3x, indicating a solid ability to meet its debt obligations. The company’s liquidity was bolstered by $496 million available under its $700 million unsecured revolving credit facility, alongside $19.6 million in cash and cash equivalents.
Looking ahead, NHI expressed optimism about its growth trajectory, supported by its ongoing investment strategy. The company completed $325.6 million in new real estate investments during 2025 and funded $71.1 million in new mortgage and other notes investments. NHI's management remains focused on maintaining its REIT status and ensuring compliance with tax regulations, which requires distributing at least 90% of its taxable income to shareholders. The company declared a dividend of $3.64 per share for 2025, reflecting its commitment to returning value to shareholders while pursuing growth opportunities in the senior housing sector.
About NATIONAL HEALTH INVESTORS INC
National Health Investors, Inc. is a real estate investment trust (REIT) focused on healthcare properties, including senior housing, assisted living, skilled nursing, and medical facilities. It primarily generates income from leasing, mortgage, and note receivables across its diversified portfolio in the U.S., leveraging sale-leaseback, joint ventures, and financing structures. The company’s core value lies in stable, need-driven healthcare real estate serving senior and medical markets.
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