National Health Investors Reports 6.7% Revenue Growth to $90.7 Million in Q2 2025

National Health Investors, Inc. (NHI) reported a total revenue of $90.7 million for the second quarter of 2025, reflecting a 6.7% increase from $85.0 million in the same period last year. The growth was primarily driven by a rise in rental income, which increased by 6.9% to $70.3 million, attributed to new investments and rent escalations. For the first half of 2025, NHI's total revenue reached $180.0 million, up from $166.5 million in the prior year, with net income attributable to common stockholders rising to $71.1 million, a 7.4% increase compared to $66.1 million in the first half of 2024.

In terms of operational metrics, NHI's real estate portfolio consisted of 181 properties across 32 states, with a gross investment value of approximately $2.7 billion. The company reported a total of 1,732 units in its Senior Housing Operating Portfolio (SHOP) segment, which includes independent living facilities. The average effective annualized net operating income (NOI) for leased properties in the Real Estate Investments segment was reported at $10,087 per bed for skilled nursing facilities and $18,950 per unit for assisted living facilities. The company also noted a slight increase in occupancy rates across its properties, with the SHOP segment achieving an average occupancy of 89.1%.

Strategically, NHI has been active in expanding its portfolio, completing several acquisitions during the first half of 2025, including a 108-unit assisted living community in Colorado for $21.2 million and a 120-unit facility in New Jersey for $46.3 million. The company also transitioned certain properties from its Real Estate Investments segment to the SHOP segment, reflecting a strategic shift in management and operational oversight. As of June 30, 2025, NHI had $322 million available under its $700 million revolving credit facility, providing liquidity for future investments.

The company’s financial position remains strong, with total assets of $2.7 billion and stockholders' equity of $1.5 billion as of June 30, 2025. NHI's debt levels decreased slightly to $1.1 billion, with a fixed charge coverage ratio of 5.0x, indicating a solid ability to meet its debt obligations. Looking ahead, NHI anticipates continued growth driven by its strategic investments and operational efficiencies, while maintaining a focus on managing credit risks associated with its tenants and borrowers. The company plans to uphold its dividend policy, having declared a quarterly dividend of $0.90 per share, consistent with previous periods.