National Health Investors Reports 28.9% Revenue Growth to $115.1 Million in Q1 2026

National Health Investors, Inc. (NHI) reported significant financial performance for the first quarter of 2026, with total revenues reaching $115.1 million, a 28.9% increase from $89.3 million in the same period last year. This growth was primarily driven by a $23.1 million rise in resident fees and services, which surged to $37.1 million, reflecting the impact of acquisitions and operational expansions. Rental income also saw a notable increase, rising by 6.2% to $73.2 million, attributed to new properties acquired since January 1, 2025, despite a decrease in income from transitioned properties.

In terms of profitability, NHI reported a net income of $39.8 million, or $0.83 per share, compared to $33.8 million, or $0.75 per share, in the prior year, marking a 17.6% increase in net income. The company’s total expenses rose to $78.0 million, up 39.3% from $56.0 million, largely due to increased senior housing operating expenses and depreciation related to recent acquisitions. The increase in expenses was partially offset by gains on the disposition of real estate properties, which amounted to $2.6 million.

Strategically, NHI has been active in expanding its portfolio, completing the acquisition of nine assisted living facilities for $105.5 million during the quarter. Additionally, the company executed a purchase and sale agreement to sell its entire portfolio of properties leased to National HealthCare Corporation (NHC) for $560 million, expected to close in July 2026. This transaction is part of NHI's strategy to optimize its asset base and focus on high-quality investments in senior housing and medical facilities.

Operationally, NHI's real estate investments segment included 175 properties across 32 states, with a gross carrying value of $2.7 billion. The company reported a total of 3,469 units in its Senior Housing Operating Portfolio (SHOP) segment, with a combined gross carrying value of $742.5 million. The average occupancy rate for properties in the SHOP segment was 86.6%, reflecting stable demand in the senior housing market. As of March 31, 2026, NHI had a total debt of $1.3 billion, with a fixed charge coverage ratio of 5.4x, indicating a strong ability to service its debt obligations.

Looking ahead, NHI remains optimistic about its growth trajectory, supported by its strategic acquisitions and the anticipated closing of the NHC property sale. The company plans to utilize proceeds from these transactions to further enhance its investment portfolio and maintain its commitment to delivering value to shareholders through consistent dividend payments. The board has declared a quarterly dividend of $0.92 per share, payable on August 7, 2026, reflecting the company's ongoing focus on shareholder returns.