National Health Investors, Inc.
nhireit.comWhat Do They Do?
Owns, leases and finances senior housing and medical properties for healthcare operators, and operates senior housing communities serving residents.
10-K for FY2025, filed Feb 26, 2026National Health Investors, Inc. (“NHI”, the “Company”, “we”, “us” or “our”), established in 1991 as a Maryland corporation, is a…View ↗
Our investments in senior housing communities, also referred to as senior housing properties (“SHO”), include independent living facilities…View ↗
In our Real Estate Investments segment, our revenues primarily relate to triple-net leases with third-party operators at our properties.…View ↗
How Do They Make Money?
The Investments business (79% of revenue) brings in rent from third-party operators and interest on financing; SHOP gets monthly room and care fees from residents, generally billed at the start of each month.
10-K for FY2025, filed Feb 26, 2026In our Real Estate Investments segment, our revenues primarily relate to triple-net leases with third-party operators at our properties.…View ↗
We generate rental income from the properties in our Real Estate Investments segment pursuant to lessor leases between us and the tenants…View ↗
Resident agreements generally have terms of 30 days to one year and are cancelable by the resident with 30-day notice. We typically bill…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$375.6M
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10-K for FY2025, filed Feb 26, 2026
$375.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Investments
Recurring
10-K for FY2025, filed Feb 26, 2026 |
79%
FY2022: 87%
|
Investments, FY2025
$295.6M Sources
|
Recurring |
|
SHOP
Recurring
10-K for FY2025, filed Feb 26, 2026 |
21%
FY2022: 13%
|
SHOP, FY2025
$80.1M Sources
|
Recurring |
Who Are Their Customers?
Healthcare operators lease properties, while tenants, their affiliates and other borrowers obtain financing; SHOP residents make individual agreements for rooms, care and optional services.
10-K for FY2025, filed Feb 26, 2026Our investments in senior housing communities, also referred to as senior housing properties (“SHO”), include independent living facilities…View ↗
In our Real Estate Investments segment, our revenues primarily relate to triple-net leases with third-party operators at our properties.…View ↗
We generate resident fees and services revenues from the senior housing communities in our SHOP segment pursuant to independent agreements…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 38 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$57.5M.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Jul 1, 2026
Sold a portfolio of leased facilities to NHC
The sale closed for $560 million; the master lease ended for most facilities.
Sources
8-K, filed Jul 1, 2026
The Transaction closed on July 1, 2026 for a total purchase price for the Property of $560 million.View ↗
Growing. Revenue grew 26% in 4 years, from $298.7M in FY2021 to $375.6M in FY2025, about 6% a year.
Broader SHOP offerings
SHOP extends beyond independent living facilities to include senior living campuses and assisted living communities, and generates revenue from resident fees and services.
10-K for FY2022, filed Feb 21, 2023 10-K for FY2025, filed Feb 26, 2026
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