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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
National Health Investors
National Health Investors (NHI) investor relations material
National Health Investors Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Achieved Normalized FFO per share growth of 8.9% in Q4 and 10.6% for the full year, exceeding initial 2025 guidance midpoints by 6%.
SHOP NOI increased 124.9%–125% year-over-year in Q4 and 57% for the year, with $6M from transitions/acquisitions and the largest acquisition in company history at $105.5M.
Total investments in 2025 reached $392M–$392.4M, the most active year since 2016, with $218M in Q4 alone and a robust 2026 pipeline.
SHOP investment doubled to $740M in the last 12 months, now 12% of total annualized NOI.
Leverage remains below 4.0x net debt to Adjusted EBITDA, positioning for future opportunities.
Financial highlights
Net income per share for Q4 was $0.80, down from $0.95 YoY, with full year net income per share at $3.02.
Nareit FFO per share for Q4 and full year were $1.22 and $4.65; Normalized FFO per share at $1.22 and $4.91, up 8.9% and 10.6% respectively.
FAD for Q4 and full year increased 11.1% and 13.7% to $57.9M and $232.1M.
Lease revenue rose 7.2% YoY to $67.2M in Q4; rental income increased $4.5M (6.8%) YoY.
ROIC reached 8.38% in Q4 2025, surpassing pre-pandemic levels.
Outlook and guidance
2026 guidance: Normalized FFO per share growth of 1.2% at midpoint, with a 2-year CAGR of ~6%.
2026 Nareit FFO and NFFO per share expected at $4.94–$4.99; FAD to grow to $248.9M–$251.4M.
Guidance includes $230M in new investments (70% in SHOP), $111M in non-strategic asset dispositions, and 7–8% same-store SHOP NOI growth.
Total SHOP NOI growth projected at 105–109% YoY before new investments.
What drives 7-8% Same Store SHOP NOI growth?
How will $230M unidentified 2026 investments be funded?
What 2025 non-recurring costs are excluded from 2026 guidance?
Outline path to 30%+ SHOP NOI contribution
Explain 2026 NFFO growth beyond 1.2% guidance
NHC lease and non-core asset optimization strategy
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Next National Health Investors earnings date
Q1 20265 May, 2026
National Health Investors
Next National Health Investors earnings date
Q1 20265 May, 2026
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Frequently asked questions
Incorporated in 1991, National Health Investors, Inc. is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.
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