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National Health Investors (NHI) investor relations material
National Health Investors Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Second quarter results exceeded expectations, driven by accelerated acquisitions, strong SHOP segment growth, and improved tenant fundamentals, prompting raised full-year guidance and a dividend increase.
SHOP segment NOI grew 29.4% year-over-year, with occupancy at 89.1% and margin at 26.9%.
Portfolio optimization, asset dispositions, and new investments improved ROIC to 8.25% in Q2 2025.
Liquidity exceeded $750M at quarter-end, with net debt to adjusted EBITDA at 3.9x, below target.
Board implemented governance improvements and declared the first dividend increase in four years.
Financial highlights
Net income per diluted share for Q2 2025 was $0.79; NAREIT FFO per share was $1.19, and normalized FFO per share was $1.22.
FAD for Q2 2025 was $56M, up 8.1% year-over-year; payout ratio at 76.3%.
SHOP NOI for Q2 2025 was $3.8M, up 29.4% year-over-year; SHOP margin improved 480 bps to 26.9%.
Total Q2 2025 revenues were $90.7M, up 6.7% year-over-year; six-month revenues reached $180.0M.
Cash rents increased $4.6M year-over-year, with investment volume and lease escalators contributing to growth.
Outlook and guidance
2025 NAREIT FFO per share guidance midpoint is $4.48; normalized FFO guidance midpoint is $4.80; normalized FAD guidance midpoint is $228.9M, up 12.1% over 2024.
Same store SHOP NOI growth guidance increased to 13–16% over 2024.
Guidance assumes $105M in new investments at an 8.1% yield, continued rent concessions, asset dispositions, and loan repayments.
Liquidity remains strong with $322M available on the credit facility, $18.6M in cash, and $102.3M in undrawn ATM forward equity proceeds.
Board declared a $0.92 per share dividend payable October 31, 2025, reflecting confidence in future cash flows.
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