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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.
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Q2 2025 earnings summary7 Aug, 2025

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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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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