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National Health Investors (NHI) investor relations material
National Health Investors Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 saw strong growth in consolidated SHOP NOI, up approximately 63% year-over-year, driven by the transition of seven properties and significant new acquisitions, including a $74.3 million SHOP deal.
Total revenues for Q3 2025 were $89.8 million, up 8.3% year-over-year, with net income attributable to common stockholders rising 15.1% to $32.8 million.
Investment activity surpassed prior years, with $303.2 million announced year-to-date and a robust pipeline, including $195 million under signed LOIs.
Guidance was raised for the third time in 2025, projecting over 10% normalized FFO per share growth at the midpoint, the highest since 2014.
The company is focused on expanding in private pay senior housing, with SHOP NOI expected to double again in 2026 to at least 20% of total adjusted NOI.
Financial highlights
Net income per diluted share for Q3 2025 was $0.69, up from $0.65 in Q3 2024; normalized FFO per share rose 28% to $1.32; FAD for Q3 increased 26% to $62.2 million.
Rental income for Q3 2025 decreased $1.1 million (1.8%) year-over-year due to property transitions to SHOP and $12.1 million in rent receivable write-offs.
Resident fees and services, net of senior housing operating expenses, increased $1.9 million (62.6%) in Q3 2025 due to transitioned properties.
Interest expense decreased 8% year-over-year; net debt to adjusted EBITDA at 3.6x, below the target range.
FAD payout ratio improved to 70.3% from 79.4% year-over-year; return on invested capital reached 8.45%.
Outlook and guidance
2025 guidance raised: NAREIT FFO midpoint $4.64, normalized FFO midpoint $4.90, FAD midpoint $232.6 million, with 7–9% same-store SHOP NOI growth expected.
Guidance assumes $75 million in new investments at an 8% yield and includes $195 million under signed LOIs.
Management expects continued growth in SHOP segment revenues and NOI as transitioned properties stabilize.
Guidance is subject to assumptions that may change due to factors outside management’s control.
How will legacy SHOP NOI return to double-digit growth?
NHC lease: What's the legal path for market rent?
How does NHI leverage its capital advantage for deals?
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Next National Health Investors earnings date
Q4 202525 Feb, 2026
Next National Health Investors earnings date
Q4 202525 Feb, 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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