National Health Investors (NHI) Q4 2025 earnings summary

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% and 5%, respectively.

• SHOP (Seniors Housing Operating Portfolio) NOI increased 125% year-over-year in Q4 and 57% for the year, with 7.6% same-store growth; SHOP portfolio expanded from 15 to 26 properties, including the largest acquisition in company history at $105.5 million.

• Total investments reached $392.4 million in 2025, the highest since 2016, with $218 million in Q4 alone and $105.5 million in SHOP acquisitions in early 2026.

• Leverage remains below 4.0x net debt to Adjusted EBITDA, positioning the company for future opportunities.

Financial highlights

• Net income per share for Q4 was $0.80, down 15.8% year-over-year due to prior year non-cash gains; full year net income per share was $3.02, down from $3.13.

• Nareit FFO per share for Q4 was $1.22 (down 1.6% YoY); full year $4.65 (up 2.2%).

• Normalized FFO per share for Q4 was $1.22 (up 8.9% YoY); full year $4.91 (up 10.6%).

• FAD for Q4 was $57.9 million (up 11.1% YoY); full year $232.1 million (up 13.7%).

• Return on invested capital (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 to grow 6.9% and 1.2%, respectively; FAD to grow 7.8% to $250.2 million.

• 2026 guidance for normalized FFO is $241.9–$244.2 million, or $4.94–$4.99 per diluted share; FAD guidance for 2026 is $248.9–$251.4 million.

• Assumes $230 million in new investments at a 7.8% yield, with 70% allocated to SHOP, and $111 million in non-strategic asset dispositions.

• Same-store SHOP NOI annual growth projected at 7–8%; total SHOP NOI growth expected at 105–109%.