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%.

• 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.