Financial Performance & Guidance - Q3 2025 Normalized FFO per share was $132, compared to $103 in Q3 2024[8] - Funds Available for Distribution (FAD) increased to $62248 thousand in Q3 2025, a 26% increase from $49383 thousand in Q3 2024[8] - The company updated its 2025 NAREIT FFO guidance midpoint to $2179 million and NFFO guidance midpoint to $2303 million[14] - The company expects Same-Store SHOP NOI annual growth in a range of 7%-9%[14] Portfolio & Investment Activities - Lease revenue excluding certain items increased 166% compared to Q3 2024, reaching $701 million[13] - New properties acquired since 3Q 2024 contributed approximately $53 million in cash rental income during the quarter[13] - The company announced 2025 year-to-date investments totaling $3032 million at an average initial yield of approximately 80%[13] - The company has signed LOIs totaling $1953 million at an average initial yield of 84%[13] Senior Housing Operating Portfolio (SHOP) - Q3 2025 SHOP revenue increased 538% compared to the prior year period[13] - Q3 2025 SHOP NOI increased 626% compared to the prior year period, reaching $49 million[13] - Total SHOP contribution to adjusted NOI is expected to increase to approximately 100% from approximately 50% prior to recent transitions and acquisitions[25]

Core Viewpoint - National Health Investors (NHI) reported strong quarterly funds from operations (FFO) of $1.32 per share, exceeding the Zacks Consensus Estimate of $1.24 per share, and showing a year-over-year increase from $1.03 per share [1][2] Financial Performance - NHI's quarterly revenues reached $89.85 million, surpassing the Zacks Consensus Estimate by 8.07%, compared to $82.94 million in the same quarter last year [2] - The company has consistently outperformed consensus FFO estimates over the last four quarters, achieving this four times [2] Stock Performance - NHI shares have increased approximately 9.9% year-to-date, while the S&P 500 has gained 15.6% during the same period [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $1.19, with projected revenues of $93.04 million, and for the current fiscal year, the estimate is $4.81 on revenues of $356.14 million [7] - The outlook for the REIT and Equity Trust - Other industry is favorable, ranking in the top 30% of over 250 Zacks industries, suggesting potential for strong performance [8]

Financial Performance - NHI reported a net income attributable to common stockholders of $0.69 per diluted share for Q3 2025, up from $0.65 in Q3 2024, and $2.22 per diluted share for the nine months ended September 30, 2025, compared to $2.17 in the prior year[6]. - Net income attributable to common stockholders for Q3 2025 was $32,812,000, up 15.9% from $28,511,000 in Q3 2024[23]. - NAREIT FFO attributable to common stockholders for Q3 2025 was $51,961,000, representing a 14.0% increase from $45,491,000 in Q3 2024[23]. - Normalized FFO attributable to common stockholders for Q3 2025 was $62,727,000, a 37.9% increase compared to $45,491,000 in Q3 2024[23]. - NOI for Q3 2025 was $70,984,000, a 2.3% increase from $69,414,000 in Q3 2024[24]. - Total revenues for the three months ended September 30, 2025, increased to $89.847 million, up from $82.944 million in the same period of 2024, representing a growth of 8.8%[35]. - Total NOI for the nine months ended September 30, 2025, was $223,892,000, a 6.8% increase from $209,611,000 in the same period of 2024[24]. Operational Highlights - The company achieved a consolidated SHOP NOI year-over-year growth of approximately 63% following the transition of seven properties to its SHOP portfolio[3]. - NHI announced a $74.3 million SHOP acquisition, which is expected to more than double its SHOP NOI, with significant organic growth anticipated in 2026[4]. - Rental income decreased by $1.1 million, or 1.8%, primarily due to the transfer of seven properties to the SHOP segment, resulting in a $6.9 million reduction in rental income[8]. - Resident fees and services increased by $1.9 million, or 62.6%, due to operations from the seven properties transitioned into the SHOP segment[8]. - Same Store NOI for the SHOP segment in Q3 2025 was $2,962,000, slightly down from $3,027,000 in Q3 2024[24]. Guidance and Projections - NHI updated its 2025 full-year guidance, projecting NAREIT FFO per diluted share in the range of $4.62 to $4.65, and Normalized FFO per diluted share in the range of $4.88 to $4.91[18]. - The company anticipates continued performance improvements and growth opportunities, while acknowledging various risks including economic conditions and regulatory changes[38]. Debt and Investment - As of September 30, 2025, NHI had $1.1 billion in net debt and a net debt to adjusted EBITDA ratio of 3.6x, below the target range of 4.0x to 5.0x[11][14]. - The company has approximately $195.3 million in investment opportunities under signed Letters of Intent with an average initial yield of approximately 8.4%[17]. - The company’s debt, net, decreased to $1.109 billion as of September 30, 2025, down from $1.146 billion at the end of 2024, a reduction of 3.2%[37]. Shareholder Information - Weighted average common shares outstanding increased to 47,433,336 in Q3 2025 from 43,476,067 in Q3 2024[23]. - The weighted average diluted shares outstanding increased to 47,623,623 for the three months ended September 30, 2025, compared to 43,987,072 in the same period of 2024[35]. Cash and Assets - Cash and cash equivalents increased significantly to $81.625 million as of September 30, 2025, compared to $24.289 million at the end of 2024[37]. - Real estate properties, net, rose to $2.302 billion as of September 30, 2025, up from $2.211 billion at the end of 2024, indicating a growth of 4.1%[37]. Expenses - The company reported a total expense of $57.555 million for the three months ended September 30, 2025, an increase from $54.804 million in the same period of 2024, which is an increase of 4.3%[35].

Company Overview - National Health Investors, Inc. (NHI) is a self-managed real estate investment trust established in 1991 [1] - The company specializes in sale-leaseback, joint venture, mortgage, and mezzanine financing of need-driven and discretionary senior housing and medical facility investments [1] Dividend Announcement - NHI announced a fourth quarter dividend of $0.92 per common share [1] - The dividend will be paid on January 30, 2026, to stockholders of record as of December 31, 2025 [1]

Real Estate Investments - As of September 30, 2025, National Health Investors, Inc. had a gross carrying value of $2.5 billion in real estate properties leased to 30 tenants, including 118 senior housing properties and 68 skilled nursing facilities[181]. - The Real Estate Investments segment includes 188 properties across 32 states, with an additional $224.6 million in mortgage and other notes receivable[181]. - Revenues in the Real Estate Investments segment primarily come from triple-net leases and interest income from financing arrangements for construction and acquisition projects[180]. - As of September 30, 2025, the total net operating income (NOI) for the real estate investments portfolio was $192,903,000, representing 86.2% of total NOI[188]. - The total number of properties in the real estate investments portfolio was 174, with a carrying amount of $2,549,823,000[188]. - The occupancy rate for the Real Estate Investments Portfolio in Q2 2025 was 85.2%, an increase from 83.9% in Q2 2024[224]. - NOI from Real Estate Investments segment for Q3 2025 was $66,022, nearly flat compared to $66,275 in Q3 2024[285]. SHOP Segment - The SHOP segment consists of 17 independent living facilities, four senior living campuses, and one assisted living facility, totaling 2,670 residential units with a gross carrying value of $551.8 million[186]. - The SHOP segment had a total of 22 properties, contributing $11,831,000 to the total NOI, which is 5.3% of the overall NOI[188]. - The average effective annualized NOI for the SHOP segment was $8,846 per unit as of September 30, 2025[190]. - The company experienced a transition of six senior housing properties into the SHOP segment, with a net carrying value of $125.3 million as of September 30, 2025[198]. - NOI from SHOP segment for Q3 2025 increased to $4,924, up 62.9% from $3,027 in Q3 2024[285]. Financial Performance - The company’s total NOI for the nine months ended September 30, 2025, was $223,777,000, an increase from $209,294,000 in the same period of 2024[189]. - Total revenues for Q3 2025 were $89.847 million, an increase of 8.3% from $82.944 million in Q3 2024[231]. - Net income attributable to common stockholders rose by 15.1% to $32.812 million in Q3 2025 compared to $28.511 million in Q3 2024[231]. - Total cash rental income increased by 18.5% to $71.237 million in Q3 2025 from $60.094 million in Q3 2024[231]. - Net income attributable to common stockholders increased by $9.2 million, or 9.7%, to $103.9 million for the nine months ended September 30, 2025[234]. - Funds From Operations (FFO) per diluted share increased by $0.11, or 3.2%, for the nine months ended September 30, 2025, compared to the same period in 2024[276]. - Normalized FFO per diluted share increased by $0.36, or 10.7%, for the nine months ended September 30, 2025, over the same period in 2024[277]. - Adjusted EBITDA for Q3 2025 was $75,378,000, compared to $64,364,000 in Q3 2024, indicating a 17.56% increase[283]. Debt and Liquidity - The company relies on external capital sources for funding future investments, which may impact growth if capital is not readily available[178]. - The company is exposed to interest rate risk as a portion of its debt bears interest at variable rates, while revenues are derived mainly from fixed-rate investments[178]. - Outstanding indebtedness as of September 30, 2025, was $1.1 billion[243]. - The company has a $700.0 million unsecured revolving credit facility maturing in October 2028, with an effective interest rate decrease of 0.10% following an amendment on October 31, 2025[244]. - The company repaid $75.0 million on its unsecured bank term loan in September 2025, extending its maturity to June 2026[246]. - The company has identified potential areas of concern regarding operators' liquidity to meet obligations, emphasizing the importance of balance sheet analysis[223]. - The company expects to meet short-term liquidity needs primarily through cash generated from operations and borrowings under its Credit Facility[270]. Regulatory and Operational Risks - The company’s investments are concentrated in healthcare properties, which may increase exposure to regulatory and operational risks[173]. - The company faces risks related to governmental regulations, particularly concerning Medicare and Medicaid reimbursement rates, which could impact tenant operations[173]. - The company’s financial condition may be adversely affected by the operating success of its tenants, managers, and borrowers, particularly in the context of potential bankruptcies[173]. Shareholder Returns - The company declared a quarterly dividend of $0.92 per common share on November 5, 2025, payable on January 30, 2026[261]. - The company maintains an ATM equity program allowing for the sale of up to $500.0 million of common stock directly into the market[264]. - In June 2025, the company entered into ATM forward sales agreements, selling 1.3 million shares at a weighted average price of $71.41, totaling $91.8 million[267]. - The company intends to comply with REIT dividend requirements, distributing at least 90% of annual taxable income for the year ended December 31, 2025[260].

Core Insights - National Health Investors, Inc. (NHI) reported strong financial results for Q3 2025, with a notable year-over-year growth in Same Store Senior Housing Operating Portfolio (SHOP) Net Operating Income (NOI) of approximately 63% [2][3] - The company has made significant acquisitions, including a $74.3 million investment that is expected to more than double its SHOP NOI, and has surpassed last year's investment activity with $303.2 million announced to date [3][4] - NHI has updated its full-year guidance for 2025, reflecting a positive outlook for continued growth and a strong balance sheet that provides ample access to capital [4][6] Financial Performance - For the three months ended September 30, 2025, net income attributable to common stockholders was $0.69 per diluted share, an increase from $0.65 per share in the same period last year [5][38] - NAREIT Funds From Operations (FFO) per diluted share for Q3 2025 was $1.09, compared to $1.03 in the prior year, while Normalized FFO per diluted share increased to $1.32 from $1.03 [5][38] - Normalized Funds Available for Distribution (FAD) for Q3 2025 was $62.2 million, up from $49.4 million in the same period last year [7] Acquisitions and Growth Strategy - NHI's recent acquisition activities include a $74.3 million investment in four properties in Oklahoma and Oregon, and a $52.5 million investment in a 251-unit continuing care retirement community in South Carolina [6][9] - The company has a robust pipeline of investment opportunities, with approximately $195.3 million under signed Letters of Intent (LOI) and an additional $154.0 million currently being evaluated [17][22] Balance Sheet and Liquidity - As of September 30, 2025, NHI had $1.1 billion in net debt and maintained a net debt to adjusted EBITDA ratio of 3.6x, below its target range of 4.0x - 5.0x [11][14] - The company issued $350 million in senior notes during Q3 2025, which were used to repay existing indebtedness, and extended the maturity of its bank term loan by six months [13][14] Guidance and Future Outlook - NHI has increased its guidance for the full year 2025, with expectations for Same Store SHOP NOI growth in the range of 7% - 9% year-over-year and continued collection of deferred rents [6][22] - The company anticipates significant organic upside from its Same Store SHOP portfolio, with NOI growth expected to return to double-digit levels in 2026 [3][4]

Core Viewpoint - National Health Investors, Inc. (NHI) is set to release its third-quarter results for the period ending September 30, 2025, on November 6, 2025, after market close [1] Company Announcement - NHI will host a conference call on November 7, 2025, at 10:00 a.m. to discuss the earnings release [1]

Core Insights - National Health Investors, Inc. has invested $74.3 million for the acquisition of four properties with a total of 344 units located in Oklahoma and Oregon [1] - The acquired properties will be integrated into NHI's Senior Housing Operating Portfolio (SHOP) segment [1] - Compass Senior Living will continue to manage the healthcare operations of the newly acquired properties, maintaining an existing relationship with NHI [1]

Group 1 - The article does not provide any specific content or data related to a company or industry [1]

Group 1 - National Health Investors, Inc. announced the pricing of an offering of $350 million aggregate principal amount of 5.350% Senior Notes due 2033 [1] - The Notes will be issued at 98.903% of par value with a coupon of 5.350% [1]