National Health Investors(US:NHI)2025-08-07 14:00Financial Performance - Net income per diluted share increased to $0.79 in Q2 2025 from $0.74 in Q1 2025 and $0.81 in Q2 2024[8] - NAREIT FFO per diluted share increased to $1.19 in Q2 2025 from $1.14 in Q1 2025 and $1.18 in Q2 2024[8] - Normalized FFO per share increased to $1.22 in Q2 2025 from $1.15 in Q1 2025 and $1.18 in Q2 2024[8] - Funds Available for Distribution (FAD) was $55.957 million in Q2 2025, compared to $56.001 million in Q1 2025 and $51.779 million in Q2 2024[8] - The FAD payout ratio was 76.3% in Q2 2025, compared to 74.9% in Q1 2025 and 75.5% in Q2 2024[8] Senior Housing Operating Portfolio (SHOP) - SHOP NOI increased 29.4% year-over-year to $3.8 million in Q2 2025[12, 21] - SHOP NOI margin increased 480 bps year-over-year to 26.9% in Q2 2025[12, 21] - Average SHOP occupancy increased 210 bps year-over-year to 89.1% in Q2 2025[12, 21] - Revenue per Occupied Room (RevPOR) increased 3.7% year-over-year to $3,071 in Q2 2025[12, 21] Investments and Capital Structure - NHI settled approximately 0.8 million shares for proceeds of $58.0 million and sold approximately 1.3 million shares on a forward basis for net proceeds of approximately $93.2 million during the quarter[12] - Total liquidity was approximately $758.7 million as of June 30, 2025[12, 46] - Net Debt to Adjusted EBITDA at an annualized 3.9x is below the low end of NHI's target range of 4.0x – 5.0x[12]