National Health Investors, Inc. NHI
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals.
Snapshot
Reported FFO / AFFO / leverage are from the None earnings release (filed 2026-05-04) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $378.53M | $142.18M | $83.84M | $282.00M | $240.23M |
| 2024 | $335.18M | $137.99M | $71.44M | $264.16M | $208.17M |
| 2023 | $319.83M | $135.65M | $69.97M | $259.87M | $184.45M |
| 2022 | $278.19M | $66.40M | $70.88M | $178.73M | $185.34M |
| 2021 | $298.71M | $111.80M | $80.80M | $240.94M | $210.86M |
| 2020 | $332.81M | $185.13M | $83.15M | $318.00M | $232.15M |
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-08-07 | 2026-05-04 | $0.92 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-05-01 | 2026-02-17 | $0.92 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-30 | 2025-11-06 | $0.92 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-31 | 2025-08-06 | $0.92 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-08-01 | 2025-05-05 | $0.90 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-05-02 | 2025-02-25 | $0.90 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-29 | 2024-11-05 | $0.90 | Quarterly |
| 2024-09-27 | 2024-09-27 | 2024-11-01 | 2024-08-06 | $0.90 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-08-02 | 2024-05-06 | $0.90 | Quarterly |
| 2024-03-27 | 2024-03-28 | 2024-05-03 | 2024-02-20 | $0.90 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-26 | 2023-11-07 | $0.90 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-11-03 | 2023-08-08 | $0.90 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-08-04 | 2023-05-09 | $0.90 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-05-05 | 2023-02-21 | $0.90 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-27 | 2022-11-08 | $0.90 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-11-04 | 2022-08-08 | $0.90 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-08-05 | 2022-05-09 | $0.90 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-05-06 | 2022-02-22 | $0.90 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-31 | 2021-11-08 | $0.90 | Quarterly |
| 2021-09-29 | 2021-09-30 | 2021-11-05 | 2021-08-09 | $0.90 | Quarterly |
| 2021-06-29 | 2021-06-30 | 2021-08-06 | 2021-06-03 | $0.90 | Quarterly |
| 2021-03-30 | 2021-03-31 | 2021-05-07 | 2021-03-12 | $1.10 | Quarterly |
| 2020-12-30 | 2020-12-31 | 2021-01-29 | 2020-12-15 | $1.10 | Quarterly |
| 2020-09-29 | 2020-09-30 | 2020-11-06 | 2020-09-15 | $1.10 | Quarterly |
Coverage (payout of operating cash flow): 72.08%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.