National Health Investors
Healthcare REIT combining triple-net leases, financing and operated senior housing.
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Profile
Owns and finances U.S. senior housing and medical properties through triple-net leases, loans and an expanding Senior Housing Operating Portfolio. Rental and interest income remain central, while SHOP adds resident-fee exposure; the legacy NHC portfolio sale shifted the mix toward private-pay senior housing.
Owns, leases and finances senior housing communities and medical facilities across the United States. The Real Estate Investments segment earns primarily triple-net rent from independent living, assisted living, memory care, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals, alongside interest from mortgage, construction and mezzanine financing.
The SHOP segment owns senior housing communities whose third-party managers generate resident fees and services. This combination pairs contractual lease and lending income with direct exposure to occupancy and operating costs. The recently completed sale of its original NHC properties, mostly skilled nursing facilities, sharpened the focus on private-pay senior housing while acquisitions expanded SHOP.
Cash generation depends on tenant, manager and borrower performance; REIT status requires ongoing compliance with asset, income, distribution and ownership tests.
Company facts
Key statistics
Year to date −6.3% · Average volume (30d) 353.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jun 25, 2026 | Deutsche Bank | Reiterate | Hold | $80 | |
| Jun 15, 2026 | BMO Capital | Reiterate | Outperform | $61 | $80 |
| Jun 12, 2026 | Truist Financial | Target | $83 | $81 | |
| Mar 27, 2026 | Wells Fargo | Reiterate | Equal Weight | $85 | $86 |
| Jan 20, 2026 | National Bank | Target | $90 | $85 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | $0.84 | $1.19 | +41.2% | $72.1M | $71.4M | −1.0% | −5.66% |
| May 4, 2026Q1 FY26 | $1.21 | $1.24 | +2.5% | $70.2M | $73.2M | +4.2% | −3.46% |
| Feb 26, 2026Q4 FY25 | $0.80 | $1.22 | +52.3% | $69.0M | $70.3M | +1.8% | −4.12% |
| Nov 6, 2025Q3 FY25 | $1.24 | $1.32 | +6.5% | $95.1M | $89.8M | −5.5% | +1.98% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $89.3M | $90.7M | $89.8M | $106.5M | $115.9M | $121.3M | |
| Gross profit | $86.4M | $87.7M | $87.2M | $35.8M | $36.1M | $121.3M | |
| Operating income | $47.9M | $48.7M | $44.1M | $50.2M | $52.4M | $50.3M | |
| Net income | $34.2M | $37.0M | $32.9M | $38.2M | $40.1M | $55.7M | |
| Diluted EPS | $0.74 | $0.79 | $0.69 | $0.80 | $0.82 | $1.15 | |
| Gross margin | 96.8% | 96.8% | 97.1% | 33.6% | 31.1% | 100.0% | |
| Operating margin | 53.6% | 53.7% | 49.1% | 47.2% | 45.2% | 41.5% |
Fiscal years (4-quarter sums)FY21 $298.7M · FY22 $278.2M · FY23 $319.8M · FY24 $335.2M · FY25 $376.4M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $30.4M · Total debt $1.28B · Total assets $2.96B · Shareholders' equity $1.57B
Dividends
Raised for 4 straight years — most recently to $0.92 from $0.90 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Aug 7 | $0.92 | |
| Mar 31, 2026 | Mar 31 | May 1 | $0.92 | |
| Dec 31, 2025 | Dec 31 | Jan 30 | $0.92 | |
| Sep 30, 2025 | Sep 30 | Oct 31 | $0.92 | raised from $0.90 |
| Jun 30, 2025 | Jun 30 | Aug 1 | $0.90 | |
| Mar 31, 2025 | Mar 31 | May 2 | $0.90 | |
| Dec 31, 2024 | Dec 31 | Jan 29 | $0.90 | |
| Sep 27, 2024 | Sep 27 | Nov 1 | $0.90 |
Ownership
Shares outstanding 48.47M · Float 47.30M · 97.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.73M | 18.02% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 4.63M | 9.55% | 13F | Aug 13, 2026 |
| State Street Corporation | 2.74M | 5.60% | 13G | Aug 7, 2026 |
| Vanguard Capital Management LLC | 2.10M | 4.33% | 13F | Aug 13, 2026 |
| Principal Financial Group Inc | 1.98M | 4.08% | 13F | Aug 4, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 15, 2026 | Robert A. Jr Mccabe | director | +890 | $71.65 |
| Jun 5, 2026 | D. Eric Mendelsohn | director, officer: CEO and President | +1,500 | $68.84 |
Peers
- CareTrust REIT
SNF-dominant healthcare REIT expanding into senior housing and UK care homes.
- Omega Healthcare Investors
SNF- and senior housing-focused healthcare REIT, primarily triple-net, US and UK.
- Sabra Health Care REIT
Diversified healthcare REIT spanning SNFs, senior housing, and behavioral health.
- LTC Properties
Senior housing and SNF REIT pivoting aggressively from NNN leases to SHOP/RIDEA.
- Welltower
Largest healthcare REIT; 2,500+ senior housing communities across US, UK, Canada.
- Ventas
S&P 500 healthcare REIT; ~1,400 properties spanning senior housing, MOB, and research.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| National Health Investors | $72.03 | 0.00% | $3.49B | 20.8 | 18.6 | 8.1 | −21.9% |
| CareTrust REIT | $39.03 | 0.00% | $9.22B | 24.2 | 25.2 | 17.0 | +5.1% |
| Omega Healthcare Investors | $46.34 | +0.75% | $13.76B | 16.4 | 23.9 | 10.6 | −7.0% |
| Sabra Health Care REIT | $20.45 | −0.80% | $5.20B | 78.5 | 28.1 | 6.0 | +24.7% |
| LTC Properties | $40.89 | +0.64% | $2.08B | 14.6 | 19.7 | 6.0 | −56.2% |
| Welltower | $238.07 | +0.02% | $171.48B | 126.0 | 87.0 | 13.6 | +40.9% |
| Ventas | $91.58 | −0.25% | $44.63B | 170.0 | 130.6 | 6.9 | +21.7% |
| Median | 51.4 | 26.6 | 8.8 | +13.4% |