National Health Investors

What National Health Investors does

National Health Investors, Inc. (NYSE: NHI) is a self-managed real estate investment trust established in 1991 and headquartered in Murfreesboro, Tennessee. The company specializes in sale-leaseback, joint venture, mortgage, and mezzanine financing of senior housing and medical facility investments, with two reportable segments: Real Estate Investments (triple-net leased properties) and Senior Housing Operating Portfolio (SHOP, direct property ownership and operation). As of March 31, 2026, the portfolio comprises 223 properties across 33 states managed by 41 operating partners, spanning independent living, assisted living, memory care, entrance-fee communities, senior living campuses, skilled nursing facilities, and specialty hospitals.

The company generates revenue through long-term rental income from leased properties, interest income on mortgage notes, SHOP operating revenue from directly owned senior housing communities (where NHI captures operational upside through RIDEA-compliant taxable REIT subsidiaries), and joint venture distributions. As of March 2026, SHOP accounted for approximately 22% of total investments post the announced $560M divestiture of 35 facilities to National HealthCare Corporation, signaling a strategic mix shift from government-reimbursed skilled nursing toward private-pay senior housing. Notable recent acquisitions include a $105.5M SHOP portfolio across Kentucky, South Carolina, and Tennessee (February 2026) and a $106.9M Colorado SHOP portfolio (May 2026), each generating 8.0-8.3% initial NOI yields.

Distribution is via direct relationship-based outreach to institutional-level senior housing and medical facility counterparties, supplemented by public market investor relations on NYSE. The company has maintained dividend payments for 36 consecutive years at a current ~5.39% yield ($0.92 quarterly per share in Q2 2026). Capital structure targets a 60/40 equity/debt mix with staggered long-term debt maturities, with pro forma net debt-to-annualized EBITDA of approximately 2.3x following the NHC transaction. Q1 2026 revenue reached $115.13M, up 28.93% YoY, with full-year 2025 normalized FFO per share of $4.91, up 10.6% from $4.44 in 2024.

Name

National Health Investors

Legal name

National Health Investors, Inc.

Website

https://nhireit.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

National Health Investors (NYSE: NHI) is a self-managed REIT founded in 1991 that provides sale-leaseback, joint venture, mortgage, and mezzanine financing to senior housing and medical facility operators across 223 properties in 33 states, with a growing direct-operation SHOP segment.

Ownership category

akta.pro rank

Product category

Healthcare REIT (Senior Housing Real Estate Investment)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Nursing and Residential Care Facilities (623)

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531), Services-Nursing & Personal Care Facilities (8050)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industries

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG), Senior Living Property Management (BPAJAGAI), Healthcare & Medical Office Brokerage (BPAJABAF)

Keywords

• Real estate investment trust
• Senior housing financing
• Sale-leaseback financing
• Healthcare real estate
• Mortgage lending

Headquarters

HQ city

Murfreesboro

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others, Technology or R&D

Revenue model

1. Real Estate Lease Revenue: NHI generates recurring revenue through long-term lease agreements with operators of senior housing and medical facilities. Lease arrangements include sale-leaseback, triple-net lease, and master lease structures. The company operates through two reportable segments: Real Estate Investments (leased properties) and Senior Housing Operating Portfolio (SHOP, where NHI owns and operates properties directly). Revenue is rental income from independent living, assisted living, memory care, skilled nursing, and specialty hospital properties.
2. Mortgage Interest Income: NHI provides mortgage financing to senior housing operators, earning interest income on the loan portfolio. Mortgage notes are used to finance independent living, assisted living, and skilled nursing communities, with interest payments constituting a recurring revenue stream.
3. SHOP Operating Revenue: Through the Senior Housing Operating Portfolio (SHOP) segment, NHI directly owns and operates senior housing communities, generating resident occupancy and rental income. The SHOP segment represented approximately 22% of total investments following the $560M portfolio disposition in 2026. SHOP NOI surged 125% year-over-year in Q4 2025, reaching $7.3M.
4. Joint Venture Distributions: Under the REIT Investment Diversification and Empowerment Act of 2007 (RIDEA), NHI participates in joint venture structures with operators, owning both real estate and operations through taxable REIT subsidiaries. Operating cash flow from JV properties is distributed to NHI as a recurring revenue stream.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

National Health Investors provides customized real estate financing solutions to senior housing and medical facility operators, including sale-leaseback, joint venture, mortgage, mezzanine, and construction financing structures. The company operates through two reportable segments: Real Estate Investments (leased properties generating rental income) and the Senior Housing Operating Portfolio (SHOP), in which NHI directly owns and operates senior living communities. Together, these segments cover independent living, assisted living, memory care, skilled nursing facilities, and specialty hospitals across 223 properties in 33 states.

Product overview

National Health Investors operates as a self-managed REIT with two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (SHOP). The Real Estate Investments segment provides various financing structures including sale-leaseback, joint venture, mortgage, mezzanine, and construction financing for senior housing and medical facilities. The SHOP segment represents direct property ownership and operation of senior living communities. Together, these segments offer independent living, assisted living, memory care, entrance-fee communities, senior living campuses, skilled nursing facilities, and specialty hospitals across 223 properties managed by 41 operating partners in 33 states.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate Investments Segment

Quantifiable outcome

• Q1 2026 revenue of $115.13M, up 28.93% year-over-year, exceeding expectations by $9.78M
• +5 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Nine partnerships are on record, tiered minor, core, supporting and growth.

• S&P Dow Jones IndicesminorOthers · 23 June 2026NHI was added to the S&P SmallCap 600 index, replacing Apollo Commercial Real Estate Finance, effective June 29, 2026. The addition caused NHI shares to gain 3% and reflects broader market adjustments based on company performance and capitalization.
• Generations, LLCcoreStrategic or Co-development Partner · 4 May 2026Generations, LLC is the property manager for seven senior housing properties (532 units) acquired by NHI in Colorado for $106.9M. The properties are included in NHI's SHOP segment. This builds on an existing relationship where NHI and Generations have approximately $227M in total investment. The initial NOI yield is approximately 8.3%, declining to 7.8% after routine capital expenditures.
• Blueprint Healthcare Real Estate AdvisorssupportingImplementation/ SI/ Consulting Partner · 22 April 2026Blueprint Healthcare Real Estate Advisors acted as transaction advisor to National Health Investors in its planned $560M disposition of a 35-property healthcare portfolio to National HealthCare Corporation. The portfolio comprises 32 skilled nursing facilities and 3 independent living communities. Blueprint's role was to advise on the transaction structure, valuation, and execution, supporting NHI's portfolio repositioning strategy.
• National HealthCare Corporation (NHC)coreStrategic or Co-development Partner · 21 April 2026National HealthCare Corporation is NHI's largest operating partner and tenant, managing 35 senior care facilities (32 skilled nursing + 3 independent living) under a long-term master lease agreement. NHC generates approximately $39.7M in annual cash lease revenue for NHI. NHC has agreed to acquire these 35 facilities from NHI for $560M, expected to close July 1, 2026, as part of NHI's strategic shift toward private-pay senior housing. The transaction reduces NHI's skilled nursing exposure to approximately 12.2% of total investments.
• Allegro Living Management (affiliate of Spring Arbor Management)coreStrategic or Co-development Partner · 2 February 2026Allegro Living Management (an affiliate of Spring Arbor Management) manages nine senior housing properties (460 units) in Kentucky, South Carolina, and Tennessee, acquired by NHI for $105.5M as the company's largest SHOP acquisition to date. NHI plans an additional $3.3M in capital investment. The properties are expected to generate an initial NOI yield of approximately 8.0% (7.6% after capital expenditures). This extends an existing relationship with approximately $227M in total investment.
• Priority Life CaregrowthStrategic or Co-development Partner · 19 December 2025Priority Life Care operates a 107-unit assisted living community in Jamison, PA, acquired by NHI as part of a $89.2M investment package at an average initial yield of 8.20%. This represents a new operator relationship for NHI within its senior housing investment strategy.
• William James GroupgrowthStrategic or Co-development Partner · 19 December 2025William James Group operates a 56-unit senior housing community in Anniston, AL, included in NHI's $89.2M investment package across four separate transactions. This represents a new operator relationship in NHI's investment portfolio.
• Fellowship Senior LivinggrowthStrategic or Co-development Partner · 19 December 2025Fellowship Senior Living operates a 94-unit community in Mount Pleasant, SC, financed by NHI through a mortgage note as part of a $89.2M investment package. This relationship extends NHI's mortgage financing business with an established senior living operator.
• Silver Wave Capital affiliatesgrowthStrategic or Co-development Partner · 19 December 2025Silver Wave Capital affiliates operate a 141-unit independent living facility in Wichita Falls, TX, financed by NHI through a mortgage note as part of a $89.2M investment package. This relationship reflects NHI's diversified investment strategy including mortgage note receivables.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Welltower: Welltower is the largest healthcare REIT in the US with a dominant senior housing operating portfolio and triple-net lease exposure, serving the same operator and institutional investor base as NHI across independent living, assisted living, memory care, and medical office buildings.
• Ventas: Ventas is a major S&P 500 healthcare REIT with substantial senior housing operating portfolio exposure through its RIDEA-structured investments, competing directly with NHI for private-pay senior housing acquisitions and operator partnerships.
• Omega Healthcare Investors: Omega Healthcare Investors is a triple-net healthcare REIT specializing in skilled nursing and assisted living facilities, comparable to NHI's Real Estate Investments segment structure with similar operator-tenant relationships and lease economics.
• Sabra Health Care REIT: Sabra Health Care REIT invests in skilled nursing, senior housing, and specialty hospitals through triple-net leases and senior housing operating partnerships, directly competing with NHI for similar asset classes and operator counterparties.
• CareTrust REIT: CareTrust REIT is a growth-oriented healthcare REIT focused on triple-net skilled nursing, senior housing, and medical office investments, with a similar selective operator model and sale-leaseback strategy that mirrors NHI's Real Estate Investments segment.
• LTC Properties: LTC Properties is a small-cap healthcare REIT providing sale-leaseback, mortgage, and mezzanine financing for skilled nursing and assisted living facilities, highly comparable to NHI's financing structure and senior housing focus.
• Diversified Healthcare Trust: Diversified Healthcare Trust owns a portfolio of senior living communities (SHOP) and medical office buildings managed by Five Star Senior Living, providing a comparable senior housing operating portfolio business model to NHI's SHOP segment.

Broad incumbents

• Healthpeak Properties: Healthpeak Properties is a diversified healthcare REIT with exposure to medical office, life science, and senior housing, providing a broader incumbent comparison to NHI's more focused senior housing and medical facility portfolio.

Emerging players

• American Healthcare REIT: American Healthcare REIT is a relatively new public healthcare REIT with senior housing operating portfolio and medical office exposure, representing an emerging competitor in the same senior housing operating segment where NHI is expanding via SHOP.
• Strawberry Fields REIT: Strawberry Fields REIT is a small-cap healthcare REIT focused on triple-net skilled nursing and assisted living facilities, comparable in size and financing structure to NHI's Real Estate Investments segment with similar operator relationships.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/nhi_reit
• Facebookfacebook.com/nhireit
• LinkedInlinkedin.com/company/national-health-investors

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds3 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Health Investors