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National Health Investors (NHI)
NYSE:NHI
Earnings Data
Report Date
May 11, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.81Last Year’s EPS
0.74Same Quarter Last Year
Moderate Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong strategic progress: substantial and active investment activity, rapid SHOP build-out, robust liquidity, and solid full-year normalized FFO and FAD growth. Management highlighted significant SHOP NOI acceleration, a large pipeline, and a conservative balance sheet posture. Headwinds include quarter-to-quarter NAREIT FFO/net income weakness, legacy same-store SHOP transition challenges, elevated G&A and share count dilution, a cautious 2026 normalized FFO guidance midpoint (1.2% growth), and ongoing lease negotiations and deferred rent items. On balance, the company presented multiple clear growth drivers and financial flexibility that outweigh near-term operational and guidance headwinds.Company Guidance
Strong Normalized FFO and FAD Growth
Normalized FFO per share grew 8.9% in Q4 and 10.6% for the full year (to $1.22 and $4.91 per share, respectively). Total FAD increased 11.1% in Q4 and 13.7% for the full year to $57.9 million and $232.1 million, respectively.
Rapid SHOP Platform Expansion and NOI Acceleration
SHOP investment increased ~106% over the last 12 months to approximately $740 million. SHOP total NOI rose sharply (124.9% YoY for the quarter to $7.3 million; CEO also reported ~57% SHOP NOI growth year-over-year on a full-year basis) and same-store SHOP NOI improved sequentially (+8.7% QoQ) with full-year same-store SHOP NOI up 7.6%.
Record-Level Investment Activity
NHI invested $392.4 million in 2025 (well above initial guidance of $225 million), the most active year since 2016. Q4 investments were $217.5 million and management closed a $105.5 million SHOP deal in February (largest SHOP acquisition to date).
Large and Active Pipeline
Management reports an active pipeline: $488 million of evaluated senior housing opportunities plus $110.6 million under signed letters of intent, supporting further SHOP growth and deal activity in 2026.
Improved Cash Rental Revenue and Triple Net Performance
Cash rental revenue increased ~7% in Q4 (7.2% cited) and ~10% for the full year, driven by acquisitions, successful transitions, and annual escalators; no rent concessions and stable occupancy in the triple net portfolio were highlighted.
Strong Liquidity and Conservative Leverage
Available liquidity of approximately $875 million including cash ($19.6 million), $496 million revolver capacity, and forward/ATM equity capacity (approx. $360 million available). Net debt to adjusted EBITDA was 3.8x and management lowered its leverage policy to 3.5x–4.5x.
Capital Markets Activity and Dividend
Settled 600,000 common shares under forward ATM proceeds of ~$46.2 million; remaining forward proceeds of ~$44.5 million. Board declared a $0.92 per share dividend payable May 1, 2026.
One-time Items Supporting 2025 Results
Several nonrecurring benefits aided 2025 normalized results, including equity method gains of $3.7 million (vs $0.4 million prior), a $3.4 million benefit to credit loss reserves (vs $4.6 million expense prior year), and $3.9 million cash rental income from lease terminations.
Operational and Talent Investments
Headcount increased to 35 employees (a 46% increase versus 2022) as NHI builds SHOP capabilities and asset management resources to scale operations.
NHI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NHI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $87.68 | $84.07 | -4.12% |
Nov 06, 2025 | $75.31 | $76.80 | +1.98% |
Aug 06, 2025 | $71.87 | $73.67 | +2.50% |
May 05, 2025 | $74.19 | $74.51 | +0.42% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does National Health Investors (NHI) report earnings?
National Health Investors (NHI) is schdueled to report earning on May 11, 2026, Before Open (Confirmed).
What is National Health Investors (NHI) earnings time?
National Health Investors (NHI) earnings time is at May 11, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NHI EPS forecast?
NHI EPS forecast for the fiscal quarter 2026 (Q1) is 0.81.