National Health Investors (NHI) Q2 2026 earnings summary

Executive summary

• Q2 2026 featured strong growth in the Senior Housing Operating Portfolio (SHOP), with NOI up 188% year-over-year, driven by acquisitions and portfolio transitions.

• Major portfolio repositioning included the completed sale of 35 NHC-leased properties for $560 million, reducing leverage and enhancing financial flexibility.

• Pro forma liquidity reached $1.3 billion, supporting a robust investment pipeline and future growth.

• Leadership transitions, including a new COO and CFO, are designed to support accelerated growth and operational excellence.

• Strategic focus remains on private-pay senior housing, disciplined capital allocation, and long-term value creation.

Financial highlights

• Net income attributable to common stockholders for Q2 2026 was $55.6 million, with EPS of $1.15, up 45.6% year-over-year.

• NAREIT FFO per diluted share was $1.19 for Q2, flat year-over-year; normalized FFO per share decreased 2.5% to $1.19.

• FAD increased 5.8% year-over-year to $61.6 million, with a payout ratio of 73.3%.

• Rental income increased 1.6% year-over-year to $71.4 million; resident fees and services surged 215% to $44.8 million.

• General and administrative expenses rose 44% to $8.8 million, reflecting SHOP growth and one-time CFO transition costs.

Outlook and guidance

• 2026 full-year guidance: Net income attributable to common stockholders between $703.0 million and $705.2 million.

• NAREIT FFO and Normalized FFO per diluted share projected at $4.74–$4.79; FAD guidance at $240.6–$243.7 million.

• Same-store SHOP NOI annual growth expected between 1.0%–3.0%, with stronger growth in the second half.

• No change to G&A guidance, expected to rise low teens year-over-year.

• Focus remains on redeploying NHC sale proceeds into new investments to maintain returns.