| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 44.78 | 20.8% | 214.9% |
| Total Income | 44.78 | 20.8% | 214.9% |
| Expenditure | -11.62 | 282.2% | 49.0% |
| PBT | 56.09 | ||
| Net Profit | 55.67 | 38.8% | 50.5% |
| OPM | — | ||
| NPM | 100.00% | 0.00pp | 0.00pp |
| EPS | 1.15 | 38.5% | 45.6% |
National Health Investors Announces Second Quarter 2026 Results
11 Aug 2026 · 11 Aug, 1:49 am
Summary
National Health Investors, Inc. announced its results for the quarter ended June 30, 2026, reporting a significant 45.6% increase in net income attributable to common stockholders per diluted share to $1.15. The company also saw growth in its key non-GAAP metrics, with NAREIT FFO per diluted share up 3.4% for the year-to-date period and Normalized FFO per diluted share up 2.1%. Normalized FAD increased by $5.7 million year-over-year for the quarter. Management highlighted the expansion of its Senior Housing Operating Portfolio (SHOP) and the completion of the NHC portfolio sale, which reduced balance sheet leverage and provided financial flexibility.
Key Highlights
- 1
Net income attributable to common stockholders per diluted share for the second quarter of 2026 increased 45.6% to $1.15 per share compared to $0.79 per share in the prior year period.
- 2
NAREIT Funds from Operations (FFO) per diluted share for the six months ended June 30, 2026 increased 3.4% to $2.42 per share compared to $2.34 per share for the same period in the prior year.
- 3
Normalized FFO per diluted share for the six months ended June 30, 2026 increased 2.1% to $2.42 per share compared to $2.37 per share for the same period in the prior year.
- 4
Normalized Funds Available for Distribution (FAD) for the quarter ended June 30, 2026 increased $5.7 million to $61.6 million compared to $56.0 million for the same period in the prior year.
- 5
Rental income increased $1.1 million, or 1.6%, in the second quarter of 2026 compared to the prior year period, driven by recent acquisitions.
- 6
Resident fees and services, less senior housing operating expenses, increased $7.2 million in the second quarter of 2026 compared to the prior year period, primarily due to acquisitions.
- 7
The company completed the sale of the NHC portfolio in July 2026 for cash consideration of $560.0 million, expecting to recognize a gain of approximately $541.6 million.
Management Comments
Eric Mendelsohn
We continued to expand our Senior Housing Operating Portfolio (“SHOP”) with second quarter invested capital of $854.8 million, a 137% increase from the prior year period. Our total SHOP NOI for the second quarter increased by approximately 188% year-over-year driven by our recent acquisitions while the same-store SHOP results were ahead of expectations. We also completed the sale of the NHC portfolio, one of the largest transactions in the Company's history, reducing balance sheet leverage to well below our target range and providing significant financial flexibility to pursue additional private-pay senior housing investments. In addition, we recently appointed a Chief Operating Officer to further strengthen our asset management and business development capabilities as we navigate the current operating environment and position the Company to capitalize on the long-term demographic tailwinds supporting our industry. With a strengthened balance sheet, substantial liquidity, and a growing SHOP portfolio, we believe NHI is well positioned to execute on attractive investment opportunities and create long-term value for stockholders.
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