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NHI on NYSE

NATIONAL HEALTH INVESTORS INC

American real estate investment trust based in Baltimore, active since 19912

In its 2026 annual report the company says: “We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and Senior Housing Operating Portfolio.”5 Its shares trade on NYSE under the symbol NHI.2

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Last updated Oct 21, 2026.

Overview

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  • TickerNHI on NYSE2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business address222 Robert Rose Drive, Murfreesboro, Tn 371293
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI549300ZPKZIG6DKDEC022
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O NATIONAL REGISTERED AGENTS, INC. OF MD, 21093-2264 Lutherville Timonium, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D032584802

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National Health Investors, Inc. (“NHI”, the “Company”, “we”, “us” or “our”), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”). We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and Senior Housing Operating Portfolio (“SHOP”).5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

177.6%Net margin6
47.1%Revenue growth, 20256
9.3%Return on equity6
-$57.5MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Interest29¢$57.4M
  • Profit71¢$142.2M

Out of $80.1M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending63¢$294.0M
  • Dividends paid37¢$169.7M

Out of $236.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$80.1M in 2025−75% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $318.1M$318.1M20192020: $0$020202021: $0$020212022: $35.8M$35.8M20222023: $48.8M$48.8M2023+36%2024: $54.4M$54.4M2024+11%2025: $80.1M$80.1M2025+47%
Net income789106$142.2M in 2025−11% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $160.5M$160.5M20192020: $185.1M$185.1M2020+15%2021: $111.8M$111.8M2021−40%2022: $66.4M$66.4M2022−41%2023: $135.7M$135.7M2023+104%2024: $138.0M$138.0M2024+2%2025: $142.2M$142.2M2025+3%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Rental income$271.6M$257.0M$249.2M
Resident fees and services$80.1M$54.4M$48.8M
Interest and other income$24.0M$23.7M$21.8M
Revenues$375.6M$335.2M$319.8M
Depreciation and amortization$80.9M$71.4M$70.0M
Interest expense$57.4M$59.9M$58.2M
Senior housing operating expenses$60.9M$42.3M$39.6M
Legal$2.7M$1.1M$507.0K
Franchise, excise and other taxes$1.1M$38.0K$449.0K
General and administrative expenses$26.9M$20.7M$19.3M
Proxy contest and related$1.6M$0$0
Taxes and insurance on leased properties$11.0M$11.2M$11.5M
Loan and realty (gains) losses, net-$3.4M$5.3M$1.4M
Total operating expenses$239.0M$211.9M$200.9M
Gains on operations transfers, net$0$0$20.0K
Gains on sales of real estate properties, net$456.0K$6.7M$14.7M
Gains from equity method investment$3.7M$402.0K$555.0K
Loss on early retirement of debt$0$0-$73.0K
Gains on forward equity sales agreements, net$0$6.3M$0
Other income$0$0$202.0K
Net income (loss)$140.8M$136.6M$134.4M
Add: Net loss attributable to noncontrolling interests$1.4M$1.3M$1.3M
Net income attributable to stockholders$142.2M$138.0M$135.7M
Less: Net income attributable to unvested restricted stock awards-$201.0K-$118.0K-$57.0K
Net income attributable to common stockholders$142.0M$137.9M$135.6M
Basic (in shares)46.9M shares43.8M shares43.4M shares
Diluted (in shares)47.1M shares44.1M shares43.4M shares
Basic (in usd per share)$3.03$3.14$3.13
Diluted (in usd per share)$3.02$3.13$3.13

Compare NATIONAL HEALTH INVESTORS INC with another company

Corporate structure

NATIONAL HEALTH INVESTORS INC sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NATIONAL HEALTH INVESTORS INC

  • NATIONAL HEALTH INVESTORS INC Baltimore, Maryland, United States
    • NHI REIT of Subsidiary · Alabama, United States
    • NHI-Sub REIT of Subsidiary · Colorado, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NATIONAL HEALTH INVESTORS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$221.7M6 Dec 31, 2025$191.9M6 Dec 31, 2024+15.5%
Construction in progress$18.2M6 Dec 31, 2025$10.6M6 Dec 31, 2024+72.4%
Property and equipment, before depreciation$3.3B6 Dec 31, 2025$3.0B6 Dec 31, 2024+11.6%
Accumulated depreciation$822.0M6 Dec 31, 2025$742.3M6 Dec 31, 2024+10.7%
Property and equipment, net$2.5B6 Dec 31, 2025$2.2B6 Dec 31, 2024+11.9%
Operating-lease assets (leased space)$1.5M6 Dec 31, 2025$1.5M6 Dec 31, 20240%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, at cost$2.7B6 Dec 31, 2025$2.6B10 Dec 31, 2024+2.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$19.6M6 Dec 31, 2025$24.3M6 Dec 31, 2024−19.2%
Loans, net of allowance$203.3M6 Dec 31, 2025$268.9M6 Dec 31, 2024−24.4%

Properties, in its own words

A summary of information related to our owned real estate properties as of and for the year ended December 31, 2025 follows ($ in thousands):

Number of Properties1 · Carrying

The rest of Item 2

Location · SHOs · SNFs · HOSPs · SHOP · NOI · Amount2

Alabama · 2 · 2 · — · — · 3,453 · 24,297

Arizona · — · 1 · — · — · 930 · 7,131

Arkansas · — · — · — · 2 · 2,008 · 53,931

California · 1 · — · — · 5 · 4,672 · 130,774

Colorado · 2 · — · — · — · 2,402 · 28,800

Connecticut · 3 · — · — · — · 13,561 · 139,719

Florida · 2 · 10 · — · 1 · 23,972 · 223,665

Georgia · 3 · — · — · 2 · 7,790 · 108,612

Idaho · 1 · — · — · — · 1,066 · 9,673

Illinois · 13 · — · — · — · 15,449 · 197,528

Indiana · 5 · — · — · 3 · 4,123 · 92,117

Iowa · 7 · — · — · — · 5,585 · 41,384

Kentucky · — · 1 · — · — · 1,568 · 2,143

Louisiana · 2 · — · — · — · 1,183 · 10,241

Maryland · 1 · — · — · 1 · 2,656 · 66,081

Massachusetts · 1 · — · — · — · 3,536 · 52,108

Michigan · 5 · — · — · — · 3,605 · 44,138

Minnesota · 5 · — · — · — · 2,414 · 31,144

Missouri · 1 · 5 · — · — · 3,279 · 27,695

Nebraska · 9 · — · — · — · 7,716 · 92,933

Nevada · 1 · — · — · — · 1,640 · 18,136

New Jersey · 1 · — · — · 1 · 4,058 · 72,894

North Carolina · 16 · — · — · — · 23,742 · 262,408

Ohio · 5 · — · — · 1 · 4,919 · 100,329

Oklahoma · — · — · 1 · 4 · 7,468 · 124,784

Oregon · 3 · 3 · — · 2 · 10,609 · 146,043

Pennsylvania · 2 · — · — · 1 · 1,192 · 81,623

South Carolina · 5 · 4 · — · 2 · 34,748 · 395,552

Tennessee · 3 · 16 · — · — · 19,021 · 50,984

Texas · — · 21 · — · — · 29,221 · 298,599

Virginia · 5 · 1 · — · — · 7,824 · 68,685

Washington · 3 · — · — · 1 · 13,693 · 207,002

Wisconsin · 3 · 1 · — · — · 8,145 · 81,955

Total real estate properties in

segments · 110 · 65 · 1 · 26 · 277,248 · 3,293,108

Corporate · — · 2,632

Other · 2,504 · —

Total real estate properties · 279,752 · 3,295,740

1 The total number of properties, as presented in the table above, excludes our corporate office building and one property in the Real Estate Investments segment that was classified as assets held for sale as of December 31, 2025.

2 The total gross carrying amount, as presented in the table above, excludes $2.6 million related to our corporate office and equipment and $4.8 million related to one property in the Real Estate Investments segment that was classified as assets held for sale as of December 31, 2025.

A summary of information related to our mortgage and other notes receivable investments as of December 31, 2025 and for the year ended December 31, 2025 follows ($ in thousands):

Number of Properties · Interest · Carrying

SHOs · SNFs · HOSPs · Income · Amount

Mortgage notes:

Florida · 2 · — · 1 · 2,703 · 36,942

Illinois · 1 · — · — · 1,360 · 14,907

Indiana · 1 · — · — · 562 · 6,423

Michigan · 2 · — · — · 1,547 · 23,004

South Carolina · 1 · — · — · 195 · 18,750

Texas · 1 · 3 · — · 2,525 · 25,887

Wisconsin · 1 · — · — · 2,513 · 28,414

Total mortgage notes receivable · 9 · 3 · 1 · 11,405 · 154,327

Other notes · 9,727 · 64,366

Mortgage and other note payoffs · 2,684 · —

Other interest income · 150 · —

Total mortgage and other notes receivable · 23,966 · 218,693

The following table provides information on the expirations of our tenant leases based on the maturities included in the most recent lease agreements or extension periods as of December 31, 2025 ($ in thousands):

Percentage of

Number of · Number of · Annualized · Annualized

Year of Maturity · Properties1 · Beds / Units · Gross Rent2 · Gross Rent

2026 · 36 · 4,849 · 39,286 · 14.9

2027 · 4 · 803 · 15,753 · 6.0

2028 · 12 · 591 · 11,948 · 4.5

2029 · 7 · 836 · 12,756 · 4.8

2030 · 1 · 107 · 4,493 · 1.7

2031 · 13 · 2,513 · 57,492 · 21.8

2032 · 2 · 213 · 3,958 · 1.5

2033 · 28 · 1,815 · 28,297 · 10.7

2034 · 16 · 984 · 13,326 · 5.0

Thereafter · 57 · 5,145 · 76,645 · 29.1

Total · 176 · 17,856 · 263,954 · 100.0

1 The total number of properties, as presented in the table above, excludes our corporate office building and one property in the Real Estate Investments segment that was classified as assets held for sale as of December 31, 2025.

2 Annualized gross rent refers to the amount of rental income we would have generated during the year ended December 31, 2025 if all of our tenant leases were in effect for the full calendar year, regardless of the actual commencement dates, maturity dates or renewal periods of the leases.

As of December 31, 2025, we leased 32 SNFs and three ILFs to NHC, a publicly owned company, under a triple-net master lease which expires in December 2026. The master lease includes two five-year extension options in which the annual lease rate resets at the current fair market value as negotiated between the parties. We have engaged Blueprint Healthcare Real Estate Advisors, a national advisory firm focused on senior housing and skilled nursing facilities, to assist with underwriting, due diligence and market analysis with respect to the master lease renewal.

On September 8, 2025, we provided formal written notice to NHC that it is in default of the triple-net master lease as a result of NHC’s failure to remedy its non-compliance with certain non-monetary provisions of the triple-net master lease previously identified by us. NHC had 30 days to cure such default and its failure to do so entitles us to declare an event of default and to pursue any and all remedies available to us under the triple-net master lease. We are currently evaluating potential courses of action.

On October 7, 2025, NHC informed us that it was exercising its option to renew the master lease for one five-year term commencing January 1, 2027. We are currently reviewing the effectiveness and legality of NHC’s notice.

Item 2 of the 10-K filed Feb 26, 2026.5

Leadership

Who has led NATIONAL HEALTH INVESTORS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. W. Andrew Adams2009–2011
  2. James Justin Hutchens2011–2015
  3. D. Eric Mendelsohn2015–now

President

  1. W. Andrew Adams2007–2009
  2. James Justin Hutchens2009–2015
  3. D. Eric Mendelsohn2015–now

Chief financial officer

  1. John L. Spaid2020–2026
  2. Todd Michael Siefert2026–now

Chief operating officer

  1. James Justin Hutchens2009–2011
  2. Christian Ken Maingot2026–now
2010201520202025
Board members and other officers (24)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • NHI REIT of Alabama, L.P. 100% DE4
  • NHI-REIT of California, LP 100% DE4
  • NHI-Sub REIT of Colorado, LLC 100% DE4
  • NHI/REIT of Florida, L.P. 100% DE4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 27, 20268-K Executive or director change43
  2. Aug 10, 20268-K Results of operations44
  3. Aug 10, 20268-K Regulation FD disclosure45
  4. Aug 10, 20268-K Regulation FD disclosure46
  5. Jul 27, 20268-K Executive or director change47
  6. Jul 1, 20268-K Executive or director change48
  7. Jul 1, 20268-K Ended a material agreement; Completed an acquisition or sale49
  8. Jun 1, 20268-K Other events50
  9. May 29, 20268-K Shareholder vote51
  10. May 4, 20268-K Results of operations52
  11. May 4, 20268-K Regulation FD disclosure53
  12. May 4, 20268-K Regulation FD disclosure54
  13. Aug 13, 2015New chief executive D. Eric Mendelsohn becomes CEO14
  14. Aug 8, 2011New chief executive James Justin Hutchens becomes CEO15
  15. Sep 1, 2009New chief executive W. Andrew Adams becomes CEO16
  16. Jul 24, 1991Founded NATIONAL HEALTH INVESTORS INC is founded2

Calendar

Coming up

  1. Nov 9, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.32 a share, on Nov 6, 2025.55

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results44
  2. May 4, 2026Reported quarterly or annual results52
  3. Feb 26, 2026Reported quarterly or annual results56
  4. Nov 6, 2025Reported quarterly or annual results57
  5. Aug 6, 2025Reported quarterly or annual results58
  6. May 5, 2025Reported quarterly or annual results59
  7. Feb 25, 2025Reported quarterly or annual results60
  8. Nov 5, 2024Reported quarterly or annual results61

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

310 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 97 major events, 131 insider forms, 11 large holders, 49 other. The latest 20:

  1. Aug 27, 20268-K EDGAR
  2. Aug 17, 2026144 EDGAR
  3. Aug 10, 20268-K EDGAR
  4. Aug 10, 20268-K EDGAR
  5. Aug 10, 20268-K EDGAR
  6. Aug 10, 202610-Q EDGAR
  7. Aug 7, 2026SCHEDULE 13G EDGAR
  8. Jul 30, 20264 PRIMARY DOCUMENT EDGAR
  9. Jul 30, 20263 PRIMARY DOCUMENT EDGAR
  10. Jul 27, 20268-K EDGAR
  11. Jul 8, 2026SCHEDULE 13G/A EDGAR
  12. Jul 2, 20263 PRIMARY DOCUMENT EDGAR
  13. Jul 1, 20268-K EDGAR
  14. Jul 1, 20268-K EDGAR
  15. Jun 15, 20264 PRIMARY DOCUMENT EDGAR
  16. Jun 9, 20264 PRIMARY DOCUMENT EDGAR
  17. Jun 5, 20264 PRIMARY DOCUMENT EDGAR
  18. Jun 1, 20268-K EDGAR
  19. May 29, 20268-K EDGAR
  20. May 7, 20264 PRIMARY DOCUMENT EDGAR

The 310 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 10 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026MCCABE ROBERT A JRDirectorBuy890$71.65$63.8KForm 4
Jun 5, 2026Mendelsohn D. EricCEO and PresidentBuy1,500$68.84$103.3KForm 4
May 31, 2024MCCABE ROBERT A JRDirectorBuy437$65.83$28.8KForm 4
Feb 27, 2024SWAFFORD CHARLOTTE ADirectorBuy10,000$58.69$586.9KForm 4
Aug 30, 2023Jobe James RDirectorBuy1,000$51.40$51.4KForm 4
Dec 14, 2022ADAMS ROBERT GDirectorBuy1,000$56.60$56.6KForm 4
Aug 15, 2022ADAMS ROBERT GDirectorBuy1,500$65.93$98.9KForm 4
Dec 30, 2021ADAMS ROBERT GDirectorBuy2,000$57.25$114.5KForm 4
Dec 1, 2021WEBB ROBERT TDirectorBuy2,000$51.60$103.2KForm 4
Nov 29, 2021WEBB ROBERT TDirectorBuy1,000$52.86$52.9KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025D. Eric MendelsohnCEO and President$700.0K$3.7M67
2025John L. SpaidChief Financial Officer$520.0K$2.2M67
2025Kevin C. PascoeChief Investment Officer$400.0K$2.0M67
2025David L. TravisChief Accounting Officer$330.0K$1.4M67
2025Kristin S. GainesChief Transaction Officer$225.0K$1.3M67
2024D. Eric MendelsohnCEO and President$525.0K$2.2M67
2024John L. SpaidChief Financial Officer$420.0K$1.3M67
2024Kevin C. PascoeChief Investment Officer$249.5K$1.1M67
2024Kristin S. GainesChief Transaction Officer$216.3K$971.9K67
2024David L. TravisChief Accounting Officer$315.0K$970.6K67
2023D. Eric MendelsohnCEO and President$500.0K$2.1M67
2023John L. SpaidChief Financial Officer$400.0K$1.3M67
2023Kevin C. PascoeChief Investment Officer$242.3K$1.2M67
2023Kristin S. GainesChief Transaction Officer$206.0K$1.1M67
2023David L. TravisChief Accounting Officer$300.0K$1.0M67

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.8,733,237$666.0M0.0%+3,926,380
Vanguard Portfolio Management LLC4,630,646$353.1M0.0%+488,430
State Street Corp2,735,937$211.1M0.0%+761,547
Vanguard Capital Management LLC2,099,145$160.1M0.0%+14,525
Principal Financial Group Inc1,977,094$150.8M0.1%+276,186
Bank of New York Mellon Corp1,606,463$122.5M0.0%+1,091,732
Geode Capital Management, LLC1,402,775$107.0M0.0%+91,535
Bank Of America Corp /de/1,019,379$77.7M0.0%+26,577
Charles Schwab Investment Management Inc880,321$67.1M0.0%+54,330
Nomura Asset Management International Inc.870,365$66.4M0.1%−26,937
Dimensional Fund Advisors LP675,739$51.5M0.0%−10,510
Norges Bank672,355$51.3M0.0%New
Northern Trust Corp608,688$46.4M0.0%+45,841
Morgan Stanley444,043$33.9M0.0%+64,157
Jpmorgan Chase & Co415,413$32.4M0.0%−571,179
UBS Group AG396,229$30.2M0.0%+268,595
Two Sigma Investments, LP335,445$25.6M0.0%−84,629
Vanguard Fiduciary Trust Co321,018$24.5M0.0%+9,275
Legal & General Group Plc285,144$21.7M0.0%+53,401
Bowen Hanes & Co Inc260,000$21.0M0.5%No change
Sound Income Strategies, LLC270,252$20.6M0.9%+12,540
Prudential Financial Inc257,108$19.6M0.0%−880,075
Algert Global LLC248,865$19.0M0.2%+103,285
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC242,935$18.5M0.0%+6,627
Goldman Sachs Group Inc235,078$17.9M0.0%+18,350

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

12 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 10, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−15.1%Report
Jan 15, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−29.8%Report
Sep 1, 2022Virginia FoxxRepublican, HouseSale$50,001 - $100,000+92.8%Report
Jun 28, 2022Virginia FoxxRepublican, HouseBuy$15,001 - $50,000−96.3%Report
Jan 28, 2022Virginia FoxxRepublican, HouseSale$50,001 - $100,000+60.7%Report
Nov 8, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−43.9%Report
Aug 9, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−74.2%Report
Aug 6, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−75.9%Report
May 27, 2021Virginia FoxxRepublican, HouseBuy$15,001 - $50,000−83.9%Report
May 12, 2021Virginia FoxxRepublican, HouseBuy$15,001 - $50,000−90.3%Report
Apr 19, 2021Virginia FoxxRepublican, HouseBuy$50,001 - $100,000−96.3%Report
Mar 31, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−166.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How NATIONAL HEALTH INVESTORS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNATIONAL HEALTH INVESTORS INC1
  • CIK0000877860
  • Employer ID (EIN)62-14709565
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address222 Robert Rose Drive, Murfreesboro, TN 371291
  • Phone61589091001
  • Shares outstanding49,110,434 as of Aug 3, 202612
  • Public float$2.9B as of Jun 30, 20255
  • AuditorBDO USA, P.C., Nashville, Tennessee PCAOB ID 243; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceFeb 1, 19941
  • Filings1,554 in all: 8-K (528), 4 (519), 10-Q (91), SC 13G/A (65), 5 (51), DEF 14A (28), 10-K (24), SC 13G (23)1
    All 48 form types

    3 (22), UPLOAD (21), 424B5 (19), 4/A (17), CORRESP (16), 8-K/A (15), 10-K/A (13), DEFA14A (12), DFAN14A (9), ARS (8), S-3ASR (7), 10-K405 (6), S-8 (6), 10-Q/A (5), PRE 14A (4), SC 13D/A (4), FWP (3), POSASR (3), PX14A6G (3), SC 13D (3), SCHEDULE 13G (3), 25 (2), 424B2 (2), 5/A (2), DEFC14A (2), POS AM (2), PREC14A (2), SCHEDULE 13G/A (2), 144 (1), 25-NSE (1), 3/A (1), 8-A12B (1), 8-A12G (1), DEF 14C (1), NT 10-K (1), NT 10-Q (1), PRRN14A (1), RW (1), S-3 (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 3, 2026
    Latest 8-K (8-K) Aug 27, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par valueNHINew York Stock Exchange

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks NATIONAL HEALTH INVESTORS INC names in Item 1A of its 10-K filed Feb 26, 2026: 43 risks under these headings, as written.5

  • Risks Related to Our Business and Operations
  • We depend on the operating success of our tenants, managers and borrowers and if their financial condition or business prospects deteriorate, our business, financial condition and results of operations could be adversely affected.
  • We are exposed to the risk that our tenants, managers and borrowers may become subject to bankruptcy or insolvency proceedings.
  • A small number of tenants in our portfolio account for a significant percentage of the rental income we expect to generate from our portfolio, and the failure of any of these tenants to meet their obligations to us could materially and adversely affect our business, financial condition and results of operations and our ability to make distributions to our stockholders.
  • We have rights to terminate our management agreements with managers, in whole or with respect to specific properties under certain circumstances, and we may be unable to replace managers if our management agreements are terminated or not renewed.
  • Actual or perceived risks associated with pandemics, epidemics or outbreaks have had, and may in the future, have a material adverse effect on our operators’ business and results of operations.
  • A member of our Board of Directors is also the chairman of the board of directors of NHC, and his interests may differ from those of our stockholders.
  • We are exposed to risks related to government regulations and payors, principally Medicare and Medicaid, and the effect of changes to laws, regulations and reimbursement rates on the businesses of our tenants, managers and borrowers.
  • We are exposed to the risk that the cash flows of our tenants, managers and borrowers may be adversely affected by increased liability claims and liability insurance costs.
  • Significant legal or regulatory proceedings could adversely affect the liquidity, financial condition and results of operations of our tenants, managers and borrowers.
  • We are exposed to the risk that we may not be fully indemnified by our tenants, managers and borrowers against future litigation.
  • We depend on the success of property development and construction activities, which may fail to achieve the operating results we expect.
The other 32 risks
  • We are exposed to the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties.
  • Our investments are concentrated in healthcare properties.
  • We are subject to risks related to our investment with Life Care Services for Timber Ridge, an entrance fee CCRC, associated with Type A benefits offered to the residents of the CCRC and related accounting requirements.
  • Risks related to our joint venture investments could adversely affect our financial condition and results of operations.
  • Inflation and increased interest rates may adversely affect our business, financial condition and results of operations.
  • Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults, or non-performance by financial institutions, could adversely affect our business, financial condition, results of operations or our prospects.
  • Adverse geopolitical developments could have a material adverse impact on our business.
  • We are exposed to operational risks with respect to our SHOP structured communities.
  • A cybersecurity incident or other form of data breach involving Company information could cause a loss of confidential consumer and other personal information, give rise to remediation and other expenses, expose us to liability under privacy and security and consumer protection laws, subject us to federal and state governmental inquiries, damage our reputation, and otherwise be disruptive to our business.
  • We are exposed to risks related to environmental laws and the costs associated with liabilities related to hazardous substances.
  • We are subject to risks of damage from catastrophic weather and other natural or man-made disasters and the physical effects of climate change.
  • We depend on the success of our future acquisitions and investments.
  • We depend on our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms.
  • Competition for acquisitions may result in increased prices for properties.
  • We depend on our ability to retain our management team and other personnel and attract suitable replacements should any such personnel leave.
  • We are exposed to the risk that our assets may be subject to impairment charges.
  • Stockholder activism efforts could cause us to incur substantial costs, divert management’s attention and have an adverse effect on our business.
  • Our ability to raise capital through equity sales is dependent, in part, on the market price of our common stock, and our failure to meet market expectations with respect to our business, or other factors we do not control, could negatively impact such market price and availability of equity capital.
  • The U.S. federal income tax treatment of the cash that we might receive from cash settlement of the forward equity sales agreements is unclear and could jeopardize our ability to meet the REIT qualification requirements.
  • Our use of artificial intelligence could expose us to various risks.
  • Risks Related to Our Debt
  • We may need to refinance existing debt or incur additional debt in the future, which may not be available on terms acceptable to us.
  • We have covenants related to our indebtedness which impose certain operational limitations and a breach of those covenants could materially adversely affect our financial condition and results of operations.
  • Downgrades in our credit ratings could have a material adverse effect on our cost and availability of capital.
  • We rely on external sources of capital to fund future capital needs, and if we encounter difficulty in obtaining such capital, we may not be able to make future investments necessary to grow our business or meet maturing commitments.
  • We depend on revenues derived mainly from fixed rate investments in real estate assets, while a portion of our debt used to finance those investments bears interest at variable rates, which subjects us to interest rate risk.
  • Risks Related to Our Status as a REIT
  • We depend on the ability to continue to qualify for taxation as a REIT for U.S. federal income tax purposes.
  • There are no assurances of our ability to pay dividends in the future.
  • Complying with the REIT requirements may cause us to forego otherwise attractive acquisition opportunities or liquidate otherwise attractive investments, which could materially hinder our performance.
  • Our ownership of and relationship with any TRS that we have formed or will form will be limited, and a failure to comply with the limits would jeopardize our REIT status and may result in the application of a 100% excise tax.
  • Legislative, regulatory, or administrative tax changes could adversely affect us or our security holders.
  • Risks Related to Our Organizational Structure
  • We have ownership limits in our charter with respect to our common stock and other classes of capital stock which may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or might otherwise be in the best interests of our stockholders.
  • We are subject to certain provisions of Maryland law and our charter and bylaws that could hinder, delay or prevent a change in control transaction, even if the transaction involves a premium price for our common stock or our stockholders believe such transaction to be otherwise in their best interests.

Legal proceedings

From time to time, we are a party to various lawsuits, investigations, claims and other legal and regulatory proceedings arising in connection with our business. Such claims may include, among other things, professional and general liability claims, as well as regulatory proceedings related to our SHOP segment. Further, from time to time, we are a party to certain legal proceedings for which third parties, such as our tenants, managers and borrowers, are contractually obligated to indemnify us from and against various claims, litigation and liabilities arising in connection with their respective businesses. Management believes that the ultimate resolution of all such pending proceedings will have no material adverse effect on our financial condition, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.5

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