National Health Investors, Inc. reported its fourth‑quarter and full‑year 2025 results, posting revenue of $105.8 million—an 11% beat over the $95.1 million consensus estimate—driven largely by the company’s accelerated acquisition of senior‑housing operating assets.
Earnings per share came in at $1.22, slightly below the $1.23 consensus estimate, but the company’s Funds From Operations per share reached $4.91, surpassing the midpoint of its 2025 guidance and underscoring the strength of its operating model.
The results were underpinned by a significant expansion of the Senior Housing Operating Portfolio (SHOP). 2025 saw the portfolio grow from 15 to 26 properties, including a $105.5 million acquisition that pushed total SHOP investments to roughly $740 million. The company invested $392.3 million in 2025, its most active year since 2016, and maintained leverage below 4.0 times net debt to Adjusted EBITDA.
Management guided for 2026 with NAREIT and Normalized FFO per diluted share projected at $4.94–$4.99 and Normalized FAD of $248.9–$251.4 million, while announcing a Q1 2026 cash dividend of $0.92 per share. These figures signal confidence in continued growth and a solid capital‑return policy.
Investors reacted cautiously to the slight miss on FFO/EPS, but the company’s robust revenue performance, strategic expansion of SHOP, and forward‑looking guidance reinforced confidence in its long‑term trajectory.
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