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National Health Investors (NYSE:NHI – Get Free Report) and Primary Health Properties (OTCMKTS:PHPRF – Get Free Report) are both real estate companies, but which is the superior stock? We will compare the two companies based on the strength of their earnings, risk, institutional ownership, valuation, analyst recommendations, dividends and profitability.

Valuation and Earnings This table compares National Health Investors and Primary Health Properties”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio National Health Investors $375.63 million 9.37 $142.18 million $3.46 20.72 Primary Health Properties N/A N/A N/A N/A N/A National Health Investors has higher revenue and earnings than Primary Health Properties. Analyst Recommendations This is a summary of current ratings for National Health Investors and Primary Health Properties, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score National Health Investors 1 2 5 0 2.50 Primary Health Properties 0 0 1 0 3.00 National Health Investors currently has a consensus target price of $83.57, suggesting a potential upside of 16.56%. Given National Health Investors’ higher probable upside, research analysts clearly believe National Health Investors is more favorable than Primary Health Properties.

Profitability This table compares National Health Investors and Primary Health Properties’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets National Health Investors 38.56% 10.89% 5.88% Primary Health Properties N/A N/A N/A Institutional & Insider Ownership 62.5% of National Health Investors shares are owned by institutional investors. 2.7% of National Health Investors shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.

Summary National Health Investors beats Primary Health Properties on 8 of the 9 factors compared between the two stocks.

(Get Free Report)

Incorporated in 1991, National Health Investors, Inc. (NYSE:NHI) is a real estate investment trust specializing in sale, leasebacks, joint-ventures, senior housing operating partnerships, and mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, and specialty hospitals.

About Primary Health Properties (Get Free Report)

Primary Health Properties (PHP) is the leading investor in modern healthcare properties in the UK & Ireland. PHP is a UK based Real Estate Investment Trust (REIT) with a clear objective to create progressive returns to shareholders through a combination of earnings growth and capital appreciation. PHP achieve this by investing in healthcare real estate let on long-term leases, backed by a secure underlying covenant funded mostly by government bodies. The Group’s portfolio comprises over 480 primary healthcare facilities, both completed and committed, the majority of which are GP surgeries, with other properties let to NHS organisations, pharmacies and dentists.

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Beacon Pointe Advisors LLC bought a new stake in shares of National Health Investors, Inc. (NYSE:NHI – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 112,016 shares of the real estate investment trust’s stock, valued at approximately $8,544,000. Beacon Pointe Advisors LLC owned approximately 0.23% of National Health Investors as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Public Employees Retirement System of Ohio acquired a new stake in National Health Investors during the second quarter valued at approximately $4,243,000. Bank of America Corp DE bought a new position in shares of National Health Investors in the second quarter valued at $77,738,000. Freestone Grove Partners LP bought a new position in shares of National Health Investors in the second quarter valued at $2,339,000. Jupiter Topco LLC bought a new stake in shares of National Health Investors during the 2nd quarter worth $1,443,000. Finally, Hsbc Holdings PLC acquired a new position in shares of National Health Investors in the 2nd quarter worth $7,121,000. Institutional investors own 62.51% of the company’s stock.

National Health Investors Trading Down 0.8% Shares of NHI stock opened at $71.96 on Friday. The firm has a market capitalization of $3.53 billion, a P/E ratio of 20.80, a price-to-earnings-growth ratio of 3.86 and a beta of 0.51. National Health Investors, Inc. has a 1 year low of $67.94 and a 1 year high of $91.38. The firm’s fifty day simple moving average is $75.68 and its 200 day simple moving average is $78.76. The company has a current ratio of 6.78, a quick ratio of 6.78 and a debt-to-equity ratio of 0.81.

National Health Investors (NYSE:NHI – Get Free Report) last issued its earnings results on Monday, August 10th. The real estate investment trust reported $1.19 earnings per share for the quarter. National Health Investors had a net margin of 38.56% and a return on equity of 10.89%. The business had revenue of $121.32 million for the quarter. During the same quarter last year, the firm posted $1.22 earnings per share. National Health Investors’s revenue was up 1.6% on a year-over-year basis. National Health Investors has set its FY 2026 guidance at 4.740-4.790 EPS. As a group, sell-side analysts predict that National Health Investors, Inc. will post 4.78 EPS for the current year. National Health Investors Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, November 6th. Stockholders of record on Wednesday, September 30th will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Wednesday, September 30th. National Health Investors’s dividend payout ratio (DPR) is currently 106.36%.

Wall Street Analysts Forecast Growth NHI has been the topic of several research analyst reports. Wells Fargo & Company cut their target price on shares of National Health Investors from $84.00 to $79.00 and set an “equal weight” rating on the stock in a research note on Monday, June 1st. Zacks Research downgraded National Health Investors from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 25th. Weiss Ratings lowered National Health Investors from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, June 12th. Truist Financial lowered their target price on National Health Investors from $89.00 to $81.00 and set a “buy” rating on the stock in a research note on Friday, June 12th. Finally, BMO Capital Markets decreased their price target on shares of National Health Investors from $90.00 to $80.00 and set an “outperform” rating for the company in a report on Monday, June 15th. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.86.

Check Out Our Latest Report on National Health Investors

Insider Buying and Selling at National Health Investors In other news, CEO D. Eric Mendelsohn acquired 1,500 shares of National Health Investors stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $68.84 per share, with a total value of $103,260.00. Following the purchase, the chief executive officer directly owned 133,316 shares of the company’s stock, valued at $9,177,473.44. The trade was a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert A. Mccabe, Jr. purchased 890 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was purchased at an average cost of $71.65 per share, with a total value of $63,768.50. Following the acquisition, the director directly owned 44,159 shares in the company, valued at $3,163,992.35. This trade represents a 2.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.70% of the stock is owned by company insiders.

National Health Investors Company Profile (Free Report)

National Health Investors, Inc (NYSE: NHI) is a specialized real estate investment trust (REIT) focused on owning and financing high-quality healthcare and senior housing facilities in the United States. The company’s portfolio encompasses a diverse range of properties, including skilled nursing centers, assisted living and memory care communities, behavioral health facilities, dialysis clinics, and medical office buildings. NHI typically enters into long-term net-lease agreements with experienced healthcare operators, providing stable and predictable rental income streams while enabling its tenants to concentrate on delivering quality care.

Since its founding in 1991 and initial public offering later that year, National Health Investors has pursued a disciplined growth strategy centered on strategic acquisitions, joint ventures, and selective development.

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Deutsche Bank AG acquired a new stake in National Health Investors, Inc. (NYSE:NHI – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 121,326 shares of the real estate investment trust’s stock, valued at approximately $9,252,000. Deutsche Bank AG owned about 0.25% of National Health Investors at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. NewEdge Advisors LLC raised its holdings in National Health Investors by 28.7% during the 1st quarter. NewEdge Advisors LLC now owns 1,546 shares of the real estate investment trust’s stock valued at $114,000 after buying an additional 345 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in National Health Investors by 9.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 249,937 shares of the real estate investment trust’s stock worth $18,460,000 after buying an additional 21,851 shares during the last quarter. Jane Street Group LLC boosted its stake in National Health Investors by 1,728.4% during the first quarter. Jane Street Group LLC now owns 69,697 shares of the real estate investment trust’s stock worth $5,148,000 after buying an additional 65,885 shares during the period. Cetera Investment Advisers boosted its stake in National Health Investors by 6.1% during the second quarter. Cetera Investment Advisers now owns 4,792 shares of the real estate investment trust’s stock worth $336,000 after buying an additional 275 shares during the period. Finally, American Century Companies Inc. increased its position in National Health Investors by 2.2% during the second quarter. American Century Companies Inc. now owns 19,236 shares of the real estate investment trust’s stock valued at $1,349,000 after acquiring an additional 420 shares during the last quarter. Hedge funds and other institutional investors own 62.51% of the company’s stock.

Insider Buying and Selling In other news, Director Robert A. Mccabe, Jr. purchased 890 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average price of $71.65 per share, for a total transaction of $63,768.50. Following the completion of the acquisition, the director owned 44,159 shares of the company’s stock, valued at approximately $3,163,992.35. This trade represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO D. Eric Mendelsohn acquired 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $68.84 per share, for a total transaction of $103,260.00. Following the purchase, the chief executive officer owned 133,316 shares of the company’s stock, valued at $9,177,473.44. This represents a 1.14% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.70% of the company’s stock.

National Health Investors Stock Performance NHI stock opened at $73.59 on Monday. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 21.27, a PEG ratio of 3.36 and a beta of 0.51. National Health Investors, Inc. has a twelve month low of $67.94 and a twelve month high of $91.38. The business’s fifty day simple moving average is $75.48 and its two-hundred day simple moving average is $79.09. The company has a quick ratio of 6.78, a current ratio of 6.78 and a debt-to-equity ratio of 0.81. National Health Investors (NYSE:NHI – Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The real estate investment trust reported $1.19 earnings per share for the quarter. National Health Investors had a net margin of 38.56% and a return on equity of 10.89%. The company had revenue of $121.32 million during the quarter. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.22 EPS. National Health Investors has set its FY 2026 guidance at 4.740-4.790 EPS. Analysts predict that National Health Investors, Inc. will post 4.78 earnings per share for the current year.

National Health Investors Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, November 6th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $3.68 dividend on an annualized basis and a dividend yield of 5.0%. National Health Investors’s dividend payout ratio (DPR) is 108.67%.

Analyst Upgrades and Downgrades Several equities research analysts have recently weighed in on NHI shares. Wells Fargo & Company reduced their target price on shares of National Health Investors from $84.00 to $79.00 and set an “equal weight” rating on the stock in a research note on Monday, June 1st. Deutsche Bank Aktiengesellschaft dropped their price target on shares of National Health Investors from $85.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, June 25th. Truist Financial cut their price target on shares of National Health Investors from $89.00 to $81.00 and set a “buy” rating on the stock in a report on Friday, June 12th. BMO Capital Markets reduced their price objective on shares of National Health Investors from $90.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, June 15th. Finally, Weiss Ratings downgraded shares of National Health Investors from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, June 12th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $83.86.

Read Our Latest Research Report on National Health Investors

(Free Report)

National Health Investors, Inc (NYSE: NHI) is a specialized real estate investment trust (REIT) focused on owning and financing high-quality healthcare and senior housing facilities in the United States. The company’s portfolio encompasses a diverse range of properties, including skilled nursing centers, assisted living and memory care communities, behavioral health facilities, dialysis clinics, and medical office buildings. NHI typically enters into long-term net-lease agreements with experienced healthcare operators, providing stable and predictable rental income streams while enabling its tenants to concentrate on delivering quality care.

Since its founding in 1991 and initial public offering later that year, National Health Investors has pursued a disciplined growth strategy centered on strategic acquisitions, joint ventures, and selective development.

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Shares of National Health Investors, Inc. (NYSE: NHI - Get Free Report) have earned an average rating of "Moderate Buy" from the eight brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and five have given a buy

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SummaryNational Health Investors, Inc. is a REIT trading near 52-week lows, offering a 5.3% yield and a forward P/FFO of 14.5.NHI is rapidly expanding its SHOP platform, targeting 40-50% portfolio exposure within 3 years, aiming for higher revenue and profit growth.Recent FFO softness reflects deliberate investments in SHOP infrastructure, with management guiding for 8-9% SHOP NOI growth in H2 and moderating G&A expense growth.I maintain a Buy rating on NHI, citing discounted valuation, strong balance sheet, and a well-covered, rising dividend supporting a compelling total return outlook.Looking for a portfolio of ideas like this one? Members of iREIT®+HOYA Capital get exclusive access to our subscriber-only portfolios. Learn More » z1b/iStock via Getty Images

Earnings season can be a great time to pick up bargains due to knee-jerk market reactions. This can especially be the case when the long-term investment thesis isn’t broken. Such I find the case with National Health

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of NHI either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I am not an investment advisor. This article is for informational purposes and does not constitute as financial advice. Readers are encouraged and expected to perform due diligence and draw their own conclusions prior to making any investment decisions.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

National Health Investors, Inc. (NHI) Q2 2026 Earnings Call Transcript

, /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) announced today its results for the quarter ended June 30, 2026.

CEO Comments

"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," said Eric Mendelsohn, NHI's President and CEO. "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," concluded Mr. Mendelsohn.

Second Quarter Highlights

Net income attributable to common stockholders per diluted share for the quarter ended June 30, 2026 increased 45.6% to $1.15 per share compared to $0.79 per share for the same period in the prior year. Net income attributable to common stockholders per diluted share for the six months ended June 30, 2026 increased 28.7% to $1.97 per share compared to $1.53 per share for the same period in the prior year. Net income attributable to common stockholders for the three and six months ended June 30, 2026 included gains on dispositions of real estate properties of $22.0 million and $24.6 million, respectively. In the six months ended June 30, 2026, the Company disposed of five real estate properties in the Real Estate Investments segment for aggregate net proceeds of $98.5 million. The Company did not have any dispositions of real estate properties in the prior year period. National Association of Real Estate Investment Trusts ("NAREIT") Funds from Operations ("FFO") per diluted share for each of the quarters ended June 30, 2026 and 2025 was $1.19 per share. NAREIT 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. NAREIT FFO for the three and six months ended June 30, 2025 included proxy contest and related expenses of $1.3 million and $1.6 million, respectively, related to the Company's response to a proxy campaign associated with the Company's 2025 annual stockholders meeting. Additionally, NAREIT FFO for the six months ended June 30, 2025 included $1.2 million of transaction costs related to an acquisition in the SHOP segment that did not materialize. Normalized FFO per diluted share for the quarter ended June 30, 2026 decreased 2.5% to $1.19 per share compared to $1.22 per share for the same period in the prior year. 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. Normalized FFO for the three and six months ended June 30, 2025 included $1.5 million and $1.9 million, respectively, of gains from an equity method investment. Both the quarter and six months ended June 30, 2026 included $1.1 million of compensation costs related to the CFO transition and $0.7 million of deferred income tax expense. Normalized FFO for the six months ended June 30, 2025 included the transaction costs described above. 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. Normalized FAD for the six months ended June 30, 2026 increased $12.1 million to $124.1 million compared to $112.0 million for the same period in the prior year. These increases primarily resulted from the net impact of the Company's acquisitions activity. In addition, the Company had $0.5 million in compensation costs in the quarter and six months ended June 30, 2026 related to the CFO transition. Quarterly Financial Results

Results for the quarter ended June 30, 2026 compared to the same period in the prior year were impacted by the following:

Rental income increased $1.1 million, or 1.6%, which primarily included a $3.0 million increase from 11 properties acquired since April 1, 2025, partially offset by a $1.9 million decrease from seven properties transitioned to the SHOP segment in August 2025. Resident fees and services, less senior housing operating expenses, increased $7.2 million which included a $4.7 million increase from acquisitions of 20 properties since April 1, 2025 and a $2.7 million increase from the seven transitioned properties discussed above. On a same store ("Same Store") basis, resident fees and services, less senior housing operating expenses, declined $0.2 million. Interest income from mortgage and other notes receivable decreased $1.0 million, or 16.1%, primarily due to a net reduction in the principal amounts of mortgage and other notes receivable outstanding in the current period compared to the prior year period. Depreciation and amortization increased $5.6 million, or 28.3%, primarily due to a $5.4 million increase from acquisitions activity since April 1, 2025. Interest expense increased $0.8 million, or 5.4%, primarily due to a $4.7 million increase from the 2033 Senior Notes issued in September 2025, partially offset by repayments of the bank term loan and a private placement note and also partially offset by the impact of lower interest rates on the Company's variable rate debt. Legal expense decreased $0.7 million, or 59.4%, primarily due to costs incurred in the prior year period related to the transitioning of seven properties into the SHOP segment in August 2025. General and administrative expenses increased $2.7 million, or 44.0%, primarily due to higher compensation costs and costs incurred in the current period related to the Company's CFO transition. Proxy contest and related expenses of $1.3 million for the quarter ended June 30, 2025 consisted of proxy advisory costs related to the response to a proxy campaign associated with the Company's 2025 annual meeting of stockholders. Loan and realty gains, net, of $1.4 million for the quarter ended June 30, 2025 included a $1.8 million reduction in the Company's credit loss reserves as a result of a non-performing loan repayment received in the period. Gains on dispositions of real estate properties of $22.0 million for the quarter ended June 30, 2026 primarily related to the sale of four properties in the Real Estate Investments segment. Gains from equity method investment of $1.5 million for the quarter ended June 30, 2025 related to cash distributions received from this investment. Income tax expense of $0.7 million for the quarter ended June 30, 2026 consisted of deferred income tax expense primarily resulting from the changes in the operations and investments within the Company's TRS during the period. National HealthCare Corporation ("NHC") Leased Portfolio Disposition

In April 2026, the Company executed a purchase and sale agreement with NHC/Op, L.P., a wholly owned subsidiary of NHC, and certain of its affiliates (collectively, the "NHC Purchaser") related to the sale of a portfolio of 35 properties in the Real Estate Investments segment that were leased to NHC. These properties consisted of 32 SNFs and three ILFs which were initially acquired by the Company in 1991. As of June 30, 2026, these properties were classified as assets held for sale and had an aggregate net carrying value of $13.6 million. The Company completed the sale of this portfolio on July 1, 2026 for cash consideration of  $560.0 million and expects to recognize a gain of approximately $541.6 million on the sale.

Contemporaneously with the closing of the sale of the NHC leased portfolio, the Company executed a partial master lease termination and partial assignment and assumption of the master lease agreement terminating the master lease agreement with NHC with respect to all properties, except four subleased properties located in Florida. The Company assigned to the NHC Purchaser, and the NHC Purchaser assumed from the Company, the master lease for the subleased properties. In July 2026, the Company recognized a reversal of deferred income of $0.5 million related to the lease termination as part of the gain on the sale of these properties.

Other Portfolio Activity

In April 2026, the Company amended the four master lease agreements with Bickford Senior Living ("Bickford") increasing the combined annual base rent for the portfolio of 37 properties to $38.4 million with annual rent escalators ranging between 2.0% and 3.0%. As a result of these amendments, Bickford is also required to pay contingent rent based on a percentage of the combined monthly revenues for all of the properties leased to Bickford that exceeds a base amount. In May 2026, the Company acquired a portfolio of seven senior housing properties located in Colorado with a combined total of 532 units. The total purchase price was $106.9 million, including closing costs. The properties were acquired pursuant to a Section 1031 reverse exchange transaction which was completed on July 1, 2026 when the NHC properties were sold. The properties are included in the SHOP segment and managed by Generations, LLC. In June 2026, the Company acquired two senior housing properties located in Georgia. The total purchase price was $17.5 million, including closing costs. The properties were acquired pursuant to a Section 1031 reverse exchange transaction which was completed on July 1, 2026 when the NHC properties were sold. The properties are included in the Real Estate Investments segment and leased pursuant to a triple-net lease with an initial annual lease rate of 8.0% and annual rent escalators of 2.0%. In the quarter ended June 30, 2026, the Company completed dispositions of four properties for aggregate net proceeds of $91.8 million. The aggregate net carrying amounts of these properties was $70.0 million.  The Company recognized an aggregate gain of $21.8 million on the sale of these properties. The Company received a $5.5 million mortgage note from an affiliate of the buyer related to one of these properties as part of the consideration. These properties were included in the Real Estate Investments segment. In addition to the sale of the NHC properties previously discussed, the Company completed the sale of two properties located in Texas for $19.0 million in cash consideration. These properties were included in the Real Estate Investments segment and classified as assets held for sale as of June 30, 2026. Recent Pipeline Developments

The Company currently has approximately $127.3 million of investment opportunities under signed Letters of Intent ("LOI") primarily in the SHOP segment with an average initial NOI yield of approximately 6.8%. The Company expects to utilize the proceeds from the Section 1031 exchange transaction initiated by the NHC portfolio sale for these opportunities. In addition to the signed LOIs, the Company is currently evaluating a pipeline of approximately $420 million of investments which include SHOP, sale-leasebacks and loans with purchase options primarily for senior housing properties. The pipeline excludes portfolio deals. Balance Sheet and Liquidity

As of June 30, 2026, the Company had $1.2 billion of consolidated net debt, including $438.0 million outstanding on its $700.0 million revolving credit facility. During the quarter ended June 30, 2026, the Company repaid the remaining $125.0 million outstanding on its bank term loan upon maturity.

The Company continues to maintain a strong financial profile with a consolidated net debt to adjusted EBITDA ratio of 4.1x, which is currently well within the Company's target range of 3.5x to 4.5x. The Company is in compliance with all debt covenants and has investment grade credit ratings from Moody's, S&P Global and Fitch Ratings.

ATM Equity Program

Concurrently with the renewal of its shelf registration statement in March 2026, the Company entered into a new equity distribution agreement whereby the Company can sell up to $500.0 million in common stock under its ATM equity program. During the quarter ended June 30, 2026, the Company settled the remaining $44.9 million of ATM forward equity sales agreements that were outstanding under the previous ATM equity program. As of June 30, 2026, the Company had $500.0 million available under its ATM equity program.

Dividend

On August 7, 2026, the Board of Directors declared an increase in the quarterly cash dividend to $0.94 per share from $0.92 per share. The dividend is payable on November 6, 2026 to common stockholders of record as of September 30, 2026.

2026 Full-Year Guidance

The Company's 2026 full-year guidance range, including information on the underlying assumptions and timing of certain transactions, is set forth below (in millions, except per share amounts):

2026 Guidance Range

Low

High

Net income attributable to common stockholders

$       703.0

$       705.2

Adjustments to NAREIT FFO:

Depreciation, net1

94.4

95.0

Gains on dispositions and impairments of real estate properties

(565.9)

(566.3)

Participating securities

0.8

1.0

NAREIT FFO attributable to common stockholders

232.3

234.9

Adjustments to Normalized FFO attributable to common stockholders:

Other

—

—

Normalized FFO attributable to common stockholders

232.3

234.9

Adjustments to FAD attributable to common stockholders:

Straight-line rent revenue and lease incentives amortization, net1

(0.1)

(0.3)

Equity method investment adjustments

(1.7)

(1.5)

Equity method investment non-refundable fees received

1.6

1.8

Non-cash share-based compensation expense

7.5

7.2

SHOP1 and equity method investment recurring capital expenditures

(4.0)

(3.8)

Other1,2

5.0

5.4

FAD attributable to common stockholders

$       240.6

$       243.7

Weighted average common shares outstanding - diluted

49.0

49.0

NAREIT FFO per diluted share

$        4.74

$        4.79

Normalized FFO per diluted share

$        4.74

$        4.79

1

Net of amounts attributable to noncontrolling interests

2

Includes credit loss reserves, non-real estate depreciation, net, amortizations associated with debt facilities and participating securities

The Company's 2026 full-year guidance includes the following assumptions:

$180 million in unidentified new investments; Approximately $665 million in expected proceeds from dispositions resulting in a gain ranging between $565.9 million - $566.3 million; Continued fulfillment of existing commitments; Same Store SHOP NOI growth on 15 properties ranging between 1% - 3% year over year; and Total SHOP NOI on 42 properties, before the assumption for unidentified new SHOP investments, ranging between $44.1 million - $45.1 million. In addition to the assumptions listed above, the Company's guidance range is based on several other assumptions, many of which are outside the Company's control and all of which are subject to change. The Company's guidance range may change if actual results vary from these assumptions.

Investor Conference Call and Webcast

The Company will host a conference call on Tuesday, August 11, 2026, at 8:30 a.m. ET, to discuss its second quarter 2026 results. The number to call for this interactive teleconference is (888) 506-0062, with the confirmation number 813991. The live broadcast of the Company's second quarter conference call will be available online at www.nhireit.com. The online replay will follow shortly after the call and remain available for one year.

About National Health Investors, Inc. 

National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties in the United States, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments, Real Estate Investments and SHOP. The Company's real estate property investments include independent living facilities, assisted living facilities, entrance fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Reconciliations of FFO, Normalized FFO and Normalized FAD

(unaudited and $ in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income attributable to common stockholders

$        55,576

$        36,938

$        95,600

$        71,051

Real estate depreciation and amortization

24,583

19,477

47,415

38,241

Real estate depreciation attributable to noncontrolling interests

(404)

(414)

(806)

(827)

Gains on dispositions of real estate properties

(21,967)

(110)

(24,579)

(224)

Adjustments attributable to holders of participating securities

(4)

—

(24)

—

NAREIT FFO attributable to common stockholders

57,784

55,891

117,606

108,241

Proxy contest and related expenses

—

1,308

—

1,572

Normalized FFO attributable to common stockholders

57,784

57,199

117,606

109,813

Non-cash rent revenue adjustments, net

90

(459)

(58)

(1,283)

Non-real estate depreciation and amortization, net

888

377

1,673

715

Amortization of debt issuance costs and discounts

854

940

1,708

1,914

Adjustments attributable to equity method investment, net

(324)

(1,907)

(723)

(2,587)

Equity method investment non-refundable fees received

500

623

627

933

Recurring capital expenditures, net

(1,198)

(494)

(1,954)

(933)

Credit loss benefit

(59)

(1,393)

(109)

(1,407)

Share-based compensation expense

2,360

1,071

4,600

3,629

Deferred income tax expense

732

—

732

—

Transaction costs

—

—

—

1,164

Adjustments attributable to holders of participating securities

(7)

—

(11)

—

Normalized FAD attributable to common stockholders

$        61,620

$        55,957

$       124,091

$       111,958

Basic:

Weighted average common shares outstanding

48,435,914

46,691,953

48,379,930

46,206,225

NAREIT FFO attributable to common stockholders per share

$           1.19

$           1.20

$           2.43

$           2.34

Normalized FFO attributable to common stockholders per share

$           1.19

$           1.23

$           2.43

$           2.38

Diluted:

Weighted average common shares outstanding

48,498,181

46,822,465

48,523,038

46,350,498

NAREIT FFO attributable to common stockholders per share

$           1.19

$           1.19

$           2.42

$           2.34

Normalized FFO attributable to common stockholders per share

$           1.19

$           1.22

$           2.42

$           2.37

See the accompanying notes to the reconciliations of FFO, Normalized FFO, Normalized FAD and NOI.

The following table reconciles net income, the most directly comparable generally accepted accounting principles ("GAAP") financial

measure, to NOI (unaudited and $ in thousands):

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income

$       55,357

$       36,689

$       95,109

$       70,506

Depreciation and amortization

25,548

19,918

49,239

39,075

Interest expense

15,814

15,001

30,854

29,338

Legal expense

445

1,095

750

2,521

Franchise, excise and other taxes

213

243

428

512

General and administrative expenses

8,823

6,125

16,674

12,954

Proxy contest and related expenses

—

1,308

—

1,572

Loan and realty gains, net

(59)

(1,393)

(109)

(1,407)

Gains on dispositions of real estate properties

(21,967)

(110)

(24,579)

(224)

Other non-operating income

(86)

—

(121)

—

Income tax expense

732

—

732

—

Gains from equity method investment

—

(1,524)

—

(1,939)

NOI

$       84,820

$       77,352

$      168,977

$      152,908

The following table provides a summary of the Company's NOI by segment (unaudited and $ in thousands):

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Real Estate Investments segment

$       73,798

$       73,531

$      149,064

$      146,001

SHOP segment

11,022

3,821

19,913

6,907

Total NOI

$       84,820

$       77,352

$      168,977

$      152,908

The following table provides additional information on the Company's SHOP segment NOI (unaudited and $ in thousands):

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Same Store properties1

$        3,582

$        3,821

$        6,594

$        6,907

Acquisitions

4,724

—

7,701

—

Transitioned properties

2,716

—

5,618

—

Total SHOP segment NOI

$       11,022

$        3,821

$       19,913

$        6,907

1

Same Store is defined in the notes below.

See the accompanying notes to the reconciliations of FFO, Normalized FFO, Normalized FAD and NOI.

Notes to the Reconciliations of FFO, Normalized FFO, Normalized FAD and NOI

The supplemental performance measures described below may not be comparable to similarly titled measures used by other REITs. Consequently, funds from operations ("FFO"), Normalized FFO, Normalized FAD and NOI, as presented herein, may not provide a meaningful measure of the Company's performance as compared to that of other REITs. Since other REITs may not use a similar definition of these performance measures, caution should be exercised when comparing FFO, Normalized FFO, Normalized FAD and NOI, as presented herein, to that of other REITs. These performance measures do not represent cash generated from operating activities in accordance with GAAP as they exclude the changes in operating assets and liabilities, and therefore should not be considered an alternative to net income as an indication of performance or as an alternative to net cash flows from operating activities, as determined in accordance with GAAP as a measure of liquidity, and are not necessarily indicative of cash available to fund cash needs.

Funds From Operations - FFO

FFO and Normalized FFO are important supplemental performance measures for REITs. These performance measures are useful in that the historical cost accounting convention under GAAP requires real estate assets, other than land, to be depreciated over their estimated useful lives implying that the realizable values of real estate assets diminish predictably over time. Since real estate asset values typically rise and fall with market conditions, presentations of operating results of REITs using the historical cost accounting convention could be considered less informative to investors and should be supplemented with a measure such as FFO. FFO was designed by the REIT industry as a supplemental performance measure to address this issue.

The Company defines FFO, or NAREIT FFO, as net income attributable to common stockholders excluding gains on dispositions of real estate properties, impairments of real estate properties and real estate depreciation and amortization expense. These exclusions are adjusted to remove the impact of amounts that are attributable to noncontrolling interests and holders of participating securities. The Company's computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company, and therefore caution should be exercised when comparing the Company's FFO to that of other REITs.

Normalized FFO excludes from FFO certain items which, due to their infrequent or unpredictable nature, may create some difficulty in comparing FFO for the current periods to similar prior periods. These adjustments may include, but are not limited to including, impairments of non-real estate assets, gains or losses on non-real estate assets and liabilities and recoveries of previous write-downs on mortgage and other notes receivable.

Funds Available for Distribution - FAD

Normalized FAD is also an important supplemental performance measure for REITs. It is a useful measure of liquidity and serves as an indicator of the Company's ability to distribute dividends to its stockholders each period. GAAP requires a lessor to recognize contractual lease payments as income on a straight-line basis over the expected term of the lease. This straight-line rent adjustment has the effect of reporting rental income that is significantly more or less than the contractual cash flows received pursuant to the terms of the lease agreements. GAAP also requires any discount or premium related to indebtedness and debt issuance costs to be amortized as non-cash adjustments to earnings. Normalized FAD includes adjustments for these types of non-cash items of a recurring nature typical to REITs and is further adjusted to reflect the cash outflows for recurring capital expenditures. Certain other costs that fluctuate that are not related to the recurring business are also excluded from Normalized FAD.

The Company defines Normalized FAD as Normalized FFO excluding straight-line rent revenue adjustments, amortization of lease incentives, non-real estate depreciation and amortization expense and amortization of debt issuance costs and discounts. The Company also adjusts Normalized FAD for the net change in its credit loss reserves, share-based compensation expense, SHOP capital expenditures, deferred income tax expense, as well as certain non-cash items related to the Company's equity method investment, such as straight-line lease expense and amortization of purchase accounting adjustments. The Company removes the impact of the above adjustments that are attributable to noncontrolling interests and holders of participating securities. Normalized FAD for the six months ended June 30, 2025 included an adjustment for transaction costs incurred related to a large transaction in the SHOP segment that did not materialize.

Net Operating Income - NOI

NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate assets. The Company defines NOI as total revenues, less tenant reimbursements of property operating expenses and senior housing operating expenses. The Company believes NOI provides investors relevant and useful information to investors as it measures the operating performance of real estate assets at the property level on an unleveraged basis. The Company uses NOI in making decisions on resource allocations to its operating segments.

Same Store

The Company defines Same Store as real estate properties owned, consolidated and operational for the full period in both comparative periods and that are not otherwise excluded; provided, however, that the Company may include selected properties that otherwise meet the Same Store criteria if they are included in substantially all of, but not a full, period for one or both of the comparative periods, and in management's judgment such inclusion provides a more meaningful presentation of the Company's segment performance.

Newly acquired properties, recently developed or redeveloped properties and properties undergoing an operator transition will be included in Same Store after five full quarters from the date of acquisition, transition or being placed into service. SHOP properties and properties with triple-net leases that have undergone operator or business model transitions will be included in Same Store once operating under consistent operating structures for the full period in both periods presented.

Properties are excluded from Same Store if they are: (i) sold, classified as assets held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (ii) impacted by significant disruptive events such as flood or fire; (iii) those properties that are currently undergoing a significant disruptive redevelopment; or (iv) those properties that are scheduled to undergo operator or business model transitions, or have transitioned operators or business models after the start of the prior comparison period.

Condensed Consolidated Statements of Income

(unaudited and $ in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

Rental income

$        71,390

$        70,270

$      144,540

$      139,136

Resident fees and services

44,779

14,217

81,839

28,156

Interest and other income

5,150

6,175

10,070

12,666

Total revenues

121,319

90,662

236,449

179,958

Expenses:

Depreciation and amortization

25,548

19,918

49,239

39,075

Interest expense

15,814

15,001

30,854

29,338

Senior housing operating expenses

33,757

10,396

61,926

21,249

Legal expense

445

1,095

750

2,521

Franchise, excise and other taxes

213

243

428

512

General and administrative expenses

8,823

6,125

16,674

12,954

Proxy contest and related expenses

—

1,308

—

1,572

Taxes and insurance on leased properties

2,742

2,914

5,546

5,801

Loan and realty gains, net

(59)

(1,393)

(109)

(1,407)

Total expenses

87,283

55,607

165,308

111,615

Gains on dispositions of real estate properties

21,967

110

24,579

224

Other non-operating income

86

—

121

—

Income before income taxes and equity

method investment

56,089

35,165

95,841

68,567

Income tax expense

(732)

—

(732)

—

Gains from equity method investment

—

1,524

—

1,939

Net income

55,357

36,689

95,109

70,506

Add: Net loss attributable to noncontrolling interests

314

298

664

646

Net income attributable to stockholders

55,671

36,987

95,773

71,152

Less: Net income allocated to participating securities

(95)

(49)

(173)

(101)

Net income attributable to common stockholders

$        55,576

$        36,938

$        95,600

$        71,051

Weighted average common shares outstanding:

Basic

48,435,914

46,691,953

48,379,930

46,206,225

Diluted

48,498,181

46,822,465

48,523,038

46,350,498

Earnings per share:

Basic

$           1.15

$           0.79

$           1.98

$           1.54

Diluted

$           1.15

$           0.79

$           1.97

$           1.53

Selected Condensed Consolidated Balance Sheet Data

($ in thousands)

June 30,

December 31,

2026

2025

(unaudited)

Real estate properties, net

$    2,566,472

$    2,472,272

Mortgage and other notes receivable, net

209,273

203,296

Cash and cash equivalents

30,388

19,624

Straight-line rents receivable

74,997

78,891

Assets held for sale, net

30,929

3,562

Other assets, net

52,143

19,242

Debt, net

1,274,522

1,163,814

National Health Investors, Inc. stockholders' equity

1,571,426

1,521,543

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected rental income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission ("SEC"), including the risk factors and other information in the above referenced Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these filings are available at no cost on the SEC's website at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Todd M. Siefert, Chief Financial Officer
Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Pebblebrook Hotel (PEB - Free Report) or National Health Investors (NHI - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.

Right now, Pebblebrook Hotel is sporting a Zacks Rank of #1 (Strong Buy), while National Health Investors has a Zacks Rank of #5 (Strong Sell). This means that PEB's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

PEB currently has a forward P/E ratio of 11.42, while NHI has a forward P/E of 16.13. We also note that PEB has a PEG ratio of 1.27. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NHI currently has a PEG ratio of 3.53.

Another notable valuation metric for PEB is its P/B ratio of 0.87. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, NHI has a P/B of 2.5.

Based on these metrics and many more, PEB holds a Value grade of A, while NHI has a Value grade of F.

PEB stands above NHI thanks to its solid earnings outlook, and based on these valuation figures, we also feel that PEB is the superior value option right now.

, /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) announced details for the release of its results for the second quarter ended June 30, 2026.  NHI plans to issue its earnings release after the market closes on Monday, August 10, 2026, and will host a conference call on the following day, Tuesday, August 11, 2026, at 8:30 a.m. Eastern Time to discuss the results.  The number to call for this interactive teleconference is (888) 506-0062, with the access code 813991. 

The live broadcast of the conference call will be available online at www.nhireit.com and at https://www.webcaster5.com/Webcast/Page/633/54097 on Tuesday, August 11, 2026, at 8:30 a.m. Eastern Time. The online replay will be available shortly after the call and remain available for one year.

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991, is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio ("SHOP"). NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. For more information, visit www.nhireit.com.

Contact: Dana Hambly, Senior Vice President, Finance
Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Sunstone Hotel Investors (SHO - Free Report) and National Health Investors (NHI - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Right now, Sunstone Hotel Investors is sporting a Zacks Rank of #1 (Strong Buy), while National Health Investors has a Zacks Rank of #5 (Strong Sell). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that SHO is likely seeing its earnings outlook improve to a greater extent. But this is just one piece of the puzzle for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

SHO currently has a forward P/E ratio of 12.69, while NHI has a forward P/E of 15.70. We also note that SHO has a PEG ratio of 2.60. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. NHI currently has a PEG ratio of 4.15.

Another notable valuation metric for SHO is its P/B ratio of 1.32. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, NHI has a P/B of 2.43.

These are just a few of the metrics contributing to SHO's Value grade of B and NHI's Value grade of D.

SHO has seen stronger estimate revision activity and sports more attractive valuation metrics than NHI, so it seems like value investors will conclude that SHO is the superior option right now.

MURFREESBORO, TN / ACCESS Newswire / April 16, 2026 / National Health Investors, Inc. (NYSE:NHI) announced details for the release of its results for the first quarter ended March 31, 2026. NHI plans to issue its earnings release after the market closes on Monday, May 4, 2026, and will host a conference call on the following day, Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time to discuss the results. The number to call for this interactive teleconference is (888) 506-0062, with the access code 419400.

The live broadcast of the conference call will be available online at www.nhireit.com and at https://www.webcaster5.com/Webcast/Page/633/53759 on Tuesday, May 5, 2026, at 10:00 a.m. Eastern Time. The online replay will be available shortly after the call and remain available for one year.

About National Health Investors, Inc.

National Health Investors, Inc. (NYSE:NHI), established in 1991, is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio ("SHOP"). NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. For more information, visit www.nhireit.com.

Contact: Dana Hambly, Vice President, Finance and Investor Relations

Phone: (615) 890-9100

SOURCE: National Health Investors

Transaction Strengthens Balance Sheet and Accelerates Capital Recycling into Private Pay Senior Housing

MURFREESBORO, TN / ACCESS Newswire / April 21, 2026 / National Health Investors, Inc. (NYSE:NHI) today announced that it has executed a purchase and sale agreement to sell its portfolio of 32 skilled nursing facilities ("SNF") and three independent living facilities to National HealthCare Corporation ("NHC"), the current lessee, for $560.0 million. The Company expects to incur transaction costs in a range of $6.0 - $8.0 million and anticipates closing on July 1, 2026, subject to certain customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The strategic rationale and key benefits of the sale include:

Increases private-pay senior housing concentration, with the Senior Housing Operating Portfolio ("SHOP") segment expected to represent approximately 22.0% of total investments and 13.8% of annualized NOI on a pro forma basis.

Reduces skilled nursing exposure to approximately 12.2% of total investments and 16.5% of annualized NOI.

Strengthens the consolidated balance sheet, with net debt-to-annualized EBITDA reduced to approximately 2.3x on a pro forma basis and available liquidity of approximately $1.4 billion.

Enhances corporate governance, as the transaction, together with the pending departures of Robert G. Adams and Charlotte A. Swafford from the Board of Directors, eliminates potential conflicts of interest between NHI and NHC.

Expands capital recycling capacity as NHI evaluates a robust pipeline of private pay senior housing investment opportunities.

"We are pleased to have reached an agreement on the NHC portfolio, which provides NHI with significant capital and financial flexibility," said Eric Mendelsohn, President and Chief Executive Officer.

"This transaction accelerates our capital recycling strategy, increases our concentration in private-pay senior housing, and positions us to pursue attractive investment opportunities. We remain disciplined in our underwriting and focused on generating long-term value for stockholders."

Financial Impact
The 35 properties currently leased to NHC generated cash lease revenue of approximately $39.7 million in 2025, including percentage rent.

NHI expects to use the net proceeds from the transaction to repay outstanding borrowings and to fund future investments consistent with its capital allocation strategy, including potential tax-deferred reinvestment through Section 1031 exchanges.

The Company's outlook remains subject to several variables, including the timing and impact of the transaction and potential capital redeployment. The Company expects to provide an update in connection with its earnings release for the quarter ended March 31, 2026.

The transaction was reviewed and approved by a Special Committee of Non-Interested Directors ("Special Committee").

Blueprint Healthcare Real Estate Advisors is serving as transaction advisor to NHI. Houlihan Lokey Capital, Inc. is serving as financial advisor to the Special Committee and Venable LLP is serving as legal counsel to the Special Committee.

Investor Presentation
An investor presentation with additional details regarding the transaction is available on the Company's website at:

https://investors.nhireit.com/News/presentations-and-webcasts/default.aspx

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the expected completion and timing of the proposed transaction and other information relating to the proposed transaction, the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following: (i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the Company's business and the price of the Company's common stock; (ii) risks related to the satisfaction of the conditions to closing the proposed transaction in the anticipated timeframe or at all; (iii) the occurrence of any event, change or other circumstance that could give rise to termination of the purchase and sale agreement for the proposed transaction; (iv) negative effects of the announcement of the proposed transaction or the consummation of the proposed transaction on the market price of the Company's common stock and on the Company's operating results; and (v) those risks and uncertainties described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents filed by the Company with the Securities and Exchange Commission (the "SEC"). Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the SEC, including the risk factors and other information in the above referenced Annual Report on Form 10-K. Copies of these filings are available at no cost on the SEC's website at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Vice President, Finance & Investor Relations
Phone: (615) 890-9100

SOURCE: National Health Investors

, /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) announced today that John Spaid, Executive Vice President and Chief Financial Officer, will retire effective July 1, 2026. To support a seamless transition, the Company will appoint Todd Siefert as Executive Vice President Corporate Finance, effective June 1, 2026, and he will succeed Mr. Spaid as Chief Financial Officer upon his retirement.

The Company also announced today that as part of the transition that Dana Hambly has been promoted to Senior Vice President of Finance to assume expanded responsibilities.

"On behalf of the entire NHI community, I congratulate John on his many contributions to our Company," said Eric Mendelsohn, President and CEO. "Through his leadership and disciplined financial stewardship, NHI has built a strong balance sheet and is well-positioned to capitalize on future growth opportunities. We thank John for his dedication and lasting impact, and we wish him the very best in his retirement."

"It has been a privilege to serve NHI over the past decade," said Mr. Spaid. "I'm proud of the financial and accounting platforms we've built.  The Company's public equity and debt facilities are well-positioned to provide future capital to the Company as it executes its long-term strategy. I look forward to NHI's continued success."

Mr. Siefert brings more than 25 years of experience in corporate finance, capital markets, treasury management, and investor relations, with deep expertise in publicly traded REITs. He most recently served as Chief Financial Officer of Hillsboro Residential, where he oversaw debt and equity financing, financial underwriting, and investor relations for a ground-up multifamily development platform with a pipeline exceeding $275 million.

Prior to that, Mr. Siefert served as Senior Vice President of Corporate Finance and Treasurer at Ryman Hospitality Properties (NYSE: RHP), a publicly traded REIT with a market capitalization exceeding $6.0 billion, where he led more than $8.0 billion in capital markets transactions spanning syndicated bank facilities, public debt and equity offerings, mergers and acquisitions, and balance sheet restructuring. He began his career as a Senior Consultant at Booz Allen & Hamilton and as a Merger and Acquisition Analyst at the U.S. Department of Justice — Antitrust Division. 

"Todd is a seasoned finance executive with deep real estate and public REIT experience," added Mr. Mendelsohn, "We believe his leadership and perspective will strengthen our executive team and support NHI's continued growth."

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statement

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information in the above referenced Annual Report on Form 10-K. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Senior Vice President, Finance
Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

, /PRNewswire/ -- National Health Investors, Inc. (NYSE:NHI) announced today that it invested $106.9 million, including transaction costs, for the acquisition of seven properties with 532 units in Colorado. NHI expects to make an additional investment of $3.6 million during the first year. 

The properties and healthcare operations will be included in NHI's Senior Housing Operating Portfolio ("SHOP") segment and are managed by Generations, LLC, an existing NHI Real Estate Investments relationship. The communities are expected to generate an initial NOI yield of approximately 8.3% and 7.8% after routine capital expenditures.

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE:NHI), established in 1991, is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI operates in two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio ("SHOP"). NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information in the above referenced Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Senior Vice President, Finance

Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

, /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) announced today that it will pay its second quarter dividend of $0.92 per common share on August 7, 2026, to stockholders of record as of June 30, 2026.

About National Health Investors, Inc.
National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments: Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information in the above referenced Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com.

Contact: Dana Hambly, Senior Vice President, Finance
Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

National Health Investors, Inc. (NHI) Q1 2026 Earnings Call Transcript

Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Pebblebrook Hotel (PEB - Free Report) and National Health Investors (NHI - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Right now, Pebblebrook Hotel is sporting a Zacks Rank of #1 (Strong Buy), while National Health Investors has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that PEB likely has seen a stronger improvement to its earnings outlook than NHI has recently. But this is only part of the picture for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

PEB currently has a forward P/E ratio of 9.13, while NHI has a forward P/E of 14.96. We also note that PEB has a PEG ratio of 1.30. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. NHI currently has a PEG ratio of 4.09.

Another notable valuation metric for PEB is its P/B ratio of 0.65. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, NHI has a P/B of 2.39.

These metrics, and several others, help PEB earn a Value grade of B, while NHI has been given a Value grade of D.

PEB sticks out from NHI in both our Zacks Rank and Style Scores models, so value investors will likely feel that PEB is the better option right now.

National Health Investors is rated a buy, driven by robust macro demand for senior care, portfolio expansion, and a compelling 5% dividend yield. NHI demonstrates strong top-line growth, geographic diversity, and resilient 5-year revenue trends, with recent acquisitions further solidifying its market presence. Despite modest FFO growth expectations and technical bearishness, NHI benefits from an investment-grade Fitch rating, prudent leverage, and strong ROE among peers.