National Health Investors, Inc. (NHI) Earnings Call Transcripts
National Health Investors, Inc.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, National Health Investors, Inc. (NHI) reported strong results, with NAREIT FFO per share increasing by 7.9% to $1.23, driven by robust portfolio performance and strategic investments. However, management updated its full-year guidance, anticipating a decrease in FFO due to the pending $560 million sale of the NHC portfolio, which is expected to create near-term earnings pressure. Despite this, the company remains optimistic about its long-term growth trajectory, particularly within its SHOP portfolio, which is projected to contribute significantly to future revenue streams.
Reported metrics
| Metric | Value |
|---|---|
| NAREIT FFO per Share | $1.23 (beat) |
| Net Income per Share | $0.82 (beat) |
| Total SHOP NOI Growth | 188.1% (beat) |
| Same-Store NOI Growth | 1% to 3% (negative) |
| Cash Lease Revenue Growth | 7.7% (positive) |
| Average NOI Yield on New Investments | 7.8% (inline) |
Guidance from management
NHI expects GAAP net income at the midpoint to be $14.37 per share and anticipates NAREIT FFO and NFFO per share to be $4.77, reflecting a 2.6% increase and a 2.9% decrease, respectively, compared to 2025. The guidance includes $180 million in additional future investments.
What management said
Juan, this is Eric. I'll take that question. If a third-party reaches out in writing, then we will issue a press release about that. Until then, we're not ready to disclose anything.
Sure. I would suggest to you that the market is very competitive. So we're trying to meet the market and make sure that we're making good decisions based on data and that we understand the markets that we're going into and what our operators' competencies are as they manage these assets and finding the right fit between the 2. So I think our underwriting has evolved over time, and I feel confident in our ability to e...
What analysts pressed on
Analysts expressed concerns regarding the underperformance of the legacy Holiday properties and the impact of the NHC sale on future earnings. There were questions about the timeline for redeploying capital from the NHC sale and the potential for a special dividend due to capital gains.
Main topics on the call
- Revenue Growth and Portfolio Performance — NHI reported a 10.8% increase in net income per share to $0.82, attributed to strong performance from new investments totaling $413 million. CEO Eric Mendelsohn stated, "These results reflect continued momentum across th...
- Updated Full-Year Guidance — Management lowered its full-year guidance for FFO per share to $4.77, reflecting a 2.6% increase year-over-year but a decrease from previous expectations due to the NHC sale. This was described as a strategic decision to...
- SHOP Portfolio Expansion — NHI's SHOP investments increased to approximately 24% of the total portfolio, with a significant acquisition of 7 properties in Colorado for $107 million. The company expects these investments to yield an initial NOI of ...
- Legacy Holiday Portfolio Underperformance — The legacy Holiday properties have underperformed, with same-store NOI declining 2.4% year-over-year. Management acknowledged that "the problem is fairly isolated" and is evaluating strategic alternatives for these asset...
Read the full National Health Investors, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About National Health Investors, Inc.
National Health Investors, Inc. (NHI) is a publicly listed company in the Health Care REITs industry, within the Real Estate sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 28 calls on record spanning February 19, 2020 to August 11, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 28 National Health Investors, Inc. earnings call transcripts on record, spanning February 19, 2020 to August 11, 2026. Based on this history, National Health Investors, Inc. reports quarterly. The most recent call on file is dated August 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- NHI
- Exchange
- NYSE
- Country
- US
- Sector
- Real Estate
- Industry
- Health Care REITs
- Calls on record
- 28
- First call
- February 19, 2020
- Most recent
- August 11, 2026
- Reporting cadence
- quarterly