National Health Investors Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), National Health Investors Inc reported revenue of $375.6M (+12.1% year on year) and net income of $142.2M (+3.0% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Rental income | $271.6M | $257.0M | $249.2M | $217.7M |
| Resident fees and services | $80.1M | $54.4M | $48.8M | $35.8M |
| Interest and other income | $24.0M | $23.7M | $21.8M | — |
| Revenues | $375.6M | $335.2M | $319.8M | $278.2M |
| Depreciation and amortization | $80.9M | — | — | — |
| Interest expense | $57.4M | $59.9M | — | — |
| Senior housing operating expenses | $60.9M | $42.3M | $39.6M | $28.2M |
| Legal | $2.7M | $1.1M | $507.0K | — |
| Franchise, excise and other taxes | $1.1M | $38.0K | $449.0K | $844.0K |
| General and administrative expenses | $26.9M | $20.7M | $19.3M | $22.8M |
| Proxy contest and related | $1.6M | — | — | $2.6M |
| Taxes and insurance on leased properties | $11.0M | $11.2M | $11.5M | $9.8M |
| Loan and realty (gains) losses, net | ($3.4M) | $5.3M | $1.4M | $61.9M |
| Total operating expenses | $239.0M | $211.9M | $200.9M | $241.9M |
| Gains on operations transfers, net | $0 | $0 | $20.0K | ($710.0K) |
| Gains on sales of real estate properties, net | $456.0K | $6.7M | $14.7M | $28.3M |
| Gains from equity method investment | $3.7M | $402.0K | $555.0K | $569.0K |
| Loss on early retirement of debt | $0 | $0 | ($73.0K) | ($151.0K) |
| Gains on forward equity sales agreements, net | $0 | $6.3M | — | — |
| Other income | $0 | $0 | $202.0K | $0 |
| Net income (loss) | $140.8M | $136.6M | $134.4M | $65.5M |
| Add: Net loss attributable to noncontrolling interests | $1.4M | $1.3M | $1.3M | $902.0K |
| Net income attributable to stockholders | $142.2M | $138.0M | $135.7M | $66.4M |
| 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 | 43.8M | 43.4M | 44.8M |
| Diluted (in shares) | 47.1M | 44.1M | 43.4M | 44.8M |
| Basic (in usd per share) | $3.03 | $3.14 | $3.13 | $1.48 |
| Diluted (in usd per share) | $3.02 | $3.13 | $3.13 | $1.48 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Rental income | $71.4M | $73.2M | $62.2M | $70.3M |
| Resident fees and services | $44.8M | $37.1M | $21.2M | $14.2M |
| Interest and other income | $5.2M | $4.9M | $6.5M | $6.2M |
| Total revenues | $121.3M | $115.1M | $89.8M | $90.7M |
| Depreciation and amortization | $25.5M | $23.7M | — | — |
| Interest expense | $15.8M | $15.0M | $13.8M | $15.0M |
| Senior housing operating expenses | $33.8M | $28.2M | $16.3M | $10.4M |
| Legal expense | $445.0K | $305.0K | $134.0K | $1.1M |
| Franchise, excise and other taxes | $213.0K | $215.0K | $244.0K | $243.0K |
| General and administrative expenses | $8.8M | $7.9M | $6.3M | $6.1M |
| Proxy contest and related expenses | $0 | $0 | $0 | $1.3M |
| Taxes and insurance on leased properties | $2.7M | $2.8M | $2.6M | $2.9M |
| Loan and realty gains, net | ($59.0K) | ($50.0K) | — | — |
| Total expenses | $87.3M | $78.0M | $57.6M | $55.6M |
| Gains on dispositions of real estate properties | $22.0M | $2.6M | $113.0K | $110.0K |
| Other non-operating income | $86.0K | $35.0K | — | — |
| Income before equity method investment and income taxes | $56.1M | — | — | — |
| Income tax expense | ($732.0K) | — | — | — |
| Gains from equity method investment | $0 | $0 | $73.0K | $1.5M |
| Net income | $55.4M | $39.8M | $32.5M | $36.7M |
| Add: Net loss attributable to noncontrolling interests | $314.0K | $350.0K | $384.0K | $298.0K |
| Net income attributable to stockholders | $55.7M | $40.1M | $32.9M | $37.0M |
| Less: Net income allocated to participating securities | ($95.0K) | ($78.0K) | — | — |
| Net income attributable to common stockholders | $55.6M | $40.0M | $32.8M | $36.9M |
| Basic (in shares) | 48.4M | 48.3M | 47.4M | 46.7M |
| Diluted (in shares) | 48.5M | 48.5M | 47.6M | 46.8M |
| Basic (in dollars per share) | $1.15 | $0.83 | $0.69 | $0.79 |
| Diluted (in dollars per share) | $1.15 | $0.82 | $0.69 | $0.79 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Land | $221.7M | $191.9M | $180.7M | $177.5M |
| Buildings, building improvements and intangible assets | $3.1B | $2.8B | $2.6B | $2.5B |
| Construction in progress | $18.2M | $10.6M | $5.9M | $3.4M |
| Total real estate properties | $3.3B | $3.0B | $2.8B | $2.7B |
| Less: Accumulated depreciation and amortization | ($822.0M) | ($742.3M) | ($673.3M) | — |
| Total real estate properties, net | $2.5B | $2.2B | $2.1B | — |
| Mortgage and other notes receivable, net of credit loss reserves | $203.3M | $268.9M | $245.3M | — |
| Cash and cash equivalents | $19.6M | $24.3M | $22.3M | $19.3M |
| Straight-line rents receivable | $78.9M | $87.2M | $84.7M | $76.9M |
| Assets held for sale, net | $3.6M | $0 | $5.0M | $43.3M |
| Other assets, net | $17.8M | $22.8M | $24.1M | $16.6M |
| Total Assets | $2.8B | $2.6B | $2.5B | $2.5B |
| Debt, net | $1.2B | $1.1B | $1.1B | $1.1B |
| Accounts payable and other liabilities | $43.7M | $37.8M | $34.3M | $25.9M |
| Dividends payable | $44.4M | $41.1M | $39.1M | $39.0M |
| Deferred income | $5.0M | $4.3M | $6.0M | $5.1M |
| Total Liabilities | $1.3B | $1.2B | $1.2B | $1.2B |
| Redeemable noncontrolling interest | $10.2M | $9.8M | $9.7M | $9.8M |
| Common stock | $483.0K | $457.0K | $434.0K | $434.0K |
| Capital in excess of par value | $1.9B | $1.7B | $1.6B | $1.6B |
| Retained earnings | $2.7B | $2.6B | $2.5B | — |
| Cumulative dividends | ($3.1B) | ($3.0B) | ($2.8B) | — |
| Total National Health Investors, Inc. stockholders’ equity | $1.5B | $1.4B | $1.3B | $1.3B |
| Noncontrolling interests | $8.2M | $8.9M | $10.4M | $9.9M |
| Total equity | $1.5B | $1.4B | $1.3B | $1.3B |
| Total liabilities and equity | $2.8B | $2.6B | $2.5B | $2.5B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Land | $232.7M | $230.8M | $209.4M | $209.4M |
| Buildings, improvements and intangibles | $3.0B | $3.1B | — | — |
| Construction in progress | $19.3M | $19.3M | $12.5M | $8.3M |
| Total real estate properties | $3.3B | $3.4B | $3.1B | $3.1B |
| Less: Accumulated depreciation and amortization | ($716.4M) | ($843.8M) | ($801.6M) | ($781.4M) |
| Total real estate properties, net | $2.6B | $2.6B | $2.3B | $2.3B |
| Mortgage and other notes receivable, net of credit loss reserve of $15,397 and $15,397, respectively | $209.3M | $205.9M | $209.2M | $252.9M |
| Cash and cash equivalents | $30.4M | $24.9M | $81.6M | $18.6M |
| Straight-line rents receivable | $75.0M | $79.3M | $77.9M | $89.1M |
| Assets held for sale, net | $30.9M | $3.6M | — | — |
| Other assets, net | $52.1M | $20.8M | $18.7M | $18.8M |
| Total assets | $3.0B | $2.9B | $2.7B | $2.7B |
| Debt, net | $1.3B | $1.3B | $1.1B | $1.1B |
| Accounts payable and other liabilities | $46.4M | $37.8M | $34.7M | $33.0M |
| Operating lease liabilities | $3.7M | — | — | — |
| Dividends payable | $45.2M | $44.6M | $43.8M | $42.7M |
| Deferred income | $4.3M | $5.2M | $4.0M | $4.1M |
| Deferred income tax liabilities, net | $732.0K | — | — | — |
| Total liabilities | $1.4B | $1.4B | $1.2B | $1.2B |
| Redeemable noncontrolling interest | $10.4M | $9.9M | $9.0M | $9.3M |
| Common stock | $491.0K | $485.0K | $476.0K | $475.0K |
| Capital in excess of par value | $2.0B | $1.9B | $1.9B | $1.9B |
| Retained earnings | $2.8B | $2.8B | $2.7B | $2.7B |
| Cumulative dividends | ($3.2B) | ($3.2B) | ($3.1B) | ($3.1B) |
| Total National Health Investors, Inc. stockholders’ equity | $1.6B | $1.5B | $1.5B | $1.5B |
| Noncontrolling interests | $7.5M | $7.8M | $8.6M | $8.3M |
| Total equity | $1.6B | $1.5B | $1.5B | $1.5B |
| Total liabilities and equity | $3.0B | $2.9B | $2.7B | $2.7B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $140.8M | $136.6M | $134.4M | $65.5M |
| Depreciation and amortization | $80.9M | — | — | — |
| Amortization of lease incentives | $2.9M | $2.9M | $2.5M | $7.6M |
| Amortization of commitment fees and notes receivable discounts | ($920.0K) | ($116.0K) | ($412.0K) | ($872.0K) |
| Amortization of debt issuance costs and discounts | $3.4M | $6.6M | $4.7M | $4.3M |
| Payments of lease incentives | $0 | $0 | ($10.0M) | — |
| Share-based compensation expense | $5.6M | $4.2M | $4.6M | $8.6M |
| Non-cash rental income related to operations transfers upon early lease terminations | ($1.4M) | $0 | — | — |
| Other non-cash rental income | $0 | $0 | ($2.5M) | ($3.0M) |
| Non-cash changes in straight-line rents receivable | $7.3M | ($3.0M) | ($7.0M) | $16.7M |
| Non-cash interest income on mortgage and other notes receivable | ($1.7M) | ($124.0K) | ($1.3M) | ($4.3M) |
| Non-cash lease incentives recognized as interest and other income | $0 | ($100.0K) | — | — |
| Loan and realty (gains) losses, net | ($3.4M) | $5.3M | $1.4M | $61.9M |
| Gains on sales of real estate properties, net | ($456.0K) | ($6.7M) | ($14.7M) | ($28.3M) |
| Gains from equity method investment | ($3.7M) | ($402.0K) | ($555.0K) | ($569.0K) |
| Loss on early retirement of debt | $0 | $0 | $73.0K | $151.0K |
| Gains on forward equity sales agreements, net | $0 | ($6.3M) | — | — |
| Other assets, net | $57.0K | ($4.7M) | ($2.7M) | ($3.5M) |
| Accounts payable and other liabilities | $5.5M | $3.3M | $5.9M | $425.0K |
| Deferred income | $1.7M | ($1.1M) | $101.0K | $412.0K |
| Net cash provided by operating activities | $236.6M | $207.8M | $184.4M | $185.3M |
| Acquisitions of real estate properties | ($274.1M) | ($138.1M) | ($38.1M) | ($6.4M) |
| Investments in existing real estate properties and equipment | ($20.0M) | ($15.7M) | ($7.7M) | ($4.6M) |
| Proceeds from sales of real estate properties | $0 | $6.2M | $57.0M | $169.0M |
| Investments in mortgage and other notes receivable | ($71.1M) | ($60.4M) | ($35.6M) | ($79.8M) |
| Payments received on mortgage and other notes receivable | $92.3M | $19.4M | $13.5M | $119.2M |
| Distributions from equity method investment | $3.7M | $402.0K | $3.1M | $569.0K |
| Net cash used in investing activities | ($269.1M) | ($192.3M) | ($11.6M) | ($197.9M) |
| Proceeds from revolving credit facility | $694.0M | $449.7M | $364.0M | $225.0M |
| Repayments of revolving credit facility | ($821.2M) | ($363.5M) | ($161.0M) | ($183.0M) |
| Borrowings on bank term loan | $0 | $0 | $200.0M | $0 |
| Repayments of bank term loan and private placement notes | ($200.8M) | ($75.4M) | ($415.4M) | ($135.4M) |
| Proceeds from issuance of senior notes | $346.2M | — | $0 | $0 |
| Payments of debt issuance costs | ($3.9M) | ($3.5M) | ($2.7M) | ($4.6M) |
| Proceeds from issuance of common shares, net | 181.5M | 142.4M | 0 | 0 |
| Payments of equity issuance costs | ($767.0K) | ($930.0K) | $0 | ($66.0K) |
| Capital contributions from noncontrolling interests | $1.7M | $1.2M | $3.0M | $11.7M |
| Distributions paid to noncontrolling interests | ($917.0K) | ($1.2M) | ($1.3M) | ($916.0K) |
| Dividends paid to stockholders | ($169.7M) | ($156.5M) | ($156.2M) | ($161.8M) |
| Taxes paid related to net settlement of stock incentive awards | ($456.0K) | ($5.8M) | $0 | ($288.0K) |
| Net cash provided by (used in) financing activities | $25.7M | ($13.6M) | ($169.7M) | ($401.3M) |
| (Decrease) increase in cash, cash equivalents and restricted cash | ($6.9M) | $1.9M | $3.1M | ($18.0M) |
| Cash, cash equivalents and restricted cash at the beginning of the year | $26.5M | $24.6M | $21.5M | $39.5M |
| Cash, cash equivalents and restricted cash at the end of the year | $19.6M | — | — | — |
| Interest paid, net of amounts capitalized | $51.5M | $55.4M | $51.9M | $42.7M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $95.1M | $39.8M | $103.0M | $70.5M |
| Depreciation and amortization | $49.2M | $23.7M | — | — |
| Amortization of debt issuance costs and discounts | $1.7M | $854.0K | $4.9M | $3.4M |
| Share-based compensation expense | $4.6M | $2.2M | $4.6M | $3.6M |
| Deferred income tax expense | $732.0K | — | — | — |
| Straight-line rent revenue adjustments | ($1.3M) | ($723.0K) | $8.5M | ($2.4M) |
| Non-cash interest income on mortgage notes receivable | ($581.0K) | ($242.0K) | — | — |
| Other non-cash items, net | $1.4M | — | — | — |
| Loan and realty gains, net | ($109.0K) | ($50.0K) | — | — |
| Gains on dispositions of real estate properties | ($24.6M) | ($2.6M) | ($337.0K) | ($224.0K) |
| Gains from equity method investment | $0 | $0 | ($2.0M) | ($1.9M) |
| Other assets, net | ($11.2M) | ($3.6M) | ($2.4M) | ($327.0K) |
| Accounts payable and other liabilities | $3.5M | ($7.1M) | ($2.6M) | ($4.4M) |
| Deferred income | ($121.0K) | $522.0K | $488.0K | $7.0K |
| Net cash provided by operating activities | $118.4M | $53.4M | $168.8M | $106.3M |
| Acquisitions of real estate properties | ($229.9M) | ($105.5M) | ($131.0M) | ($131.0M) |
| Investments in existing real estate properties and equipment | ($11.1M) | ($2.9M) | ($9.8M) | ($4.8M) |
| Proceeds from dispositions of real estate properties | $93.0M | $6.7M | $0 | $0 |
| Fees received on mortgage notes receivable | $0 | — | — | $389.0K |
| Investments in mortgage and other notes receivable | ($12.2M) | ($6.1M) | ($31.3M) | ($25.7M) |
| Repayments of mortgage and other notes receivable | $12.9M | $3.9M | $88.0M | $35.4M |
| Distributions received from equity method investment | $0 | $0 | $2.0M | $1.9M |
| Net cash used in investing activities | ($147.3M) | ($103.9M) | ($82.1M) | ($123.8M) |
| Proceeds from revolving credit facility | $449.0M | $140.0M | $505.0M | $329.0M |
| Repayments of revolving credit facility | ($215.0M) | ($35.0M) | ($736.2M) | ($282.2M) |
| Repayments of term loans | ($125.0M) | $0 | ($150.8M) | ($75.8M) |
| Payments of debt issuance costs | $0 | — | ($3.8M) | ($185.0K) |
| Proceeds from issuance of common shares, net | 44.9M | 0 | 134.9M | 123.5M |
| Payments of equity issuance costs | ($414.0K) | $0 | ($153.0K) | ($153.0K) |
| Capital contributions from noncontrolling interests | $700.0K | — | $306.0K | $56.0K |
| Distributions paid to noncontrolling interests | ($317.0K) | ($289.0K) | ($716.0K) | ($542.0K) |
| Dividends paid to stockholders | ($89.0M) | ($44.4M) | ($125.9M) | ($83.1M) |
| Taxes paid related to net settlement of stock incentive awards | ($5.2M) | ($4.5M) | ($415.0K) | ($191.0K) |
| Net cash provided by financing activities | $59.7M | $55.8M | ($31.6M) | $10.3M |
| Increase (decrease) in cash, cash equivalents and restricted cash | $30.8M | $5.3M | $55.1M | ($7.2M) |
| Cash, cash equivalents and restricted cash at the beginning of the period | $19.6M | $19.6M | $26.5M | $26.5M |
| Cash, cash equivalents and restricted cash at the end of the period | $50.4M | $24.9M | $81.6M | $19.3M |
| Interest paid | $25.8M | $17.5M | $44.0M | $27.0M |
| Real estate properties acquired to settle mortgage note receivable | $0 | $0 | $8.6M | $0 |
| Mortgage and other notes issued in connection with dispositions of real estate properties | $5.5M | — | — | — |
| Right-of-use assets acquired in exchange for finance lease liabilities | $243.0K | — | — | — |
| Right-of-use assets acquired in exchange for operating lease liabilities | $2.1M | $243.0K | $22.0K | $0 |
| Changes in accounts payable related to real estate property renovations | $86.0K | $799.0K | ($95.0K) | — |
| Changes in accounts payable related to noncontrolling interest distributions | $249.0K | ($37.0K) | ($358.0K) | — |
National Health Investors Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.