National Health Investors Raises 2025 Guidance, Increases Dividend, and Reports Strong Q2 Earnings Amidst SHOP Growth and Strategic Investments

National Health Investors reported strong Q2 earnings with 29% YoY growth in Senior Housing Operating Portfolio NOI, increased 2025 guidance, and a dividend increase for the first time in four years. The company's financial position remains robust, with a net debt to adjusted EBITDA ratio of 3.9x and available liquidity of $760 million. Despite some challenges related to specific operators and occupancy trends, the overall sentiment was optimistic, driven by robust growth and strategic investments.

National Health Investors, Inc. (NYSE: NHI) reported robust second-quarter (Q2) 2025 earnings, with a 29% year-over-year (YoY) growth in Senior Housing Operating Portfolio (SHOP) net operating income (NOI). The company also raised its full-year 2025 guidance and announced an increase in its quarterly dividend for the first time in four years.

Eric Mendelsohn, NHI's President and CEO, commented on the strong performance: "We had another great quarter which exceeded our expectations. Given the strong quarterly results and continued good visibility into the second half of the year we are again raising our full year guidance and just announced an increase to our quarterly dividend." [1]

Key financial highlights include:
- Net income attributable to common stockholders per diluted common share for the three months ended June 30, 2025, was $0.79, compared to $0.81 in the same period last year.
- NAREIT FFO per diluted common share for the three months ended June 30, 2025, was $1.19, compared to $1.18 in the same period last year.
- Normalized FFO per diluted common share for the three months ended June 30, 2025, was $1.22, compared to $1.18 in the same period last year.

NHI's financial position remains strong, with a net debt to adjusted EBITDA ratio of 3.9x and available liquidity of $760 million as of June 30, 2025. The company's balance sheet continues to be in great shape, with over $750 million in liquidity and capital resources to continue executing on a healthy pipeline of deals.

The company's strong performance was driven by acquisitions completed in the first half of the year, excellent year-over-year SHOP growth, and continued collections on deferral repayments. NHI also transitioned seven properties to its SHOP portfolio, expecting to announce additional SHOP acquisitions before the end of the next quarter.

Despite some challenges related to specific operators and occupancy trends, the overall sentiment was optimistic, driven by robust growth and strategic investments. NHI is well-positioned for several years of excellent growth, with multiple internal and external growth opportunities, a competitive cost of capital, and a favorable macro environment.

NHI is updating its 2025 full-year guidance range to include:
- NAREIT FFO per diluted common share to a range of $4.46 - $4.50 from $4.64 - $4.70.
- Normalized FFO per diluted common share to a range of $4.78 - $4.82 from $4.68 - $4.73.
- Normalized FAD to a range of $227.9 million - $229.8 million from $223.8 million - $226.4 million.

References:
[1] https://www.morningstar.com/news/accesswire/1057350msn/nhi-announces-second-quarter-2025-results