NHI on NYSE

NATIONAL HEALTH INVESTORS INC

American real estate investment trust based in Baltimore, active since 1991.

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Last updated Oct 18, 2026.

Overview

Compare with ACRES Commercial Realty Corp., ONE LIBERTY PROPERTIES INC or NEXPOINT DIVERSIFIED REAL ESTATE TRUST, or pick any stock.

  • TickerNHI on NYSE
  • IndustryReal Estate Investment Trusts
  • HeadquartersBaltimore, United States
  • Incorporated inMD2
  • Business address222 Robert Rose Drive, Murfreesboro, Tn 371292
  • Filer categoryLarge accelerated filer2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

177.6%Net margin3
47.1%Revenue growth, 20253
9.3%Return on equity3
-$57.5MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Interest29¢$57.4M
  • Profit71¢$142.2M

Out of $80.1M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending63¢$294.0M
  • Dividends paid37¢$169.7M

Out of $236.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3

Financial statements

Revenue45673$80.1M in 2025−75% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $318.1M$318.1M20192020: $0$020202021: $0$020212022: $35.8M$35.8M20222023: $48.8M$48.8M2023+36%2024: $54.4M$54.4M2024+11%2025: $80.1M$80.1M2025+47%
Net income45673$142.2M in 2025−11% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $160.5M$160.5M20192020: $185.1M$185.1M2020+15%2021: $111.8M$111.8M2021−40%2022: $66.4M$66.4M2022−41%2023: $135.7M$135.7M2023+104%2024: $138.0M$138.0M2024+2%2025: $142.2M$142.2M2025+3%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Rental income$271.6M$257.0M$249.2M
Resident fees and services$80.1M$54.4M$48.8M
Interest and other income$24.0M$23.7M$21.8M
Revenues$375.6M$335.2M$319.8M
Depreciation and amortization$80.9M$71.4M$70.0M
Interest expense$57.4M$59.9M$58.2M
Senior housing operating expenses$60.9M$42.3M$39.6M
Legal$2.7M$1.1M$507.0K
Franchise, excise and other taxes$1.1M$38.0K$449.0K
General and administrative expenses$26.9M$20.7M$19.3M
Proxy contest and related$1.6M$0$0
Taxes and insurance on leased properties$11.0M$11.2M$11.5M
Loan and realty (gains) losses, net-$3.4M$5.3M$1.4M
Total operating expenses$239.0M$211.9M$200.9M
Gains on operations transfers, net$0$0$20.0K
Gains on sales of real estate properties, net$456.0K$6.7M$14.7M
Gains from equity method investment$3.7M$402.0K$555.0K
Loss on early retirement of debt$0$0-$73.0K
Gains on forward equity sales agreements, net$0$6.3M$0
Other income$0$0$202.0K
Net income (loss)$140.8M$136.6M$134.4M
Add: Net loss attributable to noncontrolling interests$1.4M$1.3M$1.3M
Net income attributable to stockholders$142.2M$138.0M$135.7M
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 shares43.8M shares43.4M shares
Diluted (in shares)47.1M shares44.1M shares43.4M shares
Basic (in usd per share)$3.03$3.14$3.13
Diluted (in usd per share)$3.02$3.13$3.13

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Leadership

Who has led NATIONAL HEALTH INVESTORS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. W. Andrew Adams2009–2011
  2. James Justin Hutchens2011–2015
  3. D. Eric Mendelsohn2015–now

President

  1. W. Andrew Adams2007–2009
  2. James Justin Hutchens2009–2015
  3. D. Eric Mendelsohn2015–now

Chief financial officer

  1. John L. Spaid2020–2026
  2. Todd Michael Siefert2026–now

Chief operating officer

  1. James Justin Hutchens2009–2011
  2. Christian Ken Maingot2026–now
2010201520202025
Board members and other officers (24)

Timeline

  1. Aug 13, 2015New chief executive D. Eric Mendelsohn becomes CEO11
  2. Aug 8, 2011New chief executive James Justin Hutchens becomes CEO12
  3. Sep 1, 2009New chief executive W. Andrew Adams becomes CEO13
  4. Jul 24, 1991Founded NATIONAL HEALTH INVESTORS INC is founded40

Filings

310 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 97 major events, 131 insider forms, 11 large holders, 49 other. The latest 20:

  1. Aug 27, 20268-K EDGAR
  2. Aug 17, 2026144 EDGAR
  3. Aug 10, 20268-K EDGAR
  4. Aug 10, 20268-K EDGAR
  5. Aug 10, 20268-K EDGAR
  6. Aug 10, 202610-Q EDGAR
  7. Aug 7, 2026SCHEDULE 13G EDGAR
  8. Jul 30, 20264 PRIMARY DOCUMENT EDGAR
  9. Jul 30, 20263 PRIMARY DOCUMENT EDGAR
  10. Jul 27, 20268-K EDGAR
  11. Jul 8, 2026SCHEDULE 13G/A EDGAR
  12. Jul 2, 20263 PRIMARY DOCUMENT EDGAR
  13. Jul 1, 20268-K EDGAR
  14. Jul 1, 20268-K EDGAR
  15. Jun 15, 20264 PRIMARY DOCUMENT EDGAR
  16. Jun 9, 20264 PRIMARY DOCUMENT EDGAR
  17. Jun 5, 20264 PRIMARY DOCUMENT EDGAR
  18. Jun 1, 20268-K EDGAR
  19. May 29, 20268-K EDGAR
  20. May 7, 20264 PRIMARY DOCUMENT EDGAR

The 310 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 11 such filings since October 2021, the latest 10:

  1. Aug 7, 2026SCHEDULE 13G
  2. Jul 8, 2026SCHEDULE 13G/A
  3. Apr 30, 2026SCHEDULE 13G
  4. Apr 29, 2026SCHEDULE 13G
  5. Mar 27, 2026SCHEDULE 13G/A
  6. Feb 13, 2024SC 13G/A
  7. Jan 8, 2024SC 13G/A
  8. Feb 9, 2023SC 13G/A
  9. Jan 24, 2023SC 13G
  10. Feb 10, 2022SC 13G/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.8,733,237$666.0M0.0%+3,926,380
Vanguard Portfolio Management LLC4,630,646$353.1M0.0%+488,430
State Street Corp2,735,937$211.1M0.0%+761,547
Vanguard Capital Management LLC2,099,145$160.1M0.0%+14,525
Principal Financial Group Inc1,977,094$150.8M0.1%+276,186
Bank of New York Mellon Corp1,606,463$122.5M0.0%+1,091,732
Geode Capital Management, LLC1,402,775$107.0M0.0%+91,535
Bank Of America Corp /de/1,019,379$77.7M0.0%+26,577
Charles Schwab Investment Management Inc880,321$67.1M0.0%+54,330
Nomura Asset Management International Inc.870,365$66.4M0.1%−26,937
Dimensional Fund Advisors LP675,739$51.5M0.0%−10,510
Norges Bank672,355$51.3M0.0%New
Northern Trust Corp608,688$46.4M0.0%+45,841
Morgan Stanley444,043$33.9M0.0%+64,157
Jpmorgan Chase & Co415,413$32.4M0.0%−571,179
UBS Group AG396,229$30.2M0.0%+268,595
Two Sigma Investments, LP335,445$25.6M0.0%−84,629
Vanguard Fiduciary Trust Co321,018$24.5M0.0%+9,275
Legal & General Group Plc285,144$21.7M0.0%+53,401
Bowen Hanes & Co Inc260,000$21.0M0.5%No change
Sound Income Strategies, LLC270,252$20.6M0.9%+12,540
Prudential Financial Inc257,108$19.6M0.0%−880,075
Algert Global LLC248,865$19.0M0.2%+103,285
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC242,935$18.5M0.0%+6,627
Goldman Sachs Group Inc235,078$17.9M0.0%+18,350

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

12 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 10, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−15.1%Report
Jan 15, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−29.8%Report
Sep 1, 2022Virginia FoxxRepublican, HouseSale$50,001 - $100,000+92.8%Report
Jun 28, 2022Virginia FoxxRepublican, HouseBuy$15,001 - $50,000−96.3%Report
Jan 28, 2022Virginia FoxxRepublican, HouseSale$50,001 - $100,000+60.7%Report
Nov 8, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−43.9%Report
Aug 9, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−74.2%Report
Aug 6, 2021Virginia FoxxRepublican, HouseBuy$1,001 - $15,000−75.9%Report
May 27, 2021Virginia FoxxRepublican, HouseBuy$15,001 - $50,000−83.9%Report
May 12, 2021Virginia FoxxRepublican, HouseBuy$15,001 - $50,000−90.3%Report
Apr 19, 2021Virginia FoxxRepublican, HouseBuy$50,001 - $100,000−96.3%Report
Mar 31, 2020Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−166.8%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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