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National Health Investors, Inc. 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'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. National Health Investors, Inc. was established on October 15th 1991 and was incorported in 1991 in Maryland, USA.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $376M | $276M | $142M | $237M | 9.3% | 12.1% | 3.0% |
| 2024 | $335M | $264M | $138M | $208M | 10.1% | 4.8% | 1.7% |
| 2023 | $320M | $260M | $136M | $184M | 10.8% | 15.0% | 104.3% |
| 2022 | $278M | $179M | $66M | $185M | 5.2% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2025 |
|---|---|
| Total Revenue | 375.63 |
| Operating Revenue | 375.63 |
| Cost Of Revenue | 10.98 |
| Gross Profit | 364.65 |
| Operating Expense | 174.06 |
| Selling General And Administration | 29.53 |
| Total Expenses | 185.04 |
| Operating Income | 190.59 |
| EBITDA | 275.67 |
| Normalized EBITDA | 275.22 |
| EBIT | 194.73 |
| Interest Expense | 53.94 |
| Net Interest Income | -57.37 |
| Other Non Operating Income Expenses | 3.45 |
| Other Income Expense | 7.57 |
| Interest Expense Non Operating | 53.94 |
| Net Non Operating Interest Income Expense | -57.37 |
| Pretax Income | 140.79 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | 0.10 |
| Net Income Continuous Operations | 140.79 |
| Net Income From Continuing And Discontinued Operation | 142.18 |
| Net Income From Continuing Operation Net Minority Interest | 142.18 |
| Net Income | 142.18 |
| Net Income Common Stockholders | 141.98 |
| Net Income Including Noncontrolling Interests | 140.79 |
| Normalized Income | 141.82 |
| Diluted NI Availto Com Stockholders | 141.98 |
| Basic Average Shares | 46.87 |
| Diluted Average Shares | 47.05 |
| Reconciled Depreciation | 80.94 |
| Reconciled Cost Of Revenue | 10.98 |
| Total Unusual Items | 0.46 |
| Total Unusual Items Excluding Goodwill | 0.46 |
| Minority Interests | 1.39 |
| Special Income Charges | 0 |
| Other Special Charges | - |
| Write Off | - |
| Gain On Sale Of Security | 0.46 |
| Depreciation Amortization Depletion Income Statement | 80.94 |
| Depreciation And Amortization In Income Statement | 80.94 |
| General And Administrative Expense | 29.53 |
| Other Gand A | 29.53 |
| Total Other Finance Cost | 3.43 |
| Other Operating Expenses | 62.50 |
| Provision For Doubtful Accounts | - |
| Otherunder Preferred Stock Dividend | 0.20 |
| Earnings From Equity Interest | 3.66 |
| Depreciation Income Statement | 80.94 |
| Other Taxes | 1.08 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| National Health Investors, Inc.this co. | NHI | $3.3B | 23.29↓ discount | 2.18 | 9.3% | 16.16 |
| Sabra Health Care REIT, Inc. | SBRA | $4.5B | 28.64 | 1.58 | 5.5% | 15.18 |
| Independence Realty Trust, Inc. | IRT | $4.0B | 70.67 | 1.16 | 1.6% | 16.46 |
| COPT Defense Properties | CDP | $3.7B | 24.33 | 2.45 | 10.1% | 15.25 |
| Newmark Group, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| NMRK |
| $3.6B |
| 28.68 |
| 2.48 |
| 8.6% |
| 13.22 |
| Dynex Capital, Inc. | DX | $2.8B | 8.77 | 1.19 | 13.6% | - |
| InvenTrust Properties Corp. | IVT | $2.6B | 23.04 | 1.43 | 6.2% | 12.22 |
| Douglas Emmett, Inc. | DEI | $2.4B | 150.56 | 1.29 | 0.9% | 11.72 |
| Sunstone Hotel Investors, Inc. | SHO | $2.1B | 87.20 | 1.29 | 1.5% | 14.19 |
| Peer Median | - | 28.66 | 1.36 | 5.9% | 14.19 | |