NATIONAL HEALTH INVESTORS INC NHI
National Health Investors, Inc. ("NHI", the "Company", "we", "us" or "our"), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and Senior Housing Operating Portfolio ("SHOP").
Our investments in senior housing communities, also referred to as senior housing properties ("SHO"), include independent living facilities ("ILF"), assisted living facilities ("ALF"), entrance fee communities ("EFC") and senior living campuses ("SLC"). Our investments in medical facilities include skilled nursing facilities ("SNF") and hospitals ("HOSP"). Our financing arrangements consist of mortgages, construction loans, mezzanine loans and revolving lines of credit extended to our tenants, operators, or affiliates of our tenants and operators, and other third parties.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.1M | $54.4M | $48.8M | $35.8M | $0 | $0 | $318.1M | $294.6M | $278.7M | $248.5M |
| SG&A | $26.9M | $20.7M | $19.3M | $22.8M | $18.4M | $13.3M | $13.4M | $12.5M | $12.2M | $9.8M |
| Total operating expenses | $239.0M | $211.9M | $200.9M | $241.9M | $216.1M | $161.8M | $156.8M | $139.5M | $127.2M | $129.7M |
| Interest expense | $57.4M | $59.9M | $58.2M | $44.9M | $50.8M | $52.9M | $56.3M | $49.1M | $46.3M | $43.1M |
| Pre-tax income | — | — | — | — | — | — | $161.3M | $155.1M | $151.5M | $118.8M |
| Income tax | — | — | — | — | — | — | — | $138.0K | $124.0K | $854.0K |
| Net income | $142.2M | $138.0M | $135.7M | $66.4M | $111.8M | $185.1M | $160.5M | $154.3M | $159.4M | $151.5M |
| EPS, basic | 3.03 | 3.14 | 3.13 | 1.48 | 2.45 | 4.14 | 3.70 | 3.68 | 3.90 | 3.88 |
| EPS, diluted | 3.02 | 3.13 | 3.13 | 1.48 | 2.44 | 4.14 | 3.67 | 3.67 | 3.87 | 3.87 |
| Shares, diluted (wtd. avg.) | $47.1M | $44.1M | $43.4M | $44.8M | $45.7M | $44.7M | $43.7M | $42.1M | $41.2M | $39.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $19.6M | $24.3M | $22.3M | $21.5M | $39.5M | $46.3M | $15.7M | $9.9M | $8.1M | $8.9M |
| Receivables | — | — | — | $3.6M | $3.2M | $2.6M | $3.2M | $6.4M | $2.4M | $9.2M |
| Property, plant and equipment | $2.47B | $2.21B | $2.11B | $2.12B | $2.43B | $2.67B | $2.56B | — | — | — |
| Total assets | $2.80B | $2.61B | $2.49B | $2.51B | $2.84B | $3.12B | $3.04B | $2.75B | $2.55B | $2.40B |
| Long-term debt | — | — | — | — | — | — | — | — | — | $1.13B |
| Total liabilities | $1.26B | $1.23B | $1.21B | $1.22B | $1.32B | $1.60B | $1.54B | $1.36B | $1.22B | $1.19B |
| Retained earnings | $2.75B | $2.60B | $2.47B | $2.33B | — | — | — | — | — | $29.9M |
| Total equity | $1.52B | $1.37B | $1.26B | $1.28B | $1.52B | $1.52B | $1.50B | $1.39B | $1.32B | $1.21B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $236.6M | $207.8M | $184.4M | $185.3M | $210.9M | $232.1M | $241.0M | $207.9M | $198.1M | $176.6M |
| Depreciation and amortisation | — | $71.4M | $70.0M | $70.9M | $80.8M | $83.2M | $76.8M | $71.3M | $67.2M | $59.5M |
| Capital expenditure | $294.0M | $157.9M | $49.6M | $11.0M | $50.3M | $116.7M | $237.2M | $147.6M | $175.8M | $394.7M |
| Investing cash flow | -$269.1M | -$192.3M | -$11.6M | $197.9M | $185.3M | -$89.7M | -$342.5M | -$250.3M | -$163.8M | -$329.8M |
| Financing cash flow | $25.7M | -$13.6M | -$169.7M | -$401.3M | -$403.0M | -$111.8M | $107.3M | $44.3M | -$35.1M | $144.2M |
| Dividends paid | $169.7M | $156.5M | $156.2M | $161.8M | $182.9M | $194.6M | $179.7M | $165.4M | $153.0M | $138.3M |
| Buybacks | — | $0 | $0 | $152.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000877860-26-000053.
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