NATIONAL HEALTH INVESTORS INC

Overview

National Health Investors, Inc. (NHI) is a self-managed healthcare real estate investment trust (REIT) focused on owning, leasing and financing healthcare properties. Its portfolio includes senior-living communities, skilled nursing facilities and hospitals, and its business includes Real Estate Investments and a Senior Housing Operating Portfolio. NHI describes its footprint as spanning the United States.[1]

As of June 30, 2026, NHI reported 194 investments with a total of 17,842 units and beds. For fiscal 2025, revenue was approximately $375.6 million.[2][3] Its investor-relations tagline is “We invest in relationships, not just properties.” [4] [1]+4

Products & services

National Health Investors, Inc. invests in senior-housing and medical real estate through property leases, financing arrangements, and its Senior Housing Operating Portfolio (SHOP). Its property types include independent- and assisted-living facilities, entrance-fee communities and senior-living campuses, as well as skilled-nursing facilities and hospitals. Financing arrangements primarily support operators’ property acquisitions, construction and operating needs.[1]+2

For SHOP properties, resident agreements generate fees for residential units, room and care, community fees, and optional services. Agreements generally run from 30 days to one year and are cancelable with 30 days’ notice; room and general-care fees are typically billed monthly in advance, while individualized or optional services are generally billed monthly in arrears.[7][8]

Entrance-fee communities offer three contract types: Type A lifecare contracts include substantially all future healthcare costs for an entrance fee and monthly service fee; Type B contracts provide limited skilled-nursing access; and Type C contracts are fee-for-service, without included healthcare benefits. At year-end 2025, NHI’s entrance-fee community contracts were 28% Type A, 8% Type B and 64% Type C.[9] [1]+5

Geographic presence

National Health Investors, Inc. is headquartered in Murfreesboro, Tennessee.[10] Its disclosed U.S. property activity spans Colorado, Kentucky, South Carolina and Tennessee: in 2026 the company announced acquisitions of a seven-property portfolio in Colorado and a nine-property portfolio across Kentucky, South Carolina and Tennessee.[11][12] A 2026 report also identifies four subleased properties in Florida following the sale of a larger portfolio.[13]

These disclosures identify activity in those states but do not establish a complete current state-by-state footprint. The cited reporting does not provide geographic revenue or employee-distribution figures. [10]+3

Business segments

National Health Investors reports two operating and reportable segments: **Real Estate Investments** and **SHOP (Senior Housing Operating Portfolio)**. Real Estate Investments owns senior-housing and medical properties leased to third-party operators and provides healthcare-property financing, including mortgage and construction/mezzanine loans; NHI does not operate the leased properties. SHOP invests in senior-housing real estate and operations, with third-party managers operating properties on NHI’s behalf.[14][5]

For the year ended December 31, 2025, Real Estate Investments contributed approximately **78.7% of revenue** ($295.6 million of $375.6 million), while SHOP contributed approximately **21.3%** ($80.1 million). Their respective shares of reported NOI were approximately **93.7%** and **6.3%**.[3][15] In the six months ended June 30, 2026, the revenue mix was approximately **65.4% Real Estate Investments** and **34.6% SHOP**.[16]

Property classifications such as senior housing, medical facilities, and mortgage notes are reported within these segments rather than as additional reportable segments.[15] [14]+4

Company history

National Health Investors was established in 1991, with W. Andrew “Andy” Adams identified by the company as its founder. The company’s long-standing NHC portfolio included properties it had initially acquired that year.[1]+2

NHI expanded its senior-housing portfolio through several major transactions: in 2013 it completed a $491 million purchase of 25 independent-living facilities from an affiliate of Holiday Retirement; in December 2014 it acquired eight retirement communities for $476 million; and in November 2016 it added Evergreen Woods, a 299-unit Connecticut community, for $74 million.[19][20]

Leadership changes included Justin Hutchens becoming CEO in March 2011 and Eric Mendelsohn being appointed president and CEO in October 2015. Adams retired as chairman at the end of 2024. In 2026, NHI completed the $560 million cash sale of 35 NHC-leased properties, including properties from its original 1991 portfolio.[21]+4 [1]+7

Sources

• NATIONAL HEALTH INVESTORS INC — Full financial report (2026 Q 2)
  8 citations

  [1][2][5][7][8][13][16][18]
• NATIONAL HEALTH INVESTORS INC — Full financial report (2025 Y)
  6 citations

  [3][6][9][10][14][15]
• investors.nhireit.com[4]
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• investors.nhireit.com[19]
• NATIONAL HEALTH INVESTORS INC — Full financial report (2016 Y)[20]
• investors.nhireit.com[21]
• investors.nhireit.com[22]
• investors.nhireit.com[23]