National Health Investors 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- National Health Investors (NHI) reported second quarter 2026 net income per share of $1.15, a 45.6% increase year over year, driven largely by a $22 million gain on the sale of five properties for net proceeds of approximately $98.5 million.
- Net REIT FFO and normalized FFO per share were flat and decreased 2.5% respectively to $1.19 per share compared to the prior year period.
- Total SHOP NOI increased 188.5% year over year, driven by the transition and acquisition of 27 properties, with same store SHOP NOI increasing 18.9% sequentially from Q1 to Q2 2026.
- Triple net portfolio operating fundamentals remained stable with full contractual rent collections, 2.8% year over year increase in cash lease revenue, and improved EBITDA coverage ratios for senior housing and SNF.
- NHI completed the sale of the NHC portfolio on July 1, 2026, for $560 million cash consideration, expecting to recognize a gain of approximately $541.6 million in Q3 2026.
- The company retired a $125 million term loan due June 2026 and expects to retire a $100 million private placement note due January 2027 by year-end.
- General and administrative expenses increased 44% year over year to $8.8 million, partly due to ramping SHOP growth and CFO transition expenses.
- NHI declared a two cent per share increase to its quarterly dividend to $0.94 per share, payable November 6, 2026.
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Transcript
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Good morning, and welcome to the NHI second quarter 2026 earnings webcast and conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Dana Hambly.
The floor is yours. Thank you and welcome to the National Health Investors second quarter 2026 conference call.
On the call today are Eric Mendelsohn, President and CEO, Kevin Pascoe, Chief Investment Officer, Todd Siefert, Chief Financial Officer, and David Travis, Chief Accounting Officer. Yesterday, NHI released its second quarter results and conference call information in a press release after market close. Today's remarks may include forward-looking statements which are subject to risks or uncertainties and are not guarantees of future performance. Investors are urged to carefully review NHI's filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025, and Form 10-Q for the quarter ended June 30, 2026, for a discussion of these risks. Copies of these filings are available on the SEC's website at sec.gov or on NHI's website at nhireit.com.
In addition, today's call may include certain non-GAAP financial measures, reconciliations of which are provided in NHI's earnings release, which has been furnished to the SEC on a Form 8-K. Listeners are encouraged to review those reconciliations provided in the earnings release together with all other information provided in that release. I'll now turn the call over to our CEO, Eric Mendelsohn.
Good morning, and thank you for joining us today. The second quarter represented another important step in executing the strategy we outlined earlier this year. Our operating results were in line with our expectations. We completed the sale of the NHC portfolio on July 1st. We further expanded our SHOP platform, and we continued investing in the people and infrastructure necessary to support our long-term growth. The completion of the NHC transaction marks one of the most significant corporate actions in NHI's history. Beyond increasing our private pay senior housing focus, it substantially strengthens our balance sheet by reducing leverage to well below our long-term target range and provides strong liquidity to pursue future investments. We believe this financial flexibility creates a meaningful competitive advantage as acquisition opportunities accelerate. Our SHOP portfolio performed in line with our expectations for the quarter, and our outlook for the year is unchanged.
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