National Health Investors Achieves 8.9% FFO Growth, Eyes $488M 2026 Pipeline
National Health Investors posted Q4 normalized FFO per share growth of 8.9%, driven by a 125% year-on-year NOI surge from its SHOP platform and $392M in 2025 investments. It has net debt leverage under 4x adjusted EBITDA and a 2026 pipeline exceeding $488M with $111M in LOIs.
1. Q4 Financial Performance
National Health Investors reported normalized FFO per share increased 8.9% year-over-year for Q4 2025. This performance was underpinned by a 125% year-on-year rise in net operating income from its SHOP senior housing platform and $392 million of invested capital in 2025, its highest annual total since 2016.
2. Balance Sheet and Leverage
The REIT's balance sheet remains conservative, maintaining net debt at less than four times adjusted EBITDA. This low leverage provides flexibility for future investments and positions the company to capitalize on market opportunities while preserving financial resilience.
3. 2026 Acquisition Pipeline
For 2026, the company’s acquisition pipeline exceeds $488 million, including $111 million of potential deals under letters of intent. Management anticipates continued growth in its SHOP portfolio, with 16 new units scheduled to come online in May.
4. 2026 Guidance and Dispositions
Guidance for 2026 forecasts modest normalized FFO per share growth of approximately 1.2% at the midpoint, reflecting non-recurring 2025 benefits. The plan also includes dispositions of around $111 million in nonstrategic assets, which could slightly dampen growth prospects this year.