National Health Investors Trims 2026 FFO Guidance, Acquires $106.9M Colorado Portfolio
National Health Investors reported Q1 NAREIT FFO of $1.23 per diluted share ($59.8 million) and net income of $40 million. The REIT trimmed 2026 FFO guidance to $4.74–$4.79 per share, invested $106.9 million in seven Colorado senior housing properties and agreed to sell its NHC leased portfolio for $560 million.
1. First Quarter Financial Results
National Health Investors posted Q1 NAREIT FFO of $1.23 per diluted share ($59.8 million), net income of $40 million ($0.82 per share) and revenue of $115.1 million. Normalized FFO rose 7.0% and FAD increased 11.6% year-over-year, driven by acquisitions and gains on property dispositions.
2. Full-Year Guidance Revision
The company narrowed its 2026 full-year FFO outlook from $4.94–$4.99 to $4.74–$4.79 per diluted share and lowered normalized FAD guidance to $240.6–$243.7 million, citing near-term operating headwinds in its SHOP segment.
3. Colorado SHOP Acquisition
National Health Investors invested $106.9 million, including transaction costs, to acquire seven senior housing properties in Colorado with 532 units. The assets are expected to deliver an initial net operating income yield of approximately 8.3%, with an additional $3.6 million in capital expenditures planned in the first year.
4. NHC Leased Portfolio Disposition
The REIT agreed to sell its 35-property leased portfolio to National HealthCare Corporation, consisting of 32 skilled nursing and three independent living facilities, for $560 million in net cash consideration. The transaction is expected to close on July 1, 2026, enhancing financial flexibility.