NHI Crushes Q1, Ramps Up Investments

National Health Investors (NHI) kicked off 2025 with impressive first quarter results, surpassing expectations due to swift acquisitions and robust rent collections. They reported a 4.2% increase in net income per diluted share, reaching $0.74, and a 2.7% rise in normalized funds from operations, hitting $1.15 per share. NHI raised their full-year normalized FFO guidance midpoint to $4.71 per share, marking a 6.1% growth from 2024. The company has invested $174.9 million year-to-date at an 8.2% average yield, already exceeding last years first half pace. The pipeline brims with $264 million in senior housing real estate and SHOP deals, with more sellers entering the market and fewer competitors. Operators demonstrated strong coverage trends, such as need-driven tenants at 1.41 times EBITDARM and SHOP net operating income up 4.9% year-over-year, despite seasonal dips, with occupancy climbing to 89.2%. Deferral repayments came in ahead at $2 million, and theyre converting some portfolios to RIDEA structures for enhanced growth. NHIs balance sheet remains robust with net debt to adjusted EBITDA at 4.1 times, ample liquidity from cash, revolver, and ATM capacity. They increased guidance to include $155 million more in unidentified investments, maintained SHOP NOI growth at 12-15%, and declared a $0.90 per share dividend payable August 1st. With this momentum and pipeline, NHI is poised to surpass last years investment volume while delivering on their under-promise, over-deliver commitment. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/f8e709329b8584cd