earnings
confidence high
sentiment positive
materiality 0.75
NHI Q1 EPS $0.74, NAREIT FFO $1.14; raises 2025 guidance mid-point
NATIONAL HEALTH INVESTORS INC
2025-Q1 EPS reported
$0.74
revenue$89,296,000
- Net income per diluted share $0.74 vs $0.71 YoY; NAREIT FFO $1.14 vs $1.10; Normalized FFO $1.15 vs $1.12.
- 2025 guidance raised: NAREIT FFO now $4.64-$4.70, Normalized FFO $4.68-$4.73, Normalized FAD $223.8M-$226.4M.
- Q1 investments of $67.5M in two assisted living facilities (CO, NJ) at ~8% initial yield; April Nebraska portfolio $63.5M at 8.0%.
- SHOP NOI $3.1M (+4.9% YoY); CEO expects 12%-15% SHOP NOI growth for full year.
- Balance sheet: net debt to adjusted EBITDA at low end of 4.0x-5.0x target; $1.3B net debt; $409M ATM capacity.