NHI Q2 Normalized FFO $1.22 beats, raises FY guidance, increases dividend

NATIONAL HEALTH INVESTORS INC

2025-Q2 EPS reported $1.53 revenue$179,958,000

Q2 Normalized FFO per share $1.22 vs $1.18; NAREIT FFO $1.19 vs $1.18; net income $0.79 vs $0.81.
FY 2025 Normalized FFO guidance raised to $4.78-$4.82 (from $4.68-$4.73); NAREIT FFO guidance lowered to $4.46-$4.50 due to non-cash write-offs.
Acquired $63.5M memory care portfolio in Nebraska (8% yield, 15-year lease); funded $28M construction loan at 9%.
Terminated Discovery lease for 6 facilities (net $125.7M) effective Aug 1; transitioned to SHOP; expects $8.8M rent reduction including $12.1M write-off.
CEO announced quarterly dividend increase (amount TBD); balance sheet: net debt/EBITDA 3.9x; $315.8M ATM capacity; repaid $75.7M Fannie Mae.

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