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Dec 31, 2025
NHI Q4 2025 Earnings Report
NHI reported fourth quarter 2025 net income attributable to common stockholders of 38113000 and NAREIT FFO per diluted share of 1.22.
Key Takeaways
NHI delivered solid Q4 2025 results with total revenues of 105823000 and net income attributable to common stockholders of 38113000. Normalized FFO per diluted share increased year-over-year to 1.22, while SHOP NOI more than doubled compared to the prior year period.
Total revenues increased to 105823000 from 85754000 year-over-year
Net income attributable to common stockholders was 38113000 compared to 43213000 in Q4 2024
Normalized FFO per diluted share increased to 1.22 from 1.12 year-over-year
Normalized FAD rose to 57943000 from 52073000 in the prior year quarter
Revenue by Segment
Forward Guidance
For 2026, NHI introduced annual guidance with NAREIT FFO and Normalized FFO per diluted share expected between 4.94 and 4.99 and Normalized FAD between 248900000 and 251400000.
Positive Outlook
- 2026 NAREIT FFO per diluted share guidance range of 4.94 to 4.99
- 2026 Normalized FFO per diluted share guidance range of 4.94 to 4.99
- 2026 Normalized FAD guidance range of 248900000 to 251400000
- Assumes Same Store SHOP NOI growth between 7.0% and 8.0%
- Pipeline includes 230000000 in unidentified new investments at 7.8% average NOI yield
Challenges Ahead
- Guidance assumes 111300000 in dispositions through Q2 2026
- Projected gains on sales between 24400000 and 24700000 reduce asset base
- Guidance dependent on continued collection of deferred rents
- Subject to timing of forward equity sales agreement settlements
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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