National Health Investors, Inc. Q3 2026 Earnings Recap

NHI shares fell 4.8% after the company said third-quarter SHOP performance fell short of expectations: weaker-than-expected contributions from non-same-store communities offset 19.5% year-over-year NOI growth at same-store properties. Management said it is addressing operating performance with partners, but the shortfall puts execution of its SHOP growth strategy in focus.

Key Takeaways

• The 15 same-store SHOP properties delivered approximately 19.5% year-over-year NOI growth, in line with NHI’s outlook; non-same-store communities contributed less than expected.
• NHI completed $396.2 million of investments year-to-date at an average 7.5% yield, including $320 million of SHOP investments at a 7.3% average year-one yield after routine CapEx.
• The company expects about $190 million of signed-LOI investments to close in the fourth quarter, bringing projected 2026 investment to approximately $590 million. Expected year-end acquisitions will initially be net leased, with anticipated SHOP conversions in 2027.
• SHOP’s share of total NOI rose to approximately 18%, from 9% entering the year, including an October acquisition. Management reiterated its target of high-single-digit to low-double-digit organic SHOP NOI growth.
• NHI said leverage is below 3x and expects to recycle more than 95% of the NHC sale proceeds before year-end; the sale generated $555 million in net proceeds.