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NHI · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is National Health Investors (NHI) stock moving?
NHI's Q3 2026 release mixed a clean operating beat with a weaker per-share number and a lower full-year outlook. Sales of $113.5M beat the $107.7M estimate and NAREIT FFO per diluted share rose 2.8% to $1.12, but that still missed the $1.14 consensus. The company then lowered its FY2026 normalized FFO guidance to $4.68-$4.70 from $4.74-$4.79, below the $4.76 estimate. Reported EPS of $11.47 is inflated by a $541.6M gain on the NHC leased portfolio sale and is not a clean measure of earnings power. Management said it is focused on underperforming senior housing assets and has closed more than $395M of investments year to date. The stock rose from a $65.68 close on Oct 28 to $71.58 on Nov 5, then fell 4.8% to $67.79 on Nov 10 on about 543K shares, roughly 1.7 times the prior eight-day average. That heavy selling after the guidance cut suggests the market has marked the stock down for the lower outlook.
News behind the analysis
- National Health Investors Q3 2026 Earnings Call TranscriptNHI reported third-quarter 2026 results on Tuesday, and the earnings call transcript was published. The call covered the results and the company's plan for its senior housing portfolio.
- National Health Investors Reports Third Quarter 2026 Financial ResultsNHI reported results for the quarter ended September 30, 2026, and updated its full-year 2026 normalized FFO per share guidance. The headline notes normalized FFO fell while revenue rose.
- National Health Investors Lowers FY2026 FFO Guidance from $4.74-$4.79 to $4.68-$4.70 vs $4.76 EstThe new full-year FFO guidance of $4.68-$4.70 sits below both the prior range and the $4.76 analyst estimate. The cut is the main negative in the release.
- National Health Investors Q3 FFO $1.12 Misses $1.14 Estimate, Sales $113.483M Beat $107.737M EstimateQ3 FFO of $1.12 per share missed the $1.14 estimate, while sales of $113.483M beat the $107.737M estimate. The mixed result set up the guidance reduction.
About National Health Investors
National Health Investors is a self-managed real estate investment trust (REIT) based in Murfreesboro, Tennessee, founded in 1991. It owns and finances senior housing and medical facilities like independent living, assisted living, memory care and skilled nursing properties. It is growing a portfolio of senior housing it operates through managers (SHOP) alongside its traditional leased properties.
How it makes money
Most of its revenue comes from rent paid by senior housing and skilled nursing operators under long-term triple-net leases, where the tenant covers most property costs. It also earns interest on mortgage and mezzanine loans to operators. A growing share comes from its Senior Housing Operating Portfolio, where third-party managers run the communities and NHI keeps the operating income, so occupancy and costs matter more there. Like other REITs, it pays out most of its income as dividends.
What usually moves NHI
- Interest rates and borrowing costs
- Senior housing occupancy and rent growth
- Tenant/operator financial health and rent coverage
- Pace and yields of new acquisitions, especially SHOP deals
- Medicare/Medicaid reimbursement for skilled nursing