National Health Investors raises dividend after NHC portfolio sale
The healthcare real estate investment trust increased its quarterly cash dividend to $0.94 per share on August 7, 2026.
National Health Investors (NHI), a healthcare real estate investment trust, reported net income attributable to common stockholders of $1.15 per diluted share for the second quarter of 2026, a 45.6% increase from $0.79 in the prior-year period.
The results followed a period of aggressive capital expansion and a major divestiture. The company completed the sale of the NHC portfolio on July 1, 2026, for $560.0 million, and expects a gain of approximately $541.6 million from the transaction.
NAREIT FFO per diluted share for the quarter was $1.19, remaining flat compared to the $1.19 reported in the second quarter of 2025. Normalized FFO per diluted share decreased 2.5% to $1.19 from $1.22 in the same period last year. However, normalized funds available for distribution (FAD) rose $5.7 million to $61.6 million.
Growth in the Skilled Nursing and Assisted Living (SHOP) segment was driven by acquisitions and transitioned properties, which pushed total SHOP NOI up approximately 188% year-over-year. SHOP invested capital reached $854.8 million, a 137% increase from the prior year, accelerating from a 106% increase in the first quarter of 2026.
Rental income rose 1.6%, or $1.1 million, year-over-year, though this represented a deceleration from the 6.2% increase reported in the first quarter. Same-store SHOP resident fees and services, less operating expenses, declined $0.2 million, an improvement over the 2.4% decline seen in the first quarter.
National Health Investors reiterated its full-year 2026 guidance for NAREIT FFO and Normalized FFO per diluted share at $4.74 to $4.79. This range remains lower than the $4.94 to $4.99 range provided in the first quarter. Full-year guidance for normalized FAD was also reiterated at $240.6 million to $243.7 million, down from the previous range of $248.9 million to $251.4 million.
To strengthen asset management, the company appointed a Chief Operating Officer during the second quarter.