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National Health Investors
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Updated Aug 27, 2026
NHI enters change-in-control severance agreement with Christian Maingot.
National Health Investors executed a Change in Control Severance Agreement with Christian Maingot on August 27, 2026, providing severance protections including 2.0x base salary and bonus, bonus pro-rata payout, 18 months of COBRA coverage, and accelerated equity vesting upon qualifying termination events within two years of a change in control. The agreement includes 12-month non-competition and non-solicitation restrictions post-severance and standard confidentiality covenants.
Tone: neutralRevenue
$375.6M
NHI 10-K · FY 2025
Employees
32
Revenue growth YoY
+12.1%
Founded
1991
Profile
NHI 10-K Item 1 · Feb 26, 2026National Health Investors (NHI) is a self-managed REIT focused on senior housing communities and medical facilities across the United States. The company operates through two segments: Real Estate Investments, which leases properties under triple-net structures to third-party operators, and SHOP, which owns senior housing communities operated by third-party managers under RIDEA-compliant structures. As of year-end 2025, NHI's portfolio spans 215 properties in 32 states with a combined gross carrying value of approximately $3.5 billion.
Read filing description ↓ Collapse description ↑
National Health Investors, Inc. ('NHI', the 'Company', 'we', 'us' or 'our'), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ('REIT'). We own, lease, operate and finance the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. We operate through two reportable segments, Real Estate Investments and Senior Housing Operating Portfolio ('SHOP'). Our investments in senior housing communities, also referred to as senior housing properties ('SHO'), include independent living facilities ('ILF'), assisted living facilities ('ALF'), entrance fee communities ('EFC') and senior living campuses ('SLC'). Our investments in medical facilities include skilled nursing facilities ('SNF') and hospitals ('HOSP'). Our financing arrangements consist of mortgages, construction loans, mezzanine loans and revolving lines of credit extended to our tenants, operators, or affiliates of our tenants and operators, and other third parties. As of December 31, 2025, our Real Estate Investments segment consisted of gross real estate investments of $2.7 billion in 176 properties, excluding one property classified as assets held for sale, which are located in 32 states and leased pursuant primarily to triple-net leases to 31 tenants. As of December 31, 2025, our SHOP segment consisted of gross real estate investments of $634.3 million in 26 senior housing communities located in 13 states and comprised of 17 ILFs, six SLCs and three ALFs with a combined total of 3,009 units. We outsource the operations at these properties to third-party managers and pay a management fee for these services.
Primary products
- Triple-net tenant leases
- Mortgage loans
- Mezzanine loans
- Construction loans
- Revolving lines of credit
- RIDEA-structured senior housing operating communities
Business segments
End markets
Geographies
Named customers
For the year ended December 31, 2025, approximately 36.9% of our total revenues were generated from three tenants, including 14.7% from Senior Living Communities, LLC ('Senior Living'), 11.5% from Bickford Senior Living ('Bickford') and 10.7% from National HealthCare Corporation ('NHC').
“We compete primarily with other REITs, private equity funds, healthcare providers, banks and insurance companies in the acquisition, leasing and financing of healthcare real estate properties.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew 12.1% year-over-year, driven by increases in both rental income and resident fees and services as the SHOP segment expanded materially.
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