NHI reported Q4 2025 net income attributable to common stockholders of USD 0.80 per diluted share and FY 2025 net income attributable to common stockholders of USD 3.02 per diluted share. Q4 2025 NAREIT FFO was USD 1.22 per diluted share and FY 2025 NAREIT FFO was USD 4.65 per diluted share, while Q4 2025 normalized FFO was USD 1.22 per diluted share and FY 2025 normalized FFO was USD 4.91 per diluted share. Q4 2025 normalized FAD was USD 57.9 million and FY 2025 normalized FAD was USD 232.1 million (+13.7%). Q4 2025 rental income was USD 70.3 million (+6.8%), and Q4 2025 resident fees and services were USD 30.7 million (2.2x). Q4 2025 NOI was USD 79.8 million. NHI introduced FY 2026 guidance for NAREIT FFO per diluted share of USD 4.94–4.99, normalized FFO per diluted share of USD 4.94–4.99, and normalized FAD of USD 248.9 million–251.4 million. The company said it expanded its SHOP portfolio in 2025 to 26 properties from 15 and recently announced its largest SHOP acquisition, adding nine assisted living facilities for USD 105.5 million, bringing total SHOP investments to about USD 740.0 million. In 2025, NHI announced investments of USD 392.3 million and ended FY 2025 with net debt of USD 1.2 billion and net debt to adjusted EBITDA of 3.8x. Subsequent to year-end, NHI sold a 42-unit senior living campus in Michigan for USD 6.7 million. NHI also reported signed LOIs for about USD 110.6 million of investment opportunities (average initial yield about 7.5%) and an additional pipeline under evaluation of about USD 488.0 million.
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