National Health Investors (NHI) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and National Health Investors published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. National Health Investors reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Normalized FFO per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• NHI is a REIT. Revenue on this page is the line it calls total revenues: rent from leased properties, resident fees from its senior housing operating portfolio (SHOP), and interest income. The adjusted figure is Normalized FFO per diluted share, NHI's own non-GAAP measure.
• Q3 2026 GAAP EPS includes a $541.6 million gain on the July 1, 2026 sale of the 35-property portfolio leased to National HealthCare Corporation (NHC), which NHI had owned since 1991.

Source: National Health Investors Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How National Health Investors splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• National Health Investors's Rental income revenue was $60.7 million in Q3 2026, down 2% from $62.2 million in Q3 2025, 53% of total revenue.
• National Health Investors's Resident fees and services (SHOP) revenue was $47.7 million in Q3 2026, up 125% from $21.2 million in Q3 2025, 42% of total revenue.
• National Health Investors's Interest and other income revenue was $5.1 million in Q3 2026, down 21% from $6.5 million in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two lines are the low and high ends of NHI's 2026 full-year guidance table. The last two are among the assumptions it lists under that guidance.

In its Q3 2026 release, National Health Investors said:

“NAREIT FFO per diluted share $4.68 $4.70”

“Normalized FFO per diluted share $4.68 $4.70”

“$190 million in unidentified new investments;”

“Total SHOP NOI on 48 properties in a range of $43.8 million - $44.3 million, including $1.8 million from an October 1, 2026 acquisition.”

Source: NHI Q3 2026 release (Form 8-K, Exhibit 99.1), Nov 9, 2026.

This is the company's own guidance as of Nov 9, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NHI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and diluted EPS, each as first reported in that quarter's release. Q3 2026 EPS is dominated by the gain on the NHC portfolio sale.

We do not hold a confirmed date for National Health Investors's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

National Health Investors' total revenues were $113.5 million in Q3 2026, against $89.8 million. Rental income from leased properties was $60.7 million, resident fees and services from its SHOP segment, where NHI owns communities run by managers, were $47.7 million against $21.2 million, and interest and other income was $5.1 million. (NHI Q3 2026 release, Nov 9, 2026)

NHI said rental income fell $1.5 million, or 2.5%, mainly because of an $11.8 million drop in cash rent from 42 dispositions since July 1, 2025 and a $6.0 million drop from seven properties moved to SHOP in August 2025. The year-ago quarter had a $12.1 million write-off of straight-line rents on those seven properties, which offset part of the decline, along with $2.8 million from acquisitions and $2.2 million of rent escalators. (NHI Q3 2026 release, Nov 9, 2026)

The largest disposition was the NHC portfolio: 32 skilled nursing facilities and three independent living facilities, sold in July 2026 for $560.0 million in cash. Rental income from NHC was $22.2 million, or 6.3% of total revenues, in the first nine months of 2026, against $30.4 million, or 11.3%, a year earlier. (NHI Q3 2026 release, Nov 9, 2026; NHI Form 10-Q, Q3 2026, Nov 9, 2026)

SHOP growth came mostly from acquisitions. Resident fees and services less senior housing operating expenses rose $6.6 million, including $5.5 million from 20 SHOP properties acquired since the fourth quarter of 2025, and SHOP segment NOI was $11.5 million, against $4.9 million. On a same store basis the increase was $0.6 million. (NHI Q3 2026 release, Nov 9, 2026; NHI Form 10-Q, Q3 2026, Nov 9, 2026)

National Health Investors' diluted EPS was $11.47 in Q3 2026, against $0.69, because net income included $542.7 million of gains on dispositions, primarily the $541.6 million gain on the NHC sale. It also recognized $9.9 million of impairment on a property it sold in November 2026. (NHI Q3 2026 release, Nov 9, 2026)

NHI reports NAREIT FFO, which excludes property-sale gains and impairments and adds back depreciation, and Normalized FFO. Both were $1.12 per diluted share in Q3 2026. Normalized FFO fell 15.2% from $1.32, and the current quarter included $1.1 million of transaction costs for acquisitions NHI stopped pursuing. NAREIT FFO rose 2.8% from $1.09; the year-ago NAREIT figure included a $10.8 million net reduction in rental income for lease terminations on the properties moved to SHOP. For Normalized FAD, NHI cites an $11.8 million fall in cash rent from 42 dispositions, including the NHC portfolio. (NHI Q3 2026 release, Nov 9, 2026)

Diluted weighted average shares were 49,041,952, against 47,623,623 a year earlier. Interest expense fell $1.2 million, or 9.0%, after term loan repayments in 2025, partly offset by the 2033 Senior Notes issued in September 2025. On November 6, 2026 the board declared a $0.94 per share dividend. (NHI Q3 2026 release, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

National Health Investors gives full-year guidance in its release as a reconciliation table. For 2026 it guides net income attributable to common stockholders of $687.0 million to $687.6 million and NAREIT FFO and Normalized FFO per diluted share of $4.68 to $4.70, assuming $190 million in unidentified new investments and total SHOP NOI on 48 properties of $43.8 million to $44.3 million. (NHI Q3 2026 release, Nov 9, 2026)

NHI has about $285.3 million of investment opportunities under signed letters of intent, primarily SHOP, at an expected average initial NOI yield of about 6.5%, and is evaluating a pipeline of about $400 million more. At September 30, 2026 it held $231.7 million of restricted cash and $108.3 million of deposits for future acquisitions, and net debt to annualized adjusted EBITDA was 3.6x. (NHI Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover National Health Investors, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones National Health Investors's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NHI is on is NHI a buy or a sell?, what analysts expect next is on the NHI forecast, and what the company does is on the National Health Investors (NHI) stock page.

Every number on this page can be traced to a document National Health Investors published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.