NATIONAL HEALTH INVESTORS INC
For the period ended Mar 31, 2026. Filed May 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 4, 2026
NHI$67.79-4.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(unaudited and $ in thousands)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $39,752 | $33,817 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 23,691 | 19,157 |
| Amortization of lease incentives | 725 | 725 |
| Amortization of notes receivable commitment fees and discounts | (65) | (103) |
| Amortization of debt issuance costs and discounts | 854 | 978 |
| Share-based compensation expense | 2,240 | 2,558 |
| Straight-line rent revenue adjustments | (723) | (1,410) |
| Non-cash interest income on mortgage notes receivable | (242) | (243) |
| Loan and realty gains, net | (50) | (14) |
| Gains on dispositions of real estate properties, net | (2,612) | (114) |
| Gains from equity method investment | — | (415) |
| Changes in operating assets and liabilities: | ||
| Other assets, net | (3,571) | (10) |
| Accounts payable and other liabilities | (7,081) | (8,522) |
| Deferred income | 522 | 74 |
| Net cash provided by operating activities | 53,440 | 46,478 |
| Cash flows from investing activities: | ||
| Acquisitions of real estate properties | (105,488) | (74,484) |
| Investments in existing real estate properties and equipment | (2,895) | (2,183) |
| Proceeds from dispositions of real estate properties | 6,662 | — |
| Investments in mortgage and other notes receivable | (6,056) | (19,135) |
| Payments received on mortgage and other notes receivable | 3,891 | 19,918 |
| Distributions received from equity method investment | — | 415 |
| Net cash used in investing activities | (103,886) | (75,469) |
| Cash flows from financing activities: | ||
| Proceeds from revolving credit facility | 140,000 | 261,000 |
| Repayments of revolving credit facility | (35,000) | (145,000) |
| Repayments of term loans | — | (112) |
| Proceeds from issuance of common shares, net | — | 65,483 |
| Payments of equity issuance costs | — | (47) |
| Distributions paid to noncontrolling interests | (289) | (311) |
| Dividends paid to stockholders | (44,439) | (41,119) |
| Taxes paid related to net settlement of stock incentive awards | (4,502) | (128) |
| Net cash provided by financing activities | 55,770 | 139,766 |
| Increase in cash, cash equivalents and restricted cash | 5,324 | 110,775 |
| Cash, cash equivalents and restricted cash at the beginning of the period | 19,624 | 26,502 |
| Cash, cash equivalents and restricted cash at the end of the period | $24,948 | $137,277 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(unaudited and $ in thousands)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2026 | 2025 | |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $17,525 | $16,873 |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Real estate property acquired to settle mortgage note receivable | — | 8,600 |
| Right of use assets acquired in exchange for finance lease liabilities | 243 | — |
| Changes in accounts payable related to real estate property renovations | 799 | (95) |
| Changes in accounts payable related to noncontrolling interest distributions | (37) | (68) |
| Changes in accounts payable related to taxes paid on stock option exercises | — | 8 |
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