NATIONAL HEALTH INVESTORS INC

For the period ended Jun 30, 2026. Filed Aug 10, 2026.

About this filing

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.

Jun 30, 2026 · Filed Aug 10, 2026

NHI$67.79-4.8%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows

(unaudited and $ in thousands)

	Six Months Ended
	June 30,
	2026	2025
Cash flows from operating activities:
Net income	$95,109	$70,506
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	49,239	39,075
Amortization of debt issuance costs and discounts	1,708	1,917
Share-based compensation expense	4,600	3,629
Deferred income tax expense	732	—
Straight-line rent revenue adjustments	(1,320)	(2,444)
Non-cash interest income on mortgage notes receivable	(581)	(655)
Other non-cash items, net	1,374	1,134
Loan and realty gains, net	(109)	(1,407)
Gains on dispositions of real estate properties	(24,579)	(224)
Gains from equity method investment	—	(1,939)
Changes in operating assets and liabilities:
Other assets, net	(11,153)	1,110
Accounts payable and other liabilities	3,514	(4,414)
Deferred income	(121)	7
Net cash provided by operating activities	118,413	106,295
Cash flows from investing activities:
Acquisitions of real estate properties	(229,886)	(130,984)
Investments in existing real estate properties and equipment	(11,132)	(4,806)
Proceeds from dispositions of real estate properties	92,961	—
Fees received on mortgage notes receivable	—	389
Investments in mortgage and other notes receivable	(12,176)	(25,688)
Repayments of mortgage and other notes receivable	12,933	35,365
Distributions received from equity method investment	—	1,939
Net cash used in investing activities	(147,300)	(123,785)
Cash flows from financing activities:
Proceeds from revolving credit facility	449,000	329,000
Repayments of revolving credit facility	(215,000)	(282,200)
Repayments of term loans	(125,000)	(75,815)
Payments of debt issuance costs	—	(185)
Proceeds from issuance of common shares, net	44,934	123,484
Payments of equity issuance costs	(414)	(153)
Capital contributions from noncontrolling interests	700	56
Distributions paid to noncontrolling interests	(317)	(542)
Dividends paid to stockholders	(89,021)	(83,143)
Taxes paid related to net settlement of stock incentive awards	(5,185)	(191)
Net cash provided by financing activities	59,697	10,311
Increase (decrease) in cash, cash equivalents and restricted cash	30,810	(7,179)
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	$50,434	$19,323

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and $ in thousands)

	Six Months Ended
	June 30,
	2026	2025
Supplemental disclosures of cash flow information:
Interest paid	$25,753	$27,042
Supplemental disclosures of non-cash investing and financing activities:
Real estate properties acquired to settle mortgage note receivable	—	8,600
Mortgage and other notes issued in connection with dispositions of real estate properties	5,500	—
Right-of-use assets acquired in exchange for finance lease liabilities	243	—
Right-of-use assets acquired in exchange for operating lease liabilities	2,102	—
Changes in accounts payable related to real estate property renovations	86	(95)
Changes in accounts payable related to noncontrolling interest distributions	249	(80)

ContentsView on SEC.gov

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