NATIONAL HEALTH INVESTORS INC
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
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Condensed Consolidated Balance Sheets
($ in thousands, except per share amounts)
| September 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| (unaudited) | ||
| Assets: | ||
| Real estate properties: | ||
| Land | $231,370 | $221,660 |
| Buildings, improvements and intangibles | 3,022,976 | 3,054,100 |
| Construction in progress | 18,429 | 18,214 |
| Total real estate properties | 3,272,775 | 3,293,974 |
| Less: Accumulated depreciation and amortization | (737,953) | (821,702) |
| Total real estate properties, net | 2,534,822 | 2,472,272 |
| Mortgage and other notes receivable, net of credit loss | ||
| reserves of $15,118 and $15,397, respectively | 209,445 | 203,296 |
| Cash and cash equivalents | 46,559 | 19,624 |
| Restricted cash | 231,738 | — |
| Deposits on real estate acquisitions | 108,309 | — |
| Straight-line rents receivable | 74,557 | 78,891 |
| Assets held for sale, net | 3,050 | 3,562 |
| Other assets, net | 34,975 | 19,242 |
| Total assets1 | $3,243,455 | $2,796,887 |
| Liabilities and Equity: | ||
| Liabilities: | ||
| Debt, net | $1,040,329 | $1,163,814 |
| Accounts payable and other liabilities | 41,375 | 42,070 |
| Operating lease liabilities | 3,725 | 1,664 |
| Dividends payable | 46,241 | 44,439 |
| Deferred income | 3,677 | 4,996 |
| Deferred income tax liabilities, net | 956 | — |
| Total liabilities1 | 1,136,303 | 1,256,983 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interest | 10,111 | 10,195 |
| Equity: | ||
| National Health Investors, Inc. stockholders’ equity: | ||
| Common stock, $0.01 par value per share, 100,000,000 shares authorized, | ||
| 49,110,434 shares and 48,302,944 shares, respectively, issued and outstanding | 491 | 483 |
| Capital in excess of par value | 1,967,830 | 1,922,713 |
| Retained earnings | 3,406,304 | 2,747,006 |
| Cumulative dividends | (3,284,669) | (3,148,659) |
| Total National Health Investors, Inc. stockholders’ equity | 2,089,956 | 1,521,543 |
| Noncontrolling interests | 7,085 | 8,166 |
| Total equity | 2,097,041 | 1,529,709 |
| Total liabilities and equity | $3,243,455 | $2,796,887 |
1 Our condensed consolidated balance sheets included the following amounts related to our consolidated variable interest entities (“VIE”): $401.1 million and $403.4 million of real estate properties, net; $6.4 million and $9.1 million of cash and cash equivalents; $0.2 million and $0.6 million of straight-line rents receivable; $2.8 million and $4.2 million of other assets, net; and $6.7 million and $5.5 million of accounts payable, other liabilities and deferred income as of September 30, 2026 and December 31, 2025, respectively.
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