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
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)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $658,323 | $102,984 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 75,002 | 59,291 |
| Amortization of debt issuance costs and discounts | 2,515 | 2,575 |
| Share-based compensation expense | 6,063 | 4,612 |
| Deferred income tax expense | 956 | — |
| Straight-line rent revenue adjustments | (1,780) | 8,499 |
| Non-cash rental income related to operations transfers | ||
| upon early lease terminations | — | (1,375) |
| Non-cash interest income on mortgage and other notes receivable | (985) | (1,203) |
| Other non-cash items, net | 2,265 | 1,403 |
| Loan and realty losses (gains), net | 9,608 | (3,386) |
| Gains on dispositions of real estate properties | (567,283) | (337) |
| Gain from equity method investment | (688) | (2,012) |
| Changes in operating assets and liabilities: | ||
| Other assets, net | (15,745) | (125) |
| Accounts payable and other liabilities | (1,754) | (2,587) |
| Deferred income | (109) | 488 |
| Net cash provided by operating activities | 166,388 | 168,827 |
| Cash flows from investing activities: | ||
| Acquisitions of real estate properties | (229,886) | (130,984) |
| Deposits on real estate acquisitions | (107,554) | — |
| Investments in existing real estate properties and equipment | (18,030) | (9,850) |
| Net proceeds from dispositions of real estate properties | 666,556 | — |
| Investments in mortgage and other notes receivable | (14,671) | (31,299) |
| Repayments of mortgage and other notes receivable | 15,999 | 88,003 |
| Distributions received from equity method investment | 688 | 2,012 |
| Net cash provided by (used in) investing activities | 313,102 | (82,118) |
| Cash flows from financing activities: | ||
| Proceeds from revolving credit facility | 509,000 | 505,000 |
| Repayments of revolving credit facility | (510,000) | (736,200) |
| Repayments of term loans | (125,000) | (150,815) |
| Proceeds from issuance of senior notes | — | 346,161 |
| Payments of debt issuance costs | — | (3,809) |
| Proceeds from issuance of common shares, net | 44,934 | 134,923 |
| Payments of equity issuance costs | (414) | (153) |
| Capital contributions from noncontrolling interests | 700 | 306 |
| Distributions paid to noncontrolling interests | (369) | (716) |
| Dividends paid to stockholders | (134,208) | (125,868) |
| Taxes paid related to net settlement of stock incentive awards | (5,415) | (415) |
| Cash settlement of restricted stock awards | (45) | — |
| Net cash used in financing activities | (220,817) | (31,586) |
| Increase in cash, cash equivalents and restricted cash | 258,673 | 55,123 |
| 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 | $278,297 | $81,625 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and $ in thousands)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2026 | 2025 | |
| Supplemental disclosures of cash flow information: | ||
| Interest paid | $46,673 | $43,969 |
| 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 | — |
| Assets received upon early lease terminations | — | 1,375 |
| Right-of-use assets acquired in exchange for finance lease liabilities | 243 | 22 |
| Right-of-use assets acquired in exchange for operating lease liabilities | 2,102 | — |
| Changes in accounts payable related to real estate property renovations | (11) | (95) |
| Changes in accounts payable related to noncontrolling interest distributions | 521 | (358) |
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