Short answer
NATIONAL HEALTH INVESTORS INC (NHI) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $80M (+47.1% year over year) and net income of $142M.
- Top risk flagged: Regulatory risk from recent tax law OBBBA effective 2025; increases REIT TRS asset test from 20% to 25% and affects interest deduction limits
FY2025 key financial metrics · XBRL
- Revenue
- $80M
- +47.1% YoY
- Net income
- $142M
- +3.0% YoY
- EPS (diluted)
- $3.02
- −3.5% YoY
- ROE
- 9.3%
- −0.8 pp YoY
- Operating cash flow
- $237M
- +13.9% YoY
Source: XBRL data from the NATIONAL HEALTH INVESTORS INC (NHI) FY2025 10-K on SEC EDGAR. USD.
NATIONAL HEALTH INVESTORS INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Investment in healthcare real estate and selective investments in healthcare operators
- New emphasis on CMS final rule (Nov 2023) requiring Medicare/Medicaid SNFs to disclose ownership details publicly, increasing scrutiny on REITs and private equity
- Strategic risk focus on rising liability insurance costs and litigation exposure, including increased SNF liability claims and insurance restrictions in Texas and Florida
- Notable metric: Resident loan balance secured by Timber Ridge property at $7.7 million as of December 31, 2025, highlighting operational complexity of RIDEA joint venture
- Unusual fact: Potential material adverse impact if Timber Ridge OpCo consolidation is required, due to accounting treatment of refundable entrance fees under Type A CCRC model
Management Discussion & Analysis
- No forward-looking guidance or risk disclosures available in excerpt
Risk Factors
- Regulatory risk from recent tax law OBBBA effective 2025; increases REIT TRS asset test from 20% to 25% and affects interest deduction limits
- Geopolitical/macro risk: Exposure to operators under financial distress, e.g., Bickford’s non-performing mezzanine loan of $1.3M and going concern doubts
- Operational vulnerability: Reliance on third-party managers for SHOP segment operations, dependent on their personnel/resources and regulatory compliance
- Competitive risk: Lease renewal uncertainty with NHC, a major tenant of 32 SNFs and 3 ILFs, currently in default on non-monetary lease provisions
- Financial risk: Tenant concentration with Senior Living group accounting for 14.7% of revenues and $9M outstanding revolving credit as of 12/31/2025
Generated from the filing text; verify against the original. How to read a 10-K
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