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Description of the Business | 9 Months Ended
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Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Description of the Business | Description of the Business National Health Investors, Inc. (“NHI,” the “Company,” “we,” “us,” or “our”), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. We operate through two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (“SHOP”). Our investments in real estate properties include independent living facilities (“ILF”), assisted living facilities (“ALF”), entrance-fee communities (“EFC”), senior living campuses (“SLC”), skilled nursing facilities (“SNF”) and hospitals (“HOSP”). Senior housing properties (“SHO”) are the combination of ILFs, ALFs, EFCs and SLCs and are also referred to as senior housing communities. As of September 30, 2025, our Real Estate Investments segment consisted of gross real estate investments of $2.5 billion in 174 properties that are located in 32 states and leased primarily under triple-net leases to 30 tenants. These investments included 108 SHOs, 65 SNFs and one HOSP. Additionally, our investments included $224.6 million in principal amounts of mortgage and other notes receivable, excluding $15.4 million of credit loss reserves. As of September 30, 2025, our SHOP segment consisted of gross real estate investments of $551.8 million in 22 senior housing communities located in 12 states and comprised of 17 ILFs, four SLCs and one ALF with a combined total of 2,670 residential units. We outsource the operations at these properties to third-party managers and pay a management fee for these services. As of September 30, 2025, 14 of our senior housing communities were held in consolidated partnerships in which the noncontrolling common equity interest is owned by affiliates of the managers. We classify ILFs, ALFs, EFCs and SLCs as senior housing investments and classify SNFs and HOSPs as medical facility investments. Disclosures in these condensed consolidated financial statements related to property, bed and unit counts are outside the scope of our independent registered accounting firm’s review.

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