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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate properties:    
Land $ 209,444 $ 191,909
Buildings and improvements 2,882,373 2,751,071
Construction in progress 12,465 10,568
Total real estate properties 3,104,282 2,953,548
Less: Accumulated depreciation (801,614) (742,295)
Total real estate properties, net 2,302,668 2,211,253
Mortgage and other notes receivable, net of credit loss reserve of $15,443 and $20,249, respectively 209,169 268,926
Cash and cash equivalents 81,625 24,289
Straight-line rents receivable 77,906 87,150
Other assets, net 18,696 22,753
Total assets [1] 2,690,064 2,614,371
Liabilities:    
Debt, net 1,109,065 1,146,041
Accounts payable and other liabilities 34,654 37,757
Dividends payable 43,827 41,119
Deferred income 4,020 4,277
Total liabilities [1] 1,191,566 1,229,194
Commitments and contingencies
Redeemable noncontrolling interest 9,034 9,790
Equity:    
Common stock 476 457
Capital in excess of par value 1,875,800 1,736,831
Retained earnings 2,708,843 2,604,829
Cumulative dividends (3,104,220) (2,975,642)
Total National Health Investors, Inc. stockholders’ equity 1,480,899 1,366,475
Noncontrolling interests 8,565 8,912
Total equity 1,489,464 1,375,387
Total liabilities and equity $ 2,690,064 $ 2,614,371
[1] The condensed consolidated balance sheets included the following amounts related to our consolidated variable interest entities: $400.3 million and $505.9 million of real estate properties, net; $7.6 million and $9.7 million of cash and cash equivalents; $0.6 million and $10.0 million of straight-line rents receivable; $5.4 million and $7.5 million of other assets, net; and $5.7 million and $5.7 million of accounts payable and other liabilities as of September 30, 2025 and December 31, 2024, respectively.