NHI

EX-99.1

2 ex991-q12026earningsrelease.htm

EX-99.1

Document

Exhibit 99.1

Contact: John L. Spaid, Chief Financial Officer

Phone: (615) 890-9100

NHI Announces First Quarter 2026 Results

MURFREESBORO, Tenn. – (Monday, May 4, 2026) National Health Investors, Inc. (NYSE: NHI) announced today its results for the quarter ended March 31, 2026.

CEO Comments

“NHI reported a solid start to 2026, with NAREIT FFO, Normalized FFO and FAD exceeding our internal expectations,” said Eric Mendelsohn, NHI’s President and CEO.

“During the quarter, we continued to expand our Senior Housing Operating Portfolio (“SHOP”), with first quarter invested capital of $742.5 million, a 106% increase from the prior year period. While same-store SHOP performance was impacted by near-term operating headwinds, we remain focused on executing our strategy and see solid performance from our recent SHOP additions. We also announced the acquisition of a seven-property portfolio for $106.9 million, which we expect to be accretive and to further support our growth.”

“Year-to-date, we have announced $212.4 million of investments and continue to evaluate additional opportunities. Following the pending sale of the NHC portfolio, we expect pro forma leverage to decline below our target range, providing additional financial flexibility. We remain focused on expanding our private-pay senior housing portfolio and believe our positioning supports our longer-term growth objectives,” concluded Mr. Mendelsohn.

Financial Results and Recent Events

•Net income attributable to common stockholders per diluted share for the quarter ended March 31, 2026 increased by 10.8% to $0.82 per share compared to $0.74 per share for the same period in the prior year. Net income attributable to common stockholders for the quarter ended March 31, 2026 included $2.6 million of gains on dispositions of real estate properties. Net income attributable to common stockholders for the quarter ended March 31, 2025 included $0.3 million of proxy contest and related expenses for a proxy campaign associated with the Company’s 2025 annual stockholders meeting and $1.2 million of costs incurred related to a large SHOP transaction that did not materialize.

•National Association of Real Estate Investment Trusts (“NAREIT”) FFO per diluted share for the quarter ended March 31, 2026 increased by 7.9% to $1.23 per share compared to $1.14 per share for the same period in the prior year. NAREIT FFO for the quarter ended March 31, 2025 included the $0.3 million of proxy contest and related expenses and the $1.2 million of transaction costs described above.

•Normalized FFO per diluted share for the quarter ended March 31, 2026 increased by 7.0% to $1.23 per share compared to $1.15 per share for the same period in the prior year. Normalized FFO for the quarter ended March 31, 2025 included the $1.2 million of transaction costs described above.

•Normalized FAD for the quarter ended March 31, 2026 increased by 11.6% to $62.5 million compared to $56.0 million for the same period in the prior year.

NHI Reports First Quarter 2026 Results

Page 2

NHI is updating its 2026 full year guidance range as follows:

•NAREIT FFO per diluted share from a range of $4.94 - $4.99 to a range of $4.74 - $4.79;

•Normalized FFO per diluted share from a range of $4.94 - $4.99 to a range of $4.74 - $4.79; and

•Normalized FAD from a range of $248.9 million - $251.4 million to a range of $240.6 million - $243.7 million.

A detailed schedule of the Company’s updated 2026 full year guidance range and the updated related assumptions used has been included in this press release.

Results for the quarter ended March 31, 2026 compared to the same period in the prior year were impacted by the following:

•Rental income increased $4.3 million, or 6.2%, primarily due to $4.0 million of increased rental income from real estate properties in the Real Estate Investments segment that were acquired since January 1, 2025, partially offset by $2.1 million of rental income in the prior year period related to seven properties transitioned into the SHOP segment on August 1, 2025 from the Real Estate Investments segment.

•Resident fees and services, less senior housing operating expenses, increased $5.8 million, consisting of a $2.9 million increase related to the transitioned properties discussed above and a $3.0 million increase due to acquisitions in the SHOP segment since January 1, 2025.

•On a same store (“Same Store”) basis, resident fees and services, less senior housing operating expenses, declined 2.4% primarily due to a decline in occupancy that was partially offset by increases in resident rental rates.

•Interest income from mortgage and other notes receivable decreased $1.5 million, or 23.8%, primarily due to a net reduction in the principal amounts of mortgage and other notes receivable outstanding in the current period compared to the prior year period.

•Depreciation and amortization increased $4.5 million, or 23.

nhi-202602260000877860FALSE00008778602026-02-262026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 26, 2026

National Health Investors Inc (Exact name of Registrant as specified in its charter)

Maryland001-1082262-1470956 (State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

222 Robert Rose Drive Murfreesboro, TN 37129 (Address of principal executive offices)

(615) 890-9100 (Registrant's telephone number, including area code)

Not Applicable (Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each ClassTrading Symbol(s)Name of each exchange on which registered Common Stock, $0.01 par valueNHINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On February 26, 2026, National Health Investors, Inc. issued a press release announcing its earnings for the quarter ended December 31, 2025. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

Exhibit NumberDescription 99.1Fourth Quarter Earnings Press Release, dated February 26, 2026

104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

National Health Investors, Inc.

Date:February 26, 2026/s/ John L. Spaid Name:John L. Spaid Title:Chief Financial Officer

nhi-202511060000877860FALSE00008778602025-11-062025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 6, 2025

National Health Investors Inc (Exact name of Registrant as specified in its charter)

Maryland001-1082262-1470956 (State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

222 Robert Rose Drive Murfreesboro, TN 37129 (Address of principal executive offices)

(615) 890-9100 (Registrant's telephone number, including area code)

Not Applicable (Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each ClassTrading Symbol(s)Name of each exchange on which registered Common Stock, $0.01 par valueNHINew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On November 6, 2025, National Health Investors, Inc. issued a press release announcing its earnings for the quarter ended September 30, 2025. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

Exhibit NumberDescription 99.1Third Quarter Earnings Press Release, dated November 6, 2025

104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

National Health Investors, Inc.

Date:November 6, 2025/s/ John L. Spaid Name:John L. Spaid Title:Chief Financial Officer