National Health Investors (NHI)
Market Price (5/16/2026): $74.62 | Market Cap: $3.6 BilSector: Financials | Industry: Diversified Capital Markets
National Health Investors (NHI)
Market Price (5/16/2026): $74.62Market Cap: $3.6 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.8% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 49% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 61% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. | Weak multi-year price returns2Y Excs Rtn is -16%, 3Y Excs Rtn is -14% | Expensive valuation multiplesP/SPrice/Sales ratio is 9.0x Key risksNHI key risks include [1] high tenant concentration, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.9%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7%, FCF Yield is 6.8% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 49% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 61%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 61% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Geriatric Care. |
| Weak multi-year price returns2Y Excs Rtn is -16%, 3Y Excs Rtn is -14% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 9.0x |
| Key risksNHI key risks include [1] high tenant concentration, Show more. |
Qualitative Assessment
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National Health Investors (NHI) stock has lost about 10% since 1/31/2026 because of the following key factors:
1. Revised Full-Year 2026 Guidance Below Expectations. National Health Investors significantly lowered its full-year 2026 guidance for NAREIT FFO and Normalized FFO per diluted share on May 4, 2026, from an initial range of $4.94-$4.99 to a new range of $4.74-$4.79. This updated outlook is below the consensus analyst estimate of $5.02, indicating a more cautious forecast for future profitability and likely contributing to investor apprehension.
2. Significant Asset Dispositions and Portfolio Repositioning. The company announced a major strategic move to sell its entire National HealthCare Corporation (NHC) leased portfolio, consisting of 32 skilled nursing facilities and three independent living facilities, for $560.0 million in net cash. This substantial disposition, expected to close by July 1, 2026, while intended to optimize the portfolio and shift focus, introduces near-term uncertainties and impacts the financial outlook, as reflected in the revised guidance which incorporates approximately $665 million in expected disposition proceeds.
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1. Revised Full-Year 2026 Guidance Below Expectations. National Health Investors significantly lowered its full-year 2026 guidance for NAREIT FFO and Normalized FFO per diluted share on May 4, 2026, from an initial range of $4.94-$4.99 to a new range of $4.74-$4.79. This updated outlook is below the consensus analyst estimate of $5.02, indicating a more cautious forecast for future profitability and likely contributing to investor apprehension.
2. Significant Asset Dispositions and Portfolio Repositioning. The company announced a major strategic move to sell its entire National HealthCare Corporation (NHC) leased portfolio, consisting of 32 skilled nursing facilities and three independent living facilities, for $560.0 million in net cash. This substantial disposition, expected to close by July 1, 2026, while intended to optimize the portfolio and shift focus, introduces near-term uncertainties and impacts the financial outlook, as reflected in the revised guidance which incorporates approximately $665 million in expected disposition proceeds.
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Stock Movement Drivers
Fundamental Drivers
The -8.1% change in NHI stock from 1/31/2026 to 5/15/2026 was primarily driven by a -10.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5152026 | Change |
|---|---|---|---|
| Stock Price ($) | 81.20 | 74.63 | -8.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 356 | 401 | 12.9% |
| Net Income Margin (%) | 41.4% | 36.9% | -10.9% |
| P/E Multiple | 26.2 | 24.3 | -6.9% |
| Shares Outstanding (Mil) | 47 | 48 | -1.8% |
| Cumulative Contribution | -8.1% |
Market Drivers
1/31/2026 to 5/15/2026| Return | Correlation | |
|---|---|---|
| NHI | -8.1% | |
| Market (SPY) | 7.1% | -10.7% |
| Sector (XLF) | -3.9% | -10.9% |
Fundamental Drivers
The 2.5% change in NHI stock from 10/31/2025 to 5/15/2026 was primarily driven by a 15.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5152026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.80 | 74.63 | 2.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 349 | 401 | 15.1% |
| Net Income Margin (%) | 41.0% | 36.9% | -10.0% |
| P/E Multiple | 23.8 | 24.3 | 2.4% |
| Shares Outstanding (Mil) | 47 | 48 | -3.4% |
| Cumulative Contribution | 2.5% |
Market Drivers
10/31/2025 to 5/15/2026| Return | Correlation | |
|---|---|---|
| NHI | 2.5% | |
| Market (SPY) | 9.0% | -11.9% |
| Sector (XLF) | -1.6% | -11.2% |
Fundamental Drivers
The 3.4% change in NHI stock from 4/30/2025 to 5/15/2026 was primarily driven by a 19.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5152026 | Change |
|---|---|---|---|
| Stock Price ($) | 72.14 | 74.63 | 3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 335 | 401 | 19.8% |
| Net Income Margin (%) | 41.2% | 36.9% | -10.4% |
| P/E Multiple | 23.6 | 24.3 | 3.2% |
| Shares Outstanding (Mil) | 45 | 48 | -6.6% |
| Cumulative Contribution | 3.4% |
Market Drivers
4/30/2025 to 5/15/2026| Return | Correlation | |
|---|---|---|
| NHI | 3.4% | |
| Market (SPY) | 34.8% | -6.4% |
| Sector (XLF) | 6.4% | -0.2% |
Fundamental Drivers
The 76.5% change in NHI stock from 4/30/2023 to 5/15/2026 was primarily driven by a 54.6% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5152026 | Change |
|---|---|---|---|
| Stock Price ($) | 42.29 | 74.63 | 76.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 278 | 401 | 44.3% |
| Net Income Margin (%) | 23.9% | 36.9% | 54.6% |
| P/E Multiple | 27.6 | 24.3 | -11.9% |
| Shares Outstanding (Mil) | 43 | 48 | -10.2% |
| Cumulative Contribution | 76.5% |
Market Drivers
4/30/2023 to 5/15/2026| Return | Correlation | |
|---|---|---|
| NHI | 76.5% | |
| Market (SPY) | 84.7% | 22.2% |
| Sector (XLF) | 61.7% | 28.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NHI Return | -12% | -3% | 15% | 31% | 16% | -1% | 47% |
| Peers Return | 24% | -26% | -6% | 68% | -37% | 4% | -6% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| NHI Win Rate | 58% | 58% | 58% | 67% | 50% | 40% | |
| Peers Win Rate | 38% | 17% | 42% | 42% | 42% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| NHI Max Drawdown | -32% | -23% | -19% | -18% | -9% | -19% | |
| Peers Max Drawdown | -55% | -30% | -67% | -55% | -72% | -50% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FSP, BGDE, BTGO, NHP, CD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/15/2026 (YTD)
How Low Can It Go
| Event | NHI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.5% | -9.5% |
| % Gain to Breakeven | 13.0% | 10.5% |
| Time to Breakeven | 39 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.9% | -6.7% |
| % Gain to Breakeven | 20.3% | 7.1% |
| Time to Breakeven | 123 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.3% | -24.5% |
| % Gain to Breakeven | 12.7% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.2% | -33.7% |
| % Gain to Breakeven | 164.5% | 50.9% |
| Time to Breakeven | 1538 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -15.8% | -3.7% |
| % Gain to Breakeven | 18.8% | 3.9% |
| Time to Breakeven | 223 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.2% | -12.2% |
| % Gain to Breakeven | 11.4% | 13.9% |
| Time to Breakeven | 33 days | 62 days |
In The Past
National Health Investors's stock fell -1.0% during the 2025 US Tariff Shock. Such a loss loss requires a 1.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | NHI | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -62.2% | -33.7% |
| % Gain to Breakeven | 164.5% | 50.9% |
| Time to Breakeven | 1538 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -32.9% | -53.4% |
| % Gain to Breakeven | 49.0% | 114.4% |
| Time to Breakeven | 25 days | 1085 days |
In The Past
National Health Investors's stock fell -1.0% during the 2025 US Tariff Shock. Such a loss loss requires a 1.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About National Health Investors (NHI)
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals.
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- Prologis for healthcare and senior living facilities.
- American Tower for senior housing and medical properties.
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- Sale-Leaseback Financing: NHI purchases a property from an operator and then leases it back to the same operator, providing immediate capital to the operator.
- Joint-Venture Investments: NHI partners with other entities to acquire or develop properties, sharing ownership, risks, and returns.
- Mortgage Financing: NHI provides traditional real estate loans secured by properties, often for acquisitions or refinancing.
- Mezzanine Financing: NHI offers a hybrid form of financing that combines debt and equity, typically ranking below senior debt but above common equity.
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National Health Investors (NHI) is a real estate investment trust (REIT) that specializes in financing and leasing senior housing and medical investments. As a REIT, NHI's primary customers are the companies that operate these facilities, rather than individuals directly.
Based on recent financial disclosures, NHI's major customer companies (tenants/operators) include:
- National HealthCare Corporation (NHC) (NASDAQ: NHC)
- Senior Living Communities, LLC (SLC)
- Discovery Senior Living
- Maplewood Senior Living
- Ventura Coast Health
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D. Eric Mendelsohn, President, CEO & Director
Mr. Mendelsohn was appointed CEO in August 2015 and has served as President since June 2015. He was named Vice-Chair of the Board effective January 8, 2025. He began his career in senior living as the Director of Real Estate at Emeritus Corp., where he was involved with its real estate portfolio and later with the company's merger with Brookdale Senior Living, Inc.
John L. Spaid, Executive Vice President of Finance, Chief Financial Officer & Treasurer
Mr. Spaid was named Chief Financial Officer in November 2019 and Treasurer in February 2023. He joined NHI in March 2016 as Executive Vice President of Finance. He has over 40 years of experience in real estate, finance, and senior housing. Prior to joining NHI, he served as Senior Vice President of Financial Planning and Analysis at Emeritus, where he led corporate and operational financial analysis teams from 2012 to 2014. Before joining NHI, Mr. Spaid provided consulting services to the company from November 2015.
Kevin Pascoe, Executive Vice President of Investments & Chief Investment Officer
Mr. Pascoe has over two decades of experience in the finance industry. He started his career as a Credit Analyst at National Health Investors before joining GE Commercial Finance, where he served as a Vice President, Relationship Manager. He rejoined NHI in 2010 as Vice President of Asset Management and has since been promoted to Chief Investment Officer and Executive Vice President, Investments. His background includes experience with General Electric - Healthcare Financial Services from 2006 to 2010, where he worked on relationship management, deal restructuring, and special assets.
Kristin S. Gaines, Senior Vice President & Chief Transaction Officer
Ms. Gaines holds the title of Senior Vice President and Chief Transaction Officer. She was promoted to Chief Credit Officer in early 2010.
David L. Travis, Senior Vice President & Chief Accounting Officer
Mr. Travis serves as the Senior Vice President and Chief Accounting Officer for National Health Investors.
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Here are the key risks to the business of National Health Investors (NHI):- Tenant Concentration and Performance Risk: A significant portion of NHI's revenue is derived from a small number of tenants, creating a concentration risk. For instance, 36.9% of its 2025 revenues came from just three tenants: Senior Living Communities, Bickford Senior Living, and National HealthCare Corporation (NHC). The financial health and operational success of these key tenants are crucial, as any financial distress or failure to meet lease obligations could significantly impact NHI's rental income and overall financial performance. An affiliate of NHC, for example, has been in default under its master lease with NHI due to non-compliance with certain non-monetary provisions.
- Regulatory and Reimbursement Risks: NHI's tenants, especially those in the healthcare sector like skilled nursing facilities, are highly susceptible to changes in government regulations and fluctuations in Medicare and Medicaid reimbursement rates. Adverse changes in these policies or potential government spending cuts could directly impact the financial stability of NHI's tenants, thereby affecting NHI's ability to collect rent and interest payments.
- Operational Risks from Senior Housing Operating Portfolio (SHOP) Transition: NHI is strategically increasing its exposure to the Senior Housing Operating Portfolio (SHOP) model, aiming to capture more upside from the senior housing recovery. However, this strategy also means NHI assumes direct operational risks associated with running facilities, rather than solely collecting rent from triple-net leases. This transition exposes NHI more directly to operational challenges within the senior housing market, such as occupancy fluctuations and margin pressures.
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The proposed federal minimum staffing mandates for skilled nursing facilities, which could significantly increase labor costs for its skilled nursing tenants, potentially impacting their ability to pay rent and sustain operations.
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National Health Investors (NHI) operates within several significant addressable markets in the U.S. healthcare real estate sector. These markets, which include various senior housing options and medical facilities, represent substantial opportunities for the company's investment strategies.
U.S. Addressable Markets for National Health Investors:
- Senior Living Market: The U.S. senior living market was valued at approximately $923.20 billion in 2023 and is projected to reach about $1.22 trillion by 2030. Another estimate indicates the U.S. senior living market size was valued at USD 943.90 billion in 2025 and is expected to reach USD 1.33 trillion by 2033.
- Assisted Living Facilities Market: The U.S. assisted living facility market was estimated at USD 44.38 billion in 2024 and is expected to reach USD 93.54 billion by 2033. Another source estimated the market at US$89.4 billion in 2024, with a projection to reach US$129.2 billion by 2031.
- Memory Care Market: The U.S. memory care market size was valued at USD 6.3 billion in 2023 and is projected to reach around USD 13.79 billion by 2035.
- Skilled Nursing Facilities Market: The U.S. skilled nursing facilities market size was estimated at USD 199.72 billion in 2024 and is expected to reach USD 290.02 billion by 2033.
- Medical Office Buildings Market: The U.S. medical office buildings market generated a revenue of approximately USD 14.08 billion in 2023 and is expected to reach about USD 22.04 billion by 2030.
- Specialty Hospitals Market: The market size of specialty hospitals in the U.S. was valued at $66.5 billion in 2024 and is projected to be $66.8 billion in 2025.
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National Health Investors (NHI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Expansion and Performance of the Senior Housing Operating Portfolio (SHOP) Segment: NHI is strategically shifting its business mix towards its high-growth Senior Housing Operating Portfolio. This pivot has already resulted in a significant surge in consolidated SHOP Net Operating Income (NOI), with a 62.6% increase in Q3 2025 due to property transitions. The company projects strong SHOP NOI growth in the range of 12% to 15% for the full 2025 fiscal year and expects NOI to more than double by 2026. Guidance for 2026 includes anticipated 7%–8% same-store SHOP NOI growth and 105%–109% total SHOP NOI growth. NHI's strategy for SHOP involves prioritizing occupancy towards 90%, followed by reducing incentives and increasing revenue per occupied room (RevPOR).
- Strategic Investments and Acquisitions: NHI is actively pursuing new investments and acquisitions to fuel its growth. The company announced $303.2 million in investments year-to-date in 2025, and had a total of $392.4 million in announced investments for the full year 2025 at an 8.1% average initial yield. NHI is targeting acquisitions with immediate accretive yields, aiming for double-digit NOI growth in 2026. For 2026, the company's guidance includes $230 million in additional future investments. Furthermore, NHI reported a strong acquisition pipeline for 2026, with over $488 million in potential deals and $111 million under signed letters of intent.
- Annual Rent Increases and Lease Adjustments: A consistent contributor to NHI's revenue growth comes from annual rent increases and other lease adjustments within its long-term lease agreements. Cash rental income rose by approximately 7% in Q4 2025 due to acquisitions. Cash rent collections in Q2 2025 also saw sequential increases, partly attributed to approximately $700,000 from annual rent increases and $1.2 million in percentage revenue rents from the annual NHC percentage revenue certification.
- Improving Senior Housing Industry Fundamentals and Occupancy Rates: The broader positive trends in the senior housing sector are expected to benefit NHI. The company anticipates strong senior housing industry fundamentals, contributing to its growth outlook. Efforts to enhance occupancy rates within its portfolio, particularly within the SHOP segment, are also a focus, aiming to drive NOI expansion.
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Share Repurchases
- On February 16, 2024, National Health Investors' Board of Directors renewed a stock repurchase plan authorizing the repurchase of up to $160.0 million in common stock, which expired in February 2025.
- No common stock was repurchased under the repurchase plan during the year ended December 31, 2024.
Share Issuance
- In 2024, NHI raised approximately $262 million in net proceeds on a forward basis from equity markets.
- During Q1 2025, approximately 208,000 common shares were sold on a forward basis through an ATM program at an average price of $75.52 (before fees).
- As of December 31, 2025, approximately $44.5 million in escrowed forward equity proceeds remained available for the future delivery of 600,000 common shares at an average price of $69.23 per share, from Q2 2025 forward ATM equity activity.
Outbound Investments
- NHI completed approximately $392.4 million in investments in 2025, marking its most active year since 2016. These investments had an average initial yield of 8.1%.
- In 2024, the company announced investments exceeding $235 million, with an average yield of approximately 8.6%.
- In 2023, NHI invested approximately $74 million at a weighted average yield of 8.3% and divested twelve properties for net proceeds of about $59 million.
Capital Expenditures
- The trailing twelve months (TTM) annual capital expenditures for NHI as of December 31, 2025, was $294.034 million.
- Annual capital expenditures were $157.931 million in 2024 and $49.556 million in 2023.
- Capital expenditures are primarily focused on the Real Estate Investments segment and the Senior Housing Operating Portfolio (SHOP) segment, with a significant portion of 2026 investment activity expected to be allocated to SHOP.
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| 06302020 | NHI | National Health Investors | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 18.2% | 17.5% | -8.4% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 8.59 |
| Mkt Cap | 3.6 |
| Rev LTM | 224 |
| Op Inc LTM | 3 |
| FCF LTM | -7 |
| FCF 3Y Avg | -9 |
| CFO LTM | 7 |
| CFO 3Y Avg | 3 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -8.4% |
| Rev Chg 3Y Avg | -12.9% |
| Rev Chg Q | -3.3% |
| QoQ Delta Rev Chg LTM | -0.8% |
| Op Inc Chg LTM | 5.9% |
| Op Inc Chg 3Y Avg | 12.4% |
| Op Mgn LTM | -3.3% |
| Op Mgn 3Y Avg | -1.0% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 2.0% |
| CFO/Rev 3Y Avg | 1.2% |
| FCF/Rev LTM | -6.4% |
| FCF/Rev 3Y Avg | -10.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.6 |
| P/S | 9.0 |
| P/Op Inc | -7.7 |
| P/EBIT | -7.7 |
| P/E | -1.6 |
| P/CFO | 14.0 |
| Total Yield | -0.1% |
| Dividend Yield | 4.8% |
| FCF Yield 3Y Avg | -1.5% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.7% |
| 3M Rtn | 4.2% |
| 6M Rtn | -6.1% |
| 12M Rtn | 14.4% |
| 3Y Rtn | 29.1% |
| 1M Excs Rtn | 0.1% |
| 3M Excs Rtn | -4.2% |
| 6M Excs Rtn | -21.5% |
| 12M Excs Rtn | -10.3% |
| 3Y Excs Rtn | -49.9% |
Price Behavior
Price Behavior
| Market Price | $74.63 | |
| Market Cap ($ Bil) | 3.6 | |
| First Trading Date | 10/09/1991 | |
| Distance from 52W High | -17.1% | |
| 50 Days | 200 Days | |
| DMA Price | $80.93 | $77.81 |
| DMA Trend | up | down |
| Distance from DMA | -7.8% | -4.1% |
| 3M | 1YR | |
| Volatility | 27.8% | 21.2% |
| Downside Capture | 52.56 | -11.16 |
| Upside Capture | -26.06 | -2.36 |
| Correlation (SPY) | -3.7% | -4.4% |
NHI Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.55 | -0.05 | -0.27 | -0.26 | -0.11 | 0.32 |
| Up Beta | -0.85 | -1.02 | -0.85 | -0.63 | -0.25 | 0.30 |
| Down Beta | 2.55 | 0.54 | 0.37 | 0.03 | -0.07 | 0.27 |
| Up Capture | -38% | -4% | -18% | -9% | -0% | 17% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 21 | 32 | 67 | 130 | 401 |
| Down Capture | 65% | 51% | -24% | -39% | -19% | 52% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 22 | 32 | 58 | 121 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHI | |
|---|---|---|---|---|
| NHI | 7.0% | 21.3% | 0.23 | - |
| Sector ETF (XLF) | 1.9% | 14.5% | -0.09 | 0.7% |
| Equity (SPY) | 27.4% | 12.1% | 1.71 | -4.3% |
| Gold (GLD) | 42.5% | 26.8% | 1.30 | -1.0% |
| Commodities (DBC) | 45.4% | 18.5% | 1.88 | -11.0% |
| Real Estate (VNQ) | 11.5% | 13.5% | 0.56 | 43.1% |
| Bitcoin (BTCUSD) | -21.4% | 41.7% | -0.47 | -10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHI | |
|---|---|---|---|---|
| NHI | 7.2% | 23.7% | 0.26 | - |
| Sector ETF (XLF) | 8.1% | 18.6% | 0.32 | 32.2% |
| Equity (SPY) | 13.6% | 17.1% | 0.63 | 29.8% |
| Gold (GLD) | 19.4% | 17.9% | 0.88 | 11.3% |
| Commodities (DBC) | 10.9% | 19.4% | 0.45 | 7.5% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 59.4% |
| Bitcoin (BTCUSD) | 7.8% | 55.9% | 0.35 | 7.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NHI | |
|---|---|---|---|---|
| NHI | 6.6% | 30.9% | 0.28 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 49.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 46.7% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 9.5% |
| Commodities (DBC) | 8.3% | 17.9% | 0.38 | 17.7% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 74.8% |
| Bitcoin (BTCUSD) | 67.9% | 66.9% | 1.07 | 12.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | -4.1% | -4.1% | -5.2% |
| 11/6/2025 | 2.0% | 2.0% | 4.1% |
| 8/6/2025 | 2.5% | 2.4% | 7.8% |
| 2/25/2025 | -0.2% | 2.4% | 4.0% |
| 11/5/2024 | 0.0% | 4.6% | -1.5% |
| 8/6/2024 | 0.4% | 0.1% | 11.0% |
| 5/6/2024 | 2.2% | 2.5% | 3.6% |
| 2/20/2024 | 6.6% | 10.5% | 14.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 16 |
| # Negative | 11 | 8 | 7 |
| Median Positive | 2.2% | 3.2% | 7.5% |
| Median Negative | -2.9% | -4.5% | -5.2% |
| Max Positive | 8.2% | 10.5% | 21.3% |
| Max Negative | -6.7% | -6.9% | -15.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/20/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 NAREIT FFO per diluted share | 4.74 | 4.76 | 4.79 | -4.0% | Lowered | Guidance: 4.96 for 2026 | |
| 2026 Normalized FFO per diluted share | 4.74 | 4.76 | 4.79 | -4.0% | Lowered | Guidance: 4.96 for 2026 | |
| 2026 Normalized FAD | 240.60 Mil | 242.15 Mil | 243.70 Mil | -3.2% | Lowered | Guidance: 250.15 Mil for 2026 | |
| 2026 Net income attributable to common stockholders | 703.00 Mil | 704.10 Mil | 705.20 Mil | 288.5% | Raised | Guidance: 181.25 Mil for 2026 | |
| 2026 Same Store SHOP NOI growth | 1.0% | 2.0% | 3.0% | -73.3% | -5.5% | Lowered | Guidance: 7.5% for 2026 |
| 2026 Total SHOP NOI | 44.10 Mil | 44.60 Mil | 45.10 Mil | ||||
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Income | 180.10 Mil | 181.25 Mil | 182.40 Mil | Higher New | |||
| 2026 NAREIT FFO | 241.90 Mil | 243.05 Mil | 244.20 Mil | Higher New | |||
| 2026 Normalized FFO | 241.90 Mil | 243.05 Mil | 244.20 Mil | Higher New | |||
| 2026 FAD | 248.90 Mil | 250.15 Mil | 251.40 Mil | Higher New | |||
| 2026 NAREIT FFO per diluted share | 4.94 | 4.96 | 4.99 | 7.1% | Raised | Guidance: 4.63 for 2025 | |
| 2026 Normalized FFO per diluted share | 4.94 | 4.96 | 4.99 | 1.4% | Raised | Guidance: 4.89 for 2025 | |
| 2026 Same Store SHOP NOI growth | 7.0% | 7.5% | 8.0% | -6.2% | -0.5% | Lowered | Guidance: 8.0% for 2025 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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