National Health Investors, Inc. (NHI) is a self-managed real estate investment trust (REIT) that acquires, owns, leases, and finances healthcare properties across the United States. Founded in 1991, the company focuses on need-driven and discretionary senior housing and medical facility investments. NHI's diverse portfolio spans independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, and specialty hospitals.
The company operates through two primary segments: Real Estate Investments and the Senior Housing Operating Portfolio (SHOP). The Real Estate Investments segment generates the vast majority of NHI's revenue through triple-net leases, mortgage loans, and other notes receivable. Under this model, NHI acquires properties and enters into long-term lease agreements with healthcare operators who manage the day-to-day operations, providing the company with a steady stream of rental income. The SHOP segment consists of joint ventures where NHI retains an ownership stake in the operations of independent living facilities, deriving revenue directly from resident fees and services.
NHI's business model is designed to capitalize on the growing demographic demand for senior care while mitigating operational risk through strategic partnerships with established healthcare providers. In addition to traditional sale-leaseback arrangements, the company provides capital to operators through mortgage and mezzanine financing, generating interest income. By maintaining a geographically diversified footprint and a mix of asset types across the continuum of care, National Health Investors positions itself as a key capital provider in the healthcare real estate sector.
