National Health Investors Cuts 2026 NFFO Guidance to $4.68-$4.70

National Health Investors, Inc. (NHI) cut its 2026 guidance for normalized funds from operations (NFFO) and NAREIT funds from operations (FFO) to $4.68-$4.70 per diluted share, down from $4.74-$4.79.

CFO Todd Siefert linked the reduction to about $2.3 million less net operating income (NOI) from the 42 properties in NHI’s senior housing operating portfolio (SHOP) as of Sept. 30, and about $2.8 million in additional recurring capital expenditures.

NHI’s 2026 assumption is same-store SHOP NOI growth of 1%-3% compared with 2025 at 15 properties. For Q4 2026, it assumes growth of 0%-1% compared with Q4 2025 at 26 properties.

The company projects total SHOP NOI of $43.8 million to $44.3 million across 48 properties, including $1.8 million from an acquisition completed Oct. 1. NHI is a real estate investment trust focused on senior housing and medical facilities.

CEO Eric Mendelsohn said NHI’s longer-term objective remains high-single-digit to low-double-digit organic growth in SHOP NOI. That objective is separate from the company’s near-term same-store growth assumptions.