National Health Investors (NHI) completed a $89.2 million capital deployment in four senior‑housing transactions on December 18, 2025. The package includes a $52.1 million purchase of a 107‑unit assisted‑living and memory‑care community in Jamison, Pennsylvania, operated by Priority Life Care—NHI’s first partnership with that operator—and three additional acquisitions that target high‑yield assets in secondary markets.
The remaining $37.1 million is split among a $7.0 million direct purchase in Anniston, Alabama; an $18.8 million mortgage note for a 94‑unit facility in Mount Pleasant, South Carolina; and an $11.3 million mortgage note for a 141‑unit independent‑living property in Wichita Falls, Texas. All four deals were completed at an average initial yield of 8.20%, a figure that aligns with NHI’s strategy of acquiring assets that generate attractive cash flows while positioning the company for future SHOP conversions.
NHI’s focus on SHOP is reflected in the company’s recent Q3 2025 results, which showed a 62.6% year‑over‑year increase in consolidated SHOP NOI. The acquisitions reinforce that momentum by adding properties that can be converted from triple‑net leases to operating partnerships, thereby increasing operating upside and control over revenue streams. CEO Eric Mendelsohn noted that the company’s “laser‑focused” approach to building a robust SHOP portfolio is driving double‑digit NOI growth in 2026, while Chief Investment Officer Kevin Pascoe highlighted the strategic benefit of establishing new operator relationships that open opportunities for geographic expansion.
The Jamison acquisition is structured under a RIDEA‑compliant framework, ensuring that the facility meets federal requirements for assisted living and memory care services while providing NHI with a stable, regulated revenue base. CFO John Spaid emphasized that the company’s dividend policy remains strong, with a $0.92 per share dividend declared for shareholders of record on December 31, 2025, underscoring NHI’s commitment to delivering consistent shareholder returns even as it invests heavily in growth assets.
With a signed pipeline of $214 million in letters of intent and an additional $423 million in evaluated opportunities, NHI is positioned to continue aggressive expansion of its SHOP segment. The new acquisitions not only increase the company’s asset base but also enhance its ability to generate higher operating cash flows, supporting the long‑term goal of achieving 20% of total adjusted NOI from SHOP by 2026.
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