National Health Investors (NYSE: NHI) is building on momentum gained through stronger results for its senior housing operating portfolio, aiming for more growth in 2024. Occupancy for the Tennessee-based REIT’s 15-property SHOP segment has increased, reaching 86.3% in March. Net operating income also saw a significant gain in the first quarter of 2024 compared to the previous year.
CEO Eric Mendelsohn highlighted the company’s strong performance over the past few quarters and expressed optimism for future organic growth opportunities. NHI is also looking at a robust investment pipeline of around $300 million, with plans to capitalize on the current market environment for growth.
The company’s SHOP segment has shown impressive results, with a notable increase in average occupancy and NOI. NHI is focused on achieving a 90% occupancy rate in the near future through tailored strategies for each community.
Despite challenges in executing CapEx projects, NHI remains confident in its ability to expand its operations. The company is exploring opportunities across the senior housing and skilled nursing continuum, emphasizing partnerships with experienced operators.
Moreover, NHI has seen positive developments with Bickford Senior Living, a key tenant, leading to a reset in rent and planned investments to enhance property cash flow.
