# National Health Investors National Health Investors is an Asset Manager based in Murfreesboro, United States. ## Overview - **Organization type:** Asset Manager - **Headquarters:** Murfreesboro, United States - **Region:** North America - **Address:** Murfreesboro, TN, United States - **Founded:** 1991 - **Assets under management:** Undisclosed - **Website:** nhireit.com ## Regulatory record - **Reports private funds:** No ## About Founded in 1991 and headquartered in Murfreesboro, Tennessee, National Health Investors (NYSE: NHI) structured its first sale-leaseback with National HealthCare Corporation and built a portfolio concentrated in need-driven healthcare real estate. The firm went public in 1991 and has operated as a real estate investment trust ever since, paying dividends continuously for more than three decades. NHI's deployment model rests on direct sale-leaseback origination and mortgage financing for senior housing operators, skilled nursing facilities, and specialty hospitals. The firm structures long-term triple-net leases that push operational risk to its tenants, typically regional operators like Bickford Senior Living and Holiday Retirement. Its portfolio spans independent living, assisted living, memory care, and skilled nursing, with geographic exposure strongest in the Southeast, Texas, and the Midwest. Unlike diversified healthcare REITs that blend medical office or life science assets, NHI stays almost exclusively in senior housing and post-acute care, making it a narrow wager on the demographics of aging baby boomers. As of its most recent disclosures, NHI holds roughly $3.2 billion in gross real estate investments across 161 properties, managed by a lean in-house team in Murfreesboro. The firm's only reported office is its headquarters, with no satellite locations. In March 2024, National Health Investors announced a $38.4 million mortgage loan for a Florida skilled nursing facility acquisition, continuing its strategy of pairing real estate capital with regional operators lacking institutional financing access. NHI's structural differentiator is its origination-first posture. The firm does not bid on marketed portfolios; it underwrites private sale-leaseback transactions sourced through decades-long operator relationships and refinances them with its own balance sheet. This captive origination pipeline insulates the portfolio from broker-led pricing cycles and preserves yield spreads that platform acquirers cannot replicate. A formal succession plan has not been publicly disclosed, though Mendelsohn's 2016 CEO transition from founder J. ## Sectors - Healthcare Services - Real Estate ## People - Eric Mendelsohn — President and CEO - John Spaid — Chief Financial Officer ## Questions ### Who makes investment decisions at National Health Investors? Eric Mendelsohn, President and CEO since 2016, leads the investment committee with CFO John Spaid. The firm maintains a centralized decision structure in Murfreesboro, Tennessee, with senior leadership reviewing every origination. Mendelsohn previously served as NHI's Chief Investment Officer before assuming the top role. ### How does NHI source its real estate investments? NHI originates sale-leaseback transactions directly with regional senior housing and skilled nursing operators, bypassing marketed portfolio auctions. The firm leverages multi-decade operator relationships to structure off-market deals where it provides real estate capital and the tenant retains operational control under a triple-net lease. This approach limits competition from institutional buyers chasing broker-listed assets. ### What property types does NHI target? National Health Investors concentrates on need-driven senior housing and post-acute care facilities. The portfolio encompasses independent living, assisted living, memory care communities, skilled nursing facilities, and specialty hospitals. The firm explicitly avoids medical office buildings, life science labs, and acute-care hospitals. ### How concentrated are NHI's tenant relationships? National HealthCare Corporation, NHI's original partner from 1991, has historically represented a significant portion of rental revenue. The firm has actively diversified its tenant base over the past decade through new sale-leaseback originations with operators like Bickford Senior Living and other regional providers. Public disclosures track the percentage of revenue from top tenants. ### What geographic footprint does NHI maintain? NHI's 161 properties span approximately 30 states, with the heaviest concentration across the Southeast, Texas, and the Midwest. The firm has not disclosed international holdings. Its Murfreesboro headquarters remains the only office, with all investment activity run from Tennessee. ### How does NHI generate and deploy capital? NHI raises capital through a combination of equity issuance, unsecured debt, and retained operating cash flow, then deploys it into sale-leaseback originations and mortgage lending. Its capital recycling strategy involves selective property dispositions when operators underperform, redeploying proceeds into higher-yielding relationships. The firm exited several tenant relationships between 2020 and 2022 following pandemic-era operator distress. ## Related profiles - [StubHub Holdings](https://altss.com/profile/stubhub-holdings-inc) --- Last updated: 2026-08-11T02:43:31.692Z Canonical page: https://altss.com/profile/national-health-investors-inc Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology