National Health Investors (NHI) is a self-managed healthcare REIT that owns and leases senior housing and medical facilities across the U.S. NHI's portfolio spans 176 properties in 32 states, covering senior housing communities (assisted living, independent living, entrance fee communities, and senior living campuses), skilled nursing facilities (SNFs), and a small hospital investment. NHI operates through two segments. The core segment, Real Estate Investments, leases properties to third-party operators under long-term triple-net leases, where tenants pay rent plus all property costs. These leases typically run 10–15 years with annual rent escalators, providing predictable, low-cost income. NHI's largest tenant is NHC, which operates a large SNF portfolio under a master lease currently under renegotiation. The second segment, SHOP, is a growing portfolio of 26 senior housing communities where NHI owns the properties and contracts third-party managers to run operations on its behalf. SHOP revenue comes directly from resident fees, offering more upside from occupancy and pricing gains but with thinner, more variable margins than triple-net income. NHI also earns interest income by lending to operators and developers via mortgages, construction loans, and mezzanine facilities, sometimes structured as "loan-to-own" arrangements that convert into property acquisitions. NHI funds growth through operating cash flows, debt, and equity issuances. The company's stated strategy is to grow SHOP and shift its portfolio toward private-pay senior housing, reducing its exposure to government-reimbursed SNF assets over time.