National Health Investors (NHI) Stock Analysis & Winston Score

National Health Investors (NHI) is a real estate investment trust (REIT) that owns healthcare-related properties across the United States. Its portfolio includes senior housing communities, skilled nursing facilities, and medical office buildings. The company does not run these facilities itself — instead, it leases them to healthcare operators who manage the day-to-day care of residents and patients. NHI makes money primarily through rent collected from its tenant operators under long-term lease agreements, as well as interest income from mortgage loans it provides to healthcare facility owners. The company operates entirely in the United States and has a portfolio of roughly 150-plus properties spread across dozens of states. Its competitive position comes from long-term lease contracts and relationships with established regional operators, which provide relatively stable cash flows. The key growth driver is the aging U.S. population, which is expected to increase demand for senior housing and care facilities, though the main risk is tenant financial stress, since NHI's income depends heavily on its operators staying solvent.