MEDIUMOutside partyTenant
small number of tenants
“10-K Item 1A: 'A small number of tenants in our portfolio account for a significant percentage of the rental income we expect to generate from our portfolio'”
NHI · Concentration risk · 10-K extracted
National Health Investors (NHI) concentration risks
Updated
The most significant concentration National Health Investors discloses is small number of tenants, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: National Health Investors’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's only disclosed concentration is a tenant dependency: a small number of tenants in the portfolio account for a significant percentage of the rental income expected to be generated from the portfolio. This is a moderate-share dependency by disclosed size. The character is dependency rather than structural — the concentration does not reflect a deliberate strategic choice to operate with fewer tenants per se, but rather the natural outcome of a healthcare real estate portfolio where individual operators may manage multiple facilities under master lease structures, causing their rent contribution to become a meaningful share of total income. No specific tenant names, percentage figures, geographic concentrations, or counterparty details are provided in the filing language for this claim, so the exposure is qualitative in nature. The practical risk is that a financial or operational deterioration at one of the top tenants — through regulatory action on a healthcare operator, reimbursement cuts from government payers, occupancy declines, or a bankruptcy filing — could have a disproportionate effect on rental income given the moderate concentration of income among a small group. No product-type, geographic, or supplier concentrations are separately disclosed. On balance, the profile is narrow — a single, moderately sized tenant-dependency claim — but the healthcare real estate context adds an idiosyncratic layer: tenant credit quality in this sector is tied to healthcare reimbursement trends and facility operating performance, factors that can deteriorate more abruptly than in other triple-net property types.
For the engine’s reasoning on NHI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Healthcare Facilities
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| DOC | Healthpeak Properties, Inc. | 1 | 0 | 1 | 2 |
| HR | Healthcare Realty Trust Incorpo | 1 | 0 | 1 | 2 |
| AHR | American Healthcare REIT, Inc. | 1 | 0 | 0 | 1 |
| CTRE | CareTrust REIT, Inc. | 0 | 1 | 1 | 2 |
| DHC | Diversified Healthcare Trust | 0 | 1 | 1 | 2 |
| NHI● | National Health Investors, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.