National Health Investors, Inc. is a self-managed real estate investment trust specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI's portfolio consists of independent living facilities, assisted living and memory care communities, entrance-fee retirement communities, senior living campuses, skilled nursing facilities and specialty hospitals. National Health Investors, Inc. was …
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Competitive advantage assessment
Key strengths
Conservative LeverageLeverage is conservative (score 0.84), providing refinancing flexibility.
National Health Investors, Inc. ranks #2 of 20
scored companies in REIT - Healthcare Facilities by moat score — the top 10%.
The widest moat in the group is CareTrust REIT, Inc. (CTRE)
at 88/100.
Moat scores for companies ranked near NHI in REIT - Healthcare Facilities
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 90
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 84
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 60
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 87
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 58
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
What is National Health Investors, Inc.'s moat score?
National Health Investors, Inc. (NHI) scores 71 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #2 of 20 scored companies in REIT - Healthcare Facilities, the top 10%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 20 companies in REIT - Healthcare Facilities. Its strongest defense is AFFO Strength (90/100) and its weakest is Portfolio Quality & Diversification (58/100).
How does National Health Investors, Inc. compare with other REIT - Healthcare Facilities companies?
National Health Investors, Inc. ranks #2 of 20 scored companies in REIT - Healthcare Facilities by moat score. The widest moat in REIT - Healthcare Facilities is CareTrust REIT, Inc. (CTRE) at 88/100. The companies ranked closest are CareTrust REIT, Inc. (CTRE) at 88 just above it and Sabra Health Care REIT, Inc. (SBRA) at 71 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 20 companies in REIT - Healthcare Facilities. The defenses are then weighted to produce the overall score out of 100.
Why is National Health Investors, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for National Health Investors, Inc.?
The REIT Specialized template measures 6 defenses, and NHI scores: Rent Pricing Power (60), AFFO Strength (90), Balance Sheet & Cost of Capital (84), Capital Recycling & Growth (60), Operational Efficiency (87), Portfolio Quality & Diversification (58). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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