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National Health Investors Executive Compensation (FY25)

NHI · Murfreesboro, TN · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 29, 2026
244 figures on this page: 233 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
D. Eric Mendelsohn was paid $3,652,795 in total compensation as President and CEO for fiscal 2025, and Mendelsohn's total moved 75.2% higher from the $2,084,567 reported for fiscal 2023. The company reported a chief executive pay ratio of 18:1 for fiscal 2025, against median employee compensation of $206,619. For fiscal 2025, shareholders backed the say-on-pay proposal with 95.8% of votes cast for or against in favor at the meeting held May 27, 2026. The disclosed peer group includes American Healthcare REIT, Inc., Broadstone Net Lease, Inc, CareTrust REIT, Inc., Chiron Real Estate Inc. and Community Healthcare Trust Incorporated, among others.
Chief executive, fiscal 2025
◇
D. Eric Mendelsohn
Latest say-on-pay support
=
May 27, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2023 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — D. Eric Mendelsohn: $2,084,567 → $3,652,795 (75.2% higher)
Say-on-pay support: 95.7% → 95.8% (0.1 points higher)
CEO pay ratio: 12:1 → 18:1 (50.0% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is National Health Investors' chief executive and what were they paid?
D. Eric Mendelsohn was paid $3,652,795 in total compensation as President and CEO for fiscal 2025. Mendelsohn's total moved 75.2% higher from the $2,084,567 reported for fiscal 2023.
What was National Health Investors' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 95.8% of votes cast for or against in favor at the meeting held May 27, 2026.
Which companies are in National Health Investors' peer group?
The disclosed peer group includes American Healthcare REIT, Inc., Broadstone Net Lease, Inc, CareTrust REIT, Inc., Chiron Real Estate Inc. and Community Healthcare Trust Incorporated, among others.
What is National Health Investors' chief executive pay ratio?
The company reported a chief executive pay ratio of 18:1 for fiscal 2025, against median employee compensation of $206,619.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. Mendelsohn
President and Chief Executive Officer
◇◇—◇——◇◇
John Spaid
Chief Financial Officer, Treasurer, and Executive Vice President of Finance
◇◇—◇——◇◇
Kristin Gaines
Chief Credit Officer
◇◇—◇——◇◇
Kevin Pascoe
Chief Investment Officer
◇◇—◇——◇◇
David Travis
Chief Accounting Officer
◇◇—◇——◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. Eric Mendelsohn
President and Chief Executive Officer
◇—◇◇◇—◇◇
John Spaid
Executive Vice President of Finance, Chief Financial Officer and Treasurer
◇◇◇◇◇—◇◇
Kevin Pascoe
Executive Vice President of Investments and Chief Investment Officer
◇—◇◇◇—◇◇
Kristin Gaines
Senior Vice President and Chief Transaction Officer
◇◇◇◇◇—◇◇
David Travis
Senior Vice President and Chief Accounting Officer
◇◇◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
D. Eric Mendelsohn
President and CEO
◇—◇◇◇—◇◇
John Spaid
Executive Vice President of Finance, Chief Financial Officer and Treasurer
◇—◇◇◇—◇◇
Kevin Pascoe
Executive Vice President of Investments and Chief Investment Officer
◇—◇◇◇—◇◇
David Travis
Senior Vice President and Chief Accounting Officer
◇—◇◇◇—◇◇
Kristin Gaines
Senior Vice President and Chief Transaction Officer
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
D. Eric MendelsohnOPTION◇——◇—◇◇
D. Eric MendelsohnRSU◇——◇——◇
David L. TravisRSU◇——◇——◇
David L. TravisOPTION◇——◇—◇◇
John L. SpaidOPTION◇——◇—◇◇
John L. SpaidRSU◇——◇——◇
Kevin C. PascoeOPTION◇——◇—◇◇
Kevin C. PascoeRSU◇——◇——◇
Kristin S. GainesRSU◇——◇——◇
Kristin S. GainesOPTION◇——◇—◇◇
Fiscal 2022, 2023 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Kevin PascoeOption◇—◇—
RSU◇◇——
Option◇—◇—
Option◇—◇—
David TravisOption◇—◇—
RSU◇◇——
Option◇—◇—
Option◇—◇—
Option◇—◇—
John SpaidRSU◇◇——
Option◇—◇—
Option◇—◇—
Option◇—◇—
D. MendelsohnRSU◇◇——
Option◇—◇—
Option◇—◇—
Option◇—◇—
Option◇—◇—
Kristin GainesOption◇—◇—
Option◇—◇—
RSU◇◇——
Option◇—◇—
Option◇—◇—
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Robert A. McCabe, Jr
Board chair
◇—◇———◇
Candice W. Todd
◇—◇———◇
Tracy M.J. Colden
◇—◇———◇
James R. Jobe
◇—◇———◇
Charlotte A. Swafford
◇—◇———◇
Robert G. Adams
◇—◇———◇
Robert W. Chapin, Jr
◇—◇———◇
Robert T. Webb
◇—◇———◇
Lilly H. Donohue and D. Eric Mendelsohn served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Compensation committee chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Healthcare REIT, Inc. AHR
  • Broadstone Net Lease, Inc BNL
  • CareTrust REIT, Inc. CTRE
  • Chiron Real Estate Inc. XRN
  • Community Healthcare Trust Incorporated CHCT
  • Easterly Government Properties, Inc. DEA
  • EPR EPR
  • Healthcare Realty Trust Incorporated HR
  • LTC Properties, Inc. LTC
  • LXP Industrial Trust LXP
  • National Healthcare Properties, Inc. NHPAP
  • NETSTREIT Corp NTST
  • Sabra Health Care REIT, Inc. SBRA
  • Sila Realty Trust, Inc. SILA
  • Terreno Realty Corporation TRNO

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 27, 2026=◇◇◇
2024May 21, 2025=◇◇◇
2023May 22, 2024=◇◇◇
2022May 5, 2023=◇◇◇
2021May 6, 2022=◇◇◇
2020May 4, 2021=◇◇◇
2019May 6, 2020=◇◇◇
2018May 3, 2019=◇◇◇
2017May 4, 2018=◇◇◇
2016May 8, 2017=◇◇◇
2015May 5, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact National Health Investors disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where National Health Investors sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
244 figures on this page: 233 cited to the filing that reported them, 11 calculated from figures it prints.
233 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000877860-26-000149
  2. 0000877860-26-000098
    2025 Director Compensation · 2025 Outstanding Equity Awards at Fiscal Year-End · 2025 Summary Compensation Table · CEO Pay Ratio · and 2 more sections
  3. 0000877860-25-000111
  4. 0000877860-24-000054
  5. 0000877860-24-000035
    2023 Summary Compensation Table
  6. 0000877860-23-000064
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0000877860-23-000027
    2022 Summary Compensation Table
  8. 0000877860-22-000044
    Say-on-Pay Proposal
  9. 0000877860-21-000034
    Say-on-Pay Proposal
  10. 0000877860-20-000072
  11. 0000877860-19-000030
  12. 0000877860-18-000043
  13. 0000877860-17-000054
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0000877860-16-000132
    Item 5.07 Submission of Matters to a Vote of Security Holders
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This page is free to cite. Attribution we ask for:
Velarion, “National Health Investors executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NHI (accessed 2026).
Short form: data: Velarion
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers National Health Investors discloses

The companies named in NHI's own disclosed peer group.

American Healthcare REIT, Inc.Broadstone Net Lease, IncCareTrust REIT, Inc.Chiron Real Estate Inc.Community Healthcare Trust IncorporatedEasterly Government Properties, Inc.EPRHealthcare Realty Trust IncorporatedLTC Properties, Inc.LXP Industrial TrustNETSTREIT CorpSabra Health Care REIT, Inc.Sila Realty Trust, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy