National Health Investors, Inc. · NYSE:NHI
National Health Investors — Q2 2025 Earnings Presentation
28 slides from National Health Investors's earnings presentation, Aug 7, 2025
Slide 1: National Health Investors Q2 2025 Supplemental
National Health Investors Q2 2025 Supplemental
Slide 2: Table of Contents and Forward Looking Statements
TABLE OF CONTENTS FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES: COMPANY This Supplemental Information and other materials we have COMPANY INFORMATION & LEADERSHIP 02 filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to PORTFO
Slide 3: Leadership
LEADERSHIP WE INVEST IN RELATIONSHIPS NATIONAL HEALTH INVESTORS, INC. (NYSE: NHI), National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leasebacks, joint-ventures, senior housing operating partnerships, and mortgage and mezzanine financing of need-driven
Slide 4: Portfolio Overview
PORTFOLIO OVERVIEW As of June 30, 2025
Slide 5: Real Estate Investments NOI
REAL ESTATE INVESTMENTS NOI (DOLL ARS IN THOUSANDS) Leases Senior Housing - Need Driven Assisted Living 87 4,821 $ 22,840 $ 999 $ 21,841 $ 89 $ 21,930 $ 60,597 $ 82,527 Senior Living Campus 10 1,229 4,116 (78) 4,194 1 4,195 12,586 16,781 Total Need Driven 97 6,050 26,
Slide 6: Senior Housing Operating Portfolio (SHOP)
SENIOR HOUSING OPERATING PORTFOLIO (SHOP) (DOLL ARS IN THOUSANDS EXCEPT REVPOR)
Slide 7: Operating Partners
INDUSTRY PARTNERS Senior Living Communities owns and operates luxury retirement communities located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana. NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with10,329 b
Slide 8: Lease Portfolio EBITDARM Coverage & Occupancy
LEASE PORTFOLIO EBITDARM COVERAGE & OCCUPANCY NHI TOTAL PORTFOLIO Properties 112 68 1 181 1Q24 Coverage 1.46x 2.97x 3.27x 2.01x 1Q24 Occupancy 84.5% 81.9% 80.4% 83.2% 1.54x 1Q25 Coverage 1.54x 3.04x 2.72x 2.06x 1Q25 Occupancy 86.3% 83.9% 77.5% 85.1% £ £
Slide 9: Purchase Options & Lease Maturities
PURCHASE OPTIONS & LEASE MATURITIES TENANT PURCHASE OPTIONS (DOLL ARS IN THOUSANDS) £ SH 2 May 2035 2029 A $6,337 2.22% SNF 1 September 2028 2028 B $522 0.18% SNF 1 April 2032 2031 C $ $2,624 0.92% 3.32% Option Type: ¡ § 1 Based
Slide 10: Investment Rationale
INVESTMENT RATIONALE WE INVEST IN RELATIONSHIPS, NOT JUST PROPERTIES FOCUSED ON GROWING WITH OUR 38 OPERATING PARTNERS AND SELECT NEW CUSTOMERS INVESTMENT SHOP NOTES 7.8% STRUCTURE 5.1% DIVERSIFIED INVESTMENT PLAN EMPHASIZING PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS SNF OPERATORS EXPE
Slide 11: Recent Investments
RECENT INVESTMENTS RECENT LEASE ACTIVITIES (DOLL ARS IN THOUSANDS) ¨ ¡ © ¨ ª « © ¨ ª ¨ ¬ © ¨ ¬ © ¨ ¬ « © ¨ «
Slide 12: Capitalization Overview
CAPITALIZATION OVERVIEW (DOLL AR AND SHARE AMOUNTS IN THOUSANDS) ¡ « § ¯
Slide 13: Debt Capital Structure
DEBT1 CAPITAL STRUCTURE UNSECURED, VARIABLE 51.2% FIXED CHARGE COVERAGE UNSECURED, FIXED Notes unsecured, v 48.8% Lease REVOLVER LIQUIDIT Y (DOLL ARS IN MILLIONS) NET DEBT TO ADJUSTED EBITDA
Slide 14: Debt Maturities
DEBT MATURITIES DEBT SCHEDULE (DOLL ARS IN THOUSANDS) ¨ ± ¡ ± ¬ 1 As of June 30, 20
Slide 15: Select Debt Covenants
SELECT DEBT COVENANTS1 ¯ ²³ ²³ ²³ ª ´³ ¯ ²
Slide 16: Performance
PERFORMANCE EBITDARM COVERAGE1 GENERAL & ADMINISTRATIVE AS % OF GROSS ASSETS SENIOR HOUSING SKILLED NURSING2 TOTAL G&A EXPENSE G&A EXPENSE EXCL.STOCK COMPENSATION EBITDARM coverage is based on trailing twelve month results through the period indicated. 1 2 Includes NHC Fixed Charge Coverage Ratio wh
Slide 17: Balance Sheets
BALANCE SHEETS (DOLL ARS IN THOUSANDS) ¡ ¯
Slide 18: Statements of Income
STATEMENTS OF INCOME (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) « ª « ¯
Slide 19: FFO & FAD Reconciliation
FFO & FAD RECONCILIATION (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) ¶ « ª
Slide 20: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (DOLL ARS IN THOUSANDS) ADJUSTED EBITDA RECONCILIATION « ª ¡ NET DEBT TO ADJ
Slide 21: NOI Reconciliations
NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NOI SEGMENT RECONCILIATION NOI TO ADJUSTED NOI RECONCILIATION
Slide 22: NOI Reconciliations
NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) ADJUSTED NOI RECONCILIATION « « ¯ ª « ¨
Slide 23: SNF Revenue by State
SNF REVENUE BY STATE £ ¹ ANNUALIZED CASH
Slide 24: Deferrals & Repayments
DEFERRALS & REPAYMENTS1,2 ¡ ª ª ª ª ª ª ª ¡ ª ª ª
Slide 25: Notes
NOTES Q2 2025 24
Slide 26: Glossary
GLOSSARY Adjusted EBITDA & EBITDARM We consider Adjusted EBITDA to be an important supplemental FFO, as defined by the National Association of Real Estate Investment measure because it provides information which we use to evaluate Trusts (“NAREIT”) and applied by us, is net income (computed in our pe
Slide 27: Glossary
GLOSSARY Facility Types Stabilized Lease SH - Senior housing HOSP - Hospital A newly acquired triple-net lease property is generally considered EFC - Entrance Fee Community MOB - Medical office building stabilized upon lease-up (typically when senior-care residents occupy at SNF - Skilled nursing fac
Slide 28: National Health Investors Q2 2025 Supplemental
National Health Investors Q2 2025 Supplemental
National Health Investors — Q2 2025 Earnings Presentation on 6ix