National Health Investors, Inc. · NYSE:NHI

National Health Investors — Q3 2023 Earnings Presentation

13 slides from National Health Investors's earnings presentation, Nov 7, 2023

  1. Slide 1: Investor Update

    National Health Investors Investor Update November 7, 2023 a \ ian | 5 : Z sa ‘5 Ss cs0 A ee Se ee (a)

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement INVESTORS These slides and other materials we have filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to be made, by our senior management contain forward-looking statements that are based on current expect

  3. Slide 3: Overview of Third Quarter 2023

    Overview of Third Quarter 2023 Summary of Quarterly Financial Results Key Highlights and Portfolio Activity Real Estate Investments E lease revenue of $59.0 milli Net Income per share $0.78 $0.92 $0.68 and no. n exceeded expectations driven by a strong collection percentage, deferral NAREIT FFO per

  4. Slide 4: Updated 2023 Guidance

    Updated 2023 Guidance Serio MALTNNESTORS 2023 Guidance Midpoints 2023 Guidance Assumptions & Considerations As of Nov-23 * The revised Normalized FFO and Normalized FAD guidance reflect, among other (in thousands except per share amounts) Midpoint items: ‘Net income attributable to common stockholde

  5. Slide 5: Investment Overview

    Investment Overview a Portfolio Optimization Multiple Drivers Enhance Financial Strength Positions Optimization Creates More Largely Complete Organic Growth Profile NHI for External Growth Capital Efficiency/Visibility + Planned dispositions largely + Repayment of deferral balances : erage profile i

  6. Slide 6: Portfolio Optimization Overview

    @ Portfolio Optimization Overview Mw TILINVESTORS: OBJECTIVES ACTIONS AND OUTCOMES Since Q2 2021 completed approximately $353.9 million in senior housing dispositions at a NOI cash yield of approximately 3.2% and EBITDARM coverage of 0.57x woe . ae Transitioned six properties to new and existing ope

  7. Slide 7: Senior Housing & SNF Dispositions

    Senior Housing & SNF Dispositions (dollars in thousands) NUTIONAL HEALTILINVESTORS Since Q2 2021, NHI has comp i on of 44 underperforming senior housing properties for net pr of approximately $353.9 million at an implied property cash NOI yield of 3.2% and EBITDARM coverage of 0.57x; NHI completed t

  8. Slide 8: EBITDARM Coverage Overview

    fa) EBITDARM Coverage Overview NATIONAL HEALTILINVESTORS: Trailing Twelve Mo TTM) EBITDARM Coverage EBITDARM Coverage Improvement 1. " 2Q 2023 1Q 2023 4Q 2022 3Q 2022 2Q 2022 Coverage across all NHI asset classes experienced sequential Sealer Housing improvement for the trailing twelve months (TTM)

  9. Slide 9: Organic Growth Drivers

    Organic Growth Drivers (dollars in thousands except RevPOR) NATIONAL HEALTILINVESTORS: Significant Organic NOI Upside in Deferral Repayments, Rent Resets, and SHOP * NHI typically targets organic growth in the 1.5% - 2.0% range driven largely by triple net lease escalators rent resets on restructure

  10. Slide 10: Financial Strength Positions NHI for Accretive External Growth

    © Financial Strength Positions NHI for Accretive External Growth (dollars in millions) NATIONAL HEALTH INVESTORS: Strong Balance Sheet Provides Ample Liquidity for Investment Date Tenant / Borrower * Despite significant deferrals and rent restructuring, NHI has maintained its target leverage in the

  11. Slide 11: Optimization Creating More Invested Capital Efficiency

    © Optimization Creating More Invested Capital Efficiency NATIONAL HEALTILINVESTORS: Optimization Improving ROIC * Pandemic impacts start in late 2020 with first rent concessions granted 8.50% 8.33% 8.27% 8.16% 8.08% 8.00% 7.92% 7.80% 781% 72% 7.69% 7.65% 7.58% 7.53% 7.50% 7AT% 7.30% 7.16% 7.00% 6.50

  12. Slide 12: Definitions

    Definitions NYTIONAL HEALTH INVESTORS: ADJUSTED EBITDA & EBITDARM abt to Service debt. We define Adjusted EBITDA as consolidated earings before interest, taxes deprecation a and amortization, including amounts in dscontinued operations, excluding real , due to their infrequel Ity Aajsted EBITDA fort

  13. Slide 13: Reconciliations: ROIC

    Reconciliations: ROIC NATIONAL HEALTH INVESTORS: [Gates thousanesy 1020 2020 3020 4Q20 7027 2021 3021 4021 1022 2022 3022 4022 71023 2023 3023 Total Assets $3,167,835 $3,166,971 $3,139,273 $3,120,346 $3,183,273 $3,077,445 $2,912,177 $2,838,876 $2,802,503 $2,587,291 $2,508,785 $2,507,424 $ 2,533,230

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