National Health Investors, Inc. · NYSE:NHI

National Health Investors — Investor Presentation (May 2010)

16 slides from National Health Investors's investor presentation, May 7, 2010

  1. Slide 1: National Health Investors, Inc.

    National Health Investors, Inc. NYSE: NHI 2010

  2. Slide 2: Investment Highlights

    INVESTMENT HIGHLIGHTS  Strong diversified portfolio  Focus on need driven senior housing properties  Attractive investment opportunities in the marketplace  Low leverage l b l balance sheet h  Solid dividend 2

  3. Slide 3: Geographic Diversification March 31, 2010

    GEOGRAPHIC DIVERSIFICATION March 31, 2010 116 Properties 21 States 3

  4. Slide 4: Portfolio by Investment Type

    PORTFOLIO BY INVESTMENT TYPE (Revenue) 100% 10% 90% 36% 29% 38% 30% 31% 28% 80% 43% 70% 60% 50% 40% 90% 64% 71% 62% 70% 30% 69% 72% 20% 57% 10% 0% 2003 2004 2005 2006 2007 2008 2009 3/31/2010 Mortgages g g Leases 4

  5. Slide 5: Portfolio by Investment Type

    PORTFOLIO BY INVESTMENT TYPE (Revenue) Quarter Ended March 31, 2010 Quarter Ended March 31, 2009 Independent Independent Living, 2.18% Acute Living, 3.10% MOB, 2.78% Acute Care, 4.78% Care, 3.27% MOB, 1.91% Skilled Acute Dev. Nursing, 75.95% Psychiatric, 1.28 Disabled, 0.63% % Assisted Assisted g, 1

  6. Slide 6: Tenant Concentration

    TENANT CONCENTRATION (by Revenue) • Well diversified tenant mix with both public and privately‐ privately‐held companies •Of the 86 health care properties leased to operators, 41 are leased to National HealthCare Corporation p (“NHC”), ( ), a publicly‐ publicly p y‐held company p y and our largest g

  7. Slide 7: Largest Tenant - NHC

    LARGEST TENANT ‐ NHC  Strongest Balance Sheet in the Senior‐Housing public company operating space  National HealthCare Corporation (“NHC”), a publicly‐held company, founded in 1971 provides services to 76 long 1971, long‐term term health care centers with 9 9,772 772 beds beds. NHC's NHC s affili

  8. Slide 8: Investment Strategy

    INVESTMENT STRATEGY  Primarily invest in senior housing real estate operated by top‐ top‐tier regional operators  Prioritize direct referrals over brokered deals  Diversify the portfolio with private pay senior housing facilities with a higher priority i it given i tto A Assisted i t d Li Living

  9. Slide 9: Acquisitions June 2009 through March 2010

    ACQUISITIONS JUNE 2009 THROUGH MARCH 2010 Weighted Average Average Investment Type Asset Class Total Investment Initial Yield Maturity Lease‐back SNF $122,550,000 9.59% 2021 Lease‐back AL/ALZ $49,650,000 9.72% 2025 Lease‐back APH1 $12,500,000 12.00% 2025 Mortgage AL $ $3,900,000 9.64%2 2018 2nd Mort

  10. Slide 10: Safe Harbor Statement

    SAFE HARBOR STATEMENT These slides accompany an oral presentation by National Health Investors, Inc., which contains forward‐ looking statements that are based on current expectations, estimates, our beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "se

  11. Slide 11: NHI Capitalization & Liquidity

    NHI CAPITALIZATION & LIQUIDITY (millions) 2009 2008 2007 2006 Debt and Equity Long‐Term Debt $ ‐ $ 4.0 $ 9.5 113.5 Equity 434.6 429.6 446.1 431.7 Total Book Capitalization $ 434.6 $ 433.6 $ 455.6 $ 545.2 Debt/Total Book Capitalization 0.0% 0.9% 2.1% 20.8% Cash and Securities Cash and cash equivalent

  12. Slide 12: Debt/Total Book Capitalization Comparison

    DEBT/TOTAL BOOK CAPITALIZATION COMPARISON (000’s) (Year (Y Ended E d d December D b 31,2009) 31 2009) Long Term Total % Debt/ Debt Capitali ation¹ Capitalization¹ Capitali ation Capitalization National Health Investors, Inc. ‐ 434,612 0.00% LTC Properties, Inc. 25,410 477,742 5.32% Universal Health

  13. Slide 13: Financial Highlights

    FINANCIAL HIGHLIGHTS (000’s except per share) 2009 2008 2007 2006 Revenues $ 64,221 $ 58,005 $ 57,506 $ 57,832 Expenses 15,103 12,913 18,637 13,542 Other Income and Expenses(1) 15,111 12,418 57,566 24,938 Net Income $ 64,229 $ 57,510 $ 96,435 $ 69,228 FFO per share ‐ Basic $ 2.63 $ 2.35 $ 3.43 $ 2.6

  14. Slide 14: Goals

    GOALS  Continue to aggressively manage our existing portfolio  Invest in primarily owned real estate assets and opportunistic mortgage investments  Raise capital by evaluating all options with the best short term and longg term benefit ((i.e. bank debt,, convertible debt,, straight g debt and HUD

  15. Slide 15: FFO Reconciliation

    FFO RECONCILIATION (000’s except per share) 2009 2008 2007 2006 Net income $ 64 64,229 229 $ 57,510 57 510 $ 96,435 96 435 $ 69 69,228 228 Elimination of non‐cash items in net income: Real estate depreciation 7,373 6,667 6,877 7,546 Real estate depreciation in discontinued operations 992 1,030 4,780

  16. Slide 16: National Health Investors, Inc.

    National Health Investors, Inc. NYSE: NHI 2010

National Health Investors — Investor Presentation (May 2010) on 6ix