National Health Investors, Inc. · NYSE:NHI
National Health Investors — Merger or Acquisition (April 2026)
14 slides from National Health Investors's merger presentation, Apr 21, 2026
Slide 1: Business Update: NHI Announces Sale of NHC Portfolio for $560 Million
Business Update NHI Announces Sale of NHC Portfolio for $560 Million APRIL 21, 2026
Slide 2: Disclaimers
Disclaimers This presentation, 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 expectations, estimates, beliefs and assumptions. Words such as “may,” “will,” “anticipates,” “expects,” “inten
Slide 3: Transaction Overview
Transaction Overview The gross sales price is $560.0 million before estimated transaction costs in a range of $6.0 - $8.0 million. The Special Committee of Non-Interested Directors (“Special Committee”) has approved the sale of 32 skilled nursing Transaction facilities (approximately 4,550 beds)
Slide 4: Strategic Rationale
Strategic Rationale Increases Private Pay Senior Housing Concentration: Further enhances portfolio quality and strengthens the Company’s private-pay–focused value proposition. Further Strengthens the Balance Sheet: Deleveraging transaction reinforces NHI’s pristine balance sheet and enhances fin
Slide 5: Increases Private Pay Senior Housing Concentration
Increases Private Pay Senior Housing Concentration Private Pay Valuation Superior to SNF Total Investment As of Dec 31, 2025 Pro Forma 3 • Pro forma Senior Housing and SHOP Investment and adjusted NOI concentrations increase significantly to 83.8% of Total Other4 Other4 Investment and 78.6% of annua
Slide 6: Further Strengthens the Balance Sheet
Further Strengthens the Balance Sheet (dollars in millions) Capacity for Future Capital Deployment Greatly Enhanced Pro Forma Liquidity 1 • NHI expects to paydown the outstanding balance on the $700.0 million revolver and payoff a Cash and Restricted Cash $ 146.1 $125.0 million term loan and $100.0
Slide 7: Creates Compelling Growth & Valuation Upside
Creates Compelling Growth & Valuation Upside (dollars in millions) Commitment to SHOP Reinvestment Pipeline Creates Pathway for External Growth Opportunities • Announced $392.4 million in 2025 investments which was the most active year since 2016 2026 Investments: $105.5 million SHOP portfolio at 8.
Slide 8: Simplifies Structure and Enhances Governance
Simplifies Structure and Enhances Governance Independent Oversight Strengthens Governance: Formation of the fully independent Special Committee to oversee the NHC transaction reinforces best-in-class governance and process integrity. Complete Separation from NHC: Terminates legacy master lease e
Slide 9: Appendix: Definitions
Appendix: Definitions ADJUSTED EBITDA & EBITDARM NHI considers Adjusted EBITDA to be an important supplemental measure because it provides information which is used to evaluate the Company’s performance and serves as an indication of the ability to service debt. NHI defines Adjusted EBITDA as consol
Slide 10: Appendix: Definitions
Appendix: Definitions NAREIT FUNDS FROM OPERATIONS (FFO) FFO per share, as defined by the National Association of Real Estate Investment Trusts (NAREIT) and applied by us, is calculated using the two-class method with net income allocated to common stockholders and holders of unvested restricted sto
Slide 11: Appendix: Definitions
Appendix: Definitions Same-Store (SS) We define Same-Store as properties owned, consolidated and operational for the full period in both comparison periods and that are not otherwise excluded; provided, however, that we may include selected properties that otherwise meet the Same-Store criteria if t
Slide 12: Reconciliations: Adjusted NOI
Reconciliations: Adjusted NOI (unaudited, dollars in thousands) 4Q 2025 FY 2025 Net Income $ 37,803 $ 140,787 Interest 14,264 57,368 Gains on sales of real estate (119) (456) (Gain) loss from equity method investment (1,652) (3,664) Franchise, excise and other taxes 324 1,080 Legal 11 2,666 Loan and
Slide 13: Reconciliations: Adjusted EBITDA
Reconciliations: Adjusted EBITDA Three Months Ended December 31, (unaudited, dollars in thousands) 2025 2024 Net income $ 37,803 $ 42,788 Interest expense 14,264 15,241 Franchise, excise, and other taxes 324 94 Depreciation 21,653 18,680 Gains on sales of real estate, net (119) (4,960) Notes receiva
Slide 14: National Health Investors
NATION AL HEALTH INVES’ ORS.
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