National Health Investors, Inc. · NYSE:NHI
National Health Investors — Q1 2026 Earnings Presentation
23 slides from National Health Investors's earnings presentation, May 4, 2026
Slide 1: Q1 2026 Business Update
Q1 2026 Business Update MAY 4, 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,” “inte
Slide 3: Overview of First Quarter 2026
Overview of First Quarter 2026 Summary of Quarterly Financial Results 1 Key Operating and Balance Sheet Highlights Real Estate Investments (in thousands except per share and percentages) Q1 2025 Q4 2025 Q1 2026 • Lease revenue excluding straight-line, lease amortization, and escrow reimbursement rev
Slide 4: Updated 2026 Guidance
Updated 2026 Guidance 2026 Updated Guidance Range 1 2026 Guidance Assumptions & Considerations (in millions except per share amounts) Low High NHI’s 2026 annual guidance includes the following assumptions: Net income attributable to common stockholders $ 703.0 $ 705.2 • $180.0 million in unidentifie
Slide 5: Investment Overview
Investment Overview Increasing concentration in private-pay senior housing enhances NHI’s valuation profile versus other healthcare real estate sectors Significant Senior Housing Pro forma private pay senior housing annualized NOI 1 represents 79.4% of annualized NOI compared to 68.8% in Q12026
Slide 6: Increased Private Pay Senior Housing Concentration
Increased Private Pay Senior Housing Concentration Private Pay Enhances Value Proposition Total Investment As of Mar 31, 2026 Pro Forma 3 • Pro forma Senior Housing and SHOP Investment and adjusted NOI concentrations increase significantly to 84.4% of Total Other4 Other4 Investment and 79.4% of annu
Slide 7: Recent Investments and Pipeline
Recent Investments and Pipeline (dollars in millions) Date Tenant / Borrower Investment Type Yield 1 Investment 2 Significant Pipeline Creates Pathway for External Growth Opportunities Q2 2026 Generations SHOP 7.80% $ 105.5 Q1 2026 Allegro Living Management SHOP 7.60% 106.9 YTD 2026 7.70% $ 212.4 20
Slide 8: Financial Strength Positions NHI for Potential Accretive External Growth
Financial Strength Positions NHI for Potential Accretive External Growth (dollars in millions) Capacity for Future Capital Deployment Greatly Enhanced Pro Forma Liquidity 1 • On a pro forma basis, liquidity is estimated at approximately $1.3 billion which includes a Cash and Restricted Cash $ 41.4 r
Slide 9: Diversified Portfolio Across the Senior Housing Care Continuum
Diversified Portfolio Across the Senior Housing Care Continuum Geographically Diverse Portfolio Spans the Senior Housing Care Portfolio Overview Continuum1 SPECIALTY HOSPITAL 223 41 33 118 SENIOR HOUSING 68 SKILLED NURSING 2 35 SHOP Properties Operating Partners States Other2 SHOP 1.7% 20.5% Senior
Slide 10: Asset Diversification Creates Stronger Portfolio
Asset Diversification Creates Stronger Portfolio Senior Housing - Need Driven Bickford Need Driven ex. Bickford The Senior Housing – 1.80x Need Driven portfolio 1.60x has experienced 1.40x significant coverage 1.20x 1.00x improvement since 0.80x the start of the 0.60x portfolio optimization in 2021.
Slide 11: Favorable Industry Dynamics: Supply Growth is Slowing
Favorable Industry Dynamics: A Pathway For Long Term Growth Supply Growth is Slowing Inventory growth of 0.5% across the care continuum is at an Rolling 4-Quarter units started in Q1 2026 were 55% below historic low the historical average Inventory Growth Senior Housing: Rolling 4-Quarter Units Star
Slide 12: Favorable Industry Dynamics: Demand Growth is Surging
Favorable Industry Dynamics: A Pathway For Long Term Growth Demand Growth is Surging The 85+ population growth is expected to accelerate to 1.9% Absorption remains well above historic averages resulting in by 2030 and 3.5% in the following decade the highest ever number of occupied senior housing un
Slide 13: 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 14: 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 15: 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 16: Reconciliations: FFO, Normalized FFO, Normalized FAD
Reconciliations: FFO, Normalized FFO, Normalized FAD (unaudited, $ in thousands, except share and per share amounts) Q1 2026 Q1 2025 Q4 2025 Net income attributable to common stockholders $ 40,024 $ 34,113 $ 38,113 Elimination of certain non-cash items in net income: Real estate depreciation 22,832
Slide 17: Reconciliations: Net Operating Income & Adjusted NOI
Reconciliations: Net Operating Income & Adjusted NOI Three Months Ended March 31, (unaudited, dollars in thousands) 2026 2025 Net Income $ 39,752 $ 33,817 Interest 15,040 14,337 Gains on sales of real estate (2,612) (114) Franchise, excise and other taxes 215 269 Legal 305 1,426 Loan and realty gain
Slide 18: Reconciliations: SHOP NOI & Same-Store SHOP NOI
Reconciliations: SHOP NOI & Same-Store SHOP NOI Total SHOP ($ in thousands) Q1 2025 Q4 2025 Q1 2026 Total revenues $ 13,939 $ 30,729 $ 37,060 Labor (4,299) (11,741) (14,699) Dietary (1,045) (2,104) (2,233) Utilities (1,097) (1,969) (2,471) Taxes and insurance (1,538) (2,649) (2,897) Management fees
Slide 19: Reconciliations: Adjusted EBITDA
Reconciliations: Adjusted EBITDA Three Months Ended March 31, (unaudited, dollars in thousands) 2026 2025 Net income $ 39,752 $ 33,817 Interest expense 15,040 14,337 Franchise, excise, and other taxes 215 269 Depreciation 23,691 19,157 Gains on sales of real estate, net (2,612) (114) Notes receivabl
Slide 20: Reconciliations: Adjusted EBITDA
Reconciliations: Adjusted EBITDA (dollars in thousands) Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net income $ 39,231 $ 30,849 $ 6,505 $ 8,246 $ 21,466 $ 34,229 $ 1,558 $ 34,183 $ 39
Slide 21: Return on Invested Capital
Return on Invested Capital 9.00% 8.50% 8.45% 8.38% 8.41% 8.33% 8.34% 8.27% 8.28% 8.29% 8.27% 8.25% 8.16% 8.04% 8.05% Return on Invested Capital 8.00% 7.92% 7.94% 7.80% 7.81% 7.69% 7.72% 7.65% 7.58% 7.53% 7.47% 7.50% 7.30% 7.16% 7.00% 6.50% 6.00% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22
Slide 22: Reconciliations: ROIC
Reconciliations: ROIC (dollars in thousands) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Total Assets $ 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 Add: Accumulated Depreciation 555,762
Slide 23: National Health Investors
NATION AL HEALTH INVES’ ORS.
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