National Health Investors, Inc. · NYSE:NHI
National Health Investors — Q4 2025 Earnings Presentation
23 slides from National Health Investors's earnings presentation, Feb 26, 2026
Slide 1: National Health Investors Investor Update
National Health Investors Investor Update February 26, 2026 The Bridges at Warwick operated by Priority Life Care
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 Fourth Quarter 2025
Overview of Fourth Quarter 2025 Summary of Quarterly Financial Results 1 Key Operating and Balance Sheet Highlights Real Estate Investments (in thousands except per share and percentages) Q4 2024 Q3 2025 Q4 2025 • Lease revenue excluding straight-line, lease amortization, and escrow reimbursement re
Slide 4: Initial 2026 Guidance
Initial 2026 Guidance 2026 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 $ 180.1 $ 182.4 • $230.0 million in unidentified new in
Slide 5: Investment Overview
Investment Overview Significant SHOP Growth Financial Strength Positions Diversified Portfolio Limits Strong Industry Dynamics Opportunity NHI for External Growth Concentration Risk Support Long Term Growth 1 • SHOP NOI growth of 124.9% in Q4 • Investments of $392.4 million in 2025 • Diversified por
Slide 6: Senior Housing Operating Portfolio (SHOP) Opportunity
Senior Housing Operating Portfolio (SHOP) Opportunity (dollars in thousands except RevPOR1) Early Stages of Significant Total SHOP Growth Organic NOI Upside in Same-Store SHOP Portfolio • Total SHOP NOI increased 124.9% year-over-year in Q4 2025 • NHI continues to view the SS SHOP portfolio of 15 pr
Slide 7: Recent Investments and Pipeline
Recent Investments and Pipeline (dollars in millions) Date Tenant / Borrower Investment Type Yield 1 Investment Significant Pipeline Creates Pathway for External Growth Opportunities 1Q 2026 Allegro Living Management SHOP 7.60% $ 105.5 4Q 2025 PLC Lease 8.00% $ 52.1 2025 Investments: Closed $392.4 m
Slide 8: Financial Strength Positions NHI for Potential Accretive External Growth
Financial Strength Positions NHI for Potential Accretive External Growth (dollars in millions) Strong Balance Sheet Provides Ample Liquidity for Investment Liquidity as of December 31, 2025 • NHI’s current leverage at 3.8x is well within its updated target leverage of 3.5x – 4.5x net debt to Cash an
Slide 9: Diversified Portfolio Across the Senior Housing Care Continuum
Diversified Portfolio Across the Senior Housing Care Continuum (dollars in thousands) Geographically Diverse Portfolio Spans the Senior Housing Care Portfolio Overview Continuum1 SPECIALTY HOSPITAL 215 42 33 119 SENIOR HOUSING 68 SKILLED NURSING 2 26 SHOP Properties Operating Partners States Other2
Slide 10: Senior Housing - Need Driven Fundamentals Stabilizing
Senior Housing - Need Driven Fundamentals Stabilizing Senior Housing – Need Driven Main Optimization Focus • The Senior Housing – Need Driven leased portfolio represents approximately 35% of annualized adjusted NOI including approximately 12% from the Bickford leased portfolio and 23% from other Nee
Slide 11: Asset Diversification Creates Stronger Portfolio
Asset Diversification Creates Stronger Portfolio Senior Housing - Need Driven Bickford Need Driven ex. Bickford 1.80x The Senior Housing – 1.60x Need Driven portfolio 1.40x 1.20x has experienced 1.00x significant coverage 0.80x improvement since 0.60x the start of the portfolio optimization 1Q 2021
Slide 12: Return on Invested Capital
Optimization Creating More Invested Capital Efficiency Optimization Improved ROIC 9.00% • Pandemic impacts start in late 2020 with first rent concessions granted 8.50% 8.45% • Dispositions of underperforming 8.33% 8.34% 8.38% 8.27% 8.28% 8.29% 8.27% 8.25% properties begins in 2Q21 and 8.16% included
Slide 13: 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 Q4 2025 were 61% below historic low the historical average Inventory Growth Senior Housing: Rolling 4-Quarter Units Star
Slide 14: 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 15: 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 16: 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 17: 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 18: Reconciliations: FFO, Normalized FFO, Normalized FAD
Reconciliations: FFO, Normalized FFO, Normalized FAD (unaudited, $ in thousands, except share and per share amounts) Q4 2025 Q4 2024 Q3 2025 Net income attributable to common stockholders $ 38,113 $ 43,213 $ 32,812 Elimination of certain non-cash items in net income: Real estate depreciation 20,869
Slide 19: Reconciliations: Net Operating Income & Adjusted NOI
Reconciliations: Net Operating Income & Adjusted NOI Three Months Ended December 31, (unaudited, dollars in thousands) 2025 2024 Net Income $ 37,803 $ 42,788 Interest 14,264 15,241 Gains on sales of real estate (119) (4,960) (Gain) loss from equity method investment (1,652) - Franchise, excise and o
Slide 20: Reconciliations: SHOP NOI & Same-Store SHOP NOI
Reconciliations: SHOP NOI & Same-Store SHOP NOI Total SHOP ($ in thousands) 2023 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total revenues $ 48,809 $ 13,771 $ 14,004 $ 54,421 $ 13,939 $ 14,217 $ 21,177 $ 30,729 Labor (16,165) (4,304) (4,435) (17,166) (4,299) (4,324) (7,168) (11,741) Dietar
Slide 21: 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 22: 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 Net income $ 39,231 $ 30,849 $ 6,505 $ 8,246 $ 21,466 $ 34,229 $ 1,558 $ 34,183 $ 39,448 $ 2
Slide 23: Reconciliations: ROIC
Reconciliations: ROIC (dollars in thousands) 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 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 Add: Accumulated Depreciation 555,762 576,605 597,638 6
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