National Health Investors, Inc. · NYSE:NHI
National Health Investors — Q3 2025 Earnings Presentation
24 slides from National Health Investors's earnings presentation, Nov 6, 2025
Slide 1: National Health Investors Investor Update
National Health Investors Investor Update November 6, 2025 Pear Valley Senior Living operated by Compass Senior Living
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 Third Quarter 2025
Overview of Third Quarter 2025 3 Real Estate Investments • Lease revenue excluding straight-line, lease amortization, and escrow reimbursement revenue of $70.1 million increased 16.6% compared to Q3 2024 and increased 4.5% compared to Q2 2025. The current year quarter included approximately $3.9 mil
Slide 4: Updated 2025 Guidance
Updated 2025 Guidance 4 2025 Guidance Midpoints 1 2025 Guidance Assumptions & Considerations NHI’s 2025 annual guidance includes the following assumptions: • $75 million in unidentified new investments at an initial average yield of 8.0%; • Continued rent concessions and loan repayments; • Continued
Slide 5: Investment Overview
Investment Overview 5 • Same-Store and SHOP transitions have excellent growth profile • Rent resets with large tenants including NHC and Bickford • Capex program supports organic growth and adds value to owned real estate • SHOP NOI growth of 62.6% in Q3 2025 driven by recent transitions • Completed
Slide 6: Senior Housing Operating Portfolio (SHOP) Opportunity
Senior Housing Operating Portfolio (SHOP) Opportunity 6 (dollars in thousands except RevPOR1) • NHI continues to view the SS SHOP portfolio of 15 properties as a source of significant organic growth as the NOI margin improves toward more historic levels achieved • Based on the year-to-date annualize
Slide 7: Multiple Avenues for Organic Growth
Multiple Avenues for Organic Growth 7 • SHOP Conversions • Effective August 1, 2025, NHI transitioned six properties formerly leased to Discovery to a SHOP portfolio managed by Sinceri Senior Living • Effective August 1, 2025, NHI expanded its SHOP joint venture with Discovery by adding one property
Slide 8: Senior Housing - Need Driven Fundamentals Stabilizing
Senior Housing - Need Driven Fundamentals Stabilizing 8 • The Senior Housing – Need Driven leased portfolio represents approximately 32% of annualized adjusted NOI including approximately 12% from the Bickford leased portfolio and 22% from other Need Driven operators. EBITDARM coverage for this grou
Slide 9: Asset Diversification Creates Stronger Portfolio
Asset Diversification Creates Stronger Portfolio 9 The Senior Housing – Need Driven portfolio has experienced significant coverage improvement since the start of the portfolio optimization in 2021. The SNF and Discretionary (largely CCRC) portfolios which generate ~53% of adjusted NOI have proved re
Slide 10: 2025 Investments: Closed $303.2 million at an average initial yield of 8.0%
2025 Investments: Closed $303.2 million at an average initial yield of 8.0% Recent Investments and Pipeline Significant Pipeline Creates Pathway for External Growth Opportunities 10 (dollars in millions) 1 Represents contractual rent or interest / purchase price. SHOP yields are after routine capex.
Slide 11: Financial Strength Positions NHI for Potential Accretive External Growth
Financial Strength Positions NHI for Potential Accretive External Growth Strong Balance Sheet Provides Ample Liquidity for Investment • NHI’s current leverage at 3.6x is below its target leverage of 4.0x – 5.0x net debt to adjusted EBITDA as recent acquisitions have been funded largely equity • Tota
Slide 12: Optimization Creating More Invested Capital Efficiency
Optimization Creating More Invested Capital Efficiency 12 Optimization Improved ROIC • Pandemic impacts start in late 2020 with first rent concessions granted • Dispositions of underperforming properties begins in 2Q21 and included 48 senior housing properties and seven SNFs • Bickford rent reset an
Slide 13: Favorable Industry Dynamics: Supply Growth is Slowing
Favorable Industry Dynamics: A Pathway For Long Term Growth 13 Supply Growth is Slowing Inventory growth of 0.6% across the care continuum is at an historic low Rolling 4-Quarter units started in Q3 2025 were 63% below the historical average Source: National Investment Center for Senior Housing & Ca
Slide 14: Favorable Industry Dynamics: Demand Growth is Surging
5.7 6.3 7.6 10.8 2010 2020 2030E 2040E U.S. 85+ Population (in millions) Favorable Industry Dynamics: A Pathway For Long Term Growth 14 Source: University of Virginia’s Weldon Cooper Center for Public Service; National Investment Center for Senior Housing & Care (“NIC”); NIC data is from NICMAP Prim
Slide 15: Appendix: Definitions
Appendix: Definitions 15 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 con
Slide 16: Appendix: Definitions
Appendix: Definitions 16 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
Slide 17: Appendix: Definitions
Appendix: Definitions 17 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 i
Slide 18: Reconciliations: FFO, Normalized FFO, Normalized FAD
Reconciliations: FFO, Normalized FFO, Normalized FAD 18 (unaudited, $ in thousands, except share and per share amounts) Q3 2025 Q3 2024 Q2 2025 Net income attributable to common stockholders $ 32,812 $ 28,511 $ 36,938 Elimination of certain non-cash items in net income: Real estate depreciation 19,6
Slide 19: Reconciliations: Net Operating Income & Adjusted NOI
Reconciliations: Net Operating Income & Adjusted NOI 19 Three Months Ended September 30, (unaudited, dollars in thousands) 2025 2024 Net Income $ 32,478 $ 28,242 Interest 13,766 14,939 Gains on sales of real estate (113) (102) (Gain) loss from equity method investment (73) - Franchise, excise and ot
Slide 20: Reconciliations: SHOP NOI & Same-Store SHOP NOI
Reconciliations: SHOP NOI & Same-Store SHOP NOI 20 Total SHOP 2023 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025($ in thousands) Total revenues $ 48,809 $ 13,771 $ 14,004 $ 54,421 $ 13,939 $ 14,217 $ 21,177 Labor (16,165) (4,304) (4,435) (17,166) (4,299) (4,324) (7,168) Dietary (3,763) (1,118) (1,090
Slide 21: Reconciliations: Adjusted EBITDA
Reconciliations: Adjusted EBITDA 21 Three Months Ended September 30, (unaudited, dollars in thousands) 2025 2024 Net income $ 32,478 $ 28,242 Interest expense 13,766 14,939 Franchise, excise, and other taxes 244 83 Depreciation 20,216 17,768 Gains on sales of real estate, net (113) (102) Notes recei
Slide 22: Reconciliations: Adjusted EBITDA
Reconciliations: Adjusted EBITDA 22 (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 Net income $ 39,231 $ 30,849 $ 6,505 $ 8,246 $ 21,466 $ 34,229 $ 1,558 $ 34,183 $ 39,448 $ 29,033
Slide 23: Reconciliations: ROIC
Reconciliations: ROIC 23 (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 555,762 576,605 597,63
Slide 24: Appendix: Senior Housing & SNF Dispositions
Appendix: Senior Housing & SNF Dispositions 24 1 Excludes $13.0 million second mortgage provided by NHI 2 Excludes $1.6 million of seller financing provided by NHI (dollars in thousands) Net Operator Units Properties Proceeds Q2 2021 Bickford Senior Living 1 247 6 $39,924 Q3 2021 Holiday Retirement
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