National Health Investors, Inc. · NYSE:NHI
National Health Investors — Investor Presentation (February 2023)
12 slides from National Health Investors's investor presentation, Feb 21, 2023
Slide 1: National Health Investors Investor Update
National Health Investors Investor Update February 21, 2023 a “a ‘ Fd — ‘ malik), ‘ | 3) aN = ela] ay | | 4 he) Bay | Pais lee w/e ban wer SET [as aii —_— = ——— | TE
Slide 2: Safe Harbor Statement
Safe Harbor Statement NATIONAL HEALTH INVESTORS These slides and other materials we have filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to be made, by our senior management contain forward-looking statements that are based o
Slide 3: Investment Overview
Investment Overview Portfolio Optimization Multiple Drivers Enhance Financial Strength Positions Visibility Continues to Largely Complete Organic Growth Profile NHI for External Growth Improve * Dispositions largely completed * Repayment of deferral balances * Leverage profile in target range * Achi
Slide 4: Portfolio Optimization Overview
Co) Portfolio Optimization Overview INVESTORS: OBJECTIVES ACTIONS AND OUTCOMES Nur NAL. Since 2Q 2021 completed approximately $296.4 million in senior housing dispositions at a NOI cash yield of approximately 2.7% and EBITDARM coverage of 0.47x — A — Transitioned six properties to new and existing o
Slide 5: Senior Housing & SNF Dispositions
Senior Housing & SNF Dispositions NH (dollars in thousands) NATIONAL HEALTICINVESTORS Since 2Q 2021, NHI has completed the disposition of 32 underperforming senior housing properties for net proceeds of approximately $296.4 million at an implied property cash NOI yield of 2.7% and EBITDARM coverage
Slide 6: EBITDARM Coverage Overview
Co) EBITDARM Coverage Overview NUTIONAL MEALTICINVESTORS EBITDARM Coverage Improvement Trailing Twelve Month (TTM) EBITDARM Coverage Need Driven Senior Housing EBITDARM coverage continues to show SST peeuee penta ui Beene sah eaeuee . i. remit = - ;nior Housing improvement reflecting the disposition
Slide 7: Bickford Portfolio Optimization
Co) Bickford Portfolio Optimization legacy Portfolio m™ Current Portfolio Optimization Impact on Occupancy 6.0% 85.0% + NHI sold 3 Bickford legacy properties in 2Q 2022 which weighed 85.0% 84.3% 84:56 —B4.5%- heavily on occupancy and cash flow 84.0% 83.6% 83.7% 93.6% = 83.7% 83.7% * The chart to the
Slide 8: Several Organic Growth Drivers
Several Organic Growth Drivers (dollars in thousands except RevPOR) INVESTORS Significant Organic NOI Upside in Deferral Repayments, Rent Resets, and SHOP uh Ol Margin 45.6% 44.5% 36.6% 32.4% 24.0% 23.1% NHI typically targets organic growth in the 1.5% - 2.0% range driven largely by triple net lease
Slide 9: Financial Strength Positions NHI for Accretive External Growth
Financial Strength Positions NHI for Accretive External Growth (dollars in million; debt maturity table as of January 31, 2023) HEALTH INVESTORS: Strong Balance Sheet Provides Ample Liquidity for Investment * Despite significant deferrals and rent restructuring, NHI has maintained its target leverag
Slide 10: Improving Visibility; Return to Growth in 2023
ta ) Improving Visibility; Return to Growth in 2023 NATIONAL ALTHL INVEST Achieved 2022 Guidance * Due to the onset of the pandemic in 2020 and implementation of portfolio optimization in 2021 NHI did not issue guidance * While still facing significant headwinds, NHI issued full year guidance in Apr
Slide 11: Definitions
Definitions NATIONAL HEALTH INVESTORS ADJUSTED EBITDA & EBITDARM. We consider Adjusted EBITDA to be an important supplemental measure because it provides information which we use to evaluate our performance and serves as an indication of our ability to service debt. We defi ne Adjusted EBITDA as con
Slide 12: Reconciliations: ROIC
LTH INVESTORS Reconciliations: ROIC arate [(dollars in thousands) 1Q20 2020 3020 4020 1021 2021 3021 4Q21 1022 2022 3Q22 4022 | Total Assets $3,167,835 $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 Deprecia
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