National Health Investors, Inc. · NYSE:NHI

National Health Investors — Q4 2025 Earnings Presentation

30 slides from National Health Investors's earnings presentation, Feb 27, 2026

  1. Slide 1: National Health Investors Q4 2025 Supplemental

    National Health Investors Q4 2025 Supplemental

  2. Slide 2: Table of Contents; Forward Looking Statements and Non-GAAP Measures

    TABLE OF CONTENTS FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES: COMPANY This Supplemental Information and other materials we have COMPANY INFORMATION & LEADERSHIP 02 filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to PORTFO

  3. Slide 3: Leadership: We Invest in Relationships

    LEADERSHIP WE INVEST IN RELATIONSHIPS NATIONAL HEALTH INVESTORS, INC. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”) specializing in sale-leaseback, joint venture, mortgage and mezzanine financing of need-driven and discretionary se

  4. Slide 4: Portfolio Overview

    PORTFOLIO OVERVIEW As of December 31, 2025      ­€ ‚­ €ƒ €€ƒ ‚„„ ƒ † ‚‡„ „†ƒ €€ˆƒ ‰  †€ ƒ€ „ €€‡ † ­ ƒ ƒ€ €­­ ­‡ˆ„ Š‹  ‡ „­ ­ƒ ­ †„ ˆ  Œ Ž Š ‘   ‡ ­ ­ € ­ ­€  ƒ†ƒ ˆ­ ‰  †‡ „ ‡„ƒ ­‡† ­ ˆ  Š‹  † ­‡ ­­ †„ ­ „‡ ˆƒ Ž ’ †„ †† €† † ­ˆ   ­†  † „ ­€† ‡  ­ ­

  5. Slide 5: Real Estate Investments NOI

    REAL ESTATE INVESTMENTS NOI (DOLL ARS IN THOUSANDS) — Ž ”ŠŽ “ •–  “ Ž Š  Leases Senior Housing - Need Driven Assisted Living 86 4,704 $ 23,034 $ 933 $ 22,101 $ 88 $ 22,189 $ 64,800 $ 86,989 Senior Living Campus 9 1,073 3,752 101 3,651 2 3,653 10,961 14,614 Total Need Driven 95 5,777 26,78

  6. Slide 6: Senior Housing Operating Portfolio (SHOP)

    SENIOR HOUSING OPERATING PORTFOLIO (SHOP) TOTAL SENIOR HOUSING OPERATING PORTFOLIO (DOLL ARS IN THOUSANDS EXCEPT REVPOR) ˜ “„­­€ “ ­­€ “­­­€ “­­€ “„­­„ ­† ­­ € € €  ­ †‡ ‡ ­ ‡ ­ ‡ ­ ŠŠ Š‹ ƒ†ˆ ƒ‡ˆ­ ƒˆ ƒˆ­ ƒˆ„ —™ ‚ ƒ ‚ „ ­ ‚ ‡ ‚ ƒ ‚ „ ‚  ‡29 ‚­ ‡‡ ‚„ ­‡ ‚   ‚„ „  š ­ ƒ0

  7. Slide 7: Industry Partners

    INDUSTRY PARTNERS ›— Œœ—•ž •Ÿ Senior Living Communities owns and operates luxury retirement communities  —•ž ƒˆ  located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana. NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329

  8. Slide 8: Lease Portfolio EBITDARM Coverage & Occupancy

    LEASE PORTFOLIO EBITDARM COVERAGE & OCCUPANCY NHI HISTORIC EBITDARM COVERAGE TRENDS    ” ­ˆš SR HOUSING SUMMARY MEDICAL SUMMARY NHI TOTAL PORTFOLIO PRIOR T12 86.0% 85.4% 85.7% PRIOR T12 82.8% 78.5% 82.7% PRIOR T12 84.2% T12 86.3% 86.8% 86.5% T12 83.1% 76.7% 83.0% T12 85.0% SR HOUSING DETAIL MED

  9. Slide 9: Purchase Options & Lease Maturities

    PURCHASE OPTIONS & LEASE MATURITIES TENANT PURCHASE OPTIONS (DOLL ARS IN THOUSANDS) Ÿ ž —ž —–— —— ———¡ –— • Ÿ —–— —‚ SH 2 May 2035 2029 A $6,463 2.28% SNF 1 September 2028 2028 B $532 0.19% SNF 1 April 2032 2031 C $ $2,659 0.94% 3.41% Option Type: ˆ•š ‘ Š  Š Ž ‹ Š ¢ˆ•š ‘ Š žˆ•š  £ 1 Based

  10. Slide 10: We Invest in Relationships, Not Just Properties

    INVESTMENT RATIONALE WE INVEST IN RELATIONSHIPS, NOT JUST PROPERTIES FOCUSED ON GROWING WITH OUR 42 OPERATING INVESTMENT SHOP NOTES PARTNERS AND SELECT NEW CUSTOMERS STRUCTURE 9.3% 6.2% DIVERSIFIED INVESTMENT PLAN EMPHASIZING PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS SNF OPERATORS EXPE

  11. Slide 11: Recent Investments

    RECENT INVESTMENTS RECENT LEASE AND SHOP ACTIVITIES (DOLL ARS IN THOUSANDS) ž ‹ ¤ Š – ­  •  ¢ ž  ­€¤ ž ƒˆ­€ ‚€­ € ‹ ž  ¤‡ ƒˆ ‚€­ „ ›¥ ¦ ž  ¤€† ƒˆ­€ ‚‡  ‡ ž   „„¤„ œ ‡ˆ€ ‚‡„   ‰ §  ­€¤† — ƒˆ † € ‚ ‡ ­ ‚ ¨ ¦  ž§  ƒ¤ ž ƒˆ ­ ­ ‚ ‡ ­ ‚ ¨ Œ‹ ŽŠ •  ƒƒ

  12. Slide 12: Capitalization Overview

    CAPITALIZATION OVERVIEW (DOLL AR AND SHARE AMOUNTS IN THOUSANDS) “„­­€ “ ­­€ “­­­€ “­­€ “„­­„ ¢Š Ž  ¦Š    ‚ ­€ ‡„ „ ­ƒ ‚ ‡ ƒ„­ ‚  ‡ ‚ ‚­ € €„ƒ  ­ ‡† ƒƒ‡ ­ † †„ ­ †€ € ­ ‡ƒ­ ƒƒ€ ­ †„ ‡ ‘ ­€† ƒ  €†† ƒ ††€ ƒ  ­­ „ Š ƒ † ‡ € ‡ †„ ƒ ƒ ‡­ Š‰Ž £ ª‹‘‘ €­ €„ „ƒ

  13. Slide 13: Capital Structure

    Notes CAPITAL STRUCTURE Lease DEBT1 UNSECURED, VARIABLE FIXED CHARGE COVERAGE 27.9% UNSECURED, FIXED unsecured, v 72.1% REVOLVER LIQUIDIT Y (DOLL ARS IN MILLIONS) NET DEBT TO ADJUSTED EBITDA ‘  ­­€   Œ‹  †‡ ˆ •š   Š   „ˆ€ ƒˆ€ ˆ‹  ‘Š¢ ­ „  ˆ ˆ €ˆ‹  ‘Š¢ ­ €  €ˆ

  14. Slide 14: Debt Maturities

    DEBT MATURITIES DEBT SCHEDULE (DOLL ARS IN THOUSANDS) •š ¤ Œ‹ –  Š •Š   ­ ™‘ Œ‹  „‰†„€„Š ‚‡ŒŒ ¬€ ‚­„  „ˆ‡ ™‘ Š”­ƒ ­ˆƒ ¢‰ ¬­€ ­€  „ˆ ™‘ ¥”­† ˆ„ ‚ŒŒ Š    „ˆ€ •š ¥”­‡ ˆ ‚„ŒŒ Š „  ˆ •š • ‘” €ˆ ‚ €ŒŒ Š €  €ˆ € •š • ‘” ‡ˆ  ‘ ‚ ‡  › Ž  

  15. Slide 15: Select Debt Covenants

    SELECT DEBT COVENANTS1 ž •Š‹ ª “„­­€ “ ­­€ “­­­€ “­­€ “­­­„ “ ­­„   ®¯† „ ­ „ € ‡ ‡ Š   ®¯† ‡ € ‡ ƒ „ „ Š   ®¯  ¨ ¨ ¨ ­ ­ ­ •š ŠŽ Š   °¯ˆ‡€ €ˆ­ƒ €ˆ­ „ˆƒ „ˆƒ„ „ˆ† „ˆ† ‘ ˜Ž ‚ˆ„‡€‘        Š ª “„­­€ “ ­­€ “­­­€ “­­€ “­­­„ “ ­­„   ®¯†

  16. Slide 16: Performance

    PERFORMANCE EBITDARM COVERAGE1 GENERAL & ADMINISTRATIVE AS % OF GROSS ASSETS SENIOR HOUSING SKILLED NURSING2 TOTAL G&A EXPENSE G&A EXPENSE EXCL.STOCK COMPENSATION EBITDARM coverage is based on trailing twelve month results through the period indicated. 1 2 Includes NHC Fixed Charge Coverage Ratio wh

  17. Slide 17: Balance Sheets

    BALANCE SHEETS (DOLL ARS IN THOUSANDS) “„­­€ “„­­„     ‚ ­­ †† ‚   ¢ €€ ƒ†† ­ ‡€ ‡ žŠ  ƒ ­„  €†ƒ ­€ ‡„ ­ € €„ƒ ŠŠ Š ƒ­ ƒ­ ‡„­ ­€   ­ „‡ ‡€ƒ ­ ­ ­€ Œ Ž Š ‘ ‚ƒ ‚­ ­„ ­ ­† ­†ƒ ­† žŽŠŽ ª  †­„ ­„ ­ƒ Ž” Š ‘ ‡ƒ ƒ ƒ‡ € Ž  €†­ Ž  ‡ ‡€† ­­ ‡€  ‚ ­ ‡† ƒƒ‡

  18. Slide 18: Statements of Income

    STATEMENTS OF INCOME (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) “„­­€ “„­­„   Š ‚ ‡ ­ƒ† ‚ ‚†€ ‡ƒ„   ‡­ „ „ Š Ž „ ƒ† € †† ‚ € ƒ­ ‚ ƒ€ ‡€„ —š Š ­ †€ ƒ †ƒ „ ­†„ € ­„   š ­ „­†  ‡€†  „ •ŠŽ šŠ Ž š ­„ „ ¦  ‡ † € „† š Š  ­ €‡ ­ ƒ„„  ‹  † ‡„€ † ‡ €„ ƒ‡ ¦ ª‹

  19. Slide 19: FFO & FAD Reconciliation

    FFO & FAD RECONCILIATION (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Š ‘‘ ŠŠ‰Ž ‚ ƒ ‚ „ ­ —Š ”ŠŽ Š ²   Š ­ ƒ† ƒ ‡   Š  Š „­ „ ¦    „ † ‰‰„ˆ‡ˆ€†ƒƒ †‹€  €ƒ „† €† ­ ”ŠŽ˜ ”´Ž” Š ‘ ¨ € „„­ ƒ€„Œ ‰‰„ˆ‡ˆ€†ƒƒ †‹€  €ƒ „† € ‡†ƒ ”ŠŽ   †€­ ƒ ” 

  20. Slide 20: Adjusted EBITDA Reconciliation

    ADJUSTED EBITDA RECONCILIATION (DOLL ARS IN THOUSANDS) ADJUSTED EBITDA RECONCILIATION Š ‚ ‡ ƒ ‚„­ ‡ƒƒ š „ ­†„ € ­„ •ŠŽ šŠ Ž š ­„ „ Š ­ †€ ƒ †ƒ ¦    „ † ”ŠŽ Š   ¨ † ­† ”ŠŽ˜ ”´Ž” Š ‘ ¨ ƒ Š ‘ Š š † ‡„€ —¢ ‚ ‡ ƒ†„ ‚ †‡ „† š ŠŠ ‚ „­ ‚ „ †† Š  ‹ ¨  •š žŽ ‚ „­ ‚ „ ‡€ •š

  21. Slide 21: NOI Reconciliations

    NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NOI SEGMENT RECONCILIATION ”  Š  ‚ „ † ‚ „ † ‰  ­ €€ ­  ‡€ †ƒ    ­ „€ ”  ‚ †‡ ‡€ ‚ †­   •  ‡­ „ „  š ­ „­†  ‡€„ ‡  ­€ Š Ž „ ƒƒ € †† ‚ ‡ ƒ­† ‚ ‡­ €„ NOI TO ADJUSTED NOI RECONCILIATION ”ŠŽ˜ ”´Ž” Š ‘ ¨ ƒ † Ž” ­ ­ ƒ  

  22. Slide 22: NOI Reconciliations

    NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NET INCOME ‚ ‡ ƒ ‚„­ ‡ƒƒ „ ­†„ € ­„ ¦    „ † ¦ ª‹ Ž †€­ ¨ •ŠŽ šŠ Ž š ­„ „  „  ‹ † ‡„€ ¦  ‡ † € „† Š ­ †€ ƒ †ƒ ž ‚ ‡ ƒ­† ‚ ‡­ €„ ”ŠŽ˜ ”´Ž” Š ‘ ¨ ƒ † Ž” ­ ­ ƒ   Š ‡­€ ‡­„ Š Š „ ƒ‡ ”  ¤ž  ¨ € ‚ ‡ ‡† ‚ ‡ †‡‡ 21 Q4

  23. Slide 23: SHOP Reconciliations

    SHOP RECONCILIATIONS (DOLL ARS IN THOUSANDS)  ‚ „ „ ‚   ‚ „ ­‡ ‚ ­ ‡‡ ‚  ‡­ ‘ „ „ € „ ­ „ ­„ ‡ †ƒ ‡„ ‹  „€ „ „ƒ ­ „ ‡ ‡ „ €†‡ † š Š €† € ƒ „ ­ ­‡ ­ †„ Ž Ž  š ­ † ­ ƒ‡„ ­ †€ ƒƒ „ † ­€ ƒ† ƒ­ „ ­„ ‡  Š ­ †  ­ ‡€ƒ ­ ƒ ‡ € €€‡ Š ‚ † ‚ ­ƒ ‚  ‚  ‚ ‡„† ‡ ­ ‡ ­

  24. Slide 24: SNF Revenue by State

    SNF REVENUE BY STATE   žŽ Š —š  ¡ ­„ ­ †ƒ ‚  €†  „ˆƒ •  „‡ ‡ †„ €‡ ­ˆ„ † ƒ  ‡ ­‡€ ­ ˆ ž „ ‡† ƒˆ„ ‡ ‡ ­  †„ €€ „ˆ­ – › „„ ­ †€ƒ ‡ ˆ ­ ­ƒ‡ ­ „ƒƒ  ­ˆ Œ € ‡€† ­ ­„   ­ˆ€ – œ– ­† „€ ˆ‡ – µ †   „ „ ˆ – ™ ­ ‡ ƒ† ˆ –  †ƒ ƒ € ‚ƒ† † ‡†€ ˆ ANNUALIZED CASH NO

  25. Slide 25: Deferrals & Repayments

    DEFERRALS & REPAYMENTS1,2 ‰ ’“’’ ’“’”•–— ’“’•˜ ™’“’— ’’“’— ”’“’—š •’“’— ’“’— Ž › ¢Š‰ ‚ ‡€ ƒ ­€ ‚  ‚ ­ € ‚ ¨ ‚ ¨ ‚ ¨ ‚ ¨ ‚ ¨ ‚ ¨ ‚ ­ € Ž ­ ­ † ƒ‡ ‡ „„ ­ ­€ƒ € ¨ ¨ ¨ ¨ ¨ ‡ ­  ‚ „ ƒ­ ­„ ‡ ‚ ƒ „„ ‚ ­„­ ‚ € ‚ ¨ ‚ ¨ ‚ ¨ ‚ ¨ ‚ ¨ ‚ ‡ €­ Ž ’“’’ ’“’” ’“’• ™’“’— ’’“’— ”’“’—š •’“’— ’“’— Ž ›

  26. Slide 26: Notes

    NOTES 25 Q4 2025

  27. Slide 27: Notes

    NOTES Q4 2025 26

  28. Slide 28: Glossary

    GLOSSARY Adjusted EBITDA & EBITDARM We consider Adjusted EBITDA to be an important supplemental FFO, as defined by the National Association of Real Estate Investment measure because it provides information which we use to evaluate Trusts (“NAREIT”) and applied by us, is net income (computed in our pe

  29. Slide 29: Glossary

    GLOSSARY Facility Types Properties are excluded from Same-Store if they are: (i) sold, classified SH - Senior housing HOSP - Hospital as held for sale or properties whose operations were classified as EFC - Entrance Fee Community MOB - Medical office building discontinued operations in accordance with

  30. Slide 30: National Health Investors Q4 2025 Supplemental

    National Health Investors Q4 2025 Supplemental

National Health Investors — Q4 2025 Earnings Presentation on 6ix