National Health Investors, Inc. · NYSE:NHI

National Health Investors — Q1 2026 Earnings Presentation

28 slides from National Health Investors's earnings presentation, May 5, 2026

1. Slide 1: National Health Investors Q1 2026 Supplemental

   National Health Investors Q1 2026 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 March 31, 2026      ­€ ‚­ ƒ„ €­ ‚†ƒ ‡ ‚ € ­€ ƒ†ˆ  ‰  €ƒ ‡ ƒ€ƒ ƒƒ € ­„ „ ‡ ­ ­ ˆ Š‹  †­ ­‡  „ €† ˆ­ Œ Ž Š ‘   „­ † † ­ ƒƒ   „ˆ ‰  „ „€ † ƒƒ ­  €‡ ˆ„ Š‹  „€ ­ † € ­ † ƒ ˆ‡ Ž ’ € €ƒ„ †€„ ƒ ‡† ˆ‡   „ƒ „ †€ †­ ƒ† ‡ ‡ „ƒ ƒ€† 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 $ 23,899 $ 900 $ 22,999 $ 88 $ 23,087 $ 63,679 $ 86,766 Senior Living Campus 8 1,031 3,617 (86) 3,703 2 3,705 11,114 14,819 Total Need Driven 94 5,735 27,5

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

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

7. Slide 7: Industry Partners

   INDUSTRY PARTNERS ›— Œœ—•ž •Ÿ Senior Living Communities owns and operates luxury retirement communities  —•ž ‡ˆ„ 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 ˆ€‡š ˆƒ†š ˆ€š ˆ†š ˆ†š ˆ‡š ˆ‡š ­ †“­­† ­ †“­­ƒ SR HOUSING SUMMARY MEDICAL SUMMARY NHI TOTAL PORTFOLIO (176) 86.9% 86.7% 86.6% 83.1% 77.6% 83.1% 82.5% 76.9% 82.4% 85.0% 86.0% 86.0% 86.0% 84.6% SR

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 2.25% SNF 1 April 2032 2031 B $2,659 0.93% $ 3.18% Option Type: ˆ•š ‘ Š  Š Ž ‹ Š ¢ˆ•š  £ 1 Based on Real Estate Investments annualized adjusted NO

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

    INVESTMENT RATIONALE WE INVEST IN RELATIONSHIPS, NOT JUST PROPERTIES FOCUSED ON GROWING WITH OUR 41 OPERATING INVESTMENT STRUCTURE SHOP NOTES PARTNERS AND SELECT NEW CUSTOMERS 11.0% 6.0% DIVERSIFIED INVESTMENT PLAN EMPHASIZING Notes SHOP Lease PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS

11. Slide 11: Recent Investments

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

12. Slide 12: Capitalization Overview

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

13. Slide 13: Capital Structure

    Notes CAPITAL STRUCTURE Lease DEBT1 UNSECURED, VARIABLE FIXED CHARGE COVERAGE 33.8% UNSECURED, FIXED unsecured, v 66.2% REVOLVER LIQUIDIT Y (DOLL ARS IN MILLIONS) NET DEBT TO ADJUSTED EBITDA ŒŠŽ„ ­­€   Œ‹ „ †‡ •š   Š   †ˆƒ ˆ‡ ˆ‡‹  ‘Š¢ ­„ †  „ˆ „ˆ­ †ˆ‡‹  ‘Š¢ ­„„ „ƒ

14. Slide 14: Debt Maturities

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

15. Slide 15: Select Debt Covenants

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

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 „„„    ‚ ­„ ‡€ ‚ ­­ €€ ¢ „ †‡  „ ƒƒ ‡€€ žŠ   „ ‡ ­† „ „ € „ ­ƒ † ŠŠ Š ‡†„ ‡­‡ ‡­ ‡­   ­ ƒƒƒ ­‡‡ ­ † „ ƒ‡ Œ Ž Š ‘ ‚‡ ‚­ ­† ­ƒ † ­„ ­€ žŽŠŽ © ­† †‡  €­† Ž” Š ‘  „„ ‡ ‡ Ž  „ ƒ€­ „ ƒ€­ Ž  ­ ‡ƒ ƒ€ 

18. Slide 18: Statements of Income

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

19. Slide 19: FFO & FAD Reconciliation

    FFO & FAD RECONCILIATION (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Š ‘‘ ŠŠ‰Ž ‚ † ­† ‚ „† „ —Š ”ŠŽ Š ±   Š ­­ ‡„­ ‡ €†   Š  Š †­ †„ §   ­ €­ † Š Š Š‰ ­ ¨ ˆˆƒ‡†‡­ ‚‚„ Š­„ ƒ ‡­­ ƒ­ „ƒ ”ŠŽ˜ ”³Ž” Š ‘ ¨ ­€† ‚­ƒ‹ˆˆƒ‡†‡­ ‚‚„ Š­„ ƒ ‡­­ ƒ­ €†

20. Slide 20: Adjusted EBITDA Reconciliation

    ADJUSTED EBITDA RECONCILIATION (DOLL ARS IN THOUSANDS) ADJUSTED EBITDA RECONCILIATION Š ‚„ ƒ­ ‚„„ ‡ š ƒ † † „„ •ŠŽ šŠ Ž š ­ƒ ­€ Š ­„ €  ƒ §   ­ €­ † › ”³ŠŠ ¨ €‡ Š ‘ Š š ƒ † —¢ ‚ € „€ ‚ €‡ € š ŠŠ ‚ † ‡€ ‚ „ „ƒ Š  ‹ ¨ ­ •š žŽ ‚ † ‡€ ‚ „ † •š žŽ ž  ƒˆ†š ƒˆš NET DEBT T

21. Slide 21: NOI Reconciliations

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

22. Slide 22: NOI Reconciliations

    NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NET INCOME ‚„ ƒ­ ‚„„ ‡ ƒ † † „„ §   ­ €­ † § ©‹ Ž ¨ †ƒ •ŠŽ šŠ Ž š ­ƒ ­€  „ƒ †­€  ‹ ƒ † š‹Š   ¨ ­€† §  ‡ƒ € ‡­ Š ­„ €  ƒ Ž Š „ƒ ¨ ž ‚ ‡† ƒ ‚ ƒ ƒƒ€ Ž” ­„ †   Š ­ƒ ­ƒ Š Š € ­ ”  ¤ž  ¨ †­ ‚ ‡†  ‚ † „ 21 Q1 2026

23. Slide 23: SHOP Reconciliations

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

24. Slide 24: 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

25. Slide 25: 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

26. Slide 26: Notes

    NOTES 25 Q1 2026

27. Slide 27: Notes

    NOTES Q1 2026 26

28. Slide 28: National Health Investors Q1 2026 Supplemental

    National Health Investors Q1 2026 Supplemental

National Health Investors — Q1 2026 Earnings Presentation on 6ix