National Health Investors, Inc. · NYSE:NHI
National Health Investors — Investor Presentation (May 2023)
11 slides from National Health Investors's investor presentation, May 9, 2023
Slide 1: National Health Investors Investor Update
National Health Investors Investor Update May 9, 2023
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 * Dispositions largely completed * Improved EBITDARM Coverages Across Need Driven Portfolio * Strong 1Q 2023 results driven by high collections, no unexpected def
Slide 4: Portfolio Optimization Overview
Co) Portfolio Optimization Overview Nur NAL. INVESTORS: OBJECTIVES ACTIONS AND OUTCOMES Since 2Q 2021 completed approximately $312.1 million in senior housing dispositions at a NOI cash yield of approximately 3.1% and EBITDARM coverage of 0.52x — A — Transitioned six properties to new and existing o
Slide 5: Senior Housing & SNF Dispositions
Senior Housing & SNF Dispositions (dollars in thousands) NATIONAL HEALTH INVESTORS Since 2Q 2021, NHI has completed the disposition of 37 underperforming senior housing properties for net proceeds of approximately $312.1 million at an implied property cash NOI yield of 3.1% and EBITDARM coverage of
Slide 6: EBITDARM Coverage Overview
Co) EBITDARM Coverage Overview NATIONAL HEALTH INVESTORS EBITDARM Coverage Improvement Trailing Twelve Month (TTM) EBITDARM Coverage A A ‘ A 2022 3Q.2022 20.2022 10.2022 2021 30.2021 Need Driven Senior Housing EBITDARM coverage continues to show Sarto aa a a 2 2 oe improvement reflecting the disposi
Slide 7: Organic Growth Drivers
Organic Growth Drivers (dollars in thousands except RevPOR) INVESTORS Significant Organic NOI Upside in Deferral Repayments, Rent Resets, and SHOP * NHI typically targets organic growth in the 1.5% - 2.0% range driven largely by triple net lease escalators * Incremental Organic Drivers: The Company
Slide 8: Financial Strength Positions NHI for Accretive External Growth
Financial Strength Positions NHI for Accretive External Growth (dollars in million; debt maturity table as of March 31, 2023) MEALTH INVESTORS Strong Balance Sheet Provides Ample Liquidity for Investment * Despite significant deferrals and rent restructuring, NHI has maintained its target leverage i
Slide 9: Improving Visibility; Return to Growth in 2023
NATIONAL ALTHL INVEST ta ) Improving Visibility; Return to Growth in 2023 Optimization Improving ROIC * Pandemic effects start in late 2020 with first rent concessions granted * Dispositions begin in 2Q21 and include 37 senior housing properties and seven SNFs to date * Bickford rent reset and SHOP
Slide 10: 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 11: Reconciliations: ROIC
Reconciliations: NATIONAL HEALTH INVESTORS ROIC ([[Geliars in thousands) 1020 2020 3020 4020 1021 2021 BQ21 4021 1022 2022 3022 4022 1023 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 $ 2,533,230 ‘Add
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