National Health Investors, Inc. · NYSE:NHI
National Health Investors — Q2 2026 Earnings Presentation
28 slides from National Health Investors's earnings presentation, Aug 11, 2026
Slide 1: National Health Investors Q2 2026 Supplemental
National Health Investors Q2 2026 Supplemental
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
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
Slide 4: Portfolio Overview
PORTFOLIO OVERVIEW As of June 30, 20261
Slide 5: Real Estate Investments NOI
REAL ESTATE INVESTMENTS NOI (DOLL ARS IN THOUSANDS) Leases Senior Housing - Need Driven Assisted Living 86 4,861 $ 24,905 $ 886 $ 24,019 $ 203 $ 24,222 $ 68,522 $ 92,744 Senior Living Campus 8 622 2,088 (27) 2,061 2 2,063 6,189 8,252 Total Need Driven 94 5,483 26,99
Slide 6: Senior Housing Operating Portfolio (SHOP)
SENIOR HOUSING OPERATING PORTFOLIO (SHOP) TOTAL SENIOR HOUSING OPERATING PORTFOLIO (DOLL ARS IN THOUSANDS EXCEPT REVPOR)
Slide 7: Industry Partners
INDUSTRY PARTNERS ¡ Senior Living Communities owns and operates luxury retirement communities located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana. Bickford Senior Living manages or operates over 50 independent living, assisted living, an
Slide 8: Lease Portfolio EBITDARM Coverage & Occupancy
LEASE PORTFOLIO EBITDARM COVERAGE & OCCUPANCY NHI TOTAL PORTFOLIO 91.3% 90.7% SR HOUSING SUMMARY SR HOUSING DETAIL1 86.2% 85.1% All tables based on trailing 12 months; excludes loans, mortgages; excludes development and lease up properties in operation less than 24 months; includes prof
Slide 9: Purchase Options & Lease Maturities
PURCHASE OPTIONS & LEASE MATURITIES TENANT PURCHASE OPTIONS (DOLL ARS IN THOUSANDS) ¡ ¢ ¡ SH 2 May 2035 2029 A 6,527 2.66% SNF 1 April 2032 2031 B 2,677 1.09% $ 3.75% Option Type: £ ¤ 1 Based on Real Estate Investments annualized adjusted NOI
Slide 10: We Invest in Relationships, Not Just Properties
INVESTMENT RATIONALE WE INVEST IN RELATIONSHIPS, NOT JUST PROPERTIES FOCUSED ON GROWING WITH OUR 36 OPERATING PARTNERS AND SELECT NEW CUSTOMERS DIVERSIFIED INVESTMENT PLAN EMPHASIZING PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS SNF OPERATORS EXPERIENCED OPERATORS WITH PROVEN RECORD OF QU
Slide 11: Recent Investments
RECENT INVESTMENTS RECENT LEASE AND SHOP ACTIVITIES (DOLL ARS IN THOUSANDS) ¥ £ ¦ ¥ ¥ ¦ ¥ ¥ ¥ § ¦ ¥ ¥
Slide 12: Capitalization Overview
CAPITALIZATION OVERVIEW (DOLL AR AND SHARE AMOUNTS IN THOUSANDS) £ ¦ ¤ ©
Slide 13: Capital Structure
CAPITAL STRUCTURE FIXED CHARGE COVERAGE § £ £ 1 Excludes
Slide 14: Debt Maturities
DEBT MATURITIES DEBT SCHEDULE (DOLL ARS IN THOUSANDS) ¥ « § 1 As of June 30, 2026 2 Varia
Slide 15: Select Debt Covenants
SELECT DEBT COVENANTS1 © ¬® ¬® ¬® ¨ ¨ ¨ ¨ ¨ ¯® © ¬®
Slide 16: Performance
PERFORMANCE EBITDARM COVERAGE1 GENERAL & ADMINISTRATIVE AS % OF GROSS ASSETS 1 EBITDARM coverage is based on trailing twelve month results through the period indicated. 1Q 2026 excludes NHC corporate coverages for Skilled Nursing and Total. FAD PAYOUT RATIO RETURN ON INVESTED CAPITAL Through June 30
Slide 17: Balance Sheets
BALANCE SHEETS (DOLL ARS IN THOUSANDS) £ ©
Slide 18: Statements of Income
STATEMENTS OF INCOME (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) ¦ ¨
Slide 19: FFO & FAD Reconciliation
FFO & FAD RECONCILIATION (DOLL ARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) ± ¦ ¨ ¨
Slide 20: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (DOLL ARS IN THOUSANDS) ADJUSTED EBITDA RECONCILIATION ¨ ¦ £ ¨
Slide 21: NOI Reconciliations
NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NOI SEGMENT RECONCILIATION NOI TO ADJUSTED NOI RECONCILIATION ³ ¨ ¨
Slide 22: NOI Reconciliations
NOI RECONCILIATIONS (DOLL ARS IN THOUSANDS) NET INCOME ¦ ¦ © ¨ ¨ ¦ ¨ ¨ ¥
Slide 23: SHOP Reconciliations
SHOP RECONCILIATIONS (DOLL ARS IN THOUSANDS) ¨ ¨ ¨
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
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
Slide 26: Notes
NOTES 25 Q2 2026
Slide 27: Notes
NOTES Q2 2026 26
Slide 28: National Health Investors Q2 2026 Supplemental
National Health Investors Q2 2026 Supplemental
National Health Investors — Q2 2026 Earnings Presentation on 6ix