National Health Investors : First Quarter 2024 Q1 2024 Supplemental

National

Health

Investors

Q1 2024 Supplemental

TABLE OF CONTENTS

COMPANY

	COMPANY INFORMATION & LEADERSHIP
	PORTFOLIO
	PORTFOLIO OVERVIEW
	REAL ESTATE INVESTMENTS
	SENIOR HOUSING OPERATING PORTFOLIO
	OPERATING PARTNERS
	EBITDARM LEASE COVERAGE & OCCUPANCY
	PURCHASE OPTIONS & LEASE MATURITIES
	INVESTMENTS
	INVESTMENT RATIONALE
	RECENT INVESTMENTS
	CAPITALIZATION
	CAPITALIZATION OVERVIEW
	CAPITAL STRUCTURE
	DEBT MATURITIES
	SELECT DEBT COVENANTS
	FINANCIAL
	PERFORMANCE
	BALANCE SHEETS
	STATEMENTS OF INCOME
	FFO & FAD RECONCILIATION
	ADJUSTED EBITDA RECONCILIATION
	NOI RECONCILIATIONS	-
	DISPOSITIONS
	DEFERRALS & ABATEMENTS
	GLOSSARY	-

FORWARD LOOKING STATEMENTS AND RISK FACTORS:

This Supplemental Information 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 certain "forward-looking" statements as that term is defined by the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, funds from operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitations, those containing words such as "may," "will," "believes," anticipates," "expects," "intends," "estimates," "plans," and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, among other things, the impact of COVID-19 on our tenants; the operating success of our tenants and borrowers for collection of our lease and interest income; the success of property development and construction activities; the risk that the cash flows of our tenants and borrowers would be adversely affected by increased liability claims and liability insurance costs; risks related to environmental laws and the costs associated with liabilities related to hazardous substances; the risk of damage from catastrophic weather and other natural or man-made disasters and the physical effects of climate change; our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties; operational risks with respect to our senior housing operating portfolio structured communities; risks related to our ability to maintain the privacy and security of Company information; and other risks which are described under the heading "Risk Factors" in Item 1A in our Form 10-K for the year ended December 31, 2023. In this Supplemental Information, we refer to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this presentation. Throughout this presentation, certain abbreviations and acronyms are used to simplify the format. A list of definitions is provided at the end of this presentation to clarify the meaning of any reference that may be ambiguous. Unless otherwise noted, all amounts are unaudited and are as of or for the quarter ended March 31, 2024.

COVER: CARRIAGE CROSSING BLOOMINGTON IS A SENIOR LIVING COMMUNITY OPERATED BY CARRIAGE CROSSING SENIOR LIVING IN BLOOMINGTON, IL

1 Q1 2024

LEADERSHIP

WE INVEST IN RELATIONSHIPS

NATIONAL HEALTH INVESTORS, INC. (NYSE: NHI), National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leasebacks,joint-ventures, senior housing operating partnerships, and mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent living, assisted living and memory care communities, entrance-fee retirement communities, skilled nursing facilities, and specialty hospitals.

ERIC MENDELSOHN	KRISTIN S. GAINES	KEVIN PASCOE	JOHN SPAID
President & CEO	Chief Transaction Officer	Chief Investment Officer	Chief Financial Officer

	DAVID TRAVIS	MICHELLE KELLY	DANA HAMBLY
	Chief Accounting Officer	SVP, Investments	VP, Finance & IR

ANALYST COVERAGE	CONTACT INFORMATION
BMO Capital Markets: Juan Sanabria	National Health Investors, Inc.
Deutsche Bank: Omotayo Okusanya	222 Robert Rose Drive
Jefferies: Joe Dickstein	Murfreesboro, Tennessee 37129
615.890.9100 | [e-mail]
KeyBanc Capital Markets: Austin Wurschmidt
Truist Securities: Michael Lewis	Transfer Agent
Wedbush: Richard Anderson
Computershare Trust Company, N.A
Wells Fargo: Connor Siversky	P.O. Box 43078
	Providence, RI 02940-3078
	800.942.5909

Q1 2024

2

PORTFOLIO OVERVIEW

AS OF MARCH 31, 2024

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1 Adjusted segment NOI includes the impact of assets held for sale, disposals, and loan payoffs during the quarter. The annualized impact excludes these items.

PARTNERS

HOSPITAL	SHOP
& OTHER	%
%

	NHC
DISCOVERY	%
%
LCS %
	ENSIGN
	%
OTHER SH
%
	OTHER
	SNF
	%
	HSM
	%
BICKFORD
%
	SLC
	%

1. Based on annualized adjusted NOI of $263.2 million in place at March 31, 2024.
2. Other Income consists primarily of revenue from non-mortgage notes receivable. Percentages may not add to 100% due to rounding.

ASSET CLASS

OTHER INCOME SHOP

INDEPENDENT % %

LIVING %

SENIOR LIVING CAMPUS

%SKILLED %

ASSISTED LIVING %

SPECIALTY HOSPITAL %

ENTRANCE FEE %

Sr. Hsng. Need-Driven	29.8%	Other	3 .8%
Sr. Hsng. Discretionary	27.8%	SHOP	4.5%
SNF/Hospital	34.1%

3 Q1 2024

REAL ESTATE

INVESTMENTS NOI

(DOLLARS IN THOUSANDS)

																	•-•
						••Ž			"Š•Ž		'		"• •
				'			••Ž
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Leases
Senior Housing - Need Driven
Assisted Living	71	3,882	$	15,834	$	445	$	15,389	$	88	$	15,477	$	40,345	$		55,822
Senior Living Campus	8	995		3,529		(10)		3,539		-		3,539		10,615			14,154
Total Need Driven	79	4,877		19,363		435		18,928		88		19,016		50,960			69,976
Senior Housing - Discretionary
Independent Living	7	903		1,891		290		1,601		-		1,601		4,701			6,302
Entrance-Fee Communities	11	2,931		15,048		(459)		15,507		635		16,142		48,427			64,569
Total Discretionary	18	3,834		16,939		(169)		17,108		635		17,743		53,128			70,871
Total Senior Housing	97	8,711		36,302		266		36,036		723		36,759		104,088		140,847
Medical Facilities
Skilled Nursing	65	8,614		21,645		89		21,556		786		22,342		60,505			82,847
Hospitals	1	64		1,022		125		897		-		897		2,697			3,594
Total Medical Facilities	66	8,678		22,667		214		22,453		786		23,239		63,202			86,441
Disposals and Held for Sale				485		-		485		-		485		(485)			-
Total Leases	163	17,389	$	59,454	$	480	$	58,974	$	1,509	$	60,483	$	166,805	$	227,288
Mortgages and Other Notes
Senior Housing - Need Driven	9	612	$	1,995			$	1,995	$	(70)	$	1,925	$	6,568	$		8,493
Senior Housing - Discretionary	1	251		593				593		-		593		1,778			2,371
Skilled Nursing	7	731		858				858		(25)		833		2,497			3,330
Other Notes Receivable				2,496				2,496		1		2,497		7,491			9,988
Total Mortgage and Other Notes	17	1,594	$	5,942			$	5,942	$	(94)	$	5,848	$	18,334	$		24,182
Total Real Estate Investments			$	65,396	$	480	$	64,916	$	1,415	$	66,331	$	185,139	$	251,470

1 Annualized adjusted NOI excludes repayments of deferrals, asset dispositions, and assets held for sale.

Q1 2024

4

SENIOR HOUSING

OPERATING PORTFOLIO (SHOP)

(DOLLARS IN THOUSANDS EXCEPT REVPOR)

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5 Q1 2024

INDUSTRY PARTNERS

Senior Living Communities owns and operates luxury retirement communities located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana.

NHC affiliates operate for themselves and third parties 68 skilled nursing facilities with 8,732 beds. NHC affiliates also operate 26 assisted living communities with 1,501 units, five independent living communities with 475 units, three behavioral health hospitals, 35 homecare agencies, and 30 hospice agencies.

Bickford Senior Living manages or operates over 50 independent living, assisted living, and memory care branches throughout the country. They are also an experienced developer, constructing over 150 communities.

The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at multiple locations across 14 states.

Based in Des Moines, Iowa, and established in 1971, Life Care Services operates and develops continuing care retirement communities, stand- alone assisted living, memory care, and rental communities nationwide.

Health Services Management is a non-profit formed in 2000. The Company operates more than 18 skilled nursing and assisted living facilities located in Florida, Tennessee, and Texas.

Encore Senior Living develops, renovates and manages senior living communities. The company's portfolio consists of more than 30 communities in five states providing the continuum of senior care including independent living, assisted living, and memory care.

For more than 30 years, Discovery Senior Living has become a recognized industry leader in developing, building and operating luxury, resort- style communities across the United States. Discovery provides more than 15,000 homes for seniors which include: villas, senior apartments, independent living, supervised independent living, assisted living and memory care homes.

Prestige Care operates a family of nearly 80 senior communities throughout the western United States. Prestige Care provides a comprehensive senior service experience, offering assisted living, independent living, memory care, skilled nursing and rehabilitation. The company holds firm to a set of core values - respect, integrity, commitment and trust - that guide every aspect of its mission to personally touch lives every day.

Headquartered in Tucson, Arizona, Watermark currently manages 92 communities in 19 states, including CCRCs, standalone independent living, assisted living, and memory care communities in addition to Medicare-certified rehabilitation and skilled nursing neighborhoods. Watermark has ownership interests in many of these assets, both on its own and through its development arm, The Freshwater Group.

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1 Based on annualized Adjusted NOI of $263.2 million for contracts in place at March 31, 2024.

Q1 2024

6

LEASE PORTFOLIO

EBITDARM COVERAGE & OCCUPANCY

NHI TOTAL PORTFOLIO

-• •-		"	Œ-œ""
Properties	91	68	1	160
4Q22 Coverage	1.23x	2.50x	2.65x	1.73x
4Q22 Occupancy	84.9%	77.8%	76.5%	81.2%
4Q23 Coverage	1.45x	2.82x	3.03x	2.00x
4Q23 Occupancy	84.3%	81.4%	79.7%	82.8%
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Properties	77	39	14	5	69	34
4Q22 Coverage	1.13x	1.02x	1.35x	1.76x	2.50x	2.11x
4Q22 Occupancy	85.7%	87.0%	83.7%	85.3%	77.8%	70.5%
4Q23 Coverage	1.35x	1.16x	1.54x	1.63x	2.83x	2.07x
4Q23 Occupancy	85.0%	86.6%	83.2%	84.3%	81.4%	73.6%
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Properties	35	10	38
4Q22 Coverage	3.07x	1.17x	1.26x
4Q22 Occupancy	83.8%	82.6%	84.0%
4Q23 Coverage	3.80x	1.48x	1.58x
4Q23 Occupancy	87.9%	81.9%	82.9%

SLC & BICKFORD VERSUS NICMAP VISION OCCUPANCY

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SLC
NICMAP Metro Markets		85.2%	85.4%	86.0%	86.9%	87.3%
Covered	6	82.2%	81.9%	81.9%	83.7%	83.8%
Non-Covered	4	83.9%	80.6%	79.2%	79.9%	80.9%
Total	10	82.7%	81.4%	81.0%	82.4%	82.8%
Bickford
NICMAP Metro Markets		80.1%	81.1%	81.8%	83.2%	83.4%
Covered	27	81.3%	81.5%	83.9%	85.8%	86.4%
Non-Covered	12	82.6%	83.6%	84.9%	83.4%	84.0%
Total	39	81.6%	82.0%	84.2%	85.2%	85.9%

All tables based on trailing 12 months; excludes transitioned properties under cash-flow based leases, loans, mortgages; excludes development and lease up properties in operation less than 24 months; includes proforma cash rent for stabilized acquisitions in the portfolio less than 24 months;

1. NHC Fixed Charge Coverage Ratio and displayed occupancies are on corporate-level. The occupancies are for the SNF portfolio only as can be seen in NHC's public filings.
2. SLC operates 9 discretionary CCRC properties and one need driven assisted living community.
3. Bickford pro forma coverages assuming the full impact of the April 2024 rent reset are 1.37x for the TTM ended 4Q 2023 and 1.19x for the TTM ended 4Q 2022.

7 Q1 2024

PURCHASE OPTIONS & LEASE MATURITIES

TENANT PURCHASE OPTIONS (DOLLARS IN THOUSANDS)

-•-	--	---¤	ž	•-	œ-œ
-•-	-€
SH	2	May 2035	2027	A	6,092
SNF	1	September 2028	2028	B	511

Option Type:

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1 Based on Real Estate Investments adjusted NOI of $251.5 million for contracts in place at March 31, 2024.

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2.4%

0.2%

2.6%

LEASE MATURITIES (ANNUALIZED CASH RENT; DOLLARS IN THOUSANDS)

			€	"€	Ž €	•€	••
2024	-	-	-	-	-	-	-
2025	3	296	570	1,800	-	2,370	1.0%
2026	35	4,897	1,470	36,673	-	38,143	16.8%
2027	3	619	14,308	-	-	14,308	6.3%
2028	12	591	10,595	511	-	11,106	4.9%
2029	29	4,455	61,509	14,502	-	76,012	33.4%
2030	4	183	1,836	-	-	1,836	0.8%
2031	3	274	5,334	-	-	5,334	2.3%
2032	2	213	720	2,556	-	3,276	1.4%
Thereafter	72	6,002	44,506	26,805	3,594	74,906	33.0%

Q1 2024

8

INVESTMENT RATIONALE

WE INVEST IN RELATIONSHIPS, NOT JUST PROPERTIES

FOCUSED ON GROWING WITH OUR 31 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 QUALITY CARE AND VALUE CREATION

LOW LEVERAGE BALANCE SHEET AND STAGGERED LONG-TERM DEBT MATURITIES

INVESTMENT SHOP NOTES

STRUCTURE .% .%

LEASE .%

TARGET 60/40 EQUITY/DEBT FUNDING MIX

INVESTMENT HISTORY* (DOLLARS IN MILLIONS)

-™• •Ž

- •Ž

†"• • •‹

šœ•

*The average age of properties acquired since 2016 is

14.3 years. The total portfolio average age is 26.3 years.

9 Q1 2024