National Health Investors : Q1 2023 Supplemental

National

Health

Investors

Q1 2023 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
	FINANCIAL PROFILE
	PERFORMANCE
	BALANCE SHEETS
	STATEMENTS OF INCOME
	FFO & FAD RECONCILIATION
	ADJUSTED EBITDA RECONCILIATION
	NOI RECONCILIATIONS	-
	DISPOSITIONS
	DEFERRALS & ABATEMENTS
	GLOSSARY
	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, 2022 and under the heading "Risk Factors" in Item 1A in our Form 10-Q for the quarter ended March 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, 2023.

COVER: THE RESIDENCE AT PRESQUE ISLE BAY IS A SENIOR LIVING COMMUNITY OPERATED BY INTEGRACARE IN ERIE, PA.

• Q1 2023

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
Juan Sanabria, BMO Capital Markets	National Health Investors, Inc.
Austin Wurschmidt, KeyBanc Capital Markets	222 Robert Rose Drive
Michael Lewis, Truist Securities	Murfreesboro, Tennessee 37129
615.890.9100 | [e-mail]
Rich Anderson, SMBC Nikko Securities America, Inc.
Steve Manaker, Stifel	Transfer Agent
Tayo Okusanya, Credit Suisse
Computershare Trust Company, N.A
Connor Siversky, Wells Fargo	P.O. Box 43078
	Providence, RI 02940-3078
	800.942.5909

Q1 2023

2

PORTFOLIO OVERVIEW

AS OF MAY 9, 2023

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1 Property and unit information in this table are as of March 31, 2023. Adjusted segment NOI includes the impact of assets held for sale, and disposals and loan payoffs during the quarter. The annualized impact excludes these items.

PARTNERS

HOSPITAL	SHOP
& OTHER	%
%

DISCOVERY	NHC
%
%
LCS %
	ENSIGN
	%
OTHER SH
%

OTHER

SNF %

HSM %

BICKFORD %

SLC %

1. Based on annualized adjusted NOI of $250.3 million in place at March 31, 2023.
2. Other Income consists primarily of revenue from non-mortgage notes receivable.

ASSET CLASS

OTHER INCOME SHOP % %

INDEPENDENT

	LIVING
SENIOR LIVING	%
CAMPUS	SKILLED
%
%

ASSISTED LIVING %

SPECIALTY HOSPITAL %

ENTRANCE FEE %

Sr. Hsng. Need-Driven	29 %	Other	3 %
Sr. Hsng. Discretionary	29 %	SHOP	3 %
SNF/Hospital	36 %

3 Q1 2023

REAL ESTATE

INVESTMENTS NOI

(DOLLARS IN THOUSANDS)

																•-•
						••Ž			"Š•Ž		'-"-…	"• •
				'-"-…			••Ž
							•Š		••
Leases
Senior Housing - Need Driven
Assisted Living	71	3,882	$	15,585	$	770	$	14,815	$	88	$	14,903	37,997	$		52,900
Senior Living Campus	9	1,229		4,797		1,081		3,716		-		3,716	10,338			14,054
Total Senior Housing - Need	80	5,111		20,382		1,851		18,531		88		18,619	48,335			66,954
Driven
Senior Housing - Discretionary
Independent Living	7	903		2,085		334		1,751		-		1,751	5,246			6,997
Entrance-Fee Communities	11	2,912		15,356		(13)		15,369		211		15,580	46,740			62,320
Total Senior Housing -	18	3,815		17,441		321		17,120		211		17,331	51,986			69,317
Discretionary
Total Senior Housing	98	8,926		37,823		2,172		35,651		299		35,950	100,321			136,271
Medical Facilities
Skilled Nursing	65	8,584		21,247		(221)		21,468		-		21,468	61,461			82,929
Hospitals	1	64		1,022		146		876		-		876	2,631			3,507
Total Medical Facilities	66	8,648		22,269		(75)		22,344		-		22,344	64,092			86,436
Disposals and Held for Sale				2,587		-		2,587		-		2,587	(2,587)			-
Total Leases	164	17,574	$	62,679	$	2,097	$	60,582	$	299	$	60,881	161,826	$	222,707
Mortgages and Other Notes
Receivable
Senior Housing - Need Driven	6	472	$	1,544			$	1,544		(65)	$	1,479	4,434	$		5,913
Senior Housing - Discretionary	1	247		593				593		-		593	1,778			2,371
Skilled Nursing	7	731		854				854		(25)		829	2,485			3,314
Other Notes Receivable				2,093				2,093		8		2,101	6,306			8,407
Payoffs				225				225		(66)		159	(159)			-
Total Mortgage and Other Notes	14	1,450	$	5,309			$	5,309	$	(148)	$	5,161	14,844	$		20,005
Total Real Estate Investments			$	67,988	$	2,097	$	65,891	$	151	$	66,042	176,670	$		242,712

1 Annualized Adjusted NOI excludes repayments of deferrals, prior period cash collections from two tenants on cash-basis accounting, and the prior year final certification related to NHC's percentage rent calculation.

Q1 2023

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