First Quarter 2025 Q1 2025 Supplemental

National Health Investors

Q1 2025 Supplemental

TABLE OF CONTENTS

COMPANY INFORMATION & LEADERSHIP

PORTFOLIO OVERVIEW REAL ESTATE INVESTMENTS

SENIOR HOUSING OPERATING PORTFOLIO

OPERATING PARTNERS

EBITDARM LEASE COVERAGE & OCCUPANCY

INVESTMENT RATIONALE RECENT INVESTMENTS

CAPITALIZATION OVERVIEW CAPITAL STRUCTURE

DEBT MATURITIES

SELECT DEBT COVENANTS

PERFORMANCE BALANCE SHEETS STATEMENTS OF INCOME

FFO & FAD RECONCILIATION ADJUSTED EBITDA RECONCILIATION NOI RECONCILIATIONS

SNF REVENUE BY STATE

DEFERRALS & REPAYMENTS GLOSSARY

02

03

04

05

06

07

09

10

11

12

13

14

15

16

17

18

19

20-21

22

23

24-26

FORWARD LOOKING STATEMENTS AND RISK FACTORS:

FINANCIAL

CAPITALIZATION

PURCHASE OPTIONS & LEASE MATURITIES

08

INVESTMENTS

COMPANY

PORTFOLIO

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, 2024. 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, 2025.

COVER: JUNIPER VILLAGE AT PARAMUS IS A SENIOR LIVING COMMUNITY IN PARAMUS, NJ OPERATED BY JUNIPER

COMMUNITIES.

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

President & CEO

KRISTIN S. GAINES

Chief Transaction Officer

KEVIN PASCOE

Chief Investment Officer

JOHN SPAID

Chief Financial Officer

DAVID TRAVIS

Chief Accounting Officer

MICHELLE KELLY

SVP, Investments

BETH BLANKENSHIP

SVP, Legal Affairs

ANALYST COVERAGE

BMO Capital Markets: Juan Sanabria BofA Global Research: Joshua Dennerlein Deutsche Bank: Omotayo Okusanya Jefferies: Joe Dickstein

KeyBanc Capital Markets: Austin Wurschmidt Truist Securities: Michael Lewis

Wedbush: Richard Anderson Wells Fargo: John Kilichowski

CONTACT INFORMATION

National Health Investors, Inc. 222 Robert Rose Drive Murfreesboro, Tennessee 37129

615.890.9100 | investorrelations@nhireit.com

Transfer Agent

Computershare Trust Company, N.A

P.O. Box 43078

Providence, RI 02940-3078

800.942.5909

PORTFOLIO OVERVIEW

118

70

2

15

Portfolio (DOLLARS IN THOUSANDS) Triple Net	Properties	Units	Investment	Adjusted NOI1	Annualized	% of Total
Senior Housing	109	9,634	$2,069,006	42,288	$166,086	56.8%
Skilled Nursing	65	8,524	557,996	22,039	84,868	29.0%
Specialty Hospital	1	87	42,298	967	3,867	1.3%

Senior Housing	9	906	116,243	2,422	9,574	3.3%
Skilled Nursing	5	611	42,486	781	3,081	1.1%
Specialty Hospital	1	36	14,642	243	973	0.3%
Other			105,309	2,911	11,759	4.0%
Senior Housing Operating	15	1,732	359,820	3,084	12,335	4.2%
Total	205	21,530	$3,307,800	$74,735	$292,543	100.0%

As of March 31, 2025

SENIOR HOUSING

SKILLED NURSING

SPECIALTY HOSPITAL

SHOP

Mortgages and Other Notes Receivable

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

ASSET CLASS

HOSPITAL

SHOP

OTHER INDEPENDENT INCOME

SHOP 4.2%

& OTHER 4.5%

4.2%

NHC 13.4%

SENIOR LIVING

CAMPUS 5.9%

LIVING 2.2%

3.9%2

SKILLED 30.1%

OTHER SH 27.2%

ENSIGN 9.4%

OTHER SNF 5.7%

HSM 3.8%

ASSISTED LIVING 26.5%

SPECIALTY HOSPITAL 1.6%

BICKFORD 12.8%

SLC 19%

ENTRANCE FEE

25.6%

2 Based on annualized adjusted NOI of $292.5 million for contracts in place at March 31, 2025.

3 Other Income consists primarily of revenue from non-mortgage notes receivable. Percentages may not add to 100% due to rounding.

Sr. Hsng. Need-Driven 32.4% Sr. Hsng. Discretionary 27.8%SNF/Hospital 31.7%

Other 3.9%

SHOP 4.2%

REAL ESTATE INVESTMENTS NOI

(DOLLARS IN THOUSANDS)

Properties

Units

QTD NOI

Straight Line Revenue

NOI Less Straight Line Revenue

Non-cash Adjustments

QTD Adjusted NOI

Full Year Impact

Real Estate Investments Annualized Adjusted NOI

Leases

Senior Housing - Need Driven

Assisted Living	81	4,616	$ 20,384	$ 862	$ 19,522	$ 89	$ 19,611	$ 56,993	$ 76,604
Senior Living Campus	10	1,229	4,262	196	4,066	1	4,067	12,320	16,387
Total Need Driven	91	5,845	24,646	1,058	23,588	90	23,678	69,313	92,991
Senior Housing - Discretionary
Independent Living 7		846	1,705	79	1,626	-	1,626	4,731	6,357
Entrance-Fee Communities	11	2,943	15,945	(104)	16,049	635	16,684	50,054	66,738
Total Discretionary	18	3,789	17,650	(25)	17,675	635	18,310	54,785	73,095
Total Senior Housing	109	9,634	42,296	1,033	41,263	725	41,988	124,098	166,086
Medical Facilities
Skilled Nursing	65	8,524	22,301	262	22,039	-	22,039	62,829	84,868
Hospitals	1	87	1,082	115	967	-	967	2,900	3,867
Total Medical Facilities	66	8,611	23,383	377	23,006	-	23,006	65,729	88,735
Disposals			300	-	300	-	300	(300)	-
Total Leases	175	18,245	$ 65,979	$ 1,410	$ 64,569	$ 725	$ 65,294	$ 189,527	$ 254,821
Mortgages and Other Notes
Senior Housing - Need Driven	7	655	$ 409		$ 409	$ (30)	$ 379	$ 1,136	$ 1,515
Senior Housing - Discretionary	2	251	2,035		2,035	(20)	2,015	6,044	8,059
Skilled Nursing	5	611	792		792	(11)	781	2,300	3,081
Hospitals	1	36	260		260	(17)	243	730	973
Other Notes Receivable			2,925		2,925	(14)	2,911	8,848	11,759
Payoffs			28		28	-	28	(28)	-
Total Mortgage and Other Notes	15	1,553	$ 6,449		$ 6,449	$ (92)	$ 6,357	$ 19,030	$ 25,387
Total Real Estate Investments			$ 72,428	$ 1,410	$ 71,018	$ 633	$ 71,651	$ 208,557	$ 280,208

* QTD Adjusted NOI includes the impact of assets held for sale, disposals, and deferral repayments during the quarter. The annualized impact excludes assets held for and disposals, if any, and approximately $1.4 million in unscheduled deferral repayments received during the quarter. The annualized adjusted NOI also excludes approximately $1.0 million related to the NHC prior year final certification.

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Disclaimer

National Health Investors Inc. published this content on May 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2025 at 20:22 UTC.