National Health Investors : Q1 2021 Supplemental

Q1 2021

NATIONAL HEALTH INVESTORS

Q1 2021 SUPPLEMENTAL

1

Q1 2021

National Health Investors

TABLE OF

CONTENTS

COMPANY

	COMPANY INFORMATION & LEADERSHIP	02
	PORTFOLIO
	PORTFOLIO OVERVIEW	03
	PORTFOLIO SUMMARY	04
	OPERATING PARTNERS	05
	EBITDARM LEASE COVERAGE	06
	PURCHASE OPTIONS & LEASE MATURITIES	07
	INVESTMENTS
	INVESTMENT RATIONALE	08
	RECENT INVESTMENTS	09
	CAPITALIZATION
	CAPITALIZATION OVERVIEW	10
	CAPITAL STRUCTURE	11
	DEBT MATURITIES	12
	SELECT DEBT COVENANTS	13
	FINANCIAL
	FINANCIAL PROFILE	14
	PERFORMANCE	15
	BALANCE SHEETS	16
	STATEMENTS OF INCOME	17
	RECONCILIATIONS	18
	RECONCILIATIONS	19
	GLOSSARY
	GLOSSARY	20

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. Such risks and uncertainties include, among other things, the impact of COVID-19 on our tenants and the risks which are described under the heading "Risk Factors" in Item 1A in our Form 10-K for the year ended December 31, 2020. 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, 2021.

COVER: Carolina Reserve of Durham, operated by Navion Senior Solutions, is located in Durham, NC.

National Health Investors

Q1 2021

2

WE INVEST IN RELATIONSHIPS

NATIONAL HEALTH INVESTORS, INC. (NYSE: NHI), is a real estate investment trust specializing in sale- leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical facility investments. NHI's portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical oce buildings and specialty hospitals.

LEADERSHIP

Eric Mendelsohn	Kristin S. Gaines	Kevin Pascoe	John Spaid
President & CEO	Chief Credit Officer	Chief Investment Officer	Chief Financial Officer

	David Travis	Michelle Kelly	Dana Hambly
	Chief Accounting Officer	SVP, Investments	VP, Investor Relations

ANALYST COVERAGE	CONTACT INFORMATION
Aaron Hecht, JMP Securities	National Health Investors, Inc.
Connor Siversky, Berenberg	222 Robert Rose Drive
Daniel Bernstein, Capital One Securities, Inc.	Murfreesboro, Tennessee 37129
615.890.9100 | [e-mail]
John Kim, BMO Capital Markets
Jordan Sadler, KeyBanc Capital Markets	Transfer Agent
Michael Lewis, Truist Securities
Computershare Trust Company, N.A
Omotayo Okusanya, Mizuho Securities	P.O. Box 43078
Rich Anderson, SMBC Nikko Securities America, Inc.	Providence, RI 02940-3078
Steve Manaker, Stifel	800.942.5909
Todd Stender, Wells Fargo

3

Q1 2021

National Health Investors

PORTFOLIO OVERVIEW

HIGHLIGHTS

Diversified portfolio of exceptional healthcare properties

Conservatively managed balance sheet

Industry leading FFO growth

Strong growing dividend

AS OF MARCH 31, 2021

	162	SENIOR HOUSING
	75	SKILLED NURSING
	3	HOSPITAL
	2	MEDICAL OFFICE
242		36	34
PROPERTIES	OPERATING	STATES
		PARTNERS

			4% SMALL			7%	1%2
					OTHER
					SENIOR LIVING
11%						INCOME
					CAMPUS
		12% NHC
	OTHER
3%								27%
							SKILLED
	SLM				8% ENSIGN
3%
			1% QUORUM
CHANCELLOR
3%				1% ACADIA	25%
			1% OTHER PUBLIC	ASSISTED
	HSM	PARTNERS	LIVING
DISCOVERY
4%		1
									3%
					11%				HOSPITAL
								& MOB
					HOLIDAY
15%				7% LCS
							13%
	BICKFORD						24%
								INDEPENDENT
			16%			ENTRANCE		LIVING
					FEE
				SLC
	Regional 55%		Small 4%			Sr. Hsng. Need-Driven 32%	Medical 30%
	Public 23%			National Private Chain 18%		Sr. Hsng. Discretionary 37%	Other Income 1%2

1 Based on annualized cash revenue of $305,262,000 in place at March 31, 2021.

2 Other income consists primarily of revenue from non-mortgage notes receivable.

National Health Investors

Q1 2021

4

PORTFOLIO SUMMARY

as of March 31, 2021 (dollars in thousands)

			Properties	Units/				YTD GAAP		YTD Straight		YTD Cash		Full Year		Annualized
				Sq. Ft*				Revenue		Line		Revenue		Impact		Cash Revenue
		Leases
		Senior Housing - Need Driven
		Assisted Living	94	5,131		$	16,866	$	1,242	$	15,624	$	54,474	$	70,098
		Senior Living Campus	14	1,976				5,803		382		5,421		16,263		21,684
		Total Senior Housing - Need Driven	108	7,107				22,669		1,624		21,045		70,737		91,782
		Senior Housing - Discretionary
		Independent Living	32	3,703				11,767		1,633		10,134		30,403		40,537
		Entrance-Fee Communities	11	2,707				15,377		788		14,589		43,769		58,358
		Total Senior Housing - Discretionary	43	6,410				27,144		2,421		24,723		74,172		98,895
		Total Senior Housing	151	13,517				49,813		4,045		45,768		144,909		190,677
		Medical Facilities
		Skilled Nursing	72	9,433				20,573		236		20,337		61,011		81,348
		Hospitals	3	207				2,035		(49)		2,084		6,291		8,375
		Medical Office Buildings	2	88,517	*			167		9		158		470		628
		Total Medical Facilities	77	9,640				22,775		196		22,579		67,772		90,351
		Total Leases	228	23,157				72,588		4,241		68,347		212,681		281,028
		Escrow funds received from tenants						2,161				2,161		(2,161)		-
		Total Rental Income						74,749				70,508		210,520		281,028
	Mortgages and Other Notes Receivable
		Senior Housing - Need Driven	9	565				1,407				1,407		4,223		5,630
		Senior Housing - Discretionary	2	714				3,770				3,770		11,312		15,082
		Skilled Nursing	3	180				104				104		307		411
		Other Notes Receivable	-					778				778		2,333		3,111
		Total Mortgage and Other Notes	14	1,459				6,059				6,059		18,175		24,234
		Investment and Other Income						77				77		(77)		-
		Total Revenue				$	80,885	$	4,241	$	76,644	$	228,618	$	305,262