National Health Investors : Q2 2022 Supplemental

National

Health

Investors

Q2 2022 Supplemental

TABLE OF CONTENTS

COMPANY

	COMPANY INFORMATION & LEADERSHIP
	PORTFOLIO
	PORTFOLIO OVERVIEW
	REAL ESTATES INVESTMENTS
	SENIOR HOUSING OPERATING PORTFOLIO
	OPERATING PARTNERS
	EBITDARM LEASE COVERAGE
	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, 2021 and under the heading "Risk Factors" in Item 1A in our Form 10-Q for the quarter ended June 30, 2022. 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 June 30, 2022.

COVER: TRUEWOOD BY MERRILL, VANCOUVER IS AN INDEPENDENT LIVING COMMUNITY OPERATED BY MERRILL GARDENS IN VANCOUVER, WA.

1 Q2 2022

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 Credit 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
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
Austin Wurschmidt, KeyBanc Capital Markets	Transfer Agent
Michael Lewis, Truist Securities
Computershare Trust Company, N.A
Rich Anderson, SMBC Nikko Securities America, Inc.	P.O. Box 43078
Steve Manaker, Stifel	Providence, RI 02940-3078
Tayo Okusanya, Credit Suisse	800.942.5909
	Q2 2022	2

PORTFOLIO OVERVIEW

AS OF AUGUST 8,2022

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

PARTNERS

SHOP

HOSPITAL %

• OTHER %

ASSET CLASS

	SHOP
OTHER INCOME	%
%

DISCOVERY %

NHC %

INDEPENDENT
LIVING
SENIOR LIVING	%	SKILLED
CAMPUS
	%
%

LCS %	ENSIGN
	%

OTHER SH

%OTHER SNF %

HSM %

BICKFORD %

SLC %

1. Based on annualized adjusted NOI of $232.6 million for contracts in place at June 30, 2022.
2. Other Income consists primarily of revenue from non-mortgage notes receivable.

ASSISTED

LIVING %

SPECIALTY

HOSPITAL %

ENTRANCE FEE %

3 Q2 2022

REAL ESTATE

INVESTMENTS NOI

(DOLLARS IN THOUSANDS)

				'•••••		••Ž				"Š•Ž		'•••••		••
								••Ž
Leases
Senior Housing - Need Driven
Assisted Living	74	3,975	$	(12,648)	$	16,234	$	3,586	$	7,166	$	10,753	$	43,011
Senior Living Campus	10	1,359		3,617		(990)		2,627				2,627		10,506
Total Senior Housing - Need Driven	84	5,334		(9,031)		15,244		6,213		7,166		13,379		53,517
Senior Housing - Discretionary
Independent Living	7	862		2,074	$	(395)		1,679				1,679		6,717
Entrance-Fee Communities	11	2,707		15,425		(358)		15,067				15,067		60,267
Total Senior Housing - Discretionary	18	3,569		17,499		(753)		16,746				16,746		66,985
Total Senior Housing	102	8,903		8,468		14,491		22,959		7,166		30,125		120,502
Medical Facilities
Skilled Nursing	65	8,653		19,787		(105)		19,683				19,683		78,731
Hospitals	1	64		1,022		(160)		862				862		3,450
Total Medical Facilities	66	8,717		20,810		(265)		20,545				20,545		82,180
Welltower settlement				6,883				6,883				6,883		-
Current Year Disposals and Held				1,664		689		2,353				2,353		-
for Sale
Total Leases	168	17,620	$	37,825	$	14,915	$	52,740	$	7,166	$	59,906	$	202,682
Mortgages and Other Notes Receivable
Senior Housing - Need Driven	9	620	$	1,810			$	1,810			$	1,810	$	7,241
Senior Housing - Discretionary	1	248		593				593				593		2,371
Skilled Nursing	3	180		95				95		(6)		89		355
Other Notes Receivable		-		2,109				2,109				2,109		8,434
Payoffs				3,219				3,219		(623)		2,596		-
Total Mortgage and Other Notes	13	1,048	$	7,826			$	7,826	$	(630)	$	7,196	$	18,401
Total Real Estate Investments			$	45,650	$	14,915	$	60,566	$	6,537	$	67,102	$	221,084

Straight line revenue includes an $18.1 million write-off of straight line rent receivable related to Bickford.

Non-cash adjustments include a $7.1 million write-off of lease incentives related to Bickford, other amortization of lease incentives, and amortization of commitment fees and mortgage note discount.

Q2 2022

4