National Health Investors : Q3 2022 Supplemental

National

Health

Investors

Q3 2022 Supplemental

TABLE OF CONTENTS

COMPANY

	COMPANY INFORMATION & LEADERSHIP	02
	PORTFOLIO
	PORTFOLIO OVERVIEW	03
	REAL ESTATES INVESTMENTS	04
	SENIOR HOUSING OPERATING PORTFOLIO	05
	OPERATING PARTNERS	06
	EBITDARM LEASE COVERAGE	07
	PURCHASE OPTIONS & LEASE MATURITIES	08
	INVESTMENTS
	INVESTMENT RATIONALE	09
	RECENT INVESTMENTS	10
	CAPITALIZATION
	CAPITALIZATION OVERVIEW	11
	CAPITAL STRUCTURE	12
	DEBT MATURITIES	13
	SELECT DEBT COVENANTS	14
	FINANCIAL
	FINANCIAL PROFILE	15
	PERFORMANCE	16
	BALANCE SHEETS	17
	STATEMENTS OF INCOME	18
	FFO & FAD RECONCILIATION	19
	ADJUSTED EBITDA RECONCILIATION	20
	NOI RECONCILIATIONS	21-22
	DISPOSITIONS	23
	DEFERRALS & ABATEMENTS	24
	GLOSSARY
	GLOSSARY	25-26

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 September 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 September 30, 2022.

COVER: THE COURTYARD AT OSHKOSH IS A SENIOR HOUSING COMMUNITY OPERATED BY ENCORE SENIOR LIVING IN OSHKOSH, WI.

1 Q3 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 fnancing 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 Offcer

Chief Investment Offcer

Chief Financial Offcer

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

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

Q3 2022

2

PORTFOLIO OVERVIEW

AS OF NOVEMBER 8,2022

106 SENIOR HOUSING

68 SKILLED NURSING

1 SPECIALTY HOSPITAL

15 SHOP

Portfolio (DOLLARS IN THOUSANDS)	Properties	Units		Investment		Adjusted NOI1		Annualized	% of Total
Triple Net
Senior Housing	96	8,585	$	1,802,836	$	33,083	$	127,796	52.9%
Skilled Nursing	65	8,653		557,996		20,659		80,204	33.2%
Specialty Hospital	1	64		40,250		876		3,504	1.5%
Mortgages and Other Notes Receivable
Senior Housing	10	868		126,457		2,504		10,016	4.1%
Skilled Nursing	3	180		4,106		87		348	0.1%
Other				83,546		2,156		8,624	3.6%
Senior Housing Operating	15	1,731		336,643		2,774		11,095	4.6%
Total	190	20,081	$	2,951,834	$	62,139	$	241,587	100%

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

PARTNERS		ASSET CLASS
			SHOP
	SHOP	OTHER INCOME	%
HOSPITAL	%	%
& OTHER		SENIOR LIVING
%
NHC	CAMPUS
DISCOVERY	%	%		SKILLED
%				%
LCS %
	ENSIGN
	%
OTHER SH
%	OTHER	ASSISTED
	SNF
	LIVING
	%
	%
	HSM			SPECIALTY
	%			HOSPITAL
		INDEPENDENT		%
		LIVING
BICKFORD		%

%

SLC	ENTRANCE FEE
%
%

1. Based on annualized adjusted NOI of $241.6 million for contracts in place at September 30, 2022.
2. Other Income consists primarily of revenue from non-mortgage notes receivable.

3 Q3 2022

REAL ESTATE

INVESTMENTS NOI

(DOLLARS IN THOUSANDS)

	Properties	Units		Q3 2022 NOI		Straight Line		NOI Less		Non-cash		Q3 2022		Annualized
						Revenue		Straight Line		Adjustments		Adjusted NOI		Adjusted NOI
								Revenue
Leases														Adjusted NOI
Senior Housing - Need Driven
Assisted Living	68	3,657	$	11,684	$	1371	$	11,547	$	58	$	11,605	$	46,420
Senior Living Campus	10	1,359		5,039		1,500		3,539				3,539		14,156
Total Senior Housing - Need Driven	78	5,016		16,723		1,637		15,086		58		15,144		60,576
Senior Housing - Discretionary
Independent Living	7	862		2,065	$	389		1,676				1,676		6,704
Entrance-Fee Communities	11	2,707		15,459		330		15,129				15,129		60,516
Total Senior Housing - Discretionary	18	3,569		17,524		719		16,805				16,805		67,220
Total Senior Housing	96	8,585		34,247		2,356		31,891		58		31,949		127,796
Medical Facilities
Skilled Nursing	65	8,653		20,014		(37)		20,051				20,051		80,204
Specialty Hospitals	1	64		1,022		146		876				876		3,504
Total Medical Facilities	66	8,717		21,036		109		20,927				20,927		83,708
Disposals and Held for Sale				1,753		11		1,742				1,742		-
Total Leases	162	17,302	$	57,036	$	2,476	$	54,560	$	58	$	54,618	$	211,504
Mortgages and Other Notes Receivable
Senior Housing - Need Driven	9	620	$	1,978			$	1,978		(67)	$	1,911	$	7,644
Senior Housing - Discretionary	1	248		593				593				593		2,372
Skilled Nursing	3	180		93				93		(6)		87		348
Other Notes Receivable		-		2,156				2,156				2,156		8,624
Total Mortgage and Other Notes	13	1,048	$	4,820			$	4,820	$	(73)	$	4,747	$	18,988
Total Real Estate Investments			$	61,856	$	2,476	$	59,380	$	(15)	$	59,365	$	230,492

1 Includes a $1.0 million write-off of straight-line rent receivable.

Q3 2022

4