National Health Investors : Q4 2021 Supplemental

Q4 2021

NATIONAL HEALTH INVESTORS

Q4 2021 SUPPLEMENTAL

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Q4 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
	DISPOSITIONS & RENT CONCESSIONS	20
	GLOSSARY
	GLOSSARY	21

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 December 31, 2021.

COVER: Sante Silverdale, operated by Sante Partners, in Silverdale, WA.

National Health Investors

Q4 2021

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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
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

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Q4 2021

National Health Investors

PORTFOLIO OVERVIEW

HIGHLIGHTS

Diversified portfolio of exceptional healthcare properties

Conservatively managed balance sheet

Industry leading FFO growth

Healthy dividend coverage

AS OF FEBRUARY 22, 2022

137	SENIOR HOUSING
75	SKILLED NURSING
1	HOSPITAL
213	31	33

PROPERTIES OPERATINGSTATES

PARTNERS

EXCLUDES PROPERTIES HELD FOR SALE

		4% SMALL				OTHER
					SENIOR LIVING INCOME2
14%
	16% NHC		CAMPUS
	OTHER			3%
						6%
								SKILLED
2%		10% ENSIGN				35%
	SLM
3%
PRESTIGE				ASSISTED	23%
3%	PARTNERS	1		LIVING
DISCOVERY
4%		7%
CHANCELLOR		LCS
4%				2%
			INDEPENDENT			1% HOSPITAL
	HSM				LIVING		30%	& MOB
13%		20%					ENTRANCE
					FEE
	BICKFORD
		SLC
	Regional 63%	Small 4%		Sr. Hsng. Need-Driven 29%	Medical 36%
	Public 26%	National Private Chain 7%		Sr. Hsng. Discretionary 32%	Other Income 3%2

1 Based on annualized cash revenue of $236.1 million in place at December 31, 2021.

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

National Health Investors

Q4 2021

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PORTFOLIO SUMMARY

as of December 31, 2021 (dollars in thousands)

			Properties	Units					YTD GAAP		YTD Straight			YTD Cash		Full Year		Annualized
									Revenue		Line			Revenue		Impact		Cash Revenue
		Leases
		Senior Housing - Need Driven
		Assisted Living	81	4,350	$	51,477	$	3,343	$		48,134	$	(170)	$	47,964
		Senior Living Campus	11	1,507					17,289		1,435			15,854		(1,821)		14,033
		Total Senior Housing - Need Driven	92	5,857					68,766		4,778			63,988		(1,991)		61,997
		Senior Housing - Discretionary
		Independent Living	22	2,591					23,566		4,801			18,765		(13,089)		5,676
		Entrance-Fee Communities	11	2,707					61,552		3,027			58,525		182		58,707
		Total Senior Housing - Discretionary	33	5,298					85,118		7,828			77,290		(12,907)		64,383
		Total Senior Housing	125	11,155					153,884		12,606			141,278		(14,898)		126,380
		Medical Facilities
		Skilled Nursing	72	9,433					82,457		712			81,745		(212)		81,533
		Hospitals	1	64					2,429		397			2,032		1,389		3,421
		Total Medical Facilities	73	9,497					84,886		1,109			83,777		1,177		84,954
		Current Year Disposals and Held							20,641		888			19,753		(19,753)		-
		for Sale
		Total Leases	198	20,652					259,411		14,603			244,808		(33,474)		211,334
		Escrow funds received from tenants							11,638					11,638		(11,638)		-
		Total Rental Income							271,049					256,446		(45,112)		211,334
	Mortgages and Other Notes Receivable
		Senior Housing - Need Driven	9	565					6,329					6,329		722		7,051
		Senior Housing - Discretionary	2	714					12,535					12,535		(1,896)		10,639
		Skilled Nursing	3	180					402					402		(9)		393
		Other Notes Receivable	-	-					5,267					5,267		1,405		6,672
		Total Mortgage and Other Notes	14	1,459					24,533					24,533		222		24,755
		Investment and Other Income							3,133					3,133		(3,133)		-
		Total Revenue			$	298,715	$	14,603	$		284,112	$	(48,023)	$	236,089