National Health Investors : Q4 2022 Supplemental

National Health

Q4 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, 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 December 31, 2022.

COVER: SILVERADO FREDERICK MEMORY CARE COMMUNITY IS A 60-UNIT MEMORY CARE COMMUNITY OPERATED BY SILVERADO SENIOR LIVING IN FREDERICK, MD.

• Q4 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 Transaction 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.
Juan Sanabria, BMO Capital Markets	222 Robert Rose Drive
Austin Wurschmidt, KeyBanc Capital Markets	Murfreesboro, Tennessee 37129
615.890.9100 | [e-mail]
Michael Lewis, Truist Securities
Rich Anderson, SMBC Nikko Securities America, Inc.	Transfer Agent
Steve Manaker, Stifel
Computershare Trust Company, N.A
Tayo Okusanya, Credit Suisse	P.O. Box 43078
	Providence, RI 02940-3078
	800.942.5909

Q4 2022

2

PORTFOLIO OVERVIEW

AS OF FEBRUARY 21,2023

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

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

1. Based on annualized adjusted NOI of $236.8 million for contracts in place at December 31, 2022.
2. Other Income consists primarily of revenue from non-mortgage notes receivable.

3 Q4 2022

REAL ESTATE

INVESTMENTS NOI

(DOLLARS IN THOUSANDS)

				'•†"††		••Ž				"Š•Ž		'•†"††		••
								••Ž
Leases
Senior Housing - Need Driven
Assisted Living	66	3,621	$	8,823	$	(2,234)1	$	11,057	$	78	$	11,135	$	44,540
Senior Living Campus	10	1,359		(663)		(3,664)1		3,001				3,001		12,004
Total Senior Housing - Need Driven	76	4,980		8,160		(5,898)		14,058		78		14,136		56,544
Senior Housing - Discretionary
Independent Living	7	862		2,079		363		1,716				1,716		6,864
Entrance-Fee Communities	11	2,707		15,458		331		15,127				15,127		60,508
Total Senior Housing - Discretionary	18	3,569		17,537		694		16,843				16,843		67,372
Total Senior Housing	94	8,549		25,697		(5,204)		30,901		78		30,979		123,916
Medical Facilities
Skilled Nursing	65	8,653		20,340		(263)		20,603				20,603		82,412
Hospitals	1	64		1,022		145		877				877		3,508
Total Medical Facilities	66	8,717		21,362		(118)		21,480				21,480		85,920
Disposals and Held for Sale				4,061				4,061				4,061		-
Deferred Rent and Interest				408				408				408		-
Collections
Total Leases	160	17,266	$	51,528	$	(5,322)	$	56,850	$	78	$	56,928	$	209,836
Mortgages and Other Notes Receivable
Senior Housing - Need Driven	8	564	$	1,744			$	1,744		(67)	$	1,677	$	6,708
Senior Housing - Discretionary	1	248		593				593				593		2,372
Skilled Nursing	8	797		475				475		(6)		469		1,876
Other Notes Receivable		-		2,066				2,066		(7)		2,059		8,236
Payoffs				144				144				144		-
Total Mortgage and Other Notes	17	1,609	$	5,022			$	5,022	$	(80)	$	4,942	$	19,192
Total Real Estate Investments			$	56,550	$	(5,322)	$	61,872	$	(2)	$	61,870	$	229,028

1 Includes a $7.9 million write-off of straight-line rent receivable related to two operators.

Q4 2022

4