Q3 2021 Supplemental

Q3 2021

NATIONAL HEALTH INVESTORS

Q3 2021 SUPPLEMENTAL

1

Q3 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 September 30, 2021.

COVER: Legend Oaks Healthcare & Rehabilitation - Waxahachie, operated by a subsidiary of The Ensign Group, Inc. in Waxahachie, TX.

National Health Investors

Q3 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
	800.942.5909

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Q3 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 NOVEMBER 8, 2021

	144	SENIOR HOUSING
	75	SKILLED NURSING
	2	HOSPITAL
	1	MEDICAL OFFICE
222		35	34
PROPERTIES	OPERATING	STATES
		PARTNERS

4% SMALL

OTHER

SENIOR LIVING INCOME2

15%

15% NHC

CAMPUS

3%

OTHER

6%

SKILLED

3%

9% ENSIGN

32%

SLM

25%

3%

PARTNERS1

ASSISTED

CHANCELLOR

1% OTHER PUBLIC

LIVING

4%

7%

HSM

4%

LCS

2% HOLIDAY

2% HOSPITAL

DISCOVERY

5%

& MOB

14%

27%

INDEPENDENT

BICKFORD

LIVING

19%

ENTRANCE

SLC

FEE

Regional 62%

Small 4%

Sr. Hsng. Need-Driven 31%

Medical 34%

Public 25%

National Private Chain 9%

Sr. Hsng. Discretionary 32%

Other Income 3%2

1 Based on annualized cash revenue of $259.4 million in place at September 30,2021.

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

National Health Investors

Q3 2021

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PORTFOLIO SUMMARY

as of September 30, 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	87	4,844		$	43,669	$	3,622	$	40,047	$	18,401	$	58,448
		Senior Living Campus	12	1,690				13,968		991		12,977		3,677		16,654
		Total Senior Housing - Need Driven	99	6,534				57,637		4,613		53,024		22,078		75,102
		Senior Housing - Discretionary
		Independent Living	23	2,674				21,285		3,713		17,572		(5,641)		11,931
		Entrance-Fee Communities	11	2,707				46,132		2,285		43,847		14,723		58,570
		Total Senior Housing - Discretionary	34	5,381				67,417		5,998		61,419		9,082		70,501
		Total Senior Housing	133	11,915				125,054		10,611		114,443		31,160		145,603
		Medical Facilities
		Skilled Nursing	72	9,433				61,906		543		61,363		20,971		82,334
		Hospitals	2	130				2,803		82		2,721		2,777		5,498
		Medical Office Buildings	1	61,500	*			248		10		238		80		318
		Total Medical Facilities	75	9,563				64,957		635		64,322		23,828		88,150
		Current Year Disposals and Held						12,613		943		11,670		(11,670)		-
		for Sale
		Total Leases	208	21,478				202,624		12,189		190,435		43,318		233,753
		Escrow funds received from tenants						7,519				7,519		(7,519)		-
		Total Rental Income						210,143				197,954		35,799		233,753
	Mortgages and Other Notes Receivable
		Senior Housing - Need Driven	9	565				4,566				4,566		2,075		6,641
		Senior Housing - Discretionary	2	714				9,875				9,875		2,083		11,958
		Skilled Nursing	3	180				304				304		95		399
		Other Notes Receivable	-	-				3,599				3,599		3,071		6,670
		Total Mortgage and Other Notes	14	1,459				18,344				18,344		7,324		25,668
		Investment and Other Income						561				561		(561)		-
		Total Revenue				$	229,048	$	12,189	$	216,859	$	42,562	$	259,421