Financial Data and Key Metrics Changes - The company reported a net income per diluted common share of $0.74, up 4.2% from the prior year [17] - Net FFO per diluted common share increased 3.6% to $1.14, while normalized FFO increased 2.7% to $1.15 compared to the prior year [17] - FAD for the quarter increased 9.9% to $56 million [17] - Cash rent from the Real Estate Investment segment increased by $2.6 million, attributed to acquisitions and percentage revenue rents [18] Business Line Data and Key Metrics Changes - The SHOP segment's NOI increased 4.9% year over year to $3.1 million, with resident fees up 5.2% driven by occupancy improvement [15][19] - The discretionary senior housing portfolio had a coverage of 1.67 times, while the SNF portfolio reported solid coverage of 3.06 times [14] Market Data and Key Metrics Changes - The company has an active investment pipeline of approximately $264 million, with a focus on senior housing [5][11] - The balance sheet remains strong, with a net debt to adjusted EBITDA ratio of 4.1 times, well within the stated leverage policy [21] Company Strategy and Development Direction - The company is focused on growing its SHOP portfolio through internal conversions and has made significant investments in acquisitions [5][6] - The company is not pursuing growth for growth's sake and is selective in its investment strategy [6][78] - The company aims to maintain a competitive cost of capital and solid access to debt and equity capital [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about surpassing last year's investment total of $237.5 million due to a strong start in 2025 [10] - The company maintains its outlook for 12% to 15% NOI growth this year, despite typical seasonality in the first quarter [8][16] - Management is closely monitoring the potential impact of Medicaid cuts on the portfolio but believes geographic exposure can mitigate risks [14] Other Important Information - The company declared a $0.90 per share dividend for shareholders of record on June 30, 2025 [23] - The updated full-year guidance for NAREIT FFO and normalized FFO per diluted common share is $4.67 and $4.71, representing increases of 2.6% and 6.1% respectively over 2024 [23][24] Q&A Session Summary Question: Update on NHC and Medicaid clarity - Management is in dialogue with NHC regarding lease renewal and is cautious about discussing land and buildings due to legal monitoring [30] Question: SHOP performance in Q1 - Management acknowledged a one-time expense affecting performance but noted that seasonality was expected [34] Question: Status of SLM mezz loans - Management indicated that SLM is largely wrapped up, with potential for additional payments as facilities are sold [36] Question: Discovery transition and potential disruptions - Management expects some noise during the transition but is confident in maintaining FAD guidance [40][44] Question: Impact of percentage rent on tenant profitability - Management stated that the percentage rent was factored into projections and that tenant performance is improving [46] Question: SHOP occupancy and incentives - Management explained that occupancy challenges are due to a subset of buildings not reaching 90% and the need for incentives to maintain occupancy [62] Question: Large SHOP portfolio that fell out of pipeline - Management decided not to pursue the portfolio due to concerns about its fit and potential returns [53] Question: Unidentified new investments mix - Management indicated a mix of property investments and debt financing, primarily focusing on fee simple arrangements [55] Question: Timing for NOI transition with Discovery - Management is targeting the third quarter for the transition, subject to legal review [57] Question: Drivers of increased deal flow - Management noted that sellers are realizing current market conditions, leading to increased activity [74]

National Health Investors (NHI) came out with quarterly funds from operations (FFO) of $1.15 per share, beating the Zacks Consensus Estimate of $1.13 per share. This compares to FFO of $1.10 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 1.77%. A quarter ago, it was expected that this health care real estate investment trust would post FFO of $1.10 per share when it actually produced FFO of $1.13, delivering a surprise of 2.73%. ...

Financial Performance - Net income per diluted share increased from $0.71 in Q1 2024 to $0.74 in Q1 2025[8] - NAREIT FFO per diluted share increased from $1.10 in Q1 2024 to $1.14 in Q1 2025[8] - Funds Available for Distribution (FAD) increased by 9.9% from $50.975 million in Q1 2024 to $56.001 million in Q1 2025[8] - Lease revenue excluding straight-line, lease amortization, and escrow reimbursement revenue of $65.3 million increased 8.0% compared to Q1 2024[11] SHOP Performance - SHOP NOI increased by 4.9% to $3.1 million in Q1 2025 compared to the prior year period[11] - SHOP NOI margin was 22.1% in Q1 2025, a decrease of 10 bps compared to the prior year period[11] - Average SHOP occupancy increased by 390 bps year-over-year to 89.2% in Q1 2025[11] - The company continues to estimate 12%-15% NOI growth for SHOP in 2025[11, 21] Balance Sheet and Investments - Net Debt to Adjusted EBITDA was 4.1x, at the low end of the company's target range of 4.0x – 5.0x[11] - The company announced 2025 YTD investments totaling $174.9 million at an average initial yield of approximately 8.2%[11] - The company is evaluating a pipeline of investment opportunities valued at approximately $264 million[11]

A detailed schedule for the 2025 guidance range as well as additional assumptions is included in this press release. Results for the three months ended March 31, 2025 compared to the same period in the prior year were impacted by the following: Exhibit 99.1 Contact: John L. Spaid, Chief Financial Officer Phone: (615) 890-9100 NHI Announces First Quarter 2025 Results MURFREESBORO, Tenn. – (Monday, May 5, 2025) National Health Investors, Inc. (NYSE:NHI) announced today its results for the three months ended M ...

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Total assets increased to **$2.78 billion**, with Q1 2025 revenues at **$89.3 million** and net income at **$33.8 million** [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.78 billion** from **$2.61 billion**, driven by real estate and cash, with liabilities rising to **$1.34 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Real estate properties, net | $2,270,257 | $2,211,253 | | Cash and cash equivalents | $135,004 | $24,289 | | **Total Assets** | **$2,782,885** | **$2,614,371** | | **Liabilities & Equity** | | | | Debt | $1,262,985 | $1,146,041 | | **Total Liabilities** | **$1,338,300** | **$1,229,194** | | **Total Equity** | **$1,435,045** | **$1,375,387** | | Total Liabilities and Equity | $2,782,885 | $2,614,371 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues grew to **$89.3 million** in Q1 2025, resulting in net income of **$33.8 million** and diluted EPS of **$0.74** Statement of Income Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Rental income | $68,866 | $62,187 | | Total Revenues | $89,296 | $81,513 | | Total Expenses | $56,008 | $51,122 | | Net income | $33,817 | $30,657 | | Net income attributable to common stockholders | $34,113 | $30,915 | | Earnings per common share - diluted | $0.74 | $0.71 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was **$46.5 million**, with a **$110.8 million** net increase in cash driven by financing activities and real estate acquisitions Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $46,478 | $40,827 | | Net cash used in investing activities | ($75,469) | ($16,193) | | Net cash provided by (used in) financing activities | $139,766 | ($35,922) | | **Increase (decrease) in cash and cash equivalents** | **$110,775** | **($11,288)** | - A significant non-cash investing activity in Q1 2025 was the acquisition of **$8.6 million** in real estate through a deed in lieu of foreclosure of a mortgage note receivable[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail NHI's business, **$76.1 million** in Q1 2025 real estate acquisitions, **$1.26 billion** total debt, and a **$0.90** quarterly dividend - NHI is a self-managed REIT operating through **two segments**: Real Estate Investments (leases, mortgages for senior housing/medical facilities) and Senior Housing Operating Portfolio (SHOP), which consists of **15** company-owned independent living facilities[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) Q1 2025 Real Estate Acquisitions (in thousands) | Operator | Asset Class | Total Cost | | :--- | :--- | :--- | | Generations, LLC | SLC | $21,200 | | Mainstay Healthcare | ALF | $8,600 | | Juniper Communities, LLC | ALF | $46,284 | | **Total** | | **$76,084** | - As of March 31, 2025, mortgage and other notes receivable totaled **$278.7 million** before a credit loss reserve of **$18.9 million**. **Two** mezzanine loans totaling **$15.8 million** were designated as non-performing[75](index=75&type=chunk)[76](index=76&type=chunk)[90](index=90&type=chunk) Debt Composition as of March 31, 2025 (in thousands) | Debt Type | Amount | | :--- | :--- | | Revolving credit facility - unsecured | $447,200 | | Bank term loans - unsecured | $200,000 | | 2031 Senior Notes - unsecured, net | $398,124 | | Private placement notes - unsecured | $150,000 | | Fannie Mae term loans - secured | $75,704 | | **Total Debt (net of unamortized costs)** | **$1,262,985** | - In Q1 2025, the company settled a forward equity sale agreement for approximately **$65.5 million** in proceeds. It also entered into new ATM forward sale agreements to sell **~0.2 million** shares for potential proceeds of **~$15.5 million**[125](index=125&type=chunk)[127](index=127&type=chunk) - The Board of Directors declared a quarterly dividend of **$0.90** per common share, consistent with the prior year[132](index=132&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%2E) Management discusses **9.5%** Q1 2025 revenue growth, a **$3.3 billion** portfolio, improved tenant performance, strong liquidity, and **$1.15** Normalized FFO per share [Executive Overview and Portfolio Summary](index=43&type=section&id=Executive%20Overview%20and%20Portfolio%20Summary) NHI, a REIT, manages a **$3.3 billion** portfolio of **205** senior housing and medical facilities, diversified by asset type and with limited geographic concentration Portfolio Summary as of March 31, 2025 | Segment | Properties | Gross Investment | % of Total NOI | | :--- | :--- | :--- | :--- | | Real Estate Properties | 175 | $2,669.3 M | 87.4% | | Mortgage and Other Notes | 15 | $278.7 M | 8.5% | | SHOP | 15 | $359.8 M | 4.1% | | **Total Portfolio** | **205** | **$3,307.8 M** | **100.0%** | - The company's largest tenant concentrations by revenue for Q1 2025 are Senior Living Communities (**15%**), National HealthCare Corporation (NHC) (**12%**), and Bickford Senior Living (**12%**)[59](index=59&type=chunk)[194](index=194&type=chunk) - The only geographic concentration of **10%** or more of investment is in South Carolina, at **11.3%** as of March 31, 2025[60](index=60&type=chunk) [Investment Activity and Tenant Performance](index=49&type=section&id=Investment%20Activity%20and%20Tenant%20Performance) Q1 2025 saw **$76.1 million** in new investments, with tenant EBITDARM coverage improving to **2.09x** and occupancy rising to **84.6%** - Total real estate acquisitions in Q1 2025 amounted to **$76.1 million**. A subsequent acquisition in April 2025 added a **$63.5 million** portfolio of **six** memory care communities[181](index=181&type=chunk)[184](index=184&type=chunk) Real Estate Investments Portfolio Coverage (TTM) | Metric | 4Q23 | 4Q24 | | :--- | :--- | :--- | | Total Portfolio Coverage | 1.94x | 2.09x | | Total Portfolio Occupancy | 82.6% | 84.6% | - As of March 31, 2025, **two** tenants were on a cash basis of accounting for revenue recognition, with total cash rents received from them in Q1 2025 being **$11.5 million**, slightly down from **$11.8 million** in Q1 2024[199](index=199&type=chunk) - The company established a credit loss reserve of **$18.9 million** for receivables and a liability of **$0.1 million** for unfunded loan commitments as of March 31, 2025[212](index=212&type=chunk) [Results of Operations](index=56&type=section&id=Results%20of%20Operations) Total revenues increased by **9.5%** to **$89.3 million** in Q1 2025, driven by new investments, leading to **$33.8 million** net income Year-over-Year Change in Key Financial Items (in thousands) | Item | Q1 2025 | Q1 2024 | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | Total Rental Income | $68,866 | $62,187 | $6,679 | 10.7% | | Total Revenues | $89,296 | $81,513 | $7,783 | 9.5% | | Total Expenses | $56,008 | $51,122 | $4,886 | 9.6% | | Net income | $33,817 | $30,657 | $3,160 | 10.3% | - Key drivers of revenue growth included new investments funded since March 2024. Interest expense decreased by **3.6%** due to lower interest rates and borrowings on the Credit Facility[216](index=216&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) NHI maintains strong liquidity with **$135.0 million** cash and **$252.8 million** credit facility availability, a conservative **4.1x** net debt to EBITDA ratio, and investment-grade credit ratings - At March 31, 2025, liquidity sources included **$135.0 million** in cash, **$252.8 million** available on the credit facility, and potential access to **$409.0 million** via the ATM equity program[217](index=217&type=chunk) - The company's consolidated net debt to Annualized Adjusted EBITDA ratio was **4.1x** for the three months ended March 31, 2025[235](index=235&type=chunk) - In Q1 2025, the company settled a forward equity sale for **$65.5 million** in proceeds. As of March 31, 2025, it had approximately **$68.9 million** of undrawn net proceeds available through ATM forward sale agreements[217](index=217&type=chunk)[243](index=243&type=chunk)[247](index=247&type=chunk) - On April 1, 2025, the company repaid **$60.3 million** of maturing Fannie Mae term-debt using proceeds from its Credit Facility[112](index=112&type=chunk)[229](index=229&type=chunk) [FFO & FAD (Non-GAAP Measures)](index=65&type=section&id=FFO%20%26%20FAD) Normalized FFO per diluted share increased to **$1.15** in Q1 2025, with Normalized FAD rising **9.9%** to **$56.0 million**, driven by new investments and improved performance Non-GAAP Performance Measures (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | NAREIT FFO attributable to common stockholders | $52,350 | $47,713 | | Normalized FFO attributable to common stockholders | $52,614 | $48,499 | | Normalized FAD attributable to common stockholders | $56,001 | $50,975 | | Normalized FFO per diluted share | $1.15 | $1.12 | - The increase in Normalized FFO per diluted share was primarily due to new investments completed since March 31, 2024[258](index=258&type=chunk)[259](index=259&type=chunk) - The company's Fixed Charge Coverage ratio improved to **5.1x** in Q1 2025 from **4.5x** in Q1 2024[266](index=266&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk%2E) Primary market risk is interest rate exposure on **$647.2 million** variable-rate debt, with a **50 basis-point** change impacting annual net interest expense by **$3.2 million** - The company is exposed to interest rate risk on approximately **$647.2 million** of variable-rate debt as of March 31, 2025[270](index=270&type=chunk) - A **50 basis-point (0.50%)** increase or decrease in interest rates would change annual net interest expense by approximately **$3.2 million**[271](index=271&type=chunk) - Inflation risk is mitigated through leases that generally provide for annual rent increases (fixed or CPI-based) and require tenants to pay all property operating expenses[275](index=275&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures%2E) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during Q1 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period, March 31, 2025[276](index=276&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal controls[277](index=277&type=chunk) Part II. Other Information [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ordinary course legal claims, but management expects no material adverse effect on its financial condition or operations due to indemnification - The company faces claims and suits in the ordinary course of business, but management does not expect them to have a material adverse effect on its financials[279](index=279&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, except for a new one addressing potential costs and distractions from stockholder activism - A new risk factor was added concerning stockholder activism, which could lead to substantial costs, management distraction, and potential damage to the company's reputation and business opportunities[281](index=281&type=chunk) [Other Information](index=58&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the first quarter of 2025[282](index=282&type=chunk) [Exhibits](index=59&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including corporate governance documents, CEO/CFO certifications, and XBRL data files - The report includes standard corporate governance documents and required CEO/CFO certifications (Sections **302** and **906** of Sarbanes-Oxley) as exhibits[283](index=283&type=chunk)

Group 1 - The healthcare sector is highlighted as a promising long-term investment opportunity, encompassing a diverse range of companies including pharmaceuticals, drug distributors, insurers, and hospitals [2] - The focus on income-producing asset classes suggests a strategy aimed at sustainable portfolio income, diversification, and inflation hedging [1] Group 2 - The article emphasizes the importance of performing due diligence and drawing personal conclusions before making investment decisions [4][5] - It is noted that past performance does not guarantee future results, indicating a cautious approach to investment recommendations [5]

Financial Data and Key Metrics Changes - The company reported a cash rent increase of nearly 9% year over year, contributing to a 12.5% growth in NOI [8][10] - NAREIT FFO per diluted common share increased by 3.6% to $4.55 for the year and $1.24 for the fourth quarter [32] - Normalized FFO per diluted common share increased by 2.5% and 2.8% to $4.44 and $1.12, respectively [32] - FAD for the year and quarter increased by 8.7% and 10% to $204.2 million and $52.1 million, respectively [33] Business Line Data and Key Metrics Changes - Bickford's cash rental income grew approximately 17% [10] - Shop NOI increased by approximately 32%, driven by improved occupancy and margin improvement [10][29] - The discretionary senior housing portfolio had coverage of 1.7 times compared to 1.6 times in the previous period [27] Market Data and Key Metrics Changes - The company’s balance sheet leverage decreased to 4.1 times from 4.4 times in the previous quarter [9] - The shop portfolio occupancy improved by 620 basis points to 89.4% [29] - The company expects to see continued growth in the senior housing industry, which has strong tailwinds [13] Company Strategy and Development Direction - The company plans to transition select triple net senior housing assets to shop structures to enhance shareholder value [13] - The strategy includes increasing RevPAR to drive margin expansion, targeting 12% to 15% NOI growth for 2025 [14][46] - The company aims to strategically invest $225 million in new investments at an average yield of 8.1% for 2025 [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, expecting continued growth supported by rent step-ups and deferral repayments [12][16] - The company is positioned to capitalize on favorable industry fundamentals, despite recent interest rate pressures [17] - Management acknowledged the need to balance investments in existing operations with new market opportunities [127] Other Important Information - The company declared a dividend of $0.90 per share for shareholders of record on March 31, 2025 [43] - The company has approximately $327 million available on its revolver and $45 million in ATM capacity [41] Q&A Session Summary Question: Rent and interest income expectations for 2025 - Management expects rent and interest income to be closer to 55% for 2025 compared to 2024 [52] Question: Comments on Bickford's occupancy - Management noted that Bickford experienced some seasonal effects and price point adjustments impacting occupancy [78] Question: Clarification on acquisition guidance - Management explained that the guidance of $225 million reflects expected closings from LOIs, with confidence in achieving this number [82][84] Question: Future of the Discovery portfolio - Management indicated that they are evaluating options for the Discovery portfolio, including potential re-tenanting [96] Question: Dividend rationale - Management stated that maintaining the current dividend aligns with long-term growth objectives and market conditions [124]

National Health Investors Q4 2024 Supplemental TABLE OF CONTENTS COMPANY | COMPANY INFORMATION & LEADERSHIP | 02 | | --- | --- | | PORTFOLIO | | | PORTFOLIO OVERVIEW | 03 | | REAL ESTATE INVESTMENTS | 04 | | SENIOR HOUSING OPERATING PORTFOLIO | 05 | | OPERATING PARTNERS | 06 | | EBITDARM LEASE COVERAGE & OCCUPANCY | 07 | | PURCHASE OPTIONS & LEASE MATURITIES | 08 | | INVESTMENTS | | | INVESTMENT RATIONALE | 09 | | RECENT INVESTMENTS | 10 | | CAPITALIZATION | | | CAPITALIZATION OVERVIEW | 11 | | CAPITAL STRU ...

Core Insights - National Health Investors (NHI) reported revenue of $85.75 million for the quarter ended December 2024, marking a year-over-year increase of 7.9% and exceeding the Zacks Consensus Estimate by 2.52% [1] - The earnings per share (EPS) for the same period was $1.13, compared to $0.74 a year ago, with an EPS surprise of 2.73% over the consensus estimate of $1.10 [1] Revenue Breakdown - Rental income was reported at $65.78 million, surpassing the two-analyst average estimate of $62.06 million, reflecting a year-over-year change of 8.3% [4] - Interest income and other revenues amounted to $5.97 million, exceeding the estimated $5.43 million, with a year-over-year increase of 3% [4] - Resident fees and services generated $14 million, above the average estimate of $13.88 million, representing a year-over-year change of 8.1% [4] Stock Performance - Over the past month, shares of National Health Investors returned -0.2%, compared to a -1.8% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - National Health Investors (NHI) reported quarterly funds from operations (FFO) of $1.13 per share, exceeding the Zacks Consensus Estimate of $1.10 per share, and showing an increase from $1.09 per share a year ago, resulting in an FFO surprise of 2.73% [1] - The company achieved revenues of $85.75 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2.52%, compared to $79.47 million in the same quarter last year [2] - NHI has outperformed the market with a 2% increase in shares since the beginning of the year, compared to the S&P 500's gain of 1.7% [3] 分组2 - The future performance of NHI's stock will largely depend on management's commentary during the earnings call and the outlook for FFO expectations [4][6] - The current consensus FFO estimate for the upcoming quarter is $1.14 on revenues of $90.22 million, and for the current fiscal year, it is $4.66 on revenues of $358.39 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 46% of over 250 Zacks industries, which may impact NHI's stock performance [8]