UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-10822 National Health Investors Inc (Exact name of registrant as specified in its charter) Maryland 62-1470956 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 222 Robert Rose Drive Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an em ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-10822 National Health Investors Inc (Exact name of registrant as specified in its charter) Maryland 62-1470956 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 222 Robert Rose Drive Murfreesboro Tennessee 37129 (Address of principal executive offices) (Zip Code) Indicate by check mark whether the registrant is a shell company (as defined i ...

National Health Investors, Inc. (NYSE:NHI) Q1 2023 Earnings Conference Call May 10, 2023 12:00 PM ET Company Participants Dana Hambly - Director of IR Eric Mendelsohn - President and CEO John Spaid - CFO Kevin Pascoe - Chief Investment Officer Conference Call Participants John Kim - BMO Capital Markets Austin Wurschmidt - KeyBanc Capital Markets Tayo Okusanya - Credit Suisse Operator Greetings. And welcome to the First Quarter 2023 Conference Call. During the presentation, all participants will be in a list ...

DEFERRALS & ABATEMENTS1,2 1 Includes all rent concessions accounted for as variable lease payments and as lease modifications. 2 Prior periods adjusted to reflect the satisfaction of deferral balances upon disposition of properties. 3 Q4 2022 includes a $3.0 million credit to the Bickford deferral balance as well as a $1.5 million forgiveness related to another operator. 4 Q1 2023 includes a $2.5 million credit to the Bickford deferral balance. 5 Includes principal and interest repayments. 25 Q1 2023 A newl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-10822 National Health Investors Inc (Exact name of registrant as specified in its charter) Maryland 62-1470956 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 222 Robert Rose Drive Murfreesboro Tennessee 37129 (Address of principal executive offices) (Zip Code) (615) 890-9100 (Registrant's telephone number, including area code) Securities ...

Financial Data and Key Metrics Changes - For the year ended December 31, 2022, the company's net income was $1.48 per share, NAREIT FFO was $3.55 per share, and normalized FFO was $4.30 per share [7][8] - The fourth quarter FAD was $44.7 million, while the full year FAD was $201 million [8][16] - The fourth quarter FAD payout ratio was 87.3%, and the company declared a first quarter dividend of $0.90 per share [16][34] Business Line Data and Key Metrics Changes - The SHOP segment's fourth quarter net operating income was $1.9 million, down from $2.8 million in the third quarter [10][40] - The company reported a significant decline in occupancy in the SHOP portfolio, which represents 3% of adjusted NOI, with occupancy decreasing to 75.8% [39] - The need-driven senior housing coverage ratios improved, with trailing 12-month EBITDARM coverage reaching 1.02x, the highest since Q3 2020 [54] Market Data and Key Metrics Changes - The company faced challenges in the market due to rising interest rates, which made buyer financing more difficult [50] - The overall collections of contractual cash due were strong at 98.1%, with deferrals of $1.2 million in the fourth quarter [53] - The company has 13 properties held for sale with a net book value of $43.3 million [50] Company Strategy and Development Direction - The company aims to capitalize on growth opportunities both organically and through acquisitions, with a focus on maintaining a strong financial profile [32][41] - The company has completed significant asset dispositions and tenant repositioning activities, positioning itself to take advantage of a buyer's market [41][32] - The company plans to continue making dispositions and providing limited financial assistance to certain operators while focusing on portfolio optimization [27][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth, with full-year guidance implying growth of 3.5% to 5% [34] - The company acknowledged the challenges posed by a difficult interest rate environment and industry challenges but noted improved visibility [34][41] - Management indicated that the fourth quarter results provide a good baseline for future growth, with expectations for significant margin improvements [40][34] Other Important Information - The company has a $160 million share repurchase program in place and ended the year with $88 million in available share buyback authorization [2][14] - The company has over $500 million in cash and revolver availability, indicating ample liquidity [15] Q&A Session Summary Question: About SHOP occupancy performance - Management acknowledged the disappointing performance and attributed it to the transition of buildings and the need for improvements [43] Question: Timeline for $6 million to $8 million NOI upside - Management indicated that the expected timeline for achieving this upside is over the next two years [44] Question: Guidance below Street consensus - Management clarified that the fourth quarter included one-time irregular events impacting FFO, and they expect improvements moving forward [83][84] Question: Deferred balances timeline - Management indicated that the timeline for recording deferred balances back into income is expected to be within 12 to 24 months [86] Question: Non-performing loans and interest income - Management confirmed that interest income was recorded for non-performing loans, but timing issues may affect recognition [79]

Portfolio Overview - As of December 31, 2022, the company's portfolio consisted of investments in 192 properties [39] - The annualized adjusted NOI for contracts in place at December 31, 2022, was $2368 million [15] - Skilled nursing facilities represent 36% of the asset class [16] - Entrance fee assisted living represents 22% of the asset class [16] Financial Performance - Total revenue for Q4 2022 was $70669 thousand, compared to $69668 thousand in Q4 2021 [39] - Rental revenue (GAAP) for Q4 2022 was $53764 thousand [39] - Normalized FFO per diluted common share was $085 in Q4 2022 [39] - Regular dividends declared per common share were $090 in Q4 2022 [39] Capital Structure - Total debt as of Q4 2022 was $1147511 thousand [39] - The company targets a 60/40 equity/debt funding mix [31] - Secured debt accounted for 67% of total debt [47] - Unsecured debt accounted for 933% of total debt [47]

Part I [Business](index=6&type=section&id=Item%201.%20Business) National Health Investors, Inc. (NHI) is a self-managed REIT operating through two segments: Real Estate Investments and a Senior Housing Operating Portfolio (SHOP), primarily deriving revenue from rental income, SHOP resident fees, and interest income. - NHI is a self-managed REIT specializing in senior housing and medical facility investments, operating through two main segments: Real Estate Investments and the Senior Housing Operating Portfolio (SHOP)[22](index=22&type=chunk) Portfolio Overview as of December 31, 2022 | Segment | Investment Value | Property Count | Description | | :--- | :--- | :--- | :--- | | **Real Estate Investments** | ~$2.4 billion | 160 properties | 94 senior housing, 65 skilled nursing, 1 hospital under triple-net leases | | **Mortgage/Notes Receivable** | $248.5 million | 17 mortgages | Secured loans to healthcare operators | | **SHOP Segment** | ~$338.1 million | 15 properties | Independent living facilities with 1,732 units | Revenue Sources for Fiscal Year 2022 | Revenue Source | Amount (Millions) | Percentage of Total | | :--- | :--- | :--- | | Rental Income | $217.7 | 78.3% | | SHOP Revenue | $35.8 | 12.9% | | Interest Income | $24.7 | 8.9% | | **Total Revenue** | **$278.2** | **100.0%** | - The company's revenue is highly dependent on the operational success of its tenants, borrowers, and managers, whose income is influenced by occupancy rates, patient mix (private pay, Medicare, Medicaid), and reimbursement rates[27](index=27&type=chunk) [Classification of Properties](index=7&type=section&id=Item%201.%20Business%20-%20Classification%20of%20Properties) The company's property portfolio is classified into Real Estate Investments and the Senior Housing Operating Portfolio (SHOP), encompassing various senior housing and medical facility types. - The portfolio is classified into two main segments: Real Estate Investments and the Senior Housing Operating Portfolio (SHOP)[28](index=28&type=chunk) - Within Real Estate Investments, properties are categorized as Senior Housing or Medical, with Senior Housing further divided into 'Need-Driven' (Assisted Living, Senior Living Campuses) and 'Discretionary' (Independent Living, Entrance-Fee Communities)[28](index=28&type=chunk)[29](index=29&type=chunk) - As of December 31, 2022, the portfolio included 66 assisted living facilities, 10 senior living campuses, 7 independent living facilities, 11 entrance-fee communities, 65 skilled nursing facilities, and one hospital[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The SHOP segment consists of 15 independent living facilities with 1,732 units, which are considered discretionary senior housing[39](index=39&type=chunk) [Nature of Investments](index=8&type=section&id=Item%201.%20Business%20-%20Nature%20of%20Investments) Investments are structured through purchase-leasebacks, property acquisitions, various loan types, and RIDEA-compliant operations, primarily under triple-net leases. - Investments are structured as purchase-leasebacks, property acquisitions, loans, or RIDEA-compliant operations[40](index=40&type=chunk) - Leases are typically triple-net with initial terms of 10-15 years, requiring tenants to cover all property-related expenses, including taxes, insurance, and repairs[41](index=41&type=chunk) - The company provides various types of loans, including mortgage, mezzanine, and construction loans, with interest rates ranging from **7.0% to 9.5% in 2022**[41](index=41&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - The SHOP segment was formed on April 1, 2022, by transitioning 15 properties from a triple-net lease into two ventures where NHI holds a majority interest and third-party managers operate the communities[49](index=49&type=chunk) [Tenant Concentration](index=10&type=section&id=Item%201.%20Business%20-%20Tenant%20Concentration) The company faces significant tenant concentration, with Senior Living Communities and NHC accounting for 18% and 13% of total 2022 revenues, respectively. Tenant Concentration by Revenue (2022) | Tenant | Asset Class | Gross Real Estate Investment | Notes Receivable | 2022 Revenue | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | | Senior Living | EFC | $573.6 million | $48.5 million | $51.2 million | 18% | | NHC | SNF | $133.8 million | - | $36.9 million | 13% | - In 2022, NHI converted its tenant Bickford to a cash basis of accounting due to substantial doubt about its ability to continue as a going concern, resulting in a write-off of **$18.1 million** in straight-line rents and **$7.1 million** in lease incentives[60](index=60&type=chunk) - The legacy Holiday portfolio was restructured on April 1, 2022, following a dispute with Welltower, involving a **$6.9 million** settlement payment to NHI and the transition of 15 properties into the new SHOP segment[65](index=65&type=chunk)[70](index=70&type=chunk) [Government and Tax Regulation](index=15&type=section&id=Item%201.%20Business%20-%20Government%20and%20Tax%20Regulation) The company's operations and REIT status are subject to extensive government healthcare regulations and complex tax rules, including Medicare/Medicaid reimbursement and distribution requirements. - NHI's tenants and borrowers are subject to extensive healthcare regulations, including licensure, certification, Medicare/Medicaid reimbursement rules, and fraud and abuse laws, which can significantly impact their financial condition[79](index=79&type=chunk)[80](index=80&type=chunk) - A significant portion of revenue for SNF tenants comes from Medicare and Medicaid, which are subject to frequent changes, with CMS estimating a **2.7% increase** in payments to SNFs for fiscal year 2023[82](index=82&type=chunk)[83](index=83&type=chunk) - NHI has elected to be taxed as a REIT and must continuously meet complex requirements related to income sources, asset composition, distributions, and stock ownership to maintain this status and avoid corporate income taxes[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk) - To qualify as a REIT, NHI must distribute at least **90% of its REIT taxable income** to stockholders annually[112](index=112&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company identifies significant risks primarily related to its tenants' and borrowers' financial health, which is susceptible to public health crises, regulatory changes, and rising operating costs, alongside substantial tenant concentration, real estate illiquidity, and REIT status adherence. - **Tenant & Borrower Risks:** The company's financial performance is highly dependent on the operating success of its tenants, with public health crises (like COVID-19), declining occupancy, increased labor costs, and changes to Medicare/Medicaid reimbursement adversely affecting tenants' ability to pay rent[126](index=126&type=chunk)[128](index=128&type=chunk)[131](index=131&type=chunk) - **Concentration Risk:** A significant percentage of revenue comes from a small number of tenants, with Senior Living and NHC generating approximately **30% of total revenue** for the year ended December 31, 2022[137](index=137&type=chunk) - **Business & Operational Risks:** The company is exposed to risks from the illiquidity of its specialized real estate assets, potential impairment charges (**$51.6 million in 2022**), and cybersecurity breaches[147](index=147&type=chunk)[160](index=160&type=chunk)[173](index=173&type=chunk)[174](index=174&type=chunk) - **Debt & Capital Risks:** The company relies on external capital for growth and refinancing, facing increased costs on variable-rate debt from rising interest rates and potential adverse impacts from credit rating downgrades on capital availability[179](index=179&type=chunk)[181](index=181&type=chunk)[182](index=182&type=chunk) - **REIT Status Risks:** Failure to continuously qualify as a REIT would result in significant adverse tax consequences, including being subject to corporate income tax and the inability to deduct distributions to stockholders[185](index=185&type=chunk) [Properties](index=37&type=section&id=Item%202.%20Properties) As of December 31, 2022, NHI's portfolio is geographically concentrated in South Carolina and Texas, with lease expirations staggered, including significant maturities in 2029 and after 2032, and a master lease with NHC expiring in 2026. Top 5 States by Gross Investment as of Dec 31, 2022 | Location | Gross Investment ($ thousands) | | :--- | :--- | | South Carolina | $336,291 | | Texas | $298,599 | | Florida | $224,378 | | Washington | $200,530 | | Illinois | $196,481 | Lease Expiration Schedule by Annualized Gross Rent | Year | Percentage of Annualized Gross Rent | | :--- | :--- | | 2023 | 1.5% | | 2026 | 17.8% | | 2029 | 33.2% | | Thereafter | 30.4% | [Legal Proceedings](index=38&type=section&id=Item%203.%20Legal%20Proceedings) The company was involved in significant litigation with Welltower, Inc. regarding unpaid rent on the legacy Holiday portfolio, which was settled effective April 1, 2022, resulting in NHI receiving $6.9 million and the properties transitioning into its new SHOP segment. - NHI filed a lawsuit against Welltower, Inc. and its subsidiaries on December 20, 2021, in the Delaware Court of Chancery, alleging failure to pay rent and honor obligations after acquiring the Holiday portfolio[208](index=208&type=chunk) - A settlement was reached and formalized on March 31, 2022, as part of which NHI received **$6.9 million** in escrowed funds, recognized as rental income[209](index=209&type=chunk)[211](index=211&type=chunk) - Effective April 1, 2022, the master lease with the Welltower affiliate was terminated, and the 15 remaining properties were transitioned into two new SHOP partnership ventures[210](index=210&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=40&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) NHI's common stock trades on the NYSE under the symbol "NHI", subject to ownership limits to protect its REIT status, which requires distributing at least 90% of its taxable income annually, and has underperformed relevant market indices over the past five years. - The company's common stock is traded on the New York Stock Exchange under the symbol "NHI"[216](index=216&type=chunk) - To protect its REIT status, the company's charter limits stock ownership to approximately **7.5%** for most stockholders[214](index=214&type=chunk) 5-Year Cumulative Total Return Comparison | Year | NHI | MSCI US REIT Index | S&P 500 | | :--- | :--- | :--- | :--- | | 2017 | $100.00 | $100.00 | $100.00 | | 2018 | $105.71 | $95.43 | $95.62 | | 2019 | $120.04 | $120.09 | $125.72 | | 2020 | $109.20 | $110.99 | $148.85 | | 2021 | $96.51 | $158.79 | $191.58 | | 2022 | $94.79 | $119.87 | $156.88 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, NHI's financial performance was significantly impacted by portfolio restructuring, leading to a 6.9% decrease in total revenue to $278.2 million and a 41.5% drop in net income to $65.5 million, driven by lower rental income, property impairment charges, and credit loss provisions, despite maintaining strong liquidity. - The company established a new reportable segment, the Senior Housing Operating Portfolio (SHOP), effective April 1, 2022, by transitioning 15 former Holiday properties from a triple-net lease structure[232](index=232&type=chunk) - During 2022, the company granted **$9.3 million** in pandemic-related rent deferrals and forgave **$4.1 million**, with aggregate concessions totaling **$44.3 million** since the pandemic began[241](index=241&type=chunk) Key Financial Results Comparison (FY 2022 vs FY 2021) | Metric | 2022 ($ in thousands) | 2021 ($ in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | $278,194 | $298,715 | (6.9)% | | Rental Income | $217,700 | $271,049 | (19.7)% | | Net Income | $65,501 | $111,967 | (41.5)% | | Loan and realty losses | $61,911 | $52,766 | 17.3% | - The decrease in rental income was driven by the Holiday portfolio transition, disposition of 22 properties, and approximately **$33.1 million** in write-offs of straight-line rents and lease incentives for tenants placed on a cash basis[292](index=292&type=chunk) - The company repurchased **2.5 million shares** of common stock for an average price of **$61.56 per share** during 2022[258](index=258&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Item%207.%20MD%26A%20-%20Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity through cash, a revolving credit facility, and an ATM program, managing debt maturities and interest payments. - As of December 31, 2022, NHI had **$19.3 million** in unrestricted cash, **$658.0 million** available on its revolving credit facility, and **$415.7 million** available under its ATM program[295](index=295&type=chunk) - In March 2022, the company entered into a new **$700.0 million** unsecured revolving credit facility, replacing its previous **$550.0 million** facility[301](index=301&type=chunk) Debt Metrics as of December 31, 2022 | Metric | Value | | :--- | :--- | | Consolidated Net Debt | $1.128 billion | | Adjusted EBITDA | $242.3 million | | Consolidated Net Debt to Adjusted EBITDA | 4.7x | | Fixed Charge Coverage Ratio | 5.9x | - The company has material cash requirements of **$487.5 million** for the next twelve months, primarily for debt maturities (**$415.4 million**) and interest payments (**$37.7 million**)[328](index=328&type=chunk) [FFO & FAD](index=66&type=section&id=Item%207.%20MD%26A%20-%20FFO%20%26%20FAD) Funds From Operations (FFO) and Funds Available for Distribution (FAD) per share decreased in 2022 due to write-offs, increased credit loss reserves, and property dispositions. - NAREIT FFO per diluted share decreased **23.2%** from **$4.62 in 2021** to **$3.55 in 2022**, primarily due to write-offs of straight-line rents and lease incentives, increased credit loss reserves, and property dispositions[340](index=340&type=chunk)[346](index=346&type=chunk) - Normalized FFO per diluted share decreased **6.5%** from **$4.60 in 2021** to **$4.30 in 2022**[341](index=341&type=chunk)[346](index=346&type=chunk) - Normalized FAD, a measure of dividend-paying ability, decreased **4.0%** from **$209.5 million in 2021** to **$201.0 million in 2022**[343](index=343&type=chunk)[346](index=346&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=71&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk from its variable-rate debt, with a hypothetical 50 basis-point change impacting annual net interest expense by approximately $1.4 million, while inflation risk is partially mitigated by CPI-based rent escalators and triple-net leases. - As of December 31, 2022, the company had **$282.0 million** of variable-rate debt, exposing it to interest rate fluctuations[351](index=351&type=chunk) - A **50 basis-point (0.50%)** increase or decrease in interest rates would change annual net interest expense by approximately **$1.4 million**[352](index=352&type=chunk) - Inflation risk is mitigated through contractual rent increases, some of which are tied to the CPI, and triple-net leases that require tenants to pay all property operating expenses[358](index=358&type=chunk) [Financial Statements and Supplementary Data](index=73&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The consolidated financial statements for 2020-2022 were audited by BDO USA, LLP, receiving an unqualified opinion, with critical audit matters including property impairment assessment and SHOP venture consolidation, while the balance sheet shows decreases in total assets and liabilities due to dispositions, impairments, and debt repayments. - The independent registered public accounting firm, BDO USA, LLP, issued an unqualified opinion on the consolidated financial statements[361](index=361&type=chunk) - Critical audit matters included management's identification and assessment of indicators for potential impairment of real estate properties and the accounting for the consolidation of the SHOP ventures[368](index=368&type=chunk)[370](index=370&type=chunk) Consolidated Balance Sheet Summary ($ in thousands) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Real estate properties, net | $2,118,210 | $2,317,880 | | Total Assets | $2,507,424 | $2,838,876 | | Total Debt | $1,147,511 | $1,242,883 | | Total Liabilities | $1,217,518 | $1,321,893 | | Total Equity | $1,280,081 | $1,516,983 | Consolidated Statement of Income Summary ($ in thousands) | Account | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Total Revenues | $278,194 | $298,715 | $332,811 | | Total Expenses | $241,856 | $216,139 | $161,766 | | Net Income | $65,501 | $111,967 | $185,311 | [Controls and Procedures](index=113&type=section&id=Item%209A.%20Controls%20and%20Procedures) Company management, including the CEO and CFO, concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022, an assessment affirmed by the independent auditor, with no significant changes to internal controls during the fourth quarter of 2022. - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[586](index=586&type=chunk) - Management's assessment concluded that the company's internal control over financial reporting was effective as of December 31, 2022[591](index=591&type=chunk) - No significant changes were made to internal controls over financial reporting during the fourth quarter of 2022 that materially affected, or are reasonably likely to materially affect, internal controls[588](index=588&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Principal Accountant Fees](index=117&type=section&id=Items%2010-14) Information required for Items 10 through 14, covering directors, executive officers, corporate governance, executive compensation, security ownership, related transactions, director independence, and principal accountant fees and services, is incorporated by reference from the company's definitive proxy statement for its 2023 annual meeting of stockholders. - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the Registrant's definitive proxy statement for its 2023 annual meeting of stockholders[603](index=603&type=chunk)[604](index=604&type=chunk)[605](index=605&type=chunk)[606](index=606&type=chunk)[607](index=607&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=117&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K report, including consolidated financial statements, real estate and mortgage loan schedules, and various corporate documents and material contracts. - This part of the report contains the list of all financial statements, schedules, and exhibits filed with the Form 10-K[609](index=609&type=chunk)

Portfolio Optimization & Dispositions - Since Q2 2021, the company completed approximately $296.4 million in senior housing dispositions at a NOI cap rate of approximately 2.7% and EBITDARM coverage of 0.47x[5] - The company is targeting additional asset sales of $50 - $60 million, which is expected to have an annualized cash rent impact of approximately $4.6 million[5] - Since 1Q21, the company has completed the sale of 9 Bickford properties for approximately $65.9 million[10] Bickford & Holiday Portfolio Repositioning - The Bickford lease was restructured effective April 1st to approximately $28 million annual cash rent with a FMV reset after two years; TTM pro forma EBITDARM coverage through 2Q 2022 was 1.32x[5] - The company transitioned 15 former Holiday properties to a new senior housing operating portfolio ("SHOP") effective April 1, 2022, to Discovery Senior Living and Merrill Gardens[5] - SHOP contributed $2.8 million to adjusted NOI during 3Q 2022 and $5.7 million YTD[5] Financial Performance & Balance Sheet - The company has maintained leverage within its stated goal of 4.0x – 5.0x net debt-to-adjusted EBITDA despite significant deferrals and asset dispositions[5] - The company completed $152 million in share repurchases year-to-date[5] - The company expects incremental SHOP long-term opportunity of $6 million - $8 million as the industry recovers[5] - The company has reduced debt by $434 million since the pandemic began and has $690 million available on the $700 million revolver at September 30, 2022[17]

National Health Investors, Inc. (NYSE:NHI) Q3 2022 Earnings Conference Call November 9, 2022 12:00 PM ET Company Participants Dana Hambly - VP, Finance & IR Eric Mendelsohn - President & CEO John Spaid - CFO Kevin Pascoe - Chief Investment Officer Conference Call Participants John Kim - BMO Capital Markets Operator Greetings, and welcome to the National Health Investors Third Quarter 2022 Conference Call. At the start of the presentation, all lines will be in a listen-mode. Afterwards, we will conduct a que ...