Q4 2020 NATIONAL HEALTH INVESTORS Q4 2020 SUPPLEMENTAL TABLE OF CONTENTS 1 Q4 2020 National Health Investors | --- | --- | |-------------------------------------|-------| | 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 | | | CAPITALIZ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number 001-10822 National Health Investors Inc Indicate by check mark if the registrant is not required to file reports ...

National Health Investors, Inc. (NYSE:NHI) Q3 2020 Earnings Conference Call November 10, 2020 12:00 PM ET Company Participants Dana Hambly - Director, IR Eric Mendelsohn - President & CEO John Spaid - EVP, Finance & CFO Kevin Pascoe - CIO Conference Call Participants Daniel Bernstein - Capital One Securities Piljung Kim - BMO Capital Markets Rich Anderson - SMBC Jordan Sadler - KeyBanc Capital Markets Todd Stender - Wells Fargo Securities Aaron Hecht - JMP Securities Omotayo Okusanya - Mizuho Securities Op ...

Portfolio Overview - As of November 6, 2020, National Health Investors (NHI) had a diversified portfolio comprising 242 properties with 37 operating partners across 34 states[11] - The portfolio includes 162 senior housing properties, 75 skilled nursing facilities, 3 hospitals, and 2 medical office buildings[11] - Senior Housing Need-Driven accounts for 32%, Senior Housing Discretionary accounts for 37%, and Medical accounts for 30% of the portfolio[11] Financial Performance - Total revenue for Q3 2020 was $84.301 million, compared to $81.682 million in Q3 2019[27] - Rental revenue (GAAP) for Q3 2020 was $77.821 million, compared to $75.247 million in Q3 2019[27] - Normalized FFO per diluted common share was $1.42 in Q3 2020, the same as in Q3 2019[27] - Normalized AFFO per diluted common share was $1.34 in Q3 2020, compared to $1.32 in Q3 2019[27] Capitalization and Debt - Total debt as of Q3 2020 was $1.528968 billion[27] - Net debt to adjusted EBITDA (annualized) was 4.8x[27] - Net debt as a percentage of market capitalization was 35.5%[27] - Secured debt accounted for 3.7% of gross assets[27] Lease Maturities - Lease maturities for 2020 totaled $2.594 million, comprising $2.239 million in Senior Housing (SHO) and $355 thousand in Other[20] - Lease maturities for 2029 totaled $70.665 million, comprising $57.047 million in Senior Housing (SHO) and $13.618 million in Skilled Nursing Facilities (SNF)[20] Investment Strategy - NHI focuses on growing with its 37 operating partners and select new customers[21] - The company emphasizes private pay senior housing properties and best-in-class SNF operators[21]

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 (Re ...

National Health Investors, Inc. (NYSE:NHI) Q2 2020 Earnings Conference Call August 11, 2020 12:00 PM ET Company Participants Dana Hambly - Director of Investor Relations Eric Mendelsohn - President & Chief Executive Officer Kevin Pascoe - Chief Investment Officer John Spaid - Executive Vice President & Chief Financial Officer Donald Thompson - Founder & Chief Executive Officer, Senior Living Communities Conference Call Participants Daniel Bernstein - Capital One Connor Siversky - Berenberg John Kim - BMO Ca ...

Q2 2020 NATIONAL HEALTH INVESTORS Q2 2020 SUPPLEMENTAL TABLE OF CONTENTS 1 Q2 2020 National Health Investors | --- | --- | |---------------------------------------------|-------| | COMPANY \n 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 | | | CAPI ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the company's unaudited condensed consolidated financial statements and notes for the period ended June 30, 2020 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $3.17 billion, driven by real estate investments, while total liabilities also increased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 (unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Real estate properties, net | $2,691,376 | $2,560,393 | | Mortgage and other notes receivable, net | $300,130 | $340,143 | | Cash and cash equivalents | $46,853 | $5,215 | | **Total Assets** | **$3,166,971** | **$3,042,235** | | **Liabilities & Equity** | | | | Debt | $1,554,241 | $1,440,465 | | **Total Liabilities** | **$1,663,502** | **$1,543,983** | | **Total Equity** | **$1,503,469** | **$1,498,252** | | **Total Liabilities and Stockholders' Equity** | **$3,166,971** | **$3,042,235** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income for H1 2020 rose significantly to $105.4 million, boosted by a $21.0 million gain on real estate sales Income Statement Highlights (in thousands, except per share data) | Metric | Q2 2020 (unaudited) | Q2 2019 (unaudited) | H1 2020 (unaudited) | H1 2019 (unaudited) | | :--- | :--- | :--- | :--- | :--- | | Rental income | $77,917 | $72,578 | $154,444 | $143,531 | | Total Revenues | $84,174 | $78,096 | $167,271 | $154,204 | | Gains on sales of real estate | $0 | $0 | $21,007 | $0 | | Net income attributable to common stockholders | $44,368 | $39,979 | $105,392 | $75,658 | | Diluted EPS | $0.99 | $0.92 | $2.36 | $1.75 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased while lower investing activity and property sales proceeds boosted cash reserves Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2020 (unaudited) | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $116,809 | $126,914 | | Net cash used in investing activities | ($80,125) | ($268,029) | | Net cash provided by financing activities | $13,065 | $147,741 | | **Increase in cash and cash equivalents** | **$49,749** | **$6,626** | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, credit loss standard adoption, and the impact of COVID-19 on operations - NHI is a self-managed REIT with **$3.24 billion in 227 properties** and **$305.3 million in 16 mortgage notes** as of June 30, 2020[32](index=32&type=chunk) - The company adopted ASU 2016-13 (Credit Losses), resulting in an initial allowance of **$3.9 million** for mortgage notes[44](index=44&type=chunk)[46](index=46&type=chunk) - No rent concessions were granted due to COVID-19 as of June 30, 2020, but a **$2.1 million Q3 rent deferral** was agreed for Bickford[115](index=115&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses financial performance, portfolio activity, liquidity, and the significant impact of the COVID-19 pandemic [Executive Overview and Portfolio](index=50&type=section&id=Executive%20Overview%20and%20Portfolio) The company's $3.55 billion portfolio consists of 243 senior housing and medical facilities across 34 states Portfolio Summary as of June 30, 2020 (in thousands) | Category | Properties | Revenue | % of Revenue | Investment | | :--- | :--- | :--- | :--- | :--- | | **Real Estate Properties** | | | | | | Senior Housing - Need-Driven | 107 | $53,447 | 31.9% | $1,244,467 | | Senior Housing - Discretionary | 43 | $53,211 | 31.8% | $1,339,306 | | Medical Facilities | 77 | $44,331 | 26.5% | $660,789 | | **Total Real Estate Properties** | **227** | **$150,989** | **90.2%** | **$3,244,562** | | **Mortgage & Other Notes Receivable** | **16** | **$12,079** | **7.3%** | **$305,319** | | **Total Portfolio** | **243** | **$167,271** | **100.0%** | **$3,549,881** | [COVID-19 Pandemic Impact](index=55&type=section&id=COVID-19%20Pandemic%20Impact) The pandemic strained operators, but NHI collected nearly all Q2 2020 rent and maintains sufficient liquidity - The pandemic is expected to adversely affect operator revenues through **decreased occupancy and increased costs** for health and safety measures[157](index=157&type=chunk)[158](index=158&type=chunk) - NHI collected **~100% of contractual rents for Q2 2020** and **~97% for July 2020**[159](index=159&type=chunk) - Effective July 1, 2020, NHI agreed to defer **$2.1 million in Q3 2020 rent** from Bickford, with the deferral potentially forgiven if a sale of nine properties closes[159](index=159&type=chunk) [Investment Highlights and Other Portfolio Activity](index=57&type=section&id=Investment%20Highlights%20and%20Other%20Portfolio%20Activity) The company invested or committed $192.4 million in H1 2020, including a major CCRC joint venture Key Investments and Commitments (H1 2020, in thousands) | Transaction | Asset Class | Amount | | :--- | :--- | :--- | | Bickford Senior Living (Lease) | SHO | $15,100 | | Life Care Services (Lease) | SHO | $134,892 | | Autumn Trace (Lease) | SHO | $14,250 | | Bickford Senior Living (Note) | SHO | $14,200 | | **Total Highlighted** | | **$178,442** | - Disposed of a portfolio of eight assisted living properties for **$39.3 million**, recognizing a **gain of $20.8 million**[63](index=63&type=chunk)[185](index=185&type=chunk) - Tenant health is monitored via EBITDARM coverage, which was **1.69x** for the total portfolio as of March 31, 2020, though senior housing has softened[195](index=195&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) [Results of Operations](index=65&type=section&id=Results%20of%20Operations) Revenues and net income grew in Q2 and H1 2020, driven by new investments and gains on property sales Comparison of Results (in thousands) | Metric | Q2 2020 | Q2 2019 | Change (%) | H1 2020 | H1 2019 | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $84,174 | $78,096 | +7.8% | $167,271 | $154,204 | +8.5% | | Depreciation | $20,847 | $19,020 | +9.6% | $41,290 | $37,511 | +10.1% | | Gains on sales of real estate | $0 | $0 | N/A | $21,007 | $0 | N/A | | Net income attr. to common stockholders | $44,368 | $39,979 | +11.0% | $105,392 | $75,658 | +39.3% | [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with cash, revolver availability, and a 4.8x net debt to EBITDA ratio - Primary liquidity sources are rent, debt service payments, property sales, equity offerings, and credit facilities[219](index=219&type=chunk) - As of June 30, 2020, liquidity included **$46.9M in cash**, **$137.0M available on the revolver**, and a **$500M ATM program**, with a new **$100M term loan** added in July 2020[217](index=217&type=chunk)[218](index=218&type=chunk) Key Debt Metrics | Metric | As of/For the period ended June 30, 2020 | | :--- | :--- | | Consolidated Net Debt | $1,507,388,000 | | Consolidated Net Debt to Annualized Adjusted EBITDA | 4.8x | | Fixed Charge Coverage (H1 2020) | 5.8x | [FFO, AFFO & FAD (Non-GAAP Measures)](index=82&type=section&id=FFO%2C%20AFFO%20%26%20FAD) Key non-GAAP metrics like Normalized FFO and AFFO per share showed solid growth in H1 2020 Non-GAAP Performance per Diluted Share | Metric | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | Change (%) | | :--- | :--- | :--- | :--- | | NAREIT FFO | $2.81 | $2.67 | +5.2% | | Normalized FFO | $2.82 | $2.67 | +5.6% | | Normalized AFFO | $2.65 | $2.48 | +6.9% | - **Normalized FAD** attributable to common stockholders for H1 2020 was **$120.5 million**, an **increase of 9.7%** from H1 2019[271](index=271&type=chunk)[273](index=273&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=87&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's primary market risk is interest rate exposure on its $563 million of unhedged variable-rate debt - The company is exposed to interest rate risk on **$563 million of variable-rate debt** as of June 30, 2020[276](index=276&type=chunk) - A **50 basis-point change** in interest rates would result in an annual change to net interest expense of approximately **$2,815,000**[277](index=277&type=chunk) Debt Composition by Rate Type (in thousands) | Rate Type | Balance at June 30, 2020 | % of Total | | :--- | :--- | :--- | | Fixed Rate (including swaps) | $998,473 | 64.0% | | Variable Rate (unhedged) | $563,000 | 36.0% | | **Total Debt** | **$1,561,473** | **100.0%** | [Controls and Procedures](index=88&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective with no significant changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2020[283](index=283&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter[285](index=285&type=chunk) [Part II. Other Information](index=89&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=89&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing litigation but does not expect a material adverse effect on its financial condition - Litigation is ongoing with East Lake Capital Management LLC following a suit filed in June 2018, with NHI filing counterclaims[289](index=289&type=chunk) - Management believes pending legal proceedings will have **no direct material adverse effect** on the company's financials[288](index=288&type=chunk) [Risk Factors](index=89&type=section&id=Item%201A.%20Risk%20Factors) A significant new risk factor was added to address the material adverse effects of the COVID-19 pandemic - A new, significant risk factor has been added to address the **impact of the COVID-19 pandemic**[291](index=291&type=chunk) - Key pandemic risks include **tenant financial distress**, **constrained access to capital**, and potential **adverse effects on dividend payments**[291](index=291&type=chunk)[292](index=292&type=chunk)[293](index=293&type=chunk) [Exhibits](index=91&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and XBRL data files - Filed exhibits include an amendment to the Articles of Incorporation, **certifications from the CEO and CFO**, and Inline XBRL documents[297](index=297&type=chunk) [Signatures](index=92&type=section&id=Signatures) - The report was duly signed on August 10, 2020, by the **President and Chief Executive Officer** and the **Chief Financial Officer**[300](index=300&type=chunk)

National Health Investors, Inc. (NYSE:NHI) Q1 2020 Earnings Conference Call May 12, 2020 ET Company Participants Dana Hambly - Director of Investor Relations Eric Mendelsohn - President & Chief Executive Officer Kevin Pascoe - Chief Investment Officer John Spaid - Executive Vice President & Chief Financial Officer Conference Call Participants Daniel Bernstein - Capital One Connor Siversky - Berenberg Tayo Okusanya - Mizuho Rich Anderson - SMBC Todd Stender - Wells Fargo Jordan Sadler - KeyBanc Capital Marke ...

Portfolio Overview - NHI's portfolio consists of 242 properties with 37 operating partners across 34 states as of May 11, 2020[3,12] - Senior housing constitutes 69% of the portfolio, split between need-driven (34%) and discretionary (35%) segments[12] - Medical facilities account for 29% of the portfolio, including skilled nursing, hospitals, and medical office buildings[12,13] Financial Performance (Q1 2020) - Total revenue reached $83076 thousand, with rental income contributing $76527 thousand[13,64] - Cash rental revenue amounted to $71350 thousand[13] - Normalized FFO per diluted share was $136, while normalized AFFO per diluted share was $129[31,65] Capital Structure - Total debt stood at $1548904 thousand, with secured debt comprising $138778 thousand[31,40,62] - The company maintains a low leverage balance sheet and targets a 60/40 equity/debt funding mix[22] - Net debt to adjusted EBITDA was 47x[31,66] Investments - Recent lease activity includes Autumn Trace SHO with a 725% yield and Life Care Services EFC with a 675% yield[28] - Recent loan origination includes Timber Ridge OpCo with a 600% yield[28] - The company focuses on growing with its 37 operating partners and select new customers[22]