National Health Investors (NHI) investor relations material

Executive summary

• The July 1 NHC portfolio sale accelerated capital redeployment from skilled nursing toward private-pay senior housing and SHOP.

• SHOP reached ~18% of total NOI including the October acquisition, up from 9% entering 2026; Q3 performance fell short of expectations amid occupancy and transition challenges.

• Portfolio growth priorities are paired with a focus on operating execution, underperforming assets and disciplined investment.

Financial highlights

• Q3 diluted EPS was $11.47 versus $0.69 YoY; net income attributable to common stockholders was $562.7M versus $32.8M, including a $541.6M NHC disposition gain.

• Diluted NAREIT FFO was $1.12/share versus $1.09; diluted Normalized FFO was $1.12 versus $1.32. Q3 included $1.1M of abandoned-acquisition costs.

• Q3 FAD was $57.1M versus $62.2M YoY; the payout ratio rose to 80.8% from 70.3%.

• Lease revenue excluding specified non-cash items and reimbursements was $58.4M, down $12.9M YoY, mainly due to property disposals and properties moved to SHOP.

• Q3 revenue was $113.5M versus $89.8M; resident fees and services rose to $47.7M from $21.2M as SHOP expanded.

Outlook and guidance

• FY 2026 NAREIT and Normalized FFO guidance was revised to $4.68-$4.70/share; FAD guidance is $236.6M-$237.7M, with a $5M midpoint reduction.

• Guidance assumes $190M of unidentified investments and existing commitments; total SHOP NOI is projected at $43.8M-$44.3M across 48 properties.

• Same-store SHOP NOI growth guidance is 1%-3% for 15 properties in FY 2026 and 0%-1% for 26 properties in Q4.

• Organic SHOP NOI growth objective remains high-single-digit to low-double-digit; Q4 holiday seasonality is expected to temper occupancy and near-term benefit.

• Signed LOIs total $285.3M, including ~$190M expected to close in Q4; a further ~$400M pipeline is under evaluation, primarily SHOP.