National Health Investors (NHI) investor relations material

Executive summary

• Q1 2026 results exceeded expectations for NAREIT FFO, Normalized FFO, and FAD, driven by strong SHOP portfolio growth, major acquisitions, and recent investments totaling $212.4 million year-to-date.

• Announced and executed the pending sale of the NHC portfolio for $560 million, expected to close in Q3 2026, advancing capital recycling and increasing private pay senior housing exposure.

• SHOP platform investments included a $107 million acquisition of seven Colorado properties and nine assisted living facilities for $105.5 million, expanding SHOP exposure to over 15% of annualized NOI.

• Strategic focus remains on private pay senior housing, supported by a robust acquisition pipeline and disciplined underwriting.

• Net income per diluted share rose to $0.82, up 10.8% year-over-year, with total revenues reaching $115.1 million, a 28.9% increase.

Financial highlights

• NAREIT FFO and Normalized FFO per share increased 7.9% and 7% year-over-year to $1.23; FAD rose 11.6% to $62.5 million.

• Rental income rose 6.2% to $73.2 million, and resident fees and services increased to $37.1 million, reflecting SHOP segment expansion.

• SHOP NOI margin increased to 24.0%, up 190 bps year-over-year; total SHOP NOI rose 188.1% year-over-year.

• Interest expense increased 4.9% year-over-year, while interest income declined 24.2% to $4.9 million.

• Cash G&A rose 31% to $5.6 million as SHOP growth accelerated.

Outlook and guidance

• 2026 guidance reflects near-term earnings pressure from the NHC sale but positions for long-term growth, with net income expected at $14.37 per share and NAREIT FFO/Normalized FFO per share midpoints at $4.77.

• Full-year FAD projected at $240.6–$243.7 million, with $180 million in additional investments at a 7.8% NOI yield and $665 million in dispositions assumed.

• Same-store SHOP NOI annual growth projected at 1–3% for 15 properties.

• Pro forma liquidity estimated at $1.3 billion post-dispositions.