National Health Investors (NHI) AGM 2026 summary

Opening remarks and agenda

• The meeting was called to order by the Board Chair, with appreciation expressed for retiring directors and introductions of board members and senior management.

Board and executive committee updates

• Recognition was given to retiring directors and the CFO for their contributions, including elevating the financial function and achieving an investment-grade bond rating.

Financial performance review

• NFFO and FAD per share increased by 10.6% and 13.7%, respectively, in 2025.

• Net income per diluted share was $3.02, slightly down due to prior year one-time gains.

• SHOP segment NOI rose 57.2% over 2024, with SHOP assets now 18% of total assets.

• $392.4 million in investments were made at an average yield of 8.1%, exceeding cost of capital.

• Total shareholder return was 15.7% for 2025, with three- and five-year TSR at 72.9% and 47.7%.