National Health Investors Inc 8-K, filed Nov 9, 2026
National Health Investors Inc (NHI)
8-K
2026-11-09
For: 2026-11-09
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Added on
November 09, 2026
About this 8-K
National Health Investors Inc filed this 8-K on November 9, 2026.
National Health Investors reported $396.2 million of investment activity in 2026, with a portfolio mix of 77.4% leases and 15.7% SHOP, alongside a 6.9% WACY. AI summary
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 9, 2026
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
(615 ) 890-9100
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure
The Company is furnishing its Supplemental Information for the quarter ended September 30, 2026, which is also contained on its website (www.nhireit.com). Reference Exhibit 99.1 to this Current Report on Form 8-K.
The information included in this Current Report on Form 8-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
| Exhibit | ||||||||
| Number | Description | |||||||
| 99.1 | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| National Health Investors, Inc. | |||||||||||
| Date: | /s/ Todd M. Siefert | ||||||||||
| Name: | Todd M. Siefert | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
National Health Investors Q3 2026 Supplemental
TABLE OF CONTENTS 1 Q3 2026 FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES: This Supplemental Information and other materials we have filed or may file with the Securities and Exchange Commission, as well as information included in oral statements made, or to be made, by our senior management contain certain “forward- looking” statements as that term is defined by the Private Securities Litigation Reform Act of 1995. All statements regarding our expected future financial position, results of operations, cash flows, funds from operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as “may,” “should,” “will,” “believes,” “anticipates,” “expects,” “intends,” “estimates,” “plans,” “projects,” “likely,” and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include, among other things, the operating success of our tenants, managers and borrowers for collection of our lease and interest income; the success of property development and construction activities; the risk that the cash flows of our tenants, managers and borrowers would be adversely affected by increased liability claims and liability insurance costs; risks related to environmental laws and the costs associated with liabilities related to hazardous substances; risks associated with pandemics, epidemics or outbreaks; the risk of damage from catastrophic weather and other natural or man-made disasters and the physical effects of climate change; our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties; operational risks with respect to our senior housing operating portfolio structured communities; risks related to our ability to maintain the privacy and security of Company information; disruptions to the management and operations of our business and the uncertainties caused by activist investors; adverse economic effects from international trade disputes (including threatened or implemented tariffs imposed by the U.S. or by foreign countries) or similar events impacting economic activity; our dependence on the ability to continue to qualify for taxation as a real estate investment trust; and other risks which are described under the heading “Risk Factors” in Item 1A in our Form 10-K for the year ended December 31, 2025 and in our Form 10-Q for the quarter ended September 30, 2026. In this Supplemental Information, we refer to non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this presentation. Throughout this presentation, certain abbreviations and acronyms are used to simplify the format. A list of definitions is provided at the end of this presentation to clarify the meaning of any reference that may be ambiguous. Unless otherwise noted, all amounts are unaudited and are as of or for the quarter ended September 30, 2026. COMPANY COMPANY INFORMATION & LEADERSHIP PORTFOLIO PORTFOLIO OVERVIEW REAL ESTATE INVESTMENTS SENIOR HOUSING OPERATING PORTFOLIO EBITDARM LEASE COVERAGE & OCCUPANCY PURCHASE OPTIONS & LEASE MATURITIES INVESTMENTS INVESTMENT RATIONALE RECENT INVESTMENTS CAPITALIZATION 10 CAPITALIZATION OVERVIEW CAPITAL STRUCTURE DEBT MATURITIES NOI RECONCILIATIONS SHOP RECONCILIATIONS GLOSSARY SELECT DEBT COVENANTS FINANCIAL PERFORMANCE BALANCE SHEETS STATEMENTS OF INCOME ADJUSTED EBITDA RECONCILIATION FFO & FAD RECONCILIATION OPERATING PARTNERS 02 03 04 05 07 08 09 11 12 13 14 15 16 17 18 19 20-21 22 23-24 06
2Q3 2026 WE INVEST IN RELATIONSHIPS KRISTIN S. GAINES Chief Transaction Offi cer KEVIN PASCOE Chief Investment Offi cer TODD SIEFERT Chief Financial Offi cer CHRIS MAINGOT Chief Operating Offi cer ERIC MENDELSOHN President & CEO DAVID TRAVIS Chief Accounting Offi cer GRANT JOHNSTON SVP, Asset Management STEVEN MAHONEY Chief Information Security Offi cer DANA HAMBLY SVP, Finance BETH BLANKENSHIP SVP, Legal Affairs ANALYST COVERAGE BMO Capital Markets: Juan Sanabria BofA Global Research: Farrell Granath Cantor Fitzgerald: Rich Anderson Deutsche Bank: Omotayo Okusanya Huntington: Rob Stevenson Jefferies: Joe Dickstein KeyBanc Capital Markets: Austin Wurschmidt Truist Securities: Michael Lewis Wells Fargo: James Feldman CONTACT INFORMATION National Health Investors, Inc. 222 Robert Rose Drive Murfreesboro, Tennessee 37129 615.890.9100 | investorrelations@nhireit.com Transfer Agent Computershare Trust Company, N.A P.O. Box 43078 Providence, RI 02940-3078 800.942.5909 NATIONAL HEALTH INVESTORS, INC. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust (“REIT”) specializing in sale-leaseback, joint venture, mortgage and mezzanine fi nancing of need-driven and discretionary senior housing and medical facility investments. We operate through two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (“SHOP”). Our investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. LEADERSHIP
PORTFOLIO OVERVIEW 3 Q3 2026 As of September 30, 20261 1 Excludes assets for sale. 2 Adjusted segment NOI includes the impact of assets held for sale, and disposals during the quarter. The annualized impact excludes these items. See pages 20-21 for reconciliations. 3 Based on annualized adjusted NOI of $292.6 million for contracts in place at September 30, 2026. Percentages may not sum to 100% due to rounding. Sr. Hsng. Need-Driven 38.3% Sr. Hsng. Discretionary 25.4% SNF/Hospital 18.8% Other 1.8% SHOP 15.7% €‚ ƒ €„‚‚€‚ …† €‚ …ƒ € „‡„ ˆ ‰ ‰€‚„ †€ƒƒ €ƒ† †‚€„‚‰ ‚‡ Š ‹ ƒ †€„ €‚ †€‚‰ ‡† Œ Ž Š ‘ „ ‰€ƒ €†„ €‰ƒ‰ ‰‡„ ˆ ‰ ‰‚ƒ †€ƒƒ ƒ‚ €„ ‡† Š ‹ ‰‚ ƒ€†† ‚‰† € ‰ƒ ‡„ Ž €† €‰ €† ‡ † †€ ‚€ € †‚€ƒ ‡ƒ „ ƒ€ƒƒ‚ …‰€†„‰€ƒ …ƒ†€„ ‰ …„€ ‚‚ PARTNERS3 ASSETS3
4Q3 2026 * QTD Adjusted NOI includes the impact of assets held for sale, transtions, disposals, and deferral repayments during the quarter. The annualized impact excludes assets held for sale, transtions, disposals, and approximately $1.1 million in unscheduled deferral repayments during the quarter. REAL ESTATE INVESTMENTS NOI ’ Ž Ž “ŠŽ ’ ” •– Š — Leases Senior Housing - Need Driven Assisted Living 87 4,819 $ 25,088 $ 922 $ 24,166 $ 293 $ 24,459 $ 68,963 $ 93,422 Senior Living Campus 6 622 2,095 27 2,068 2 2,070 6,210 8,280 Total Senior Housing- Need Driven 93 5,441 27,183 949 26,234 295 26,529 75,173 101,702 Senior Housing - Discretionary Entrance-Fee Communities 12 3,216 17,273 (487) 17,760 635 18,395 55,184 73,579 Total Senior Housing Discretionary 12 3,216 17,273 (487) 17,760 635 18,395 55,184 73,579 Total Senior Housing 105 8,657 44,456 462 43,994 930 44,924 130,357 175,281 Medical Facilities Skilled Nursing 30 3,689 11,679 (62) 11,741 — 11,741 35,222 46,963 Hospitals 1 71 1,075 59 1,016 — 1,016 3,047 4,063 Total Medical Facilities 31 3,760 12,754 (3) 12,757 — 12,757 38,269 51,026 Held for Sale and Disposals- 694 — 694 — 694 (694) — Total Leases 136 12,417 $ 57,904 $ 459 57,445 $ 930 $ 58,375 $ 167,932 $ 226,307 Mortgages and Other Notes Senior Housing - Need Driven 9 814 $ 2,626 $ 2,626 $ (35) $ 2,591 $ 7,775 $ 10,366 Senior Housing - Discretionary 1 141 257 257 (6) 251 755 1,006 Skilled Nursing 3 367 280 280 (4) 276 816 1,092 Hospitals 1 36 651 651 (17) 634 1,903 2,537 Other Notes Receivable 1,302 1,302 (1) 1,301 3,883 5,184 Payoffs 8 8 (1) 7 (7) — Total Mortgage and Other Notes 14 1,358 $ 5,124 $ 5,124 $ (64) 5,060 $ 15,125 $ 20,185 Total Real Estate Investments $ 63,028 $ 459 $ 62,569 $ 866 $ 63,435 $ 183,057 $ 246,492 (DOLLARS IN THOUSANDS)
5 Q3 2026 SENIOR HOUSING OPERATING PORTFOLIO (SHOP) ˜ ’‰ ’† ’‚ ’‚ ’‰‚ ‚ ‰ † † €‚ƒ ‰€„ ‰€†‚„ †€ †€ ŠŠ Š‹ ƒ‡ ‚‡„ ‚‡‚ ‡„ ‡„ —™ …‰€†‰ …‰€„ …†€‰‰ …†€ †‰ …†€‚„ …€ƒƒ …‰€ƒ„ …‰ƒ€‚ …††€ƒƒ„ …†ƒ€ƒ‚ š €„ €„ ‚€‰ ‰€ ‰‰€ Œ €‚ € ‰‚ €„†‚ €ƒ €‰‚ƒ …†€„† …ƒ€‰‰ …€„ …€ …€ Œ ‰‡‰ ‰‡ †‡ †‡‚ †‡ Š Š š … …‚ƒ …†‰‰ …€‚ …€„„ (DOLLARS IN THOUSANDS EXCEPT REVPOR) ˜ ’‰ ’† ’‚ ’‚ ’‰‚ €ƒ‰ €ƒ‰ €ƒ‰ €ƒ‰ €ƒ‰ ŠŠ Š‹ ƒ‡„ ‚‡† ‡ ‡ ‡† —™ …‰€ƒ† …‰€ …‰€ …‰€ƒ …‰€ƒ …†€ ƒ …‰€„‚ …†€ † …†€ …†€„ š €‰ €†† €‰‰ „€ „€„† Œ ƒƒ ƒ† ƒ ƒ† ƒ‚ …€„‚ …‰€ …‰€ …‰€ …‰€ ‰„ Œ ‡ ‰‡ ‡† ‡† †‡„ TOTAL SENIOR HOUSING OPERATING PORTFOLIO (DOLLARS IN THOUSANDS EXCEPT REVPOR)SAME-STORE SENIOR HOUSING OPERATING PORTFOLIO 1 Unit count is as of the quarter end.
6Q3 2026 ›— Œœ—•ž •Ÿ 1 Based on annualized adjusted NOI of $292.6 million for contracts in place on September 30, 2026. Business descriptions are derived from publicly available materials, including operator websites, and are presented for informational purposes only. NHI has not independently verified all such information. REAL ESTATE INVESTMENTS PARTNERS †‡Bickford Senior Living manages or operates over 50 independent living, assisted living, and memory care branches throughout the country. They are also an experienced developer, constructing over 150 communities. —•ž „‡„Senior Living Communities owns and operates luxury retirement communities located in Connecticut, South Carolina, North Carolina, Florida, Georgia and Indiana. ‘Š • „‡The Ensign Group, Inc.'s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies and other rehabilitative and healthcare services at multiple locations across 17 states. • • †‡ Health Services Management is a non-profi t formed in 2000. The Company operates more than 20 skilled nursing and assisted living facilities located in Florida, Tennessee, and Texas. —•ž ‰‡ Based in Des Moines, Iowa, and established in 1971, Life Care Services operates and develops continuing care retirement communities, stand-alone assisted living, memory care, and rental communities nationwide. ‘Š • ‡† PACS was founded in 2013 with two skilled nursing facilities. Since the purchase of those facilities, the PACS family consists of over 350 independent operating subsidiaries across 20 states, as well as ancillary and support services, and continues to bring its proven model of mission-driven care that balances access to a national network of support and resources with local decision making. †‡‰ Encore Senior Living develops, renovates and manages senior living communities. The company's portfolio spans fi ve states providing the continuum of senior care including independent living, assisted living, and memory care. ‰‡ƒ Spring Arbor Senior Living, a Foundry Commercial company, operates more than 30 senior living communities across the Mid-Atlantic, Southeast, and Midwest with a focus on serving residents and their loved ones. Spring Arbor assisted living and memory care residents enjoy a lifestyle focused on wellness with on-site therapy and a full schedule of activities, enabling residents to live life to the fullest. —•ž ‡ Senior Living Hospitality Group, LLC manages senior living communities, including Continuing Care Retirement Communities that offer Independent Living, Assisted Living, Memory Care, Skilled Nursing, and Rehabilitation Services. The mission is to deliver the best product, service, and value in senior living. Each day, the focus is on providing exceptional attention to resident needs, delivered with loving care and hospitality beyond expectation—an approach that defi nes the essence of community. ‡„ Vizion Health offers deep experience partnering with investors, lenders and management teams to improve clinical and fi nancial performance. From turnkey start- up of new facilities to invigorating under-performing programs, Vizion is the leader in behavioral healthcare management and operations. They have spent years adding value to dozens of behavioral healthcare organizations across the U.S.
7 Q3 2026 LEASE PORTFOLIO EBITDARM COVERAGE & OCCUPANCY PRIOR T12 88.6% 76.6% T12 89.6% 79.4% All tables based on trailing 12 months; excludes loans, mortgages; excludes development and lease up properties in operation less than 24 months; includes proforma cash rent for stabilized acquisitions in the portfolio less than 24 months; 1 SLC operates 10 discretionary entry-fee properties and one need driven assisted living community. Bickford pro forma coverages based on April 2026 base rent reset are 1.54x and 1.53x for T12 ended 2Q 2026 and T12 ended 2Q 2025, respectively. NHI TOTAL PORTFOLIO 2.80 2.60 2.40 2.20 2.00 1.80 1.60 1.40 1.20 1.00 1.51x 1.67x 86.4% 87.4% SR Housing (105) 2.38x 2.68x 79.7% 80.9% Medical (31) 1.71x 1.90x 84.4% 85.4% Total (136) ’ ’‚ SR HOUSING SUMMARY 2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 1.10 1.00 1.42x 1.50x 86.2% 87.4% Need Driven (91) 1.61x 1.88x 86.7% 87.3% Discretionary (14) SR HOUSING DETAIL1 2.40 2.20 2.00 1.80 1.60 1.40 1.20 1.00 1.68x 86.3% 1.63x 85.3% Bickford (37) 1.27x 86.2% 1.42x 88.8% Need Driven ex. Bickford (54) 1.41x 83.7% 1.78x 85.4% SLC (11) 2.11x 91.6% 2.09x 89.8% Discretionary ex. SLC (4)
8Q3 2026 1 Based on Real Estate Investments annualized adjusted NOI of $246.5 million for contracts in place at September 30, 2026. 2 Based on annualized cash lease revenue of $226.3 million for contracts in place at September 30, 2026. $ LEASE MATURITIES … •… Ž … … 2026 — — — — — — — 2027 1 401 11,122 — — 11,122 4.9% 2028 11 503 10,385 — — 10,385 4.6% 2029 7 836 1,312 11,712 — 13,024 5.8% 2030 1 107 4,735 — — 4,735 2.1% 2031 13 2,528 59,350 — — 59,350 26.2% 2032 2 213 1,325 2,712 — 4,037 1.8% 2033 27 1,555 29,435 — — 29,435 13.0% 2034 13 778 7,598 3,732 — 11,330 5.0% Thereafter 61 5,496 50,019 28,807 4,063 82,888 36.6% —– — —— ———¡ Ÿ —–— – — ž —ž —… •Ÿ SH 2 May 2035 2029 A 6,656 2.70% SNF 1 April 2032 2031 B 2,712 1.10% 3.80% Option Type: ‡•š ‘ Š Š Ž ‹ Š ¢‡•š £ PURCHASE OPTIONS & LEASE MATURITIES TENANT PURCHASE OPTIONS (DOLLARS IN THOUSANDS) (ANNUALIZED CASH RENT; DOLLARS IN THOUSANDS)
9 Q3 2026 WE INVEST IN RELATIONSHIPS, NOT JUST PROPERTIES $0 $100 $200 $300 $400 $500 $600 $700 $800 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% $214.0 2017 $364.3 2018 $329.0 2019 $226.9 2020 $120.5 2021 $101.5 2022 $74.5 2023 $237.5 2024 $392.3 2025 $396.2 2026 EXISTING RELATIONSHIP NEW RELATIONSHIP 10-YEAR TREASURY WACY * The average age of properties acquired from 2020 through 2026 is 15.5 years. The total portfolio average age is 21.8 years. FOCUSED ON GROWING WITH OUR 36 OPERATING PARTNERS AND SELECT NEW CUSTOMERS DIVERSIFIED INVESTMENT PLAN EMPHASIZING PRIVATE PAY SENIOR HOUSING PROPERTIES AND BEST-IN-CLASS SNF OPERATORS EXPERIENCED OPERATORS WITH PROVEN RECORD OF QUALITY CARE AND VALUE CREATION LOW LEVERAGE BALANCE SHEET AND STAGGERED LONG-TERM DEBT MATURITIES INVESTMENT RATIONALE INVESTMENT HISTORY* (DOLLARS IN MILLIONS) NOTES 6.9% LEASE 77.4% SHOP 15.7% INVESTMENT STRUCTURE
10Q3 2026 *Indicates new relationship 1 Building count excludes renovations. 2 SHOP yields are based on expected first year NOI less routine capital expenditures. 3 This property was acquired in a deed in lieu of foreclosure transaction with SLM to satisfy the repayment of its $10.0 million mortgage note receivable. 4 Formerly referred to as Watermark Retirement. ž ‹ ¤ ¢ Š – • ¥ €ž ‰¤ƒ ž ƒ‡ …‚€„ • ˜Ž •‹ ‚¤ ¥ ‡ ƒ€ Œ ” †‚¤„ ž€œ–€ ƒ‡‚ … €† ž ¤ ž ‡ … € ‹ ž ” ƒ¤ ‡ €†„ ›¦ ¥ €ž ‚¤ ‡ ƒ€‰ƒ ž ‰‰„¤† œ€ ƒ‡ …ƒ†€‰ ˆ ” ¤‚ — ‡ …‚‰€ ¥ €ž” ¤ ž ‡ …€ Œ ‹ ŽŠ ‰ ¤ • ‡ €‚ ¦ ž €ž” ¤ ¦ ƒ‡„ †‚€‰ … €† ž ‹ ¤ ¢ Š – • › Œ ¤ Œ ‡ … € … € § • ˜Ž Œ ‚¤ ¥ ‡ € € § • ˜Ž •‹” Œ „†¤ ž ‡ €ƒ €ƒ § ˜ ›ŠŽ •” Œ †¤ ¡ ‡ƒ € € § —Š ž Š †¤ Œ „‡ € €ƒ† „€‚ ™ Ž Œ ¤ ¤ „‡ €† €‚‰ ‰ƒ ‹¥ † —•ž Œ ¤ ¤ „‡ €„ €‰† ƒ‚‚ …ƒ€‚ …‚€ ƒ …€„ € €€‚€ƒ ‹¥ † —•ž › ˆž †„‰¤ ž ƒ‡ … € …†€†ƒ‚ … † ‘ ž —•ž › ˆž ¤ ¤ ‚‡ € § € ž —•ž ž ¤ ¤ ™ ‘ € § € ¢Šˆ ™ ™ ‡ € ‚€† € †¤ ž ‡ € ‰„ ‚ —•ž ™ ™ ‡ € ƒ€† ‚ € †† ‘ ¤ ž ‡‰ ‰€ § ‰€ ¦ ž €ž ¤ ¦ ƒ‡„ ƒ § ƒ ›¦ ¥ €ž ƒ¤ ¥ „‡ ‚ „ ž —•ž Œ ¤ ž ƒ‡ € § € Œ ‹ ¤ • ‡ †‚ † RECENT INVESTMENTS RECENT LEASE AND SHOP ACTIVITIES (DOLLARS IN THOUSANDS) RECENT LOAN ORIGINATION AND OTHER DEVELOPMENT (DOLLARS IN THOUSANDS)
11 Q3 2026 (DOLLAR AND SHARE AMOUNTS IN THOUSANDS) CAPITALIZATION OVERVIEW ’‰‚ ’‚ ’‚ ’† ’‰ ¢Š Ž ¥ Š … ‰€ƒ€ƒƒ ‰€€† … ‰€‰„„€‚ … ‰€„ €ƒ† … ‰€†€‰ ‰€†‰€† €„‚†€ €„€‚ €ƒ„‚€ƒ €‚„€‚† ‘ €‰‚€‰‰ €‰ƒ†€„† €‰ ƒ€‰‰ € ‚€„‰ €„€ ‚‚ Š ƒ€„‚ ƒ€‰ ƒ€ƒ „ €‰‚ ƒ€ „„ ŠˆŽ £ ¨ ‹ ‘ ‘ €„€„ ‚ € ƒ€†‚ € †€ƒƒ € € †‰ €†€„„ … ‰€†‰ … €‰„ … €‰ … € … „€†ƒ “¥ ‚€‚ ƒ€‰„ ƒ‰€ ƒ€‚ ‚€ƒ Ž “ †‚ „ƒ ƒ‰ €‰‰ €„† Š „‰ † ƒ ƒ ƒ “žŽ €‰ƒ† ‚€„ ƒ€‰†„ ‚ƒ€‚ ƒ€ „ Š ƒ†€ †‚ †€ †€ ƒ ƒ„€‚ ƒ€„† —¢ ‚„€‰‰ ƒ €‚‰ ƒ‚€‰‚ ƒ‰€‚† ƒ €‰ƒ •‘ ‘ ƒ€ƒ ‚€‚ ‚€†ƒ ƒ€„†‰ ‚€† š € €† €† †€‚† ‰€ƒ‚‚ ¥ © š € €‰ ƒ€ ƒ€‚‰ ‚€‰ Š Ž †„€† †€†„ †€ † †ƒ€ †ƒ€‚† —•• Š Ž ‡ ‡„ ‡‰ ‡ ‡„ •• Š Ž ‡ ‡„ ‡‰ ‡ ‡‰ ž ž Ž ŠŽ †„€ †„€‚ †€† „ †€‰‰ †ƒ€‚‰„ Œ ˆ ¨ ‹ ŠŽ … ‰€‰€„ … ‰€ƒ† € ‚ … ‰€„€‰„ … ‰€‚€„ … ‰€ƒƒ€‰ ‘ €†€‰„ €ƒ†€ €‚„€‚‚ €‚‰€† €„€‚ ‘ „„‰€ƒƒ €††€‰† €††€ƒ €††€„ €ƒ€†† †€‚€ „ †€„„€ƒ €‚‰€ †€‰‰€„ †€†€ƒ† Š ‡ š †‡š ‡š ‡š ‡ š •š ŠŽ Š ‡„š ‡š ‡†š ‡ š ‡š ‘ —¢ ‰‡‚š †‡š †‡š ‰‡š ‰‡‚š ‘ Š ‰‡‚ †‡„ †‡ ‰‡ƒ ‡‰ ‘ ¤¥ ‚‡ ‰†‡‚ ‰†‡ ‰‡ ‰‡ Š Š Ž … ‡„† … ‡„ … ‡„ … ‡„ … ‡„ •• ‹ Š Ž ‰‡„ ƒƒ‡‰ ƒ†‡ ƒ ‡† ‚„‡ƒ Š … †‚€† … † €† … ††€ ‰ … ††€†‰„ … †‰€ƒ •• ‹ ‰‡„ ƒ‡‰ ƒ†‡† ƒ‚‡ ‚„‡„ • ‹ ‡ ƒ‰‡‰ ƒ‡‰ ƒ‚‡‚ ƒ‡‰ Š ‘ „ „† ‰
12Q3 2026 CAPITAL STRUCTURE 1 Excludes impact of unamortized discounts and loan costs 2 Annualized, see page 19 for reconciliation ‘ ‰€‚ Œ ‹ ƒ„… † •š Š € †‡ „‡ ‡‰‹ ‘Š¢ ‰ †€ ‰‡ ‰‡ †‡‰‹ ‘Š¢ ‰‰ ‰ € ‡‰ ‰‰‡ ‚‡‰‹ ™ ‘ ž •Š ‹ ‰€ †‡„ „‡‰ ‡‹ Š ‘ … € ‰€ ‘ € ‰€ †‡„ ‡ †‡‹ Š †€ƒ ž ƒ€„‚ ‘ … €†€‰„ FIXED CHARGE COVERAGE DEBT1 ’‰‚ ’‚ ’‚ ’† ’‰ ¢Š Ž ¥ Š … ‰€ƒ€ƒƒ ‰€€† … ‰€‰„„€‚ … ‰€„ €ƒ† … ‰€†€‰ ‰€†‰€† €„‚†€ €„€‚ €ƒ„‚€ƒ €‚„€‚† ‘ €‰‚€‰‰ €‰ƒ†€„† €‰ ƒ€‰‰ € ‚€„‰ €„€ ‚‚ Š ƒ€„‚ ƒ€‰ ƒ€ƒ „ €‰‚ ƒ€ „„ ŠˆŽ £ ¨ ‹ ‘ ‘ €„€„ ‚ € ƒ€†‚ € †€ƒƒ € € †‰ €†€„„ … ‰€†‰ … €‰„ … €‰ … € … „€†ƒ “¥ ‚€‚ ƒ€‰„ ƒ‰€ ƒ€‚ ‚€ƒ Ž “ †‚ „ƒ ƒ‰ €‰‰ €„† Š „‰ † ƒ ƒ ƒ “žŽ €‰ƒ† ‚€„ ƒ€‰†„ ‚ƒ€‚ ƒ€ „ Š ƒ†€ †‚ †€ †€ ƒ ƒ„€‚ ƒ€„† —¢ ‚„€‰‰ ƒ €‚‰ ƒ‚€‰‚ ƒ‰€‚† ƒ €‰ƒ •‘ ‘ ƒ€ƒ ‚€‚ ‚€†ƒ ƒ€„†‰ ‚€† š € €† €† †€‚† ‰€ƒ‚‚ ¥ © š € €‰ ƒ€ ƒ€‚‰ ‚€‰ Š Ž †„€† †€†„ †€ † †ƒ€ †ƒ€‚† —•• Š Ž ‡ ‡„ ‡‰ ‡ ‡„ •• Š Ž ‡ ‡„ ‡‰ ‡ ‡‰ ž ž Ž ŠŽ †„€ †„€‚ †€† „ †€‰‰ †ƒ€‚‰„ Œ ˆ ¨ ‹ ŠŽ … ‰€‰€„ … ‰€ƒ† € ‚ … ‰€„€‰„ … ‰€‚€„ … ‰€ƒƒ€‰ ‘ €†€‰„ €ƒ†€ €‚„€‚‚ €‚‰€† €„€‚ ‘ „„‰€ƒƒ €††€‰† €††€ƒ €††€„ €ƒ€†† †€‚€ „ †€„„€ƒ €‚‰€ †€‰‰€„ †€†€ƒ† Š ‡ š †‡š ‡š ‡š ‡ š •š ŠŽ Š ‡„š ‡š ‡†š ‡ š ‡š ‘ —¢ ‰‡‚š †‡š †‡š ‰‡š ‰‡‚š ‘ Š ‰‡‚ †‡„ †‡ ‰‡ƒ ‡‰ ‘ ¤¥ ‚‡ ‰†‡‚ ‰†‡ ‰‡ ‰‡ Š Š Ž … ‡„† … ‡„ … ‡„ … ‡„ … ‡„ •• ‹ Š Ž ‰‡„ ƒƒ‡‰ ƒ†‡ ƒ ‡† ‚„‡ƒ Š … †‚€† … † €† … ††€ ‰ … ††€†‰„ … †‰€ƒ •• ‹ ‰‡„ ƒ‡‰ ƒ†‡† ƒ‚‡ ‚„‡„ • ‹ ‡ ƒ‰‡‰ ƒ‡‰ ƒ‚‡‚ ƒ‡‰ Š ‘ „ „† ‰ NET DEBT TO ADJUSTED EBITDAREVOLVER LIQUIDITY (DOLLARS IN MILLIONS)
13 Q3 2026 DEBT SCHEDULE DEBT MATURITY SCHEDULE1 •š ¤ ™ ‘ Œ ‹ – Œ ‹ Š •Š …ƒŒŒ ª …‰€ †‡„ ™ ‘ Š “ ‡ …ŒŒ Š € †‡ •š ¦“ƒ ‡‰ …†ŒŒ Š †€ ‰‡ •š • ‘“‰ †‡‰ …‰ ŒŒ Š ‰ € ‡‰ •š • ‘“‰‰ ‚‡‰ ‘ …€ ‰€ › Ž †‡„ †‡ 1 As of September 30, 2026 2 Variable rates based on daily SOFR for the quarter ended September 30, 2026. (DOLLARS IN MILLIONS) DEBT MATURITIES (DOLLARS IN THOUSANDS)
14Q3 2026 1 Calculations are made in accordance with the respective debt agreements and may be different than other metrics presented. SELECT DEBT COVENANTS1 ž •Š ‹ ¨ ’‰‚ ’‚ ’‚ ’† ’‰ ’ «¬‚ ƒ ‰‚ ‰ ‰† ‰ ‰† Š «¬‚ ‰ † ‰„ ‰ƒ ‰ ‰ƒ Š «¬‰ § § § § § § •š ŠŽ Š ®¬‡ƒ ‡ ‚ ‡ ‡† ‡ ‡ †‡„ ‘ ˜ Ž …‡†ƒ ‘ Š ¨ ’‰‚ ’‚ ’‚ ’† ’‰ ’ «¬‚ ‰ ‰‰ ‰† ‰‰ ‰ ‰‰ Š‘ «¬‚ ‰‚ ‰ ‰„ ‰‚ ‰† ‰‚ Š «¬‰ § § § § § § •š ŠŽ Š ®¬‡ †‡ ‡ ‡† ‡† †‡ƒ †‡ƒ ‘ ˜ Ž …‡ ƒ‘ ‘Š¢ ¨ ’‰‚ ’‚ ’‚ ’† ’‰ ’ «¬‚ „ ‰‚ ‰ ‰‰ ‰‰ ‰‰ Š «¬† § § § § § § ‘ Š ®¬ ‡ ‡„ ‡† ‡‚ ‡ ‡‰‚ Š‘ ®¬ ‰† ƒ ‰† ‰ ‰‰
15 Q3 2026 RETURN ON INVESTED CAPITAL GENERAL & ADMINISTRATIVE AS % OF GROSS ASSETSEBITDARM COVERAGE1 FAD PAYOUT RATIO PERFORMANCE 1EBITDARM coverage is based on trailing twelve month results through the period indicated. 1Q 2026 and 2Q 2026 excludes NHC corporate coverages for Medical and Total. 2Through September 30, 2026. TOTAL RETURN2
16Q3 2026 RETURN ON INVESTED CAPITAL BALANCE SHEETS 1 The consolidated balance sheets included the following amounts related to our consolidated variable interest entities (“VIE”): $401.1 million and $403.4 million of real estate properties, net; $6.4 million and $9.1 million of cash and cash equivalents; $0.2 million and $0.6 million of straight-line rents receivable; $3.1 million and $4.2 million of other assets, net; and $6.7 million and $5.5 million of Accounts payable and other liabilities and deferred income as of September 30, 2026 and December 31, 2025, respectively. (DOLLARS IN THOUSANDS) ’‰‚ ’† ƒƒƒ … ‰€‰ƒ … €‚‚ ¢ ‰€€„ƒ‚ ‰€ †€ ž Š €†„ €† ‰€ƒ€ƒƒ ‰€„‰€„ƒ† ŠŠ Š ƒ‰ƒ€„ ‰ €ƒ € € ‰†€ €†ƒ€ƒ Œ Ž Š ‘ € … €… €‰„ƒ „€†† ‰€„‚ žŽŠŽ ¨ †‚€ „ „€‚† Š žŽ ‰€ƒ‰ ¯ Š¨ €‰„ ¯ Ž “ Š ‘ ƒ†€ ƒ ƒ€„ Ž € ‰€ ‰€ ‚ Ž € ‰†€„ƒ „€† … ‰€†‰€† … €ƒ„‚€ƒ ‘ ŠˆŽ £—¨ ‹ ‘ … €†€‰„ … €‚‰€† ŠŠ ‹‘ ŠŠ š †€‰ƒ †€ƒ ‘ ‰€ƒ €‚‚† ‹‘ †‚€† ††€†‰„ Š ‰€‚ƒƒ †€„„‚ Š š‘ € „ ‚ ¯ ‘ €‰‚€‰‰ € ‚€„‰ ž ž Š ¯ ¯ ‘ Š € €„ Ž ŠˆŽ £—¨ ‹° ž Šˆ€…‡ ±€€Ž Ž ± †„€€†‰††€‰€„††Ž € Š ‹ †„ †‰ ž šŠ €„‚ƒ€‰ €„€ƒ‰ ‰€†‚€‰† €ƒ†ƒ€‚ ž ‰€†€‚‚„ ‰€†€‚ „ Ž ŠˆŽ £—¨ ‹ €„€„ ‚ € € †‰ Š ƒ€ €‚‚ —¨ ‹ €„ƒ€† € „€ƒ„ ‘ ŠˆŽ £—¨ ‹ … ‰€†‰€† … €ƒ„‚€ƒ
17 Q3 2026 STATEMENTS OF INCOME (DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) ’‰‚ ’‰ Š … ‚€‚ … ‚€ƒ †ƒ€ƒ‚ €ƒƒ Š Ž € ‚€†„ … ‰€†‰ … „€†ƒ —š Š €ƒ‚‰ €‚ € ‰€ƒ‚‚ š ‰‚€ ‚€ ‰ € ‰† • ŠŽ € šŠ Ž š †‰ †† ¥ € ‚€‰ š Š €ƒ†„ €‚ ‹ „€ƒƒ €„ƒ„ „‚€‰‚ ƒ€ Ž “ Š € † § ¥ †€ƒ† ‰ Š ‘ Š š ¨ ‹ Ž ‚€ ‰€† Š š š ƒ„ § ¥ ¨ ‹ Ž ‚ ƒ‰ Š ‚‰€† ‰€†ƒ ° ‘ ‘ Š ‰ ‰† Š ‘ ‘ ŠˆŽ ‚‰€ ‰€‚ ° Š Š Š Š † Š ‘ ‘ Š ŠˆŽ … ‚€‚ … ‰€ › Ž Š Ž ° ¢Š †„€‰ƒ€† †ƒ€†‰‰€‰‰‚ †„€†€„ †ƒ€‚‰€‚‰ — Š Ž ° Š ‘ ‘ Š ŠˆŽ “‘Š … ‡†ƒ … ‡‚„ Š ‘ ‘ Š ŠˆŽ “ … ‡†ƒ … ‡‚„
18Q3 2026 FFO & FAD RECONCILIATION (DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) Š ‘ ‘ Š ŠˆŽ … ‚€‚ … ‰€ — Š “ŠŽ Š ° Š †€ƒ‚ „€‚‚ Š Š † † ¥ € †€ƒ† ‰ „€‚‚ § Š Š Šˆ ƒ‚‰ § ‡‡ ‚†…† „€€ ƒ„ˆ ƒ †€„‚ €„‚ “ŠŽ Š Š ˜ Ž § €‰ƒ “ŠŽ˜ “ ² Ž “ Š ‘ Š § €† € ‚‰ ‡‡ ‚†…† „€€ ƒ„ˆ ƒ †€„‚ ‚€ƒƒ “ŠŽ € ‰‚ ‚‚ “ Š € „† †ƒ ‘ Š Š Š € ƒ ‚ ¨ ‹ Ž € † ƒ‰ Š Š š € €‰ ‚‚ —¨ ‹ Ž “ ‘ Š †† „„ Š ‘ Š š †„ €„ƒ„ “ŠŽ Šˆ“‘ Š €†‚‰ „‰ Š Š €† § Š Š Šˆ ‚ § Š š † § • ‘ ‘ Š ŠˆŽ … ƒ€ƒ … ‚€† ¢ž › Ž Š Ž †„€‰ƒ€† †ƒ€†‰‰€‰‰‚ —•• ‘ ‘ Š ŠˆŽ Ž … ‡ … ‡ •• ‘ ‘ Š ŠˆŽ Ž … ‡ … ‡‰ — › Ž Š Ž †„€†€„ †ƒ€‚‰€‚‰ —•• ‘ ‘ Š ŠˆŽ Ž … ‡ … ‡„ •• ‘ ‘ Š ŠˆŽ Ž … ‡ … ‡‰ – Š Ž … ‡„† … ‡„ •• ‹ Š Ž ‰‡„ ‚„‡ƒ Š Š ŠˆŽ … †‚€ … †‰€ƒ •• ‹ ‰‡„ ‚„‡„ • ‹ ‡ ƒ‡‰
19 Q3 2026 ADJUSTED EBITDA RECONCILIATION (DOLLARS IN THOUSANDS) ADJUSTED EBITDA RECONCILIATION Š … ‚‰€† ‰€†ƒ š € ‰€ƒ‚‚ • ŠŽ € šŠ € Ž š †‰ †† Š š š ƒ„ § Š €ƒ‚‰ €‚ ¥ € †€ƒ† ‰ „€‚‚ § ¥ € § €‰ƒ “ŠŽ˜ “ ² Ž “ Š ‘ § €† Š ‘ Š š †„ €„ƒ„ —¢ … ‚„€‰‰ … ƒ €‰ƒ š Š Š … €ƒ† … ‰€ Š ‹ § § •š žŽ … €ƒ† … ‰€ •š žŽ ž ‡„š ‡š NET DEBT TO ADJUSTED EBITDA ž ‘ … €†€‰„ ŠŽŠŽ ¨ †‚€ „ ž ‘ … „„‰€ƒƒ —¢ … ‚„€‰‰ ƒ€„„ Š Š € ‹ ² —¢ … ƒ €‰ ž ‘ —¢ ‰‡‚š
20Q3 2026 NOI RECONCILIATIONS NOI SEGMENT RECONCILIATION “ Š … ††€† ‚ … †€ ˆ €‚ƒ„ € „ €ƒ €ƒ § ‚€‚„ ‚„† ‰ “ … ƒ€„‰ … „€ ‚ • †ƒ€ƒ‚ €ƒƒ š ‰‚€ ‚€ ‰ € †€„† Š Ž € ‚€†„ … ƒ†€ †‚ … ƒ€„† NOI TO ADJUSTED NOI RECONCILIATION “ŠŽ˜ “ ² Ž “ Š ‘ § €† Ž “ †‚ €„„ Š „‰ ƒ Š Š ‚‰ ‰ƒ “ ¤ž ‰ “ŠŽ Š Š ˜ Ž § €‰ƒ … ƒ†€„† … €„ (DOLLARS IN THOUSANDS)
21 Q3 2026 NET INCOME ‚‰€† ‰€†ƒ € ‰€ƒ‚‚ ¥ †€ƒ† ‰ Š š š ƒ„ § Ž “ Š € † § ¥ ¨ ‹ Ž ‚ ƒ‰ • ŠŽ € šŠ Ž š †‰ †† € ‰† ‹ „€ƒƒ €„ƒ„ ¥ € ‚€‰ Š €ƒ‚‰ €‚ ž … ƒ†€ †‚ … ƒ€„† “ŠŽ˜ “ ² Ž “ Š ‘ § €† Ž “ †‚ €„„ Š „‰ ƒ Š Š ‚‰ ‰ƒ “ ¤ž “ŠŽ Š Š ˜ Ž § €‰ƒ … ƒ†€„† … €„ (DOLLARS IN THOUSANDS) NOI RECONCILIATIONS
22Q3 2026 … €ƒƒ … ‰€ƒ„ … ‰ƒ€‚ … ††€ƒƒ„ … †ƒ€ƒ‚ ‘ ƒ€‚ €ƒ† †€‚„„ €„ƒ „€†ƒ‚ ‹ €†‰ €† €‰‰ €‚‚ƒ € € ‚ƒ €„‚„ €†ƒ €ƒƒ €‚ƒ š Š €ƒ €‚†„ €„ƒ ‰€ ‰€‰ Œ § § €„†‚ €ƒ €‰‚ƒ Ž Ž š ‰€ †€„‚‰ ‰€„‰ €†† € ‚† †€„† ƒ€‰‰ €„ € € Š ‰€ƒ‰‰ € ƒ ƒ€† „€„ „€„‰‚ ‚„€ Š ƒƒ‹ … €„ … €ƒ†‚ … €ƒƒƒ … €‰ … € €‚ƒ ‰€„ ‰€†‚„ †€ †€ ŠŠ Š‹ ƒ‡ ‚‡„ ‚‡‚ ‡„ ‡„ ŠŠ €‰‰ƒ €‚‚ ‰€† ‰€†‰ƒ ‰€†‰ … ‰€†‰ … ‰€„ … †€‰‰ … †€ †‰ … †€‚„ (DOLLARS IN THOUSANDS) SHOP RECONCILIATIONS €Œ … †€ ƒ … ‰€„‚ … †€ † … †€ … †€„ ‘ †€‰„ †€‰‰ †€†‚ƒ †€‰ †€‰ƒƒ ‹ € € €‰ €„ € € € €„ €‰ €„ š Š €ƒ €‚ € €†„ €†‰‰ Œ § § ƒ ƒ† ƒ‚ Ž Ž š €‰‰ €‚ € €†„ €‚† €„‚ ‰€ ‰€ ‰€ ‰€ ‰„ Š €†‰ €„ €„† ‰€† ‰€ ‚„€ Š ƒƒ‹ … „ … ƒ … … ‰† … †„ €ƒ‰ €ƒ‰ €ƒ‰ €ƒ‰ €ƒ‰ ŠŠ Š‹ ƒ‡„ ‚‡† ‡ ‡ ‡† ŠŠ € €†„ƒ €†ƒ €†ƒ† €†ƒ„ … ‰€ƒ† … ‰€ … ‰€ … ‰€ƒ … ‰€ƒ (DOLLARS IN THOUSANDS)
23 Q3 2026 GLOSSARY Adjusted EBITDA & EBITDARM We consider Adjusted EBITDA to be an important supplemental measure because it provides information which we use to evaluate our performance and serves as an indication of our ability to service debt. We defi ne Adjusted EBITDA as consolidated earnings before interest, taxes, depreciation and amortization, including amounts in discontinued operations, excluding real estate asset impairments and gains on dispositions and certain items which, due to their infrequent or unpredictable nature, may create some diffi culty in comparing Adjusted EBITDA for the current period to similar prior periods, and may include, but are not limited to, impairment of non-real estate assets, gains and losses attributable to the acquisition and disposition of assets and liabilities, and recoveries of previous write-downs. Adjusted EBITDA also includes our proportionate share of unconsolidated equity method investments presented on a similar basis. Since others may not use our defi nition of Adjusted EBITDA, caution should be exercised when comparing our Adjusted EBITDA to that of other companies. EBITDARM is earnings before interest, taxes, depreciation, amortization, rent and management fees. ADJUSTED NET OPERATING INCOME We defi ne Adjusted NOI as total revenues, less straight-line revenue, less corporate interest income, less tenant reimbursements and property operating expenses, and adjusted for non-cash revenue items including, but not limited to, amortization of commitment fees, deferred fi nancing costs and original issue discounts and lease incentive amortization. CAGR The acronym CAGR refers to the Compound Annual Growth Rate. The compound annual growth rate represents the year-over-year growth rate over a specifi ed time period. FFO, NORMALIZED FFO & FAD These operating performance measures may not be comparable to similarly titled measures used by other REITs. Consequently, our FFO, normalized FFO, & normalized FAD may not provide a meaningful measure of our performance as compared to that of other REITs. Since other REITs may not use our defi nition of these operating performance measures, caution should be exercised when comparing our Company’s FFO, normalized FFO, & normalized FAD to that of other REITs. These fi nancial performance measures do not represent cash generated from operating activities in accordance with generally accepted accounting principles (“GAAP”) (these measures do not include changes in operating assets and liabilities) and therefore should not be considered an alternative to net earnings as an indication of operating performance, or to net cash fl ow from operating activities as determined by GAAP as a measure of liquidity, and are not necessarily indicative of cash available to fund cash needs. FFO, as defi ned by the National Association of Real Estate Investment Trusts (“NAREIT”) and applied by us, is net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate property, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures, if any. The Company’s computation of FFO may not be comparable to FFO reported by other REITs that do not defi ne the term in accordance with the current NAREIT defi nition or have a different interpretation of the current NAREIT defi nition from that of the Company; therefore, caution should be exercised when comparing our Company’s FFO to that of other REITs. Diluted FFO assumes the exercise of stock options and other potentially dilutive securities. Normalized FFO excludes from FFO certain items which, due to their infrequent or unpredictable nature, may create some diffi culty in comparing FFO for the current period to similar prior periods, and may include, but are not limited to, impairment of non-real estate assets, gains and losses attributable to the acquisition and disposition of assets and liabilities, and recoveries of previous write-downs. We believe that FFO and normalized FFO are important supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative, and should be supplemented with a measure such as FFO. The term FFO was designed by the REIT industry to address this issue. In addition to the adjustments included in the calculation of Normalized FFO, Normalized FAD excludes the impact of any straight-line rent revenue, amortization of the original issue discount on our senior unsecured notes, amortization of debt issuance costs, non-cash stock based compensation, as well as certain non-cash items related to our equity method investment. Normalized FAD is an important supplemental performance measure for a REIT. GAAP requires a lessor to recognize contractual lease payments into income on a straight-line basis over the expected term of the lease. This straight-line adjustment has the effect of reporting lease income that is signifi cantly more or less than the contractual cash fl ows received pursuant to the terms of the lease agreement. GAAP also requires the original issue discount of our senior unsecured notes and debt issuance costs to be amortized as non-cash adjustments to earnings. We also adjust Normalized FAD for the net change in our allowance for expected credit losses, non-cash stock based compensation as well as certain non- cash items related to our equity method investments such as straight-line lease expense and amortization of purchase accounting adjustments. Normalized FAD is an important supplemental measure of liquidity for a REIT as a useful indicator of the ability to distribute dividends to stockholders.
24Q3 2026 Properties are excluded from Same-Store if they are: (i) sold, classifi ed as held for sale or properties whose operations were classifi ed as discontinued operations in accordance with GAAP; (ii) impacted by signifi cant disruptive events such as fl ood or fi re; (iii) those properties that are currently undergoing a signifi cant disruptive redevelopment; or (iv) those properties that are scheduled to undergo operator or business model transitions, or have transitioned operators or business models after the start of the prior comparison period. Stabilized Lease A newly acquired triple-net lease property is generally considered stabilized upon lease-up (typically when senior-care residents occupy at least 85% of the total number of certifi ed units over at least a 12 month period). Newly completed developments, including redevelopments, are considered stabilized upon lease-up, as described above. Total Return The term Total Return refers to the total return an investor would have realized on a cumulative basis basis over a certain period assuming that all dividends are reinvested on the ex-dividend date. WACY The acronym WACY refers to Weighted Average Cash Yield, which is the anticipated rate of return upon initial investment excluding the impact of any discounts received or premiums paid. Facility Types SH - Senior housing HOSP - Hospital EFC - Entrance Fee Community MOB - Medical offi ce building SNF - Skilled nursing facility Fixed Charges The term Fixed Charges refers to interest expense and debt principal. NET OPERATING INCOME Net operating income (“NOI”) is a U.S. non-GAAP supplemental fi nancial measure used to evaluate the operating performance of real estate. We defi ne NOI as total revenues, less tenant reimbursements and property operating expenses. We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. OCCUPANCY Occupancy is the average percentage of all units in our SHOP segment that are occupied during the time period described. We defi ne occupancy as the average number of units occupied in any given time period divided by the total number of available units. RevPOR RevPOR is the average monthly revenue generated by occupied units in our SHOP segment. We defi ne RevPOR as monthly resident fees and services revenue divided by the number of monthly occupied units. RETURN ON INVESTED CAPITAL (ROIC) ROIC is a performance metric that intends to measure the percentage return earned on capital invested by a company. NHI calculates ROIC as TTM Normalized FAD plus contractual interest divided by the average of total assets plus accumulated depreciation less straight-line rent receivable over the TTM period. SAME-STORE ("SS") We defi ne Same-Store as properties owned, consolidated and operational for the full period in both comparison periods and that are not otherwise excluded; provided, however, that we may include selected properties that otherwise meet the Same-Store criteria if they are included in substantially all of, but not a full, period for one or both of the comparison periods, and in our judgment such inclusion provides a more meaningful presentation of our segment performance. Newly acquired properties, recently developed or redeveloped properties, and properties undergoing operator transitions in our SHOP reportable business segment will be included in Same-Store after fi ve full quarters from the date of acquisition, transition, or being placed into service. Our SHOP and NNN that have undergone operator or business model transitions will be included in Same-Store once operating under consistent operating structures for the full period in both periods presented. GLOSSARY
25 Q3 2026 NOTES
26Q3 2026 NOTES
National Health Investors Q3 2026 Supplemental