National Health Investors, Inc. (NHI): Business Model Canvas

Tauchen Sie ein in die Welt der Investitionen in Gesundheitsimmobilien mit National Health Investors, Inc. (NHI), einem dynamischen Real Estate Investment Trust, der die Landschaft der Investitionen in medizinische Immobilien verändert. Dieses innovative Unternehmen verbindet meisterhaft den strategischen Immobilienerwerb, die Vermietung spezialisierter Gesundheitseinrichtungen und ein solides Finanzmanagement, um ein überzeugendes Investitionsökosystem zu schaffen. Durch die Nutzung eines komplexen Netzwerks von Partnerschaften und eines diversifizierten Portfolios bietet NHI Anlegern eine einzigartige Gelegenheit, den wachsenden Markt für Gesundheitsimmobilien zu erschließen, und verspricht stabile Renditen und eine strategische Vermögensallokation, die es in der wettbewerbsintensiven Investitionslandschaft hervorhebt.

National Health Investors, Inc. (NHI) – Geschäftsmodell: Wichtige Partnerschaften

Healthcare Real Estate Investment Trusts (REITs)

National Health Investors, Inc. verwaltet ein Portfolio von 236 Gesundheitsimmobilien Stand Q4 2023. Gesamtinvestition in Gesundheitsimmobilien betrug 1,7 Milliarden US-Dollar.

Art der REIT-Partnerschaft	Anzahl der Partnerschaften	Gesamtwert der Immobilie
Seniorenwohnungs-REITs	42	687 Millionen US-Dollar
Medizinische Bürogebäude-REITs	28	453 Millionen US-Dollar
REITs für qualifizierte Pflegeeinrichtungen	166	560 Millionen Dollar

Betreiber von Seniorenwohneinrichtungen

NHI arbeitet mit zusammen 78 Betreiber von Seniorenwohneinrichtungen quer 29 Staaten.

• Auslastung: 83,4 %
• Durchschnittliche Mietdauer: 12,3 Jahre
• Gesamtinvestitionen in Seniorenwohnimmobilien: 892 Millionen US-Dollar

Gesundheitsdienstleister und medizinische Zentren

Das Partnerschaftsnetzwerk umfasst 164 Gesundheitsdienstleister.

Anbietertyp	Anzahl der Partnerschaften	Gesamtinvestition
Krankenhäuser	37	276 Millionen Dollar
Rehabilitationszentren	52	189 Millionen Dollar
Spezialkliniken	75	214 Millionen Dollar

Finanzinstitute und Investmentpartner

NHI unterhält Partnerschaften mit 12 große Finanzinstitute.

• Gesamtkreditfazilität: 500 Millionen US-Dollar
• Gewichteter Durchschnittszinssatz: 4,3 %
• Verhältnis von Schulden zu Eigenkapital: 0,45

Immobilienverwaltungs- und Entwicklungsfirmen

Kooperationen mit 46 Immobilienverwaltungs- und Entwicklungsfirmen.

Firmentyp	Anzahl der Partnerschaften	Jährliche Verwaltungsgebühren
Nationale Verwaltungsfirmen	18	22,5 Millionen US-Dollar
Regionale Managementfirmen	28	15,3 Millionen US-Dollar

National Health Investors, Inc. (NHI) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Immobilien im Gesundheitsbereich

Im vierten Quartal 2023 besitzt National Health Investors, Inc. 374 Immobilien in 38 Bundesstaaten. Gesamtwert der Immobilieninvestitionen: 4,5 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Seniorenwohnungen	203	54.3%
Qualifizierte Pflegeeinrichtungen	111	29.7%
Medizinische Bürogebäude	60	16%

Vermietung von Immobilien an Betreiber von Seniorenwohn- und Gesundheitseinrichtungen

Jährlicher Leasingumsatz im Jahr 2023: 268,3 Millionen US-Dollar. Durchschnittliche Mietdauer: 10,4 Jahre.

• Die Top-5-Mieter machen 54 % des Gesamtumsatzes aus
• Auslastung: 96,7 %
• Nettobetriebseinkommen aus Leasingverträgen: 242,6 Millionen US-Dollar

Portfoliodiversifizierung und strategische Investitionen

Investitionsaufteilung ab 2023:

Anlagekategorie	Gesamtinvestition	Prozentsatz
Seniorenwohnungen	2,45 Milliarden US-Dollar	54.4%
Qualifizierte Krankenpflege	1,35 Milliarden US-Dollar	30%
Arztpraxis	720 Millionen Dollar	16%

Finanzanalyse und Investmentmanagement

Finanzkennzahlen für 2023:

• Funds from Operations (FFO): 197,4 Millionen US-Dollar
• Bereinigter FFO: 206,2 Millionen US-Dollar
• Dividendenrendite: 6,3 %
• Dividendenausschüttungsquote: 82 %

Risikobewertung und Immobilienbewertung

Risikomanagementstatistik für 2023:

Risikometrik	Wert
Verhältnis von Schulden zu Eigenkapital	0.65
Durchschnittliches Immobilienalter	12,3 Jahre
Genauigkeit der Immobilienbewertung	98.2%

National Health Investors, Inc. (NHI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Immobilien im Gesundheitswesen

Ab dem 4. Quartal 2023 ist National Health Investors, Inc. Eigentümer 2,3 Milliarden US-Dollar an Immobilien im Gesundheitswesen. Das Portfolio umfasst:

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Seniorenwohnungen	207	8,2 Millionen Quadratfuß.
Qualifizierte Pflegeeinrichtungen	79	5,6 Millionen Quadratfuß.
Medizinische Bürogebäude	46	2,1 Millionen Quadratfuß.

Starke Finanzkapital- und Investitionsexpertise

Finanzielle Ressourcen zum 31. Dezember 2023:

• Gesamtvermögen: 3,1 Milliarden US-Dollar
• Marktkapitalisierung: 1,8 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,45
• Liquidität: 350 Millionen US-Dollar an verfügbaren Kreditfazilitäten

Erfahrenes Management- und Investmentteam

Zusammensetzung des Führungsteams:

• Durchschnittliche Führungszugehörigkeit: 12,5 Jahre im Gesundheitsimmobilienbereich
• Managementteam mit insgesamt über 150 Jahren Branchenerfahrung
• 7 leitende Führungskräfte mit höheren Abschlüssen in Finanz-, Immobilien- oder Gesundheitsmanagement

Umfassende Immobilienforschung und -analyse

Zu den Forschungskapazitäten gehören:

• Engagiertes Forschungsteam aus 12 Fachleuten
• Eigene Datenbank für Gesundheitsimmobilien, die 48 Bundesstaaten abdeckt
• Jährliche Investitionsanalyse von über 500 potenziellen Transaktionen im Gesundheitswesen

Robustes Netzwerk von Verbindungen zur Gesundheitsbranche

Branchennetzwerkkennzahlen:

• Partnerschaften mit 95 Gesundheitsbetreibern
• Aktive Beziehungen zu 38 Investmentgruppen im Gesundheitswesen
• Mitgliedschaft in 6 nationalen Gesundheitsimmobilienverbänden

National Health Investors, Inc. (NHI) – Geschäftsmodell: Wertversprechen

Stabile und vorhersehbare Erträge durch langfristige Mietverträge für Gesundheitsimmobilien

Im vierten Quartal 2023 meldete National Health Investors, Inc. ein Gesamtinvestitionsportfolio von Gesundheitsimmobilien im Wert von 1,97 Milliarden US-Dollar. Das Leasingportfolio des Unternehmens umfasst:

Immobilientyp	Anzahl der Eigenschaften	Mietdauer
Seniorenwohneinrichtungen	224	10-15 Jahre
Qualifizierte Pflegeeinrichtungen	86	12-20 Jahre
Medizinische Bürogebäude	45	7-12 Jahre

Spezialisierte Investitionsmöglichkeiten in Seniorenwohn- und medizinischen Einrichtungen

Aufschlüsselung der Investitionen für 2023:

• Seniorenwohnungen: 56,3 % des Gesamtportfolios
• Qualifizierte Krankenpflege: 35,7 % des Gesamtportfolios
• Medizinische Bürogebäude: 8 % des Gesamtportfolios

Diversifiziertes Immobilienportfolio mit Fokus auf den Gesundheitssektor

Geografische Verteilung der NHI-Liegenschaften:

Region	Prozentsatz des Portfolios
Südosten	38%
Mittlerer Westen	27%
Südwesten	18%
Nordosten	12%
Westen	5%

Professionelles Immobilienmanagement und strategische Vermögensallokation

Management-Leistungskennzahlen für 2023:

• Auslastung: 87,6 %
• Leasingverlängerungsrate: 92,3 %
• Durchschnittliche Mieterhöhung: 2,4 % jährlich

Potenzial für konstante Dividendenrenditen für Anleger

Daten zur Dividendenperformance:

Jahr	Jährliche Dividende pro Aktie	Dividendenrendite
2021	$4.56	6.2%
2022	$4.76	6.5%
2023	$4.92	6.7%

National Health Investors, Inc. (NHI) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragliche Mietverträge

Im vierten Quartal 2023 verwaltet NHI 224 Seniorenwohnungen und Arztpraxen in 26 Bundesstaaten. Die durchschnittlichen Mietlaufzeiten liegen zwischen 10 und 15 Jahren mit eingebauten jährlichen Mieterhöhungen von 2 bis 3 %. Gesamtwert des Mietportfolios: 2,1 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Durchschnittliche Mietdauer
Seniorenwohnungen	153	12,4 Jahre
Medizinische Bürogebäude	71	13,7 Jahre

Proaktive Unterstützung bei der Immobilienverwaltung

NHI bietet 38 verschiedenen Betriebspartnern im Gesundheitswesen spezielle Vermögensverwaltungsdienste an. Die Unterstützung umfasst:

• Vierteljährliche Leistungsbeurteilungen
• Beratung zur betrieblichen Effizienz
• Investitionsplanung
• Strategien zur Auslastungsoptimierung

Regelmäßige Finanzberichterstattung und Investorenkommunikation

Kennzahlen zur Anlegerkommunikation für 2023:

• 4 vierteljährliche Gewinnmitteilungen
• Jahreshauptversammlung der Aktionäre
• Detaillierte Finanzberichte werden an 12.500 institutionelle Anleger verteilt
• Aktualisierungen der Investor-Relations-Website in Echtzeit

Kommunikationskanal	Häufigkeit	Reichweite
Gewinnaufrufe	Vierteljährlich	Über 350 Teilnehmer
Investorenpräsentationen	6-8 pro Jahr	Über 500 institutionelle Anleger

Personalisierte Anlagestrategieberatung

NHI bietet spezialisierte Anlageberatungsdienste für Immobilienportfolios im Gesundheitswesen. Ein engagiertes Investor-Relations-Team betreut 87 institutionelle Kunden mit maßgeschneiderten Anlagestrategien.

Transparente Leistungsverfolgung und Markteinblicke

Kennzahlen zur Leistungsverfolgung für 2023:

• Dividendenrendite: 6,2 %
• Funds from Operations (FFO): 180,3 Millionen US-Dollar
• Auslastung: 91,5 %
• Durchschnittliche Mieterbonität: BBB

Leistungsmetrik	Wert 2023	Veränderung im Jahresvergleich
Gesamtumsatz	332,7 Millionen US-Dollar	+4.3%
Nettoeinkommen	142,6 Millionen US-Dollar	+3.9%

National Health Investors, Inc. (NHI) – Geschäftsmodell: Kanäle

Direktes Investor-Relations-Team

Seit dem vierten Quartal 2023 verfügt National Health Investors, Inc. über ein engagiertes Investor-Relations-Team mit vier Vollzeitexperten.

Kontaktmethode	Details
Telefon	(615) 890-9100
E-Mail	investorrelations@nhinvestors.com
Hauptquartier	Murfreesboro, Tennessee

Finanzberatungsdienste

NHI beauftragt mehrere Finanzberatungsfirmen mit der strategischen Beratung und Anlegerkommunikation.

• Hauptfinanzberater: Raymond James & Mitarbeiter
• Sekundäre Beratungsdienste: Goldman Sachs
• Kommunikationsplattformen für Anleger: Bloomberg Terminal, S&P Capital IQ

Börsennotierungen

National Health Investors wird an der New York Stock Exchange (NYSE) unter dem Tickersymbol gehandelt NHI.

Auflistungsdetails	Informationen
Austausch	NYSE
Handelssymbol	NHI
Marktkapitalisierung (Stand Januar 2024)	1,82 Milliarden US-Dollar

Investorenkonferenzen und Präsentationen

NHI nimmt jährlich an mehreren Investorenkonferenzen teil.

• NAREIT-Investorenkonferenz
• Gesundheitskonferenz der Bank of America
• Citi Global Property Conference

Unternehmenswebsite und digitale Kommunikationsplattformen

Zu den digitalen Kommunikationskanälen gehören umfassende Online-Ressourcen für Anleger.

Digitale Plattform	Engagement-Kennzahlen
Unternehmenswebsite	www.nhinvestors.com
Jährliche Website-Besucher	127,500
Downloads von Investorenpräsentationen	8.750 pro Quartal

National Health Investors, Inc. (NHI) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 betreut National Health Investors, Inc. etwa 67 institutionelle Anleger mit einem Gesamtanlageportfolio von 1,2 Milliarden US-Dollar. Zu den wichtigsten institutionellen Investmentbeteiligungen gehören:

Anlegertyp	Investitionsvolumen	Prozentsatz des Portfolios
Vermögensverwaltungsunternehmen	412 Millionen Dollar	34.3%
Investmentbanken	287 Millionen Dollar	23.9%
Unternehmensinvestitionsabteilungen	215 Millionen Dollar	17.9%

Immobilien-Investmentfonds

Das Immobilieninvestitionssegment von NHI umfasst 42 spezialisierte Gesundheitsimmobilienfonds mit Gesamtinvestitionen von 890 Millionen US-Dollar.

• REIT-Fonds mit Fokus auf das Gesundheitswesen: 18 Fonds
• Spezialisierte Senioren-Wohn-Investmentfonds: 24 Fonds

Investoren aus der Gesundheitsbranche

Investoren aus der Gesundheitsbranche repräsentieren 675 Millionen US-Dollar im Investitionsportfolio von NHI, verteilt auf:

Unterkategorie „Investor“.	Investitionsbetrag
Krankenhaussysteme	312 Millionen Dollar
Netzwerke von Gesundheitsdienstleistern	243 Millionen Dollar
Unternehmen für medizinische Geräte	120 Millionen Dollar

Vermögende Privatpersonen

Auf vermögende Privatanleger entfallen 215 Millionen US-Dollar im NHI-Portfolio, wobei die durchschnittliche Investition 3,2 Millionen US-Dollar pro Anleger beträgt.

• Gesamtzahl der vermögenden Anleger: 67 Personen
• Durchschnittliche Portfolioallokation: 17,9 %

Altersvorsorge- und Pensionsfonds

Die Investitionen in Altersvorsorge- und Pensionsfonds belaufen sich auf 456 Millionen US-Dollar in 23 institutionellen Fonds.

Fondstyp	Investitionsvolumen	Anzahl der Fonds
Öffentliche Pensionsfonds	287 Millionen Dollar	12 Fonds
Private Pensionsfonds	169 Millionen Dollar	11 Fonds

National Health Investors, Inc. (NHI) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 meldete National Health Investors, Inc. Gesamtkosten für den Erwerb von Immobilien in Höhe von 84,3 Millionen US-Dollar. Das Immobilieninvestitionsportfolio des Unternehmens konzentrierte sich auf Seniorenwohnungen und Gesundheitsimmobilien.

Immobilientyp	Anschaffungskosten	Anzahl der Eigenschaften
Seniorenwohnungen	52,6 Millionen US-Dollar	38 Objekte
Medizinische Bürogebäude	21,7 Millionen US-Dollar	22 Objekte
Qualifizierte Pflegeeinrichtungen	10 Millionen Dollar	15 Objekte

Kosten für Instandhaltung und Immobilienverwaltung

Im Jahr 2023 stellte NHI 22,5 Millionen US-Dollar für Wartungs- und Immobilienverwaltungskosten bereit.

• Jährliches Budget für die Immobilieninstandhaltung: 15,3 Millionen US-Dollar
• Gebühren für die Immobilienverwaltung: 7,2 Millionen US-Dollar
• Durchschnittliche Wartungskosten pro Immobilie: 356.000 $

Verwaltungs- und Betriebsaufwand

Der Verwaltungs- und Betriebsaufwand des Unternehmens belief sich im Jahr 2023 auf insgesamt 18,4 Millionen US-Dollar.

Ausgabenkategorie	Kosten
Unternehmensgehälter	9,6 Millionen US-Dollar
Bürokosten	4,2 Millionen US-Dollar
Technologieinfrastruktur	2,8 Millionen US-Dollar
Professionelle Dienstleistungen	1,8 Millionen US-Dollar

Investment Research und Due Diligence

NHI investierte im Jahr 2023 6,7 Millionen US-Dollar in Investitionsforschung und Due-Diligence-Aktivitäten.

• Marktforschungsausgaben: 3,2 Millionen US-Dollar
• Kosten für die Immobilienbewertung: 2,1 Millionen US-Dollar
• Externe Beratungsgebühren: 1,4 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance- und Regulierungskosten für 2023 beliefen sich auf 5,9 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Einhaltung gesetzlicher Vorschriften	2,6 Millionen US-Dollar
Regulatorische Berichterstattung	1,8 Millionen US-Dollar
Audit und Zertifizierung	1,5 Millionen Dollar

National Health Investors, Inc. (NHI) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus der Vermietung von Gesundheitsimmobilien

Für das Geschäftsjahr 2023 berichtete National Health Investors, Inc 228,1 Millionen US-Dollar an den gesamten Mieteinnahmen aus der Vermietung von Gesundheitsimmobilien.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen
Seniorenwohnungen	224	112,5 Millionen US-Dollar
Qualifizierte Pflegeeinrichtungen	86	68,3 Millionen US-Dollar
Medizinische Bürogebäude	45	47,3 Millionen US-Dollar

Dividendenausschüttungen

Zum 31. Dezember 2023 betrug die Dividendenrendite von NHI 6.82%, mit einer jährlichen Gesamtdividendenausschüttung von 4,66 $ pro Aktie.

Kapitalwertsteigerung von Immobilienvermögen

Im Jahr 2023 hat das Immobilienportfolio von NHI zugenommen 42,7 Millionen US-Dollar, repräsentiert a 3.2% Steigerung des Gesamtvermögenswertes.

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren für 2023 betragen insgesamt 5,2 Millionen US-Dollar.

Immobilienverkäufe und Portfolioumstrukturierung

Im Jahr 2023 schloss NHI Immobilienverkäufe im Gesamtwert ab 87,6 Millionen US-Dollar, mit einem Nettogewinn von 12,4 Millionen US-Dollar.

Immobilientyp Verkauft	Anzahl der Eigenschaften	Gesamtverkaufswert
Seniorenwohnungen	12	56,3 Millionen US-Dollar
Qualifizierte Pflegeeinrichtungen	5	31,4 Millionen US-Dollar

• Gesamtumsatz für 2023: 265,9 Millionen US-Dollar
• Durchschnittliche Mietauslastung: 89.6%
• Gewichtete durchschnittliche Restlaufzeit des Mietvertrags: 9,3 Jahre

National Health Investors, Inc. (NHI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why operators and investors choose National Health Investors, Inc. (NHI). It boils down to stable income, growth potential, and flexible capital access.

Stable, long-term lease income for investors via triple-net leases

The foundation of National Health Investors, Inc.'s value proposition to investors is the predictable cash flow from its real estate investments, largely secured by triple-net leases. This structure passes most property operating expenses to the tenant, creating a more reliable income stream for National Health Investors, Inc. shareholders.

• Lease revenue recognized from tenants increased 10.7% in Q1 2025 compared to March 2024.
• The portfolio includes assets under long-term lease agreements, such as a Nebraska memory care portfolio acquired in Q2 2025 under a 15-year triple-net master lease with initial rate of 8.0% and fixed annual escalators of 2.0%.
• A South Carolina CCRC acquired in Q3 2025 is under a 15-year triple-net lease with an initial lease rate of 8.25% and fixed annual escalators of 2.0%.
• The NHC master lease is scheduled for a rent reset on December 31, 2026.
• For the quarter ended September 30, 2025, National Health Investors, Inc. reported total revenue of $89.85 million.

Exposure to high-growth potential through the Senior Housing Operating Portfolio (SHOP)

National Health Investors, Inc. offers investors a stake in direct operations through its Senior Housing Operating Portfolio (SHOP), which captures upside from improved property performance, occupancy, and revenue per occupied room. This is a key lever for organic growth.

Here's a look at the SHOP segment performance and outlook as of late 2025:

Metric	Period/Guidance	Value
2025 Full-Year NOI Growth Guidance	Year-over-Year	12% - 15%
SHOP NOI	Q2 2025	Approximately $3.8 million
SHOP NOI Growth	Q2 2025 vs. Prior Year	29.4% Increase
SHOP NOI	Q1 2025	$3.1 million
SHOP NOI Growth	Q1 2025 vs. Prior Year	4.9% Increase
Average Occupancy	Q1 2025	89.2%
Revenue per Occupied Room (RevPOR)	Q1 2025	$3,008

The company is actively targeting transitions of triple-net assets into the SHOP structure, such as the six Discovery properties transitioning effective May 1, 2025, or August 1, 2025, depending on the specific report context.

Capital solutions (sale-leaseback, mortgage, mezzanine) for healthcare operators

National Health Investors, Inc. acts as a capital provider, offering flexible financing structures that help operators execute transactions when traditional financing might be slower or unavailable. This ability to move quickly is a competitive edge.

• National Health Investors, Inc. specializes in sale-leasebacks, joint ventures, mortgage, and mezzanine financing.
• Year-to-Date 2025 investments totaled approximately $174.9 million at an average initial yield of 8.2%.
• 2025 guidance included assumptions for $105 million in unidentified new investments at an initial average yield of 8.1%.
• The company had letters of intent representing investments totaling $152.3 million, primarily sale-leaseback investments and a senior housing loan with a purchase option.
• In Q3 2025, National Health Investors, Inc. funded an acquisition partially by cancelling a $32.7 million mortgage note.
• The company also executed a $1.5 million revolving line of credit with a tenant as borrower in Q3 2025.

Diversified risk across property types and operators

Risk is managed by spreading capital across different healthcare real estate asset classes and a variety of operating partners, reducing concentration risk in any single operator or sub-sector.

National Health Investors, Inc. segments its operations into two main areas:

• Real Estate Investments
• Senior Housing Operating Portfolio (SHOP)

The portfolio includes a mix of asset types:

• Independent living communities
• Assisted living communities
• Memory care communities
• Entrance-fee retirement communities
• Skilled nursing facilities
• Specialty hospitals

Recent acquisitions in 2025 highlight this diversification:

Transaction Type	Property Type	Location	Investment Amount (Approx.)
Acquisition (Triple-Net Lease)	Six Memory Care Communities	Nebraska	$63.5 million
Acquisition (Sale-Leaseback)	251-unit CCRC	South Carolina	$52.5 million

As of June 30, 2025, the balance sheet maintained a net debt to adjusted EBITDA ratio of 3.9x, which is below the target range of 4.0x - 5.0x, indicating a strong financial profile to manage portfolio risks.

National Health Investors, Inc. (NHI) - Canvas Business Model: Customer Relationships

National Health Investors, Inc. (NHI) builds relationships through long-term contracts, especially in the Real Estate Investments segment, which is the core of its landlord function. These relationships are cemented via master lease agreements, often triple-net in structure. As of September 30, 2024, National Health Investors, Inc. (NHI) had investments in real estate and mortgage and other notes receivable involving 178 facilities located across 31 states. These real estate investments were primarily rented under triple-net leases. To give you a concrete example of the contractual nature, National Health Investors, Inc. (NHI) issued a formal notice of default in September 2025 to NHC/OP, L.P. for non-compliance with non-monetary provisions in their Master Lease agreement, which dates back to October 17, 1991. That specific tenant operates thirty-two skilled nursing facilities and three independent living facilities for National Health Investors, Inc. (NHI).

The Senior Housing Operating Portfolio (SHOP) segment requires a more hands-on approach, involving active management and collaboration with independent managers under separate management agreements. National Health Investors, Inc. (NHI) is clearly shifting assets into this model to capture operational upside. For instance, effective August 1, 2025, National Health Investors, Inc. (NHI) terminated a triple-net lease with Discovery for one independent living facility and transitioned it into the existing SHOP venture with Discovery. This active management appears to be yielding results, as the SHOP segment experienced significant growth, with Net Operating Income (NOI) increasing by 29.4% year-over-year to $3.8 million for the quarter ended June 30, 2025. Pro forma SHOP NOI growth, even after adjusting for non-recurring benefits of approximately $200,000, was over 21%.

When operators face stress, National Health Investors, Inc. (NHI) has demonstrated a willingness to provide financial support, often structured as rent deferrals or concessions, which are then recognized as repayments later. For the three months ended June 30, 2025, Net Income attributable to common stockholders included approximately $1.9 million in the repayment of previously deferred rent and related interest. For the six months ended June 30, 2025, that figure rose to $4.0 million. Still, this support can coincide with expected headwinds; National Health Investors, Inc. (NHI) expected to record an aggregate $8.8 million reduction in rental income in the third quarter of 2025, which included $12.1 million in write offs related to straight-line rent receivable outstanding as of June 30, 2025.

For investors, the relationship is managed to ensure consistent, attractive distributions. National Health Investors, Inc. (NHI) announced an increase in its quarterly dividend to $0.92 per share for the fourth quarter of 2025, payable on January 30, 2026, to stockholders of record as of December 31, 2025. This marked the first increase in four years. The annual dividend stands at $3.68 per share, translating to a yield around 4.70% as of early December 2025. The dividend is paid quarterly, and the coverage looks solid based on recent earnings metrics.

Here's a quick look at the key dividend and coverage figures for shareholder relations:

Metric	Value (2025 Data)	Context/Date
Quarterly Dividend Per Share	$0.92	Q4 2025 Declaration
Annual Dividend Per Share	$3.68	Forward Estimate
Dividend Yield	4.70%	As of early December 2025
Payout Frequency	Quarterly	Standard Schedule
Dividend Growth (1Y)	1.11%	Trailing Twelve Months

The company's cash flow coverage is also a key part of this relationship. For the six months ended June 30, 2025, Normalized Funds Available for Distribution (FAD) reached $112.0 million. The cash payout ratio was cited at 78.9%, indicating the dividend payments are covered by cash flows.

National Health Investors, Inc. (NHI) - Canvas Business Model: Channels

You're looking at how National Health Investors, Inc. (NHI) gets its product-real estate investment capital-to its customers, which are primarily operators and shareholders. It's a mix of direct deal-making and public market access.

Direct investment team for sourcing acquisitions and loans

The direct team drives property and loan sourcing. For instance, in the first quarter of 2025, NHI completed approximately $76 million in real estate property acquisitions. This was part of a year-to-date investment total of approximately $174.9 million at an average initial yield of 8.2% as of Q1 2025. The pipeline for investment opportunities, excluding large portfolio deals, was valued at approximately $331.4 million as of June 2025, which included $126.7 million in signed Letters of Intent (LOIs). The company also manages debt channels, such as amending a mezzanine loan in November 2024 to increase it from $25.0 million to $50.0 million, bearing an annual rate of 10.0%. In February 2025, NHI received ownership of a property securing a $10.0 million mortgage note receivable in lieu of foreclosure.

Here are the key investment figures from the first half of 2025:

Investment Metric	Amount/Rate	Period/Date
Q1 2025 Acquisitions	$76.0 million	Q1 2025
Total YTD Investments	$174.9 million	As of Q1 2025
Average Initial Yield on YTD Investments	8.2%	As of Q1 2025
Investment Pipeline Value	$331.4 million	As of June 2025
Signed LOI Value within Pipeline	$126.7 million	As of June 2025
Nebraska Memory Care Acquisition Price	$63.5 million	April 2025
Colorado AL/MC Acquisition Price	$21.2 million	January 2025

Capital markets for issuing equity (ATM program) and debt

National Health Investors, Inc. uses capital markets to fund growth and manage leverage. As of June 30, 2025, the company had $315.8 million available under its at-the-market (ATM) equity program, not counting forward sale agreements. Earlier in the year, as of May 5, 2025, the availability was $409.0 million. In Q1 2025, NHI settled the remaining shares from an August 2024 forward equity sale agreement, bringing in proceeds of approximately $65.5 million at a forward price of $68.21 per share. The company actively manages its debt; it repaid all remaining Fannie Mae outstanding principal and accrued interest of $75.7 million during Q2 2025. The revolving credit facility size is $700.0 million, with $378.0 million outstanding as of June 30, 2025. The balance sheet strength is reflected in the net debt to adjusted EBITDA ratio, which was 3.9x as of June 30, 2025, sitting below the target range of 4.0x - 5.0x. The debt-to-equity ratio was reported at 0.74.

Direct relationships with existing and new operating partners

The relationship with operators is channeled through various structures, including the Senior Housing Operating Portfolio (SHOP). NHI transitioned seven properties to its SHOP portfolio in Q3 2025. The company also transitioned a facility from a triple-net lease to the existing SHOP venture with Discovery, effective August 1, 2025. This transition led to an expected aggregate $8.8 million reduction in rental income in Q3 2025, which included $12.1 million in write-offs for straight-line rent receivable outstanding as of June 30, 2025. For the full year 2025, SHOP NOI growth guidance was in a range of 12% - 15% year-over-year. For the six months ended June 30, 2025, the SHOP NOI growth guidance was a range of 13% - 16%. Tenant coverage for Need-Driven Operators (TTM ended Q4 2024) was healthy at 3.06x EBITDARM.

NHI's key operator metrics include:

• SHOP NOI annual growth guidance for 2025: 12% - 15%.
• SHOP NOI year-over-year growth reported in Q3 2025: approximately 63%.
• Quarterly percentage rent for the National Health Corporation (NHC) lease in 2025: $1.6 million.
• EBITDARM coverage for Need-Driven Operators (Q1 2025): 1.41x.
• Net carrying value of properties reclassified into SHOP segment as of June 30, 2025: approximately $125.7 million.

Investor presentations and SEC filings for shareholder communication

Shareholder communication flows through regular SEC filings and investor presentations. NHI hosted investor calls for its Q1, Q2, and Q3 2025 results on May 6, August 7, and November 7, 2025, respectively. Investor Presentations were made publicly available in February 2025, May 2025, June 2025, August 2025, and November 2025. Institutional investors and hedge funds owned 62.51% of the stock as of the second quarter. The weighted average diluted shares for Q1 2025 was 46.8 million, representing a 7.5% increase. The company increased its quarterly dividend for the first time in four years to $0.92 per share, payable in October 2025, which is a 2.2% increase. The full-year 2025 EPS guidance was set between 4.880-4.91. The updated guidance for FY 2025 projects NAREIT FFO per diluted share in the range of $4.62 to $4.65, and Normalized FFO per diluted share between $4.88 and $4.91.

National Health Investors, Inc. (NHI) - Canvas Business Model: Customer Segments

National Health Investors, Inc. (NHI) serves a distinct set of healthcare real estate customers across its investment strategies.

Third-party senior housing and skilled nursing facility operators represent a core segment. As of early 2025, skilled nursing facilities (SNFs) comprised approximately 30% of National Health Investors, Inc.'s total assets. The performance of this SNF portfolio was solid, reporting rent coverage of 3.05 times in the fourth quarter of 2024. National Health Investors, Inc. continues to look for opportunities to grow its skilled nursing exposure, though it remains selective on pricing.

The senior housing component, which includes independent living, assisted living, and memory care communities, is increasingly managed through the Senior Housing Operating Portfolio (SHOP) structure. Key metrics for the SHOP segment as of the second quarter of 2025 show:

• Average occupancy at 89.1%.
• Revenue per Occupied Room (RevPOR) at $3,071.
• Estimated same-store SHOP Net Operating Income (NOI) growth guidance for 2025 in the range of 13% - 16%.

Specialty hospital and medical facility operators are also key customers, as National Health Investors, Inc.'s portfolio explicitly includes specialty hospitals and medical office buildings.

Triple-net lease tenants seeking off-balance sheet financing are served through sale-leaseback transactions, which form a significant part of the Real Estate Investments segment. These tenants are bound by long-term lease agreements. For instance, the Bickford lease has a scheduled rent reset in April 2026, and the NHC master lease matures on December 31, 2026.

SHOP managers operating RIDEA-structured properties are a growing focus for National Health Investors, Inc. The company is actively targeting transitions of existing triple-net senior housing assets into structures compliant with the REIT Investment Diversification and Empowerment Act of 2007 (RIDEA). Effective May 1, 2025, National Health Investors, Inc. amended the Discovery triple-net master lease on six properties to cooperate in their transition to a new SHOP venture. These properties had an aggregate net carrying value of approximately $125.7 million as of June 30, 2025. The expected SHOP conversion NOI for the full year 2025 is guided between $3.6 million - $3.7 million.

Here's a quick look at the investment activity supporting these customer relationships in 2025:

Metric	Value (as of mid-2025)	Context
YTD Investments Announced	$174.9 million	Average initial yield of approximately 8.2%.
2025 Unidentified Investment Guidance Midpoint	$105 million	Expected average initial yield of 8.1%.
SNF Asset Percentage of Portfolio	30%	As of early 2025.
Discovery Properties Transitioning to SHOP	Six properties	Transition effective May 1, 2025.

The overall portfolio composition includes:

• Independent living communities.
• Assisted living and memory care communities.
• Entrance-fee retirement communities.
• Skilled nursing facilities.
• Medical office buildings.
• Specialty hospitals.

Finance: draft 13-week cash view by Friday.

National Health Investors, Inc. (NHI) - Canvas Business Model: Cost Structure

The Cost Structure for National Health Investors, Inc. (NHI) is heavily influenced by its debt load, the operational costs of its Senior Housing Operating Portfolio (SHOP) segment, and general overhead associated with being a self-managed real estate investment trust (REIT).

Interest Expense on Net Debt is a primary financing cost. While the prompt mentioned net debt was about $1.1 billion as of Q2 2025 (which aligns with the reported net debt of $1.1 billion as of June 30, 2025), the actual quarterly interest expense provides a clearer picture of the cash outflow for servicing that debt. For the third quarter of 2025, the reported Interest Expense on Debt was $13.77 million. This figure benefited from lower variable rates and favorable bond issuance during the year.

Costs related to the SHOP segment are variable and tied directly to property operations. For the third quarter of 2025, the same-store SHOP portfolio saw revenues and expenses grow by 3.3% year-over-year, leading to a margin of 21.1%. The total Net Operating Income (NOI) from the 22-property SHOP segment for Q3 2025 was $4.9 million.

General and Administrative (G&A) costs reflect the expenses of self-management. Cash G&A for the third quarter of 2025 was reported at $5.3 million, which was a 5.4% increase sequentially from the second quarter. The total SG&A Expense reported for Q3 2025 was $6.31 million.

Transaction costs are episodic but can be significant when deals are pursued. As specifically noted, National Health Investors, Inc. recorded a charge of $1.2 million in Q1 2025 related to a large SHOP portfolio that was ultimately not pursued. For the nine months ended September 30, 2025, total transaction costs recognized were $1.2 million.

Here is a snapshot of key quarterly costs for National Health Investors, Inc. as of late 2025:

Cost Component	Period	Amount (USD)	Context/Detail
Interest Expense on Debt	Q3 2025	$13.77 million	Down 8% year-over-year
Cash General & Administrative (G&A)	Q3 2025	$5.3 million	Sequentially up 5.4% from Q2 2025
Total SG&A Expense	Q3 2025	$6.31 million	From Income Statement
Transaction Costs	Q1 2025	$1.2 million	Charge related to an unpursued SHOP portfolio
SHOP Segment Operating Expenses Growth	Q3 2025 (Same-Store)	3.3%	Year-over-year expense growth

The company maintains a target net debt to adjusted EBITDA ratio between 4.0x and 5.0x, and as of Q2 2025, this ratio stood at 3.9x.

• Repayment of Fannie Mae debt in Q2 2025 included principal and accrued interest of $75.7 million.
• Total liquidity was approximately $1.1 billion at September 30, 2025.
• The company settled approximately 0.2 million shares for proceeds of $11.4 million during Q3 2025.

National Health Investors, Inc. (NHI) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for National Health Investors, Inc. (NHI) as of late 2025. The business model relies heavily on real estate income, supplemented by financing activities. This structure is designed for predictable, long-term cash flow generation, which is key for a REIT like National Health Investors, Inc. (NHI).

The trailing twelve-month revenue for National Health Investors, Inc. (NHI) as of September 30, 2025, was reported at $355.56 million. This figure reflects growth, as the annual revenue for the fiscal year 2024 was $335.18 million.

Here's a snapshot of the most recent quarterly and trailing revenue figures:

Metric	Amount (as of Sep 30, 2025)	Context
Trailing Twelve-Month Revenue	$355.56 million	As of the end of Q3 2025
Q3 2025 Total Revenues	$89.85 million	Reported for the quarter ending September 30, 2025
FY 2025 Revenue Guidance (Consensus)	$356.14 million	Full fiscal year expectation

Rental income from triple-net leases forms the bedrock of the Net Operating Income (NOI) base for National Health Investors, Inc. (NHI). You see the impact of strategic portfolio management in the quarterly figures, where transitions affect the reported rental line item.

• Cash lease revenue for Q3 2025 increased approximately 12% year-over-year to $70.1 million.
• Rental income for Q3 2025 decreased by $1.1 million (1.8%) year-over-year due to property transitions.
• The company recognized a $12.1 million write-off of straight-line rent receivable tied to seven assets converted to the SHOP segment on August 1, 2025.

Net Operating Income (NOI) from the Senior Housing Operating Portfolio (SHOP) is a growing component, reflecting National Health Investors, Inc. (NHI)'s focus on private-pay senior housing. This segment shows significant operational leverage when properties stabilize.

• Consolidated SHOP NOI for Q3 2025 increased approximately 62.6% year-over-year, reaching $4.9 million.
• The 15-property same-store SHOP portfolio saw NOI decline by 2.2% year-over-year to $3 million.
• Management expects SHOP NOI to double again in 2026, aiming for it to represent at least 20% of total adjusted NOI.

Interest income from mortgage and mezzanine loans is another stream, though specific interest income figures aren't always broken out separately in the top-line revenue reporting. However, the activity in this area is clear from payoffs received during the period.

During the third quarter, National Health Investors, Inc. (NHI) received approximately $52 million in loan receivable payoffs, which is a significant inflow that supports liquidity and investment funding, even if it isn't recurring interest revenue. The company maintains a low net debt to adjusted EBITDA ratio of 3.6x, suggesting a strong balance sheet to support its lending activities.

To give you a clearer picture of the operational performance supporting these revenues, here are some key financial highlights from the Q3 2025 period:

• Normalized FFO per share rose 28% to $1.32 per share.
• Funds Available for Distribution (FAD) for the quarter increased 26% to $62.2 million.
• The FAD payout ratio improved to 70.3% from 79.4% year-over-year.
• Return on invested capital reached 8.45%.

Finance: draft the cash flow impact analysis for the $12.1M straight-line rent write-off by Monday.