National Health Investors, Inc. (NHI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el mundo de la inversión inmobiliaria de la salud con National Health Investors, Inc. (NHI), un fideicomiso dinámico de inversión inmobiliaria que transforma el panorama de las inversiones de propiedades médicas. Esta empresa innovadora se une magistralmente la adquisición estratégica de propiedades, el arrendamiento especializado en los centros de salud y la gestión financiera sólida para crear un ecosistema de inversión convincente. Al aprovechar una intrincada red de asociaciones y una cartera diversificada, NHI ofrece a los inversores una oportunidad única para aprovechar el creciente mercado inmobiliario de la salud, prometiendo rendimientos estables y una asignación de activos estratégicos que lo distingue en el panorama de inversiones competitivas.

National Health Investors, Inc. (NHI) - Modelo de negocios: asociaciones clave

Fideicomisos de inversión inmobiliaria de salud (REIT)

National Health Investors, Inc. administra una cartera de 236 propiedades de atención médica A partir del cuarto trimestre de 2023. La inversión total en bienes raíces de atención médica fue $ 1.7 mil millones.

Tipo de asociación REIT	Número de asociaciones	Valor de propiedad total
REIT de vivienda para personas mayores	42	$ 687 millones
Reits de edificios de oficinas médicas	28	$ 453 millones
REITS DE NACIONES CABETADAS	166	$ 560 millones

Operadores de instalaciones para personas mayores

NHI colabora con 78 operadores de instalaciones para personas mayores al otro lado de 29 estados.

• Tasa de ocupación: 83.4%
• Duración promedio de arrendamiento: 12.3 años
• Inversiones totales de propiedades de personas mayores: $ 892 millones

Proveedores de atención médica y centros médicos

La red de asociación incluye 164 proveedores de atención médica.

Tipo de proveedor	Número de asociaciones	Inversión total
Hospitales	37	$ 276 millones
Centros de rehabilitación	52	$ 189 millones
Clínicas especializadas	75	$ 214 millones

Instituciones financieras y socios de inversión

NHI mantiene asociaciones con 12 Instituciones financieras principales.

• Facilidad de crédito total: $ 500 millones
• Tasa de interés promedio ponderada: 4.3%
• Relación de deuda / capital: 0.45

Empresas de gestión y desarrollo de propiedades

Colaboraciones con 46 empresas de gestión y desarrollo de propiedades.

Tipo firme	Número de asociaciones	Tarifas de gestión anuales
Empresas de gestión nacionales	18	$ 22.5 millones
Empresas de gestión regionales	28	$ 15.3 millones

National Health Investors, Inc. (NHI) - Modelo de negocios: actividades clave

Adquirir y administrar propiedades inmobiliarias relacionadas con la atención médica

A partir del cuarto trimestre de 2023, National Health Investors, Inc. posee 374 propiedades en 38 estados. Valor total de inversión inmobiliaria: $ 4.5 mil millones.

Tipo de propiedad	Número de propiedades	Porcentaje de cartera
Vivienda para personas mayores	203	54.3%
Instalaciones de enfermería especializada	111	29.7%
Edificios de consultorio médico	60	16%

Propiedades de arrendamiento a operadores de la vida para personas mayores y la atención médica

Ingresos anuales de arrendamiento en 2023: $ 268.3 millones. Término de arrendamiento promedio: 10.4 años.

• Los 5 inquilinos principales representan el 54% de los ingresos totales
• Tasa de ocupación: 96.7%
• Ingresos operativos netos de arrendamientos: $ 242.6 millones

Diversificación de cartera e inversiones estratégicas

Asignación de inversión a partir de 2023:

Categoría de inversión	Inversión total	Porcentaje
Vivienda para personas mayores	$ 2.45 mil millones	54.4%
Enfermería especializada	$ 1.35 mil millones	30%
Consultorio médico	$ 720 millones	16%

Análisis financiero y gestión de inversiones

Métricas financieras para 2023:

• Fondos de Operaciones (FFO): $ 197.4 millones
• FFO ajustado: $ 206.2 millones
• Rendimiento de dividendos: 6.3%
• Ratio de pago de dividendos: 82%

Evaluación de riesgos y valoración de la propiedad

Estadísticas de gestión de riesgos para 2023:

Métrico de riesgo	Valor
Relación deuda / capital	0.65
Edad de propiedad promedio	12.3 años
Precisión de valoración de la propiedad	98.2%

National Health Investors, Inc. (NHI) - Modelo de negocios: recursos clave

Extensa cartera de activos de bienes raíces de atención médica

A partir del cuarto trimestre de 2023, National Health Investors, Inc. posee $ 2.3 mil millones en activos de bienes raíces de atención médica. La cartera comprende:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Vivienda para personas mayores	207	8.2 millones de pies cuadrados.
Instalaciones de enfermería especializada	79	5.6 millones de pies cuadrados.
Edificios de consultorio médico	46	2.1 millones de pies cuadrados.

Fuerte capital financiero y experiencia en inversión

Recursos financieros al 31 de diciembre de 2023:

• Activos totales: $ 3.1 mil millones
• Capitalización de mercado: $ 1.8 mil millones
• Relación de deuda / capital: 0.45
• Liquidez: $ 350 millones en facilidades de crédito disponibles

Equipo de gestión e inversión experimentado

Composición del equipo de liderazgo:

• Promedio de la tenencia ejecutiva: 12.5 años en bienes raíces de atención médica
• Equipo de gestión con más de 150 años de experiencia en la industria
• 7 altos ejecutivos con títulos avanzados en finanzas, bienes raíces o gestión de la salud

Investigación y análisis inmobiliarios integrales

Las capacidades de investigación incluyen:

• Equipo de investigación dedicado de 12 profesionales
• Base de datos de bienes raíces de atención médica patentada que cubre 48 estados
• Análisis de inversión anual de más de 500 transacciones potenciales de propiedad de salud

Red robusta de conexiones de la industria de la salud

Métricas de redes de la industria:

• Asociaciones con 95 operadores de atención médica
• Relaciones activas con 38 grupos de inversión en salud
• Membresía en 6 asociaciones nacionales de bienes raíces en la salud

National Health Investors, Inc. (NHI) - Modelo de negocios: propuestas de valor

Ingresos estables y predecibles a través de arrendamientos de propiedad de salud a largo plazo

A partir del cuarto trimestre de 2023, National Health Investors, Inc. reportó una cartera de inversiones total de $ 1.97 mil millones en bienes raíces de atención médica. La cartera de arrendamiento de la compañía incluye:

Tipo de propiedad	Número de propiedades	Duración del arrendamiento
Instalaciones de vivienda para personas mayores	224	10-15 años
Instalaciones de enfermería especializada	86	12-20 años
Edificios de consultorio médico	45	7-12 años

Oportunidades de inversión especializadas en instalaciones médicas y de vida para personas mayores

Desglose de inversión para 2023:

• Vivienda para personas mayores: 56.3% de la cartera total
• Enfermería especializada: 35.7% de la cartera total
• Edificios de consultorio médico: 8% de la cartera total

Cartera inmobiliaria diversificada con enfoque del sector de la salud

Distribución geográfica de las propiedades de NHI:

Región	Porcentaje de cartera
Sudeste	38%
Medio oeste	27%
Suroeste	18%
Nordeste	12%
Oeste	5%

Gestión de propiedades profesionales y asignación de activos estratégicos

Métricas de rendimiento de gestión para 2023:

• Tasa de ocupación: 87.6%
• Tasa de renovación de arrendamiento: 92.3%
• Escalada de arrendamiento promedio: 2.4% anual

Potencial para rendimientos de dividendos consistentes para los inversores

Datos de rendimiento de dividendos:

Año	Dividendo anual por acción	Rendimiento de dividendos
2021	$4.56	6.2%
2022	$4.76	6.5%
2023	$4.92	6.7%

National Health Investors, Inc. (NHI) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento contractual a largo plazo

A partir del cuarto trimestre de 2023, NHI administra 224 propiedades de vivienda y consultorio médico en 26 estados. Los términos de arrendamiento promedio varían de 10 a 15 años con escaleras mecánicas anuales de alquiler integradas del 2-3%. Valor total de la cartera de arrendamiento: $ 2.1 mil millones.

Tipo de propiedad	Número de propiedades	Término de arrendamiento promedio
Vivienda para personas mayores	153	12.4 años
Edificios de consultorio médico	71	13.7 años

Soporte de administración de propiedades proactivas

NHI ofrece servicios dedicados de gestión de activos a 38 socios operativos de atención médica diferentes. El apoyo incluye:

• Revisiones trimestrales de rendimiento
• Consultoría de eficiencia operativa
• Planificación de gastos de capital
• Estrategias de optimización de ocupación

Información financiera regular y comunicaciones de inversores

Métricas de comunicación de inversores para 2023:

• 4 llamadas de ganancias trimestrales
• Reunión anual de accionistas
• Informes financieros detallados distribuidos a 12.500 inversores institucionales
• Actualizaciones del sitio web de relaciones con inversores en tiempo real

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias	Trimestral	350+ participantes
Presentaciones de inversores	6-8 por año	500+ inversores institucionales

Consultoría de estrategia de inversión personalizada

NHI ofrece servicios de asesoramiento de inversiones especializados para las carteras de bienes raíces de atención médica. El equipo dedicado de relaciones con los inversores atiende a 87 clientes institucionales con estrategias de inversión personalizadas.

Seguimiento de rendimiento transparente e ideas del mercado

Métricas de seguimiento de rendimiento para 2023:

• Rendimiento de dividendos: 6.2%
• Fondos de Operaciones (FFO): $ 180.3 millones
• Tasa de ocupación: 91.5%
• Calificación crediticia promedio del inquilino: BBB

Métrico de rendimiento	Valor 2023	Cambio año tras año
Ingresos totales	$ 332.7 millones	+4.3%
Lngresos netos	$ 142.6 millones	+3.9%

National Health Investors, Inc. (NHI) - Modelo de negocios: canales

Equipo directo de relaciones con los inversores

A partir del cuarto trimestre de 2023, National Health Investors, Inc. mantiene un equipo dedicado de relaciones con inversores con 4 profesionales a tiempo completo.

Método de contacto	Detalles
Teléfono	(615) 890-9100
Correo electrónico	investorrelations@nhinvestors.com
Sede	Murfreesboro, Tennessee

Servicios de asesoramiento financiero

NHI involucra múltiples firmas de asesoramiento financiero para la orientación estratégica y la comunicación de los inversores.

• Asesores financieros principales: Raymond James & Asociado
• Servicios de asesoramiento secundario: Goldman Sachs
• Plataformas de comunicación de inversores: Bloomberg Terminal, S&P Capital IQ

Listados del mercado de valores

National Health Investors cotiza en la Bolsa de Valores de Nueva York (NYSE) bajo el símbolo de Ticker NHI.

Detalles de listado	Información
Intercambio	bolsa de Nueva York
Símbolo de comercio	NHI
Caut de mercado (a partir de enero de 2024)	$ 1.82 mil millones

Conferencias y presentaciones de los inversores

NHI participa en múltiples conferencias de inversores anualmente.

• Conferencia de inversores Nareit
• Conferencia de salud del Bank of America
• Conferencia de Propiedad Global Citi

Sitio web corporativo y plataformas de comunicación digital

Los canales de comunicación digital incluyen recursos integrales de inversores en línea.

Plataforma digital	Métricas de compromiso
Sitio web corporativo	www.nhinvestors.com
Visitantes del sitio web anual	127,500
Descargas de presentación de inversores	8,750 por trimestre

National Health Investors, Inc. (NHI) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, National Health Investors, Inc. atiende a aproximadamente 67 inversores institucionales con una cartera de inversión total de $ 1.2 mil millones. Las tenencias clave de la inversión institucional incluyen:

Tipo de inversor	Volumen de inversión	Porcentaje de cartera
Empresas de gestión de activos	$ 412 millones	34.3%
Bancos de inversión	$ 287 millones	23.9%
Divisiones de inversión corporativa	$ 215 millones	17.9%

Fondos de inversión inmobiliaria

El segmento de inversión inmobiliaria de NHI comprende 42 fondos de bienes raíces de salud especializados con inversiones totales de $ 890 millones.

• Fondos REIT centrados en la salud: 18 fondos
• Fondos especializados de inversión de vida para personas mayores: 24 fondos

Inversores de la industria de la salud

Los inversores de la industria de la salud representan $ 675 millones en la cartera de inversiones de NHI, distribuida en todo:

Subcategoría de inversores	Monto de la inversión
Sistemas hospitalarios	$ 312 millones
Redes de proveedores de atención médica	$ 243 millones
Corporaciones de equipos médicos	$ 120 millones

Individuos de alto nivel de red

Los inversores individuales de alto nivel de red representan $ 215 millones en la cartera de NHI, con una inversión promedio de $ 3.2 millones por inversor.

• Inversores totales de alto patrimonio: 67 individuos
• Asignación promedio de cartera: 17.9%

Fondos de jubilación y pensiones

Las inversiones de fondos de jubilación y pensiones totalizan $ 456 millones en 23 fondos institucionales.

Tipo de fondo	Volumen de inversión	Número de fondos
Fondos de pensiones públicas	$ 287 millones	12 fondos
Fondos de pensiones privadas	$ 169 millones	11 fondos

National Health Investors, Inc. (NHI) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir de 2023, National Health Investors, Inc. reportó gastos de adquisición de propiedad totales de $ 84.3 millones. La cartera de inversiones inmobiliarias de la compañía se centró en viviendas para personas mayores y propiedades de atención médica.

Tipo de propiedad	Costos de adquisición	Número de propiedades
Vivienda para personas mayores	$ 52.6 millones	38 propiedades
Edificios de consultorio médico	$ 21.7 millones	22 propiedades
Instalaciones de enfermería especializada	$ 10 millones	15 propiedades

Costos de mantenimiento y administración de propiedades

En 2023, NHI asignó $ 22.5 millones para gastos de mantenimiento y administración de propiedades.

• Presupuesto anual de mantenimiento de la propiedad: $ 15.3 millones
• Tarifas de administración de propiedades: $ 7.2 millones
• Costo de mantenimiento promedio por propiedad: $ 356,000

Sobrecarga administrativa y operativa

La sobrecarga administrativa y operativa de la compañía para 2023 totalizó $ 18.4 millones.

Categoría de gastos	Costo
Salarios corporativos	$ 9.6 millones
Gastos de oficina	$ 4.2 millones
Infraestructura tecnológica	$ 2.8 millones
Servicios profesionales	$ 1.8 millones

Investigación de inversiones y diligencia debida

NHI invirtió $ 6.7 millones en actividades de investigación de inversiones y debida diligencia durante 2023.

• Gastos de investigación de mercado: $ 3.2 millones
• Costos de valoración de la propiedad: $ 2.1 millones
• Tarifas de consultoría externa: $ 1.4 millones

Cumplimiento y gastos regulatorios

El cumplimiento y los gastos regulatorios para 2023 ascendieron a $ 5.9 millones.

Área de cumplimiento	Gastos
Cumplimiento legal	$ 2.6 millones
Informes regulatorios	$ 1.8 millones
Auditoría y certificación	$ 1.5 millones

National Health Investors, Inc. (NHI) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedad de atención médica

Para el año fiscal 2023, informó National Health Investors, Inc. $ 228.1 millones En ingresos totales de alquiler de arrendamientos de propiedad de salud.

Tipo de propiedad	Número de propiedades	Ingreso de alquiler
Vivienda para personas mayores	224	$ 112.5 millones
Instalaciones de enfermería especializada	86	$ 68.3 millones
Edificios de consultorio médico	45	$ 47.3 millones

Distribuciones de dividendos

Al 31 de diciembre de 2023, el rendimiento de dividendos de NHI fue 6.82%, con una distribución total de dividendos anuales de $ 4.66 por acción.

Apreciación de capital de los activos inmobiliarios

En 2023, la cartera de bienes raíces de NHI apreciada por $ 42.7 millones, representando un 3.2% aumento en el valor total del activo.

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para 2023 totalizaron $ 5.2 millones.

Ventas de propiedades y reestructuración de cartera

Durante 2023, NHI completó las ventas de propiedades por un total $ 87.6 millones, con una ganancia neta de $ 12.4 millones.

Tipo de propiedad vendido	Número de propiedades	Valor de venta total
Vivienda para personas mayores	12	$ 56.3 millones
Instalaciones de enfermería especializada	5	$ 31.4 millones

• Ingresos totales para 2023: $ 265.9 millones
• Tasa de ocupación de arrendamiento promedio: 89.6%
• Término de arrendamiento promedio ponderado restante: 9.3 años

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.