National Health Investors, Inc. (NHI): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde de l'investissement immobilier de la santé chez National Health Investors, Inc. (NHI), une fiducie dynamique d'investissement immobilier qui transforme le paysage des investissements immobiliers médicaux. Cette entreprise innovante tisse magistralement l'acquisition de propriétés stratégiques, la location spécialisée des établissements de santé et la gestion financière robuste pour créer un écosystème d'investissement convaincant. En tirant parti d'un réseau complexe de partenariats et d'un portefeuille diversifié, NHI offre aux investisseurs une occasion unique de puiser sur le marché de l'immobilier de santé croissant, promettant des rendements stables et une allocation d'actifs stratégiques qui le distingue dans le paysage de l'investissement compétitif.

National Health Investors, Inc. (NHI) - Modèle commercial: partenariats clés

Trusts de placement immobilier de la santé (FPI)

National Health Investors, Inc. gère un portefeuille de 236 propriétés de soins de santé Au quatrième trimestre 2023. L'investissement total dans l'immobilier des soins de santé était 1,7 milliard de dollars.

Type de partenariat REIT	Nombre de partenariats	Valeur totale de la propriété
REIT du logement pour personnes âgées	42	687 millions de dollars
FRIM de l'immeuble de bureaux médicaux	28	453 millions de dollars
REIT des établissements de soins infirmiers qualifiés	166	560 millions de dollars

Opérateurs de salles de vie pour personnes âgées

NHI collabore avec 78 opérateurs de salles de vie pour personnes âgées à travers 29 États.

• Taux d'occupation: 83,4%
• Durée du bail moyenne: 12,3 ans
• Total des investissements immobiliers de vie senior: 892 millions de dollars

Fournisseurs de soins de santé et centres médicaux

Le réseau de partenariat comprend 164 fournisseurs de soins de santé.

Type de fournisseur	Nombre de partenariats	Investissement total
Hôpitaux	37	276 millions de dollars
Centres de réadaptation	52	189 millions de dollars
Cliniques spécialisées	75	214 millions de dollars

Institutions financières et partenaires d'investissement

NHI maintient des partenariats avec 12 institutions financières majeures.

• Facilité totale de crédit: 500 millions de dollars
• Taux d'intérêt moyen pondéré: 4,3%
• Ratio dette / fonds propres: 0,45

Entreprises de gestion immobilière et de développement

Collaborations avec 46 entreprises de gestion immobilière et de développement.

Type d'entreprise	Nombre de partenariats	Frais de gestion annuels
Entreprises de gestion nationales	18	22,5 millions de dollars
Entreprises de gestion régionale	28	15,3 millions de dollars

National Health Investors, Inc. (NHI) - Modèle d'entreprise: activités clés

Acquérir et gérer les propriétés immobilières liées aux soins de santé

Au quatrième trimestre 2023, National Health Investors, Inc. possède 374 propriétés dans 38 États. Valeur d'investissement immobilier total: 4,5 milliards de dollars.

Type de propriété	Nombre de propriétés	Pourcentage de portefeuille
Logement pour personnes âgées	203	54.3%
Installations de soins infirmiers qualifiés	111	29.7%
Immeubles de bureaux médicaux	60	16%

Propriétés de location aux opérateurs de vie et de soins de santé pour personnes âgées

Revenus de location annuelle en 2023: 268,3 millions de dollars. Terme de bail moyenne: 10,4 ans.

• Les 5 meilleurs locataires représentent 54% des revenus totaux
• Taux d'occupation: 96,7%
• Résultat d'exploitation net des baux: 242,6 millions de dollars

Diversification du portefeuille et investissements stratégiques

Allocation des investissements à partir de 2023:

Catégorie d'investissement	Investissement total	Pourcentage
Logement pour personnes âgées	2,45 milliards de dollars	54.4%
Soins infirmiers qualifiés	1,35 milliard de dollars	30%
Cabinet médical	720 millions de dollars	16%

Analyse financière et gestion des investissements

Mesures financières pour 2023:

• Fonds des opérations (FFO): 197,4 millions de dollars
• FFO ajusté: 206,2 millions de dollars
• Rendement des dividendes: 6,3%
• Ratio de paiement des dividendes: 82%

Évaluation des risques et évaluation des biens

Statistiques de gestion des risques pour 2023:

Métrique à risque	Valeur
Ratio dette / fonds propres	0.65
Âge de la propriété moyenne	12,3 ans
Précision de l'évaluation des biens	98.2%

National Health Investors, Inc. (NHI) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie des actifs immobiliers de la santé

Au quatrième trimestre 2023, National Health Investors, Inc. est propriétaire 2,3 milliards de dollars en actifs immobiliers de santé. Le portefeuille comprend:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Logement pour personnes âgées	207	8,2 millions de pieds carrés.
Installations de soins infirmiers qualifiés	79	5,6 millions de pieds carrés.
Immeubles de bureaux médicaux	46	2,1 millions de pieds carrés.

Expertise solide en capital financier et en investissement

Ressources financières au 31 décembre 2023:

• Actif total: 3,1 milliards de dollars
• Capitalisation boursière: 1,8 milliard de dollars
• Ratio dette / fonds propres: 0,45
• Liquidité: 350 millions de dollars de facilités de crédit disponibles

Équipe de gestion et d'investissement expérimentées

Composition de l'équipe de leadership:

• Tiration exécutive moyenne: 12,5 ans dans l'immobilier des soins de santé
• Équipe de direction avec plus de 150 ans et plus d'expérience dans l'industrie
• 7 cadres supérieurs titulaires d'un diplôme avancé en finance, immobilier ou gestion des soins de santé

Recherche et analyse immobilières complètes

Les capacités de recherche comprennent:

• Équipe de recherche dédiée de 12 professionnels
• Base de données immobilière de santé propriétaire couvrant 48 États
• Analyse des investissements annuels de plus de 500 transactions de biens de santé potentiels

Réseau robuste de connexions de l'industrie des soins de santé

Métriques du réseau de l'industrie:

• Partenariats avec 95 opérateurs de soins de santé
• Relations actives avec 38 groupes d'investissement de soins de santé
• Adhésion à 6 associations immobilières nationales de santé

National Health Investors, Inc. (NHI) - Modèle d'entreprise: propositions de valeur

Revenu stable et prévisible grâce à des locations de soins de santé à long terme

Au quatrième trimestre 2023, National Health Investors, Inc. a déclaré un portefeuille d'investissement total de 1,97 milliard de dollars dans l'immobilier des soins de santé. Le portefeuille de location de la société comprend:

Type de propriété	Nombre de propriétés	Durée de location
Installations de vie supérieure	224	10-15 ans
Installations de soins infirmiers qualifiés	86	12-20 ans
Immeubles de bureaux médicaux	45	7-12 ans

Opportunités d'investissement spécialisées dans des installations de vie et médicales pour personnes âgées

Dépression des investissements pour 2023:

• Logement pour personnes âgées: 56,3% du portefeuille total
• Soins infirmiers qualifiés: 35,7% du portefeuille total
• Immeubles de bureaux médicaux: 8% du portefeuille total

Portefeuille immobilier diversifié avec un focus sur le secteur des soins de santé

Distribution géographique des propriétés de NHI:

Région	Pourcentage de portefeuille
Au sud-est	38%
Midwest	27%
Sud-ouest	18%
Nord-est	12%
Ouest	5%

Gestion professionnelle professionnelle et allocation stratégique des actifs

Mestiques de performance de gestion pour 2023:

• Taux d'occupation: 87,6%
• Taux de renouvellement de location: 92,3%
• Escalade de location moyen: 2,4% par an

Potentiel de rendements de dividendes cohérents pour les investisseurs

Données de performance du dividende:

Année	Dividende annuel par action	Rendement des dividendes
2021	$4.56	6.2%
2022	$4.76	6.5%
2023	$4.92	6.7%

National Health Investors, Inc. (NHI) - Modèle d'entreprise: relations avec les clients

Accords de location contractuelle à long terme

Au quatrième trimestre 2023, le NHI gère 224 propriétés de logements et de bureaux médicaux pour personnes âgées dans 26 États. Les conditions de location moyennes varient de 10 à 15 ans avec des escaliers mécaniques de loyer intégrés de 2 à 3%. Valeur du portefeuille de location total: 2,1 milliards de dollars.

Type de propriété	Nombre de propriétés	Terme de location moyenne
Logement pour personnes âgées	153	12.4 ans
Immeubles de bureaux médicaux	71	13,7 ans

Prise en charge de la gestion immobilière proactive

NHI fournit des services de gestion des actifs dédiés à 38 partenaires opérationnels de soins de santé différents. Le support comprend:

• Revues de performance trimestrielles
• Conseil d'efficacité opérationnelle
• Planification des dépenses en capital
• Stratégies d'optimisation de l'occupation

Rapports financiers réguliers et communications des investisseurs

Métriques de communication des investisseurs pour 2023:

• 4 appels de résultats trimestriels
• Réunion des actionnaires annuelle
• Rapports financiers détaillés distribués à 12 500 investisseurs institutionnels
• Mises à jour du site Web des relations avec les investisseurs en temps réel

Canal de communication	Fréquence	Atteindre
Appels de gains	Trimestriel	350+ participants
Présentations des investisseurs	6-8 par an	Plus de 500 investisseurs institutionnels

Conseil de stratégie d'investissement personnalisé

NHI offre des services de conseil en investissement spécialisés pour les portefeuilles immobiliers de la santé. L'équipe des relations avec les investisseurs dédiées dessert 87 clients institutionnels avec des stratégies d'investissement personnalisées.

Suivi des performances transparentes et informations sur le marché

Mesures de suivi des performances pour 2023:

• Rendement des dividendes: 6,2%
• Fonds des opérations (FFO): 180,3 millions de dollars
• Taux d'occupation: 91,5%
• Note de crédit moyen du locataire: BBB

Métrique de performance	Valeur 2023	Changement d'une année à l'autre
Revenus totaux	332,7 millions de dollars	+4.3%
Revenu net	142,6 millions de dollars	+3.9%

National Health Investors, Inc. (NHI) - Modèle commercial: canaux

Équipe de relations avec les investisseurs directs

Depuis le quatrième trimestre 2023, National Health Investors, Inc. maintient une équipe de relations avec les investisseurs dédiés avec 4 professionnels à temps plein.

Méthode de contact	Détails
Téléphone	(615) 890-9100
E-mail	investorrelations@nhinvestors.com
Quartier général	Murfreesboro, Tennessee

Services de conseil financier

NHI engage plusieurs cabinets de conseil financier pour des conseils stratégiques et une communication des investisseurs.

• Conseillers financiers primaires: Raymond James & Associés
• Services de conseil secondaire: Goldman Sachs
• Plateformes de communication des investisseurs: Bloomberg Terminal, S&P Capital IQ

Listes de bourses

Les investisseurs nationaux de la santé se négocient à la Bourse de New York (NYSE) sous le symbole de Ticker NHI.

Détails de listing	Information
Échange	Nyse
Symbole de trading	NHI
Capitalisation boursière (à partir de janvier 2024)	1,82 milliard de dollars

Conférences et présentations des investisseurs

NHI participe à plusieurs conférences d'investisseurs chaque année.

• Conférence des investisseurs de Nareit
• Conférence Bank of America Healthcare
• Citi Global Property Conference

Site Web d'entreprise et plateformes de communication numérique

Les canaux de communication numérique comprennent des ressources complètes des investisseurs en ligne.

Plate-forme numérique	Métriques d'engagement
Site Web de l'entreprise	www.nhinvestors.com
Visiteurs annuels du site Web	127,500
Téléchargements de présentation des investisseurs	8 750 par trimestre

National Health Investors, Inc. (NHI) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

Au quatrième trimestre 2023, National Health Investors, Inc. dessert environ 67 investisseurs institutionnels avec un portefeuille d'investissement total de 1,2 milliard de dollars. Les principaux participations des investissements institutionnels comprennent:

Type d'investisseur	Volume d'investissement	Pourcentage de portefeuille
Sociétés de gestion des actifs	412 millions de dollars	34.3%
Banques d'investissement	287 millions de dollars	23.9%
Divisions d'investissement d'entreprise	215 millions de dollars	17.9%

Fonds d'investissement immobilier

Le segment des investissements immobiliers de NHI comprend 42 fonds immobiliers de santé spécialisés avec des investissements totaux de 890 millions de dollars.

• Fonds FPI axés sur la santé: 18 fonds
• Fonds spécialisés de l'investissement vivant pour personnes âgées: 24 fonds

Investisseurs de l'industrie des soins de santé

Les investisseurs de l'industrie des soins de santé représentent 675 millions de dollars dans le portefeuille d'investissement de NHI, distribué à travers:

Sous-catégorie des investisseurs	Montant d'investissement
Systèmes hospitaliers	312 millions de dollars
Réseaux de prestataires de soins de santé	243 millions de dollars
Sociétés d'équipement médical	120 millions de dollars

Individus à haute nette

Les investisseurs individuels à haute navette représentent 215 millions de dollars dans le portefeuille de NHI, avec un investissement moyen de 3,2 millions de dollars par investisseur.

• Total des investisseurs à haute nette: 67 individus
• Attribution moyenne du portefeuille: 17,9%

Fonds de retraite et de retraite

Les investissements des fonds de retraite et de retraite totalisent 456 millions de dollars sur 23 fonds institutionnels.

Type de fonds	Volume d'investissement	Nombre de fonds
Fonds de pension publique	287 millions de dollars	12 fonds
Fonds de pension privés	169 millions de dollars	11 fonds

National Health Investors, Inc. (NHI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, National Health Investors, Inc. a déclaré des frais totaux d'acquisition de biens de 84,3 millions de dollars. Le portefeuille d'investissement immobilier de l'entreprise s'est concentré sur les propriétés des logements et des soins de santé pour personnes âgées.

Type de propriété	Coûts d'acquisition	Nombre de propriétés
Logement pour personnes âgées	52,6 millions de dollars	38 propriétés
Immeubles de bureaux médicaux	21,7 millions de dollars	22 propriétés
Installations de soins infirmiers qualifiés	10 millions de dollars	15 propriétés

Coûts de maintenance et de gestion de la propriété

En 2023, NHI a alloué 22,5 millions de dollars pour les dépenses de maintenance et de gestion des biens.

• Budget annuel de maintenance immobilière: 15,3 millions de dollars
• Frais de gestion immobilière: 7,2 millions de dollars
• Coût de maintenance moyen par propriété: 356 000 $

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels de la société pour 2023 ont totalisé 18,4 millions de dollars.

Catégorie de dépenses	Coût
Salaires de l'entreprise	9,6 millions de dollars
Dépenses de bureau	4,2 millions de dollars
Infrastructure technologique	2,8 millions de dollars
Services professionnels	1,8 million de dollars

Recherche d'investissement et diligence raisonnable

NHI a investi 6,7 millions de dollars dans les activités de recherche sur les investissements et de diligence raisonnable au cours de 2023.

• Dépenses d'études de marché: 3,2 millions de dollars
• Coûts d'évaluation des biens: 2,1 millions de dollars
• Frais de conseil externe: 1,4 million de dollars

Compliance et dépenses réglementaires

Les dépenses de conformité et de réglementation pour 2023 s'élevaient à 5,9 millions de dollars.

Zone de conformité	Dépenses
Conformité légale	2,6 millions de dollars
Représentation réglementaire	1,8 million de dollars
Audit et certification	1,5 million de dollars

National Health Investors, Inc. (NHI) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des baux de la propriété des soins de santé

Pour l'exercice 2023, National Health Investors, Inc. 228,1 millions de dollars dans le total des revenus de location des baux de la propriété des soins de santé.

Type de propriété	Nombre de propriétés	Revenus de location
Logement pour personnes âgées	224	112,5 millions de dollars
Installations de soins infirmiers qualifiés	86	68,3 millions de dollars
Immeubles de bureaux médicaux	45	47,3 millions de dollars

Distributions de dividendes

Au 31 décembre 2023, le rendement des dividendes de NHI était 6.82%, avec une distribution annuelle totale de dividendes de 4,66 $ par action.

Appréciation du capital des actifs immobiliers

En 2023, le portefeuille immobilier de NHI apprécié par 42,7 millions de dollars, représentant un 3.2% augmentation de la valeur totale des actifs.

Frais de gestion des investissements

Les frais de gestion des investissements pour 2023 ont totalisé 5,2 millions de dollars.

Ventes de biens et restructuration du portefeuille

En 2023, NHI a terminé les ventes de biens totalisant 87,6 millions de dollars, avec un gain net de 12,4 millions de dollars.

Type de propriété vendu	Nombre de propriétés	Valeur de vente totale
Logement pour personnes âgées	12	56,3 millions de dollars
Installations de soins infirmiers qualifiés	5	31,4 millions de dollars

• Revenu total pour 2023: 265,9 millions de dollars
• Taux d'occupation de location moyen: 89.6%
• Terme de location restante moyenne pondérée: 9.3 ans

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.