National Health Investors, Inc. (NHI): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo do investimento imobiliário da HealthCare na National Health Investors, Inc. (NHI), uma confiança dinâmica de investimento imobiliário que transforma o cenário de investimentos em propriedades médicas. Esta empresa inovadora tece magistralmente a aquisição estratégica de propriedades, a locação especializada em instalações de saúde e a gestão financeira robusta para criar um ecossistema de investimentos atraente. Ao alavancar uma intrincada rede de parcerias e um portfólio diversificado, a NHI oferece aos investidores uma oportunidade única de aproveitar o crescente mercado imobiliário de saúde, prometendo retornos estáveis ​​e alocação estratégica de ativos que a diferencia no cenário competitivo de investimentos.

National Health Investors, Inc. (NHI) - Modelo de negócios: Parcerias -chave

Healthcare Real Estate Investment Trusts (REITs)

National Health Investors, Inc. gerencia um portfólio de 236 Propriedades de saúde a partir do quarto trimestre 2023. O investimento total no setor imobiliário de saúde era US $ 1,7 bilhão.

Tipo de parceria REIT	Número de parcerias	Valor total da propriedade
REITs de moradias sênior	42	US $ 687 milhões
REITs de edifícios de escritórios médicos	28	US $ 453 milhões
REITs de instalações de enfermagem qualificadas	166	US $ 560 milhões

Operadores de instalações de vida seniores

O NHI colabora com 78 operadores de instalações de vida seniores entre 29 estados.

• Taxa de ocupação: 83,4%
• Duração média do arrendamento: 12,3 anos
• Investimentos totais de propriedades vidas: US $ 892 milhões

Provedores de saúde e centros médicos

A rede de parcerias inclui 164 Provedores de saúde.

Tipo de provedor	Número de parcerias	Investimento total
Hospitais	37	US $ 276 milhões
Centros de reabilitação	52	US $ 189 milhões
Clínicas Especiais	75	US $ 214 milhões

Instituições financeiras e parceiros de investimento

NHI mantém parcerias com 12 principais instituições financeiras.

• Linha de crédito total: US $ 500 milhões
• Taxa de juros médios ponderados: 4,3%
• Taxa de dívida / patrimônio: 0,45

Empresas de gerenciamento e desenvolvimento de propriedades

Colaborações com 46 empresas de gerenciamento e desenvolvimento de propriedades.

Tipo de empresa	Número de parcerias	Taxas de gerenciamento anuais
Empresas de gestão nacional	18	US $ 22,5 milhões
Empresas de gestão regional	28	US $ 15,3 milhões

National Health Investors, Inc. (NHI) - Modelo de negócios: Atividades -chave

Aquisição e gerenciamento de propriedades imobiliárias relacionadas à saúde

A partir do quarto trimestre 2023, a National Health Investors, Inc. possui 374 propriedades em 38 estados. Valor total do investimento imobiliário: US $ 4,5 bilhões.

Tipo de propriedade	Número de propriedades	Porcentagem de portfólio
Habitação sênior	203	54.3%
Instalações de enfermagem qualificadas	111	29.7%
Edifícios de consultórios médicos	60	16%

Propriedades de leasing para os operadores de vida e saúde seniores

Receita anual de arrendamento em 2023: US $ 268,3 milhões. Termo médio de arrendamento: 10,4 anos.

• Os 5 principais inquilinos representam 54% da receita total
• Taxa de ocupação: 96,7%
• Receita operacional líquida de arrendamentos: US $ 242,6 milhões

Diversificação de portfólio e investimentos estratégicos

Alocação de investimentos a partir de 2023:

Categoria de investimento	Investimento total	Percentagem
Habitação sênior	US $ 2,45 bilhões	54.4%
Enfermagem qualificada	US $ 1,35 bilhão	30%
Consultório médico	US $ 720 milhões	16%

Análise financeira e gerenciamento de investimentos

Métricas financeiras para 2023:

• Fundos das operações (FFO): US $ 197,4 milhões
• FFO ajustado: US $ 206,2 milhões
• Rendimento de dividendos: 6,3%
• Taxa de pagamento de dividendos: 82%

Avaliação de risco e avaliação de propriedades

Estatísticas de gerenciamento de riscos para 2023:

Métrica de risco	Valor
Relação dívida / patrimônio	0.65
Idade média da propriedade	12,3 anos
Precisão da avaliação da propriedade	98.2%

National Health Investors, Inc. (NHI) - Modelo de negócios: Recursos -chave

Extenso portfólio de ativos imobiliários de saúde

A partir do quarto trimestre 2023, a National Health Investors, Inc. possui US $ 2,3 bilhões em ativos imobiliários de saúde. O portfólio compreende:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Habitação sênior	207	8,2 milhões de pés quadrados.
Instalações de enfermagem qualificadas	79	5,6 milhões de pés quadrados.
Edifícios de consultórios médicos	46	2,1 milhões de pés quadrados.

Forte capital financeiro e experiência em investimentos

Recursos financeiros em 31 de dezembro de 2023:

• Total de ativos: US $ 3,1 bilhões
• Capitalização de mercado: US $ 1,8 bilhão
• Taxa de dívida / patrimônio: 0,45
• Liquidez: US $ 350 milhões em linhas de crédito disponíveis

Equipe de gestão e investimento experiente

Composição da equipe de liderança:

• PRODIÇÃO EXECUTIVO Média: 12,5 anos em Healthcare Real Estate
• Equipe de gerenciamento com mais de 150 anos de experiência no setor
• 7 executivos seniores com diplomas avançados em finanças, imóveis ou gerenciamento de saúde

Pesquisa e análise abrangentes do setor imobiliário

Os recursos de pesquisa incluem:

• Equipe de pesquisa dedicada de 12 profissionais
• Banco de dados imobiliários proprietários de saúde, cobrindo 48 estados
• Análise anual de investimento de mais de 500 transações de propriedade potencial de saúde

Rede robusta de conexões do setor de saúde

Métricas de rede da indústria:

• Parcerias com 95 operadores de saúde
• Relações ativas com 38 grupos de investimento em saúde
• Associação em 6 Associações Imobiliárias Nacionais de Saúde

National Health Investors, Inc. (NHI) - Modelo de negócios: proposições de valor

Renda estável e previsível por meio de arrendamentos de propriedades de saúde de longo prazo

A partir do quarto trimestre de 2023, a National Health Investors, Inc. registrou um portfólio total de investimentos de US $ 1,97 bilhão em imóveis em saúde. O portfólio de arrendamento da empresa inclui:

Tipo de propriedade	Número de propriedades	Duração do arrendamento
Instalações de vida seniores	224	10-15 anos
Instalações de enfermagem qualificadas	86	12-20 anos
Edifícios de consultórios médicos	45	7-12 anos

Oportunidades especializadas de investimento em instalações de vida e médicos seniores

Repartição do investimento para 2023:

• Habitação sênior: 56,3% do portfólio total
• Enfermagem qualificada: 35,7% do portfólio total
• Edifícios de consultórios médicos: 8% do portfólio total

Portfólio imobiliário diversificado com foco no setor de saúde

Distribuição geográfica das propriedades da NHI:

Região	Porcentagem de portfólio
Sudeste	38%
Centro -Oeste	27%
Sudoeste	18%
Nordeste	12%
Oeste	5%

Gerenciamento de propriedades profissionais e alocação de ativos estratégicos

Métricas de desempenho de gerenciamento para 2023:

• Taxa de ocupação: 87,6%
• Taxa de renovação do arrendamento: 92,3%
• Escalada média de arrendamento: 2,4% anualmente

Potencial para retornos de dividendos consistentes para investidores

Dados de desempenho de dividendos:

Ano	Dividendo anual por ação	Rendimento de dividendos
2021	$4.56	6.2%
2022	$4.76	6.5%
2023	$4.92	6.7%

National Health Investors, Inc. (NHI) - Modelo de Negócios: Relacionamentos ao Cliente

Acordos de arrendamento contratual de longo prazo

A partir do quarto trimestre de 2023, o NHI gerencia 224 propriedades seniores de moradia e consultório médico em 26 estados. Os termos médios de arrendamento variam de 10 a 15 anos com escadas rolantes anuais de aluguel de 2-3%. Valor total do portfólio de arrendamento: US $ 2,1 bilhões.

Tipo de propriedade	Número de propriedades	Termo de arrendamento médio
Habitação sênior	153	12,4 anos
Edifícios de consultórios médicos	71	13,7 anos

Suporte proativo de gerenciamento de propriedades

A NHI fornece serviços dedicados de gerenciamento de ativos a 38 diferentes parceiros operacionais de saúde. O suporte inclui:

• Revisões trimestrais de desempenho
• Consultoria de eficiência operacional
• Planejamento de despesas de capital
• Estratégias de otimização de ocupação

Relatórios financeiros regulares e comunicações de investidores

Métricas de comunicação para investidores para 2023:

• 4 chamadas trimestrais
• Reunião Anual dos Acionistas
• Relatórios financeiros detalhados distribuídos a 12.500 investidores institucionais
• Atualizações do site em tempo real de relações com investidores

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos	Trimestral	350 mais de participantes
Apresentações de investidores	6-8 por ano	Mais de 500 investidores institucionais

Consultoria de Estratégia de Investimento Personalizada

A NHI oferece serviços de consultoria de investimento especializados para portfólios imobiliários da HealthCare. A equipe dedicada de relações com investidores atende a 87 clientes institucionais com estratégias de investimento personalizadas.

Rastreamento de desempenho transparente e insights de mercado

Métricas de rastreamento de desempenho para 2023:

• Rendimento de dividendos: 6,2%
• Fundos das operações (FFO): US $ 180,3 milhões
• Taxa de ocupação: 91,5%
• Classificação média de crédito do inquilino: BBB

Métrica de desempenho	2023 valor	Mudança de ano a ano
Receita total	US $ 332,7 milhões	+4.3%
Resultado líquido	US $ 142,6 milhões	+3.9%

National Health Investors, Inc. (NHI) - Modelo de negócios: canais

Equipe direta de relações com investidores

A partir do quarto trimestre de 2023, a National Health Investors, Inc. mantém uma equipe dedicada de relações com investidores com 4 profissionais em período integral.

Método de contato	Detalhes
Telefone	(615) 890-9100
E-mail	investorrelations@nhinvestors.com
Sede	Murfreesboro, Tennessee

Serviços de Consultoria Financeira

O NHI envolve várias empresas de consultoria financeira para orientação estratégica e comunicação de investidores.

• Consultores financeiros primários: Raymond James & Associados
• Serviços de consultoria secundária: Goldman Sachs
• Plataformas de comunicação de investidores: Terminal Bloomberg, S&P Capital IQ

Listagens do mercado de ações

National Health Investors negocia na Bolsa de Valores de Nova York (NYSE) sob símbolo de ticker NHI.

Detalhes da listagem	Informação
Intercâmbio	NYSE
Símbolo de negociação	NHI
Capace de mercado (em janeiro de 2024)	US $ 1,82 bilhão

Conferências e apresentações de investidores

A NHI participa de várias conferências de investidores anualmente.

• Conferência Nareit Investor
• Conferência de Saúde do Bank of America
• Conferência de Propriedade Global do Citi

Site corporativo e plataformas de comunicação digital

Os canais de comunicação digital incluem recursos abrangentes de investidores on -line.

Plataforma digital	Métricas de engajamento
Site corporativo	www.nhinvestors.com
Visitantes anuais do site	127,500
Downloads de apresentação do investidor	8.750 por trimestre

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

Investidores institucionais

A partir do quarto trimestre de 2023, a National Health Investors, Inc. atende a aproximadamente 67 investidores institucionais com um portfólio total de investimentos de US $ 1,2 bilhão. As principais participações institucionais de investimento incluem:

Tipo de investidor	Volume de investimento	Porcentagem de portfólio
Empresas de gerenciamento de ativos	US $ 412 milhões	34.3%
Bancos de investimento	US $ 287 milhões	23.9%
Divisões de investimento corporativo	US $ 215 milhões	17.9%

Fundos de investimento imobiliário

O segmento de investimento imobiliário da NHI compreende 42 fundos imobiliários especializados em saúde com investimentos totais de US $ 890 milhões.

• Fundos REIT focados na saúde: 18 fundos
• Fundos especializados de investimento de vida sênior: 24 fundos

Investidores do setor de saúde

Os investidores do setor de saúde representam US $ 675 milhões no portfólio de investimentos da NHI, distribuídos:

Subcategoria de investidores	Valor do investimento
Sistemas hospitalares	US $ 312 milhões
Redes de prestadores de serviços de saúde	US $ 243 milhões
Corporações de equipamentos médicos	US $ 120 milhões

Indivíduos de alta rede

Os investidores individuais de alto patrimônio são responsáveis ​​por US $ 215 milhões no portfólio da NHI, com um investimento médio de US $ 3,2 milhões por investidor.

• Investidores totais de alta rede: 67 indivíduos
• Alocação média de portfólio: 17,9%

Fundos de aposentadoria e pensão

Os investimentos em fundos de aposentadoria e pensão totalizam US $ 456 milhões em 23 fundos institucionais.

Tipo de fundo	Volume de investimento	Número de fundos
Fundos de pensão pública	US $ 287 milhões	12 fundos
Fundos de pensão privados	US $ 169 milhões	11 fundos

National Health Investors, Inc. (NHI) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir de 2023, a National Health Investors, Inc. registrou despesas totais de aquisição de propriedades de US $ 84,3 milhões. O portfólio de investimentos imobiliários da empresa se concentrou nas propriedades sênior de habitação e saúde.

Tipo de propriedade	Custos de aquisição	Número de propriedades
Habitação sênior	US $ 52,6 milhões	38 propriedades
Edifícios de consultórios médicos	US $ 21,7 milhões	22 propriedades
Instalações de enfermagem qualificadas	US $ 10 milhões	15 propriedades

Custos de manutenção e gerenciamento de propriedades

Em 2023, a NHI alocou US $ 22,5 milhões para despesas de manutenção e gerenciamento de propriedades.

• Orçamento anual de manutenção de propriedades: US $ 15,3 milhões
• Taxas de gerenciamento de propriedades: US $ 7,2 milhões
• Custo médio de manutenção por propriedade: US $ 356.000

Overhead administrativo e operacional

A sobrecarga administrativa e operacional da empresa para 2023 totalizou US $ 18,4 milhões.

Categoria de despesa	Custo
Salários corporativos	US $ 9,6 milhões
Despesas do escritório	US $ 4,2 milhões
Infraestrutura de tecnologia	US $ 2,8 milhões
Serviços profissionais	US $ 1,8 milhão

Pesquisa de investimento e due diligence

A NHI investiu US $ 6,7 milhões em pesquisa de investimento e atividades de due diligence durante 2023.

• Despesas de pesquisa de mercado: US $ 3,2 milhões
• Custos de avaliação de propriedade: US $ 2,1 milhões
• Taxas de consultoria externa: US $ 1,4 milhão

Conformidade e despesas regulatórias

As despesas regulatórias e de conformidade em 2023 totalizaram US $ 5,9 milhões.

Área de conformidade	Despesas
Conformidade legal	US $ 2,6 milhões
Relatórios regulatórios	US $ 1,8 milhão
Auditoria e certificação	US $ 1,5 milhão

National Health Investors, Inc. (NHI) - Modelo de negócios: fluxos de receita

Receita de aluguel de arrendamentos de propriedades de saúde

Para o ano fiscal de 2023, a National Health Investors, Inc. relatou US $ 228,1 milhões na receita total de aluguel de arrendamentos de propriedades em saúde.

Tipo de propriedade	Número de propriedades	Renda de aluguel
Habitação sênior	224	US $ 112,5 milhões
Instalações de enfermagem qualificadas	86	US $ 68,3 milhões
Edifícios de consultórios médicos	45	US $ 47,3 milhões

Distribuições de dividendos

Em 31 de dezembro de 2023, o rendimento de dividendos da NHI era 6.82%, com uma distribuição total de dividendos anuais de US $ 4,66 por ação.

Apreciação de capital de ativos imobiliários

Em 2023, o portfólio imobiliário da NHI apreciado por US $ 42,7 milhões, representando a 3.2% aumento no valor total do ativo.

Taxas de gerenciamento de investimentos

Taxas de gerenciamento de investimentos para 2023 totalizaram US $ 5,2 milhões.

Vendas de propriedades e reestruturação de portfólio

Durante 2023, a NHI concluiu as vendas de propriedades totalizando US $ 87,6 milhões, com um ganho líquido de US $ 12,4 milhões.

Tipo de propriedade vendido	Número de propriedades	Valor total de venda
Habitação sênior	12	US $ 56,3 milhões
Instalações de enfermagem qualificadas	5	US $ 31,4 milhões

• Receita total para 2023: US $ 265,9 milhões
• Taxa média de ocupação de arrendamento: 89.6%
• Termo de arrendamento restante médio ponderado: 9,3 anos

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.