NATIONAL HEALTH INVESTORS INC

National Health Investors, Inc. (NHI) is a self-managed real estate investment trust (REIT) established in 1991. The company owns, leases, operates, and finances the development of high-quality real estate properties, with a focus on senior housing communities and medical facilities. NHI operates through two reportable segments: Real Estate Investments and Senior Housing Operating Portfolio (SHOP). Its senior housing investments, also called senior housing properties (SHO), include independent living facilities (ILF), assisted living facilities (ALF), entrance fee communities (EFC), and senior living campuses (SLC). Medical facility investments include skilled nursing facilities (SNF) and hospitals (HOSP). NHI's financing arrangements consist of mortgages, construction loans, mezzanine loans, and revolving lines of credit extended to tenants, operators, or their affiliates, and other third parties. As of December 31, 2025, the Real Estate Investments segment comprised gross real estate investments of $2.7 billion in 176 properties, excluding one property classified as assets held for sale. These properties are located in 32 states and are primarily leased under triple-net leases to 31 tenants. This segment's investments included 110 SHOs, 65 SNFs, and one HOSP. Additionally, investments included $218.7 million in principal amounts of mortgage and other notes receivable, excluding $15.4 million of credit loss reserves. Revenues in this segment primarily come from triple-net leases with third-party operators. As of December 31, 2025, the SHOP segment consisted of gross real estate investments of $634.3 million in 26 senior housing communities located in 13 states. These included 17 ILFs, six SLCs, and three ALFs, with a combined total of 3,009 units. Operations at these properties are outsourced to third-party managers, for which NHI pays a management fee. As of December 31, 2025, 16 of these senior housing communities were held in consolidated partnerships where noncontrolling common equity interests are owned by affiliates of the respective managers.