NATIONAL HEALTH INVESTORS Business Summary

National Health Investors Inc. (NHI) is a self-managed real estate investment trust (REIT) specializing in the financing and ownership of senior housing and medical facilities. The company generates revenue through a dual-segment model: its Real Estate Investments segment, which utilizes long-term triple-net leases and mortgage financing for independent living, assisted living, and skilled nursing facilities, and its Senior Housing Operating Portfolio (SHOP), which allows for direct participation in property-level operational upside. As of early 2026, NHI has aggressively pivoted toward the SHOP model, which now accounts for approximately 12% of its net operating income, supported by a disciplined leverage target of 3.5x to 4.5x net debt to Adjusted EBITDA. NHI competes in the healthcare REIT sector against larger-cap peers such as Welltower (WELL) and Ventas (VTR), as well as specialized competitors like Omega Healthcare Investors (OHI) and Sabra Health Care REIT (SBRA), distinguishing itself through a mid-cap focus on relationship-oriented underwriting and conservative capital allocation. The leadership team is anchored by President and CEO D. Eric Mendelsohn, who has led the company since 2015 and brings extensive operational experience from his previous tenure at Emeritus Senior Living. He is supported by Chief Financial Officer John L. Spaid and Chief Investment Officer Kevin Carlton Pascoe, both of whom have been instrumental in executing the firm’s post-pandemic portfolio restructuring and its 2026 strategic expansion into the SHOP segment. The company was founded in 1991 by W. Andrew Adams, who continues to serve as Chairman of the Board. In February 2026, the board was further bolstered by the appointment of Lilly H. Donohue, the former CEO of Holiday Retirement, to enhance the REIT's operational oversight. NHI is a publicly traded entity on the NYSE with significant institutional ownership from major asset managers, including BlackRock and Vanguard, reflecting its status as a core holding for income-focused healthcare real estate investors.