The following is a summary of the National Health Investors, Inc. (NHI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NHI reported a net income per diluted common share of $0.65 for Q3 2024, a slight decrease from $0.68 in the previous year.

• NAREIT and normalized FFO results per diluted common share decreased by 4.6% to $1.03.

• FAD for Q3 increased by 2.5% to $49.4 million.

• Cash rent and interest income for Q3 decreased by approximately $2.9 million.

Business Progress:

• NHI closed on investments totaling over $205 million year-to-date with an average initial yield of approximately 8.4%.

• Significant acquisition includes the Spring Arbor portfolio of 10 senior living communities at $121 million.

• Transitioned management of properties from Senior Living Management to new operators promptly, ensuring no adverse impact on residents.

• NHI is pursuing a robust pipeline of investments worth approximately $350 million, in addition to several large portfolio deals.

• Announced Chairman Andy Adams's retirement effective December 31, 2024.

Opportunities:

• With traditional capital providers scaling back exposure or exiting the senior housing sector, NHI sees an opportunity to leverage its cost of capital advantage to secure investments.

• Demographic tailwinds and historic lows in inventory growth support years of exceptional growth prospects for NHI.

Risks:

• Senior Living Management's inability to pay lease and interest obligations presents financial risk, although mitigated by rapid management transitions.

• Market dynamics including the potential regulatory changes post-election could impact NHI's operation and market strategy.

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