National Health Investors Inc (NYSE: NHI)

National Health Investors, Inc. is a self managed real estate investment trust established in 1991 as a Maryland corporation. The company owns leases operates and finances the development of high quality real estate properties focusing on senior housing communities and medical facilities.

The company generates revenue primarily from triple net leases with third party operators at its properties. Additionally it earns interest income from financing arrangements such as mortgages construction loans mezzanine loans and revolving lines of credit provided to tenants operators affiliates and third parties. The senior housing operating portfolio segment generates revenue from resident fees and services on each unit operated by third party managers.

The company operates through the following segments: Real Estate Investments and Senior Housing Operating Portfolio.

• The Real Estate Investments segment owns leases operates and finances the development of senior housing communities and medical facilities including independent living facilities assisted living facilities entrance fee communities senior living campuses skilled nursing facilities hospitals and provides financing arrangements such as mortgages construction loans mezzanine loans and revolving lines of credit to tenants operators affiliates and third parties.

• The Senior Housing Operating Portfolio segment consists of senior housing communities comprising independent living facilities senior living campuses and assisted living facilities located in multiple states. The company outsources operations to third party managers and pays a management fee for these services. Revenue is derived from resident fees and services on each unit.

The company competes with other REITs private equity funds healthcare providers banks and insurance companies in the acquisition leasing and financing of healthcare real estate properties. Its competitive advantages include a focus on senior housing and medical facilities a triple net lease structure that passes operating expenses to tenants and a diversified portfolio across property types and geographic regions.

The company serves triple net lease tenants who are operators of senior housing and medical facilities third party managers who operate its senior housing operating portfolio assets and borrowers who receive financing for acquisition construction or working capital needs. Specific customer names are not disclosed in the filing.