# EDGAR Filing Document

**Accession Number:** 0000877860
**File Stem:** 0001193125-25-211524
**Filing Date:** 2025-9
**Character Count:** 9410
**Document Hash:** 75ad7b8a1eedd1e2d3bd1ae5345ace72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-211524.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001193125-25-211524

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**GROUP MEMBERS**: FLORIDA HOLDINGS IV, LLC

**GROUP MEMBERS**: HI-REIT OF PROPCO IV, LLC

**GROUP MEMBERS**: MYRTLE BEACH RETIREMENT RESIDENCE LLC

**GROUP MEMBERS**: NHI - MERRILL I TRS, LLC

**GROUP MEMBERS**: NHI OPCO BROKEN ARROW OK, LLC

**GROUP MEMBERS**: NHI OPCO CENTRAL POINT OR, LLC

**GROUP MEMBERS**: NHI OPCO COLUMBUS IN, LLC

**GROUP MEMBERS**: NHI OPCO MICHIGAN CITY IN, LLC

**GROUP MEMBERS**: NHI OPCO PORTAGE IN, LLC

**GROUP MEMBERS**: NHI OPCO READING PA, LLC

**GROUP MEMBERS**: NHI OPCO REDMOND OR, LLC

**GROUP MEMBERS**: NHI OPCO SALISBURY MD, LLC

**GROUP MEMBERS**: NHI OPCO TULSA OK, LLC

**GROUP MEMBERS**: NHI OPCO VERO BEACH FL, LLC

**GROUP MEMBERS**: NHI PROPCO BROKEN ARROW OK, LLC

**GROUP MEMBERS**: NHI PROPCO CENTRAL POINT OR, LLC

**GROUP MEMBERS**: NHI PROPCO MEMBER LLC

**GROUP MEMBERS**: NHI PROPCO REDMOND OR, LLC

**GROUP MEMBERS**: NHI PROPCO TULSA OK, LLC

**GROUP MEMBERS**: NHI REIT OF ALABAMA, L.P.

**GROUP MEMBERS**: NHI SELAH PROPERTIES, LLC

**GROUP MEMBERS**: NHI SH OPCO 1, LLC

**GROUP MEMBERS**: NHI SH OPCO 2, LLC

**GROUP MEMBERS**: NHI SH PROPCO 1, LLC

**GROUP MEMBERS**: NHI SH PROPCO 2, LLC

**GROUP MEMBERS**: NHI-BICKFORD RE, LLC

**GROUP MEMBERS**: NHI-DISCOVERY I TRS, LLC

**GROUP MEMBERS**: NHI-REIT OF AXEL, LLC

**GROUP MEMBERS**: NHI-REIT OF BICKFORD, LLC

**GROUP MEMBERS**: NHI-REIT OF CALIFORNIA, LP

**GROUP MEMBERS**: NHI-REIT OF CCWH, LLC

**GROUP MEMBERS**: NHI-REIT OF COLORADO, LLC

**GROUP MEMBERS**: NHI-REIT OF DSL PROPCO II, LLC

**GROUP MEMBERS**: NHI-REIT OF FLORIDA, LLC

**GROUP MEMBERS**: NHI-REIT OF GEORGIA, L.P.

**GROUP MEMBERS**: NHI-REIT OF IDAHO, L.P.

**GROUP MEMBERS**: NHI-REIT OF INDIANA, LLC

**GROUP MEMBERS**: NHI-REIT OF MARYLAND, LLC

**GROUP MEMBERS**: NHI-REIT OF MICHIGAN, LLC

**GROUP MEMBERS**: NHI-REIT OF MINNESOTA, LLC

**GROUP MEMBERS**: NHI-REIT OF MISSOURI, LP

**GROUP MEMBERS**: NHI-REIT OF NC SPRINGS, LLC

**GROUP MEMBERS**: NHI-REIT OF NEXT HOUSE, LLC

**GROUP MEMBERS**: NHI-REIT OF NORTH CAROLINA, LLC

**GROUP MEMBERS**: NHI-REIT OF NORTHEAST, LLC

**GROUP MEMBERS**: NHI-REIT OF OKLAHOMA, LLC

**GROUP MEMBERS**: NHI-REIT OF OREGON, LLC

**GROUP MEMBERS**: NHI-REIT OF PROPCO I, LLC

**GROUP MEMBERS**: NHI-REIT OF PROPCO II, LLC

**GROUP MEMBERS**: NHI-REIT OF PROPCO III, LLC

**GROUP MEMBERS**: NHI-REIT OF PROPCO V, LLC

**GROUP MEMBERS**: NHI-REIT OF SEASIDE, LLC

**GROUP MEMBERS**: NHI-REIT OF SOUTH CAROLINA, L.P.

**GROUP MEMBERS**: NHI-REIT OF TENNESSEE, LLC

**GROUP MEMBERS**: NHI-REIT OF TX-IL, LLC

**GROUP MEMBERS**: NHI-REIT OF VIRGINIA, L.P.

**GROUP MEMBERS**: NHI-REIT OF WASHINGTON, LLC

**GROUP MEMBERS**: NHI-REIT OF WISCONSIN, LLC

**GROUP MEMBERS**: NHI-SS TRS, LLC

**GROUP MEMBERS**: NHI/ANDERSON, LLC

**GROUP MEMBERS**: NHI/LAURENS, LLC

**GROUP MEMBERS**: NHI/REIT OF FLORIDA, L.P.

**GROUP MEMBERS**: NHI/REIT, INC.

**GROUP MEMBERS**: TEXAS NHI INVESTORS, LLC

**GROUP MEMBERS**: VOORHEES RETIREMENT RESIDENCE LLC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONAL HEALTH INVESTORS INC
- **CENTRAL INDEX KEY:** 0000877860
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621470956
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-270557
- **FILM NUMBER:** 251330821

**BUSINESS ADDRESS:**
- **STREET 1:** 222 ROBERT ROSE DRIVE
- **CITY:** MURFREESBORO
- **STATE:** TN
- **ZIP:** 37129
- **BUSINESS PHONE:** 6158909100

**MAIL ADDRESS:**
- **STREET 1:** 222 ROBERT ROSE DRIVE
- **CITY:** MURFREESBORO
- **STATE:** TN
- **ZIP:** 37129
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NATIONAL HEALTH INVESTORS INC
- **CENTRAL INDEX KEY:** 0000877860
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621470956
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 222 ROBERT ROSE DRIVE
- **CITY:** MURFREESBORO
- **STATE:** TN
- **ZIP:** 37129
- **BUSINESS PHONE:** 6158909100

**MAIL ADDRESS:**
- **STREET 1:** 222 ROBERT ROSE DRIVE
- **CITY:** MURFREESBORO
- **STATE:** TN
- **ZIP:** 37129

Filed Pursuant to Rule 433

Issuer Free Writing Prospectus

dated September 22, 2025

Registration No. 333-270557

Supplementing the Preliminary

Prospectus Supplement dated September 22, 2025

and Prospectus dated March 15, 2023

**National Health Investors, Inc.** 

**PRICING TERM SHEET** 

---

| | |
|:---|:---|
| **Issuer:** | National Health Investors, Inc. (the "**Issuer**") |
| **Guarantors:** | Certain of the Issuer's direct and indirect subsidiaries as described in the Preliminary Prospectus Supplement referred to above (the "**Guarantors**") |
| **Security:** | 5.350% Senior Notes due 2033 (the "**Notes**") |
| **Ranking:** | Senior Unsecured |
| **Format:** | SEC Registered |
| **Expected Ratings\*:** | Baa3 (Moody's) / BBB- (S&P) / BBB- (Fitch) |
| **Trade Date:** | September 22, 2025 |
| **Settlement Date:** | September 26, 2025 (T+4) |
| **Use of Proceeds:** | The Issuer expects to use the net proceeds from this offering to reduce borrowings outstanding under its senior unsecured revolving credit facility, with any remaining amounts being used for working capital and for general corporate purposes, including, but not limited to, the funding of acquisitions of additional properties or businesses, investments in mortgages and the repayment of short-term and long-term debt. |
| **Principal Amount:** | $350000000 |
| **Benchmark Treasury:** | UST 3.875% due August 31, 2032 |
| **Benchmark Treasury Yield:** | 3.885% |
| **Spread to Benchmark Treasury:** | +165 bps |
| **Yield to Maturity:** | 5.535% |
| **Price to Public:** | 98.903% of principal amount of the Notes, plus accrued interest, if any, from September 26, 2025 |
| **Coupon (Interest Rate):** | 5.350% per annum |
| **Gross Proceeds to the Issuer:** | $346160500 |
| **Interest Payment Dates:** | February 1 and August 1, commencing February 1, 2026 (short first coupon) |
| **Maturity Date:** | February 1, 2033 |
| **Record Dates:** | January 15 and July 15 |

---

------

---

| | |
|:---|:---|
| **Optional Redemption Provisions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Make-Whole Call:** | Prior to December 1, 2032, T+25 basis points |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Par Call:** | On or after December 1, 2032 |
| **CUSIP / ISIN:** | 63633DAG9 / US63633DAG97 |
| **Denominations/Multiple:** | $2,000 / $1,000 |
| **Joint Book-Running Managers:** | J.P. Morgan Securities LLC<br> BofA Securities, Inc.<br> Wells Fargo Securities, LLC<br> BMO Capital Markets Corp.<br> KeyBanc Capital Markets Inc. |
| **Senior Co-Managers:** | Regions Securities LLC<br> Huntington Securities, Inc. |
| **Co-Managers:** | Hancock Whitney Investment Services, Inc.<br> Stifel, Nicolaus & Company, Incorporated<br> PNFP Capital Markets, Inc. |

---

**\*** **Note: A security rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time. Each of the security ratings above should be evaluated independently of any other security rating.** 

**\*\*** **The Issuer expects that delivery of the Notes will be made to investors on or about the settlement date specified above, which will be the fourth business day following the date of this term sheet. Under rules of the SEC, trades in the secondary market are required to settle in one business day, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes offered hereby more than one business day prior to the scheduled settlement date will be required, by virtue of the fact that the Notes initially settle in T+4, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers who wish to trade the Notes more than one business day before the scheduled settlement date should consult their advisors.** 

**The Issuer and the Guarantors have filed a registration statement (including a prospectus dated March 15, 2023 and a preliminary prospectus supplement dated September 22, 2025) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the related preliminary prospectus supplement and other documents the Issuer has filed with the SEC for more complete information about the Issuer, the Guarantors and this offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at (212) 834-4533, BofA Securities, Inc. at (800) 294-1322 or Wells Fargo Securities, LLC at (800) 645-3751.**