Robert G. Adams exercises 35,000 NHI options, updates indirect holdings

Rhea-AI Filing Summary

National Health Investors director Robert G. Adams reported option exercises and related share transactions dated January 27, 2026. He exercised 25,000 stock options granted February 25, 2021 at $69.20 per share and 10,000 stock options granted in 2025 at $73.34 per share, receiving common stock held indirectly as Trustee. To cover taxes, 31,093 shares of common stock were disposed of at $79.23 per share under transaction code F, also reported as indirectly owned as Trustee. Following these transactions, 184,455 common shares are reported as indirectly owned as Trustee, 40,000 shares are indirectly owned as Trustee – CLAT, and 342,096 shares are indirectly owned through a Family Partnership.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ADAMS ROBERT G

(Last) (First) (Middle)

100 VINE STREET

(Street)

MURFREESBORO TN 37130

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL HEALTH INVESTORS INC [ NHI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/27/2026		M		25,000	A	$69.2	205,548	I	Trustee
Common Stock	01/27/2026		M		10,000	A	$73.34	215,548	I	Trustee
Common Stock	01/27/2026		F		31,093	D	$79.23	184,455	I	Trustee
Common Stock								40,000	I	Trustee - CLAT
Common Stock								342,096	I	Family Partnership

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy) 2-25-2021	$69.2	01/27/2026		M			25,000	02/25/2021	02/25/2026	Common Stock	25,000	$0	0	D
Stock Option (Right to Buy) 2025	$73.34	01/27/2026		M			10,000	03/03/2025	03/03/2030	Common Stock	10,000	$0	0	D

Explanation of Responses:

	/s/ Robert G. Adams	01/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Robert G. Adams report in his Form 4 for NHI?

Robert G. Adams reported exercising 25,000 stock options at $69.20 and 10,000 options at $73.34, receiving National Health Investors common stock indirectly as Trustee, and a related tax withholding transaction disposing of 31,093 shares at $79.23 per share.

What types of securities did NHI director Robert G. Adams transact?

He transacted both derivative and non-derivative securities. He exercised stock options (rights to buy common stock) and reported corresponding acquisitions of National Health Investors common stock, plus a disposition of 31,093 common shares to satisfy tax obligations under transaction code F.

How many National Health Investors options did Robert G. Adams exercise?

Robert G. Adams exercised 25,000 stock options granted February 25, 2021 with a $69.20 exercise price and 10,000 stock options granted in 2025 with a $73.34 exercise price, converting them into National Health Investors common shares held indirectly as Trustee.

What indirect ownership positions in NHI stock does Robert G. Adams report?

He reports indirect ownership of 184,455 National Health Investors common shares as Trustee, 40,000 shares as Trustee – CLAT, and 342,096 shares through a Family Partnership, reflecting multiple entities through which he has reported beneficial ownership interests.

What does transaction code F mean in the NHI Form 4 filing?

Transaction code F in this filing corresponds to 31,093 National Health Investors common shares disposed of at $79.23 per share. This code typically indicates shares withheld or tendered to satisfy tax obligations related to equity awards or option exercises.

Is Robert G. Adams a director or officer of National Health Investors?

Robert G. Adams is reported as a director of National Health Investors and not as an officer or 10% owner. The Form 4 indicates the filing is made by one reporting person and checks the box for Director as his relationship to the issuer.