NHI Form 4: Director option exercise and 22,135-share disposition

Rhea-AI Filing Summary

National Health Investors, Inc. (NHI) reported insider activity by a director who jointly holds shares with a spouse. On 11/20/2025, the director exercised a stock option to acquire 25,000 shares of common stock at an exercise price of $69.20 per share. On the same date, 22,135 shares of jointly held common stock were disposed of in a transaction coded "F," indicating shares were surrendered, typically to cover tax obligations, at a price of $78.16 per share. After these transactions, the director beneficially owned 31,555 shares of common stock jointly with a spouse and 500 shares in an IRA SEP, along with 10,000 stock options exercisable beginning 03/03/2025.

Insider Trade Summary

Net Buyer: 2,865 shares

Net Buy 5 txns

Insider Jobe James R

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy) 2-25-2021	25,000	$0.00	$0.00
Exercise	Common Stock - Jointly held with spouse	25,000	$69.20	$1.73M
Exercise Price or Tax Liability	Common Stock - Jointly held with spouse	22,135	$78.16	$1.73M
holding	Stock Option (Right to Buy) 2025	--	--	--
holding	Common Stock - IRA SEP	--	--	--

Holdings After Transaction: Stock Options (Right to Buy) 2-25-2021 — 0 shares (Direct); Common Stock - Jointly held with spouse — 31,555 shares (Direct); Stock Option (Right to Buy) 2025 — 10,000 shares (Direct); Common Stock - IRA SEP — 500 shares (Direct)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/24/2025 - 04:37 PM Learn about SEC filing dates

FAQ

What insider transaction did NHI report on this Form 4?

The filing reports that a director of NHI exercised 25,000 stock options for common stock and disposed of 22,135 shares of common stock on 11/20/2025.

At what prices were the NHI stock option exercise and share disposition reported?

The director exercised stock options at an exercise price of $69.20 per share and disposed of shares in a transaction coded "F" at $78.16 per share.

How many NHI shares does the director beneficially own after the reported transactions?

Following the transactions, the director beneficially owned 31,555 shares of NHI common stock jointly with a spouse and 500 shares in an IRA SEP.

What stock options does the NHI director still hold after this Form 4?

The director holds 10,000 stock options with an exercise price of $73.34 per share, exercisable starting 03/03/2025 and expiring on 03/03/2030.

What do the transaction codes "M" and "F" mean in the NHI Form 4?

In the report, code "M" indicates the exercise of a stock option, and code "F" indicates a disposition of shares, typically to satisfy tax withholding obligations.

What is the reporting person’s relationship to National Health Investors Inc. (NHI)?

The reporting person is identified as a director of National Health Investors Inc. (NHI), and some shares are jointly held with a spouse.

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
Estimated average burden
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^*

Jobe James R

(Last) (First) (Middle)

2058 ALEXANDER BLVD.

(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)
11/20/2025

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 - Jointly held with spouse	11/20/2025		M		25,000	A	$69.2	53,690	D
Common Stock - Jointly held with spouse	11/20/2025		F		22,135	D	$78.16	31,555	D
Common Stock - IRA SEP								500	D

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 Option (Right to Buy) 2025	$73.34							03/03/2025	03/03/2030	Common Stock	10,000		10,000	D
Stock Options (Right to Buy) 2-25-2021	$69.2	11/20/2025		M			25,000	02/25/2021	02/25/2026	Common Stock	25,000	$0	0	D

Explanation of Responses:

	/s/ Kimberly V. Ouimet, by limited power of attorney	11/24/2025
	** 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.