National Health Investors, Inc
(NYSE:NHI)

Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI's portfolio consists of independent, assist...

Website: http://www.nhireit.com

Founded: 1991

Full Time Employees: 17

Sector: Real Estate

Industry: REIT-Healthcare Facilities

Real Estate

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Quarterly

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2005-12-31	2002-12-31

revenues:
rental income	73,150,000	70,286,000	62,178,000	70,270,000	68,866,000	65,784,000	63,318,000	65,760,000	62,187,000	60,722,000	62,255,000	60,952,000	65,299,000	53,765,000	59,394,000	39,982,000	64,559,000	60,906,000	67,043,000	68,351,000	74,749,000	74,942,000	77,821,000	77,917,000	76,527,000	75,405,000	75,247,000	72,578,000	70,953,000	70,004,000	71,688,000	69,869,000	68,050,000	68,204,000	65,735,000	63,137,000	61,019,000	59,272,000	57,028,000	55,074,000	54,823,000	54,459,000	52,670,000	52,495,000	42,944,000	41,669,000	41,353,000	40,313,000	27,150,000	28,817,000	25,012,000	25,050,000	20,210,000	22,285,000		14,064,750	18,765,000	17,500,000	19,020,000	13,516,500	18,087,000	17,646,000	18,453,000	10,506,000	17,054,000	13,487,000	14,029,000	13,322,000	13,220,000	13,835,000	12,962,000	12,798,000	12,989,000	12,901,000
resident fees and services	37,060,000	30,729,000	21,177,000	14,217,000	13,939,000	14,005,000	13,771,000	13,390,000	13,256,000	12,949,000	12,367,000	11,793,000	11,700,000	11,791,000	12,013,000	11,992,000
interest and other income	4,920,000
total revenues	115,130,000	105,823,000	89,847,000	90,662,000
yoy
qoq	8.79%	17.78%	-0.90%
expenses:
depreciation and amortization	23,691,000
interest expense	15,040,000																																																			1,123,000	1,316,000	854,000
senior housing operating expenses	28,169,000	23,426,000	16,253,000	10,396,000	10,853,000	10,757,000	10,744,000	10,437,000	10,314,000	10,062,000	10,045,000	9,682,000	9,799,000	9,841,000	9,239,000	9,113,000
legal expense	305,000																																																			277,000	342,000	205,000		-447,441	119,000	174,000	188,000	612,000	85,000	174,000	283,000	682,000	337,000	485,000	450,000	557,000	310,000	597,000	134,000	526,000	161,000	188,000
franchise, excise and other taxes	215,000	324,000	244,000	243,000	269,000	94,000	83,000	47,000	-187,000	6,000	2,000	258,000	183,000	150,000	225,000	225,000	244,000	79,000	244,000	232,000	233,000	-19,000	164,000	145,000	243,000	109,000	121,000	775,000	545,000	309,000	245,000	266,000	158,000	268,000	267,000	267,000	183,000	271,000	273,000	283,000	633,000	114,000	104,000	134,000	-170,000	78,000	406,000	306,000	300,000	80,000	93,000	144,000	145,000	271,000		-741,048	185,000	252,000	358,000	43,000	64,000	252,000	278,000									82,500	68,000	191,000
general and administrative expenses	7,851,000
proxy contest and related expenses		393,000		1,308,000
taxes and insurance on leased properties	2,804,000	2,571,000	2,610,000	2,914,000	2,887,000	2,844,000	2,786,000	2,802,000	2,733,000	2,775,000	2,908,000	3,212,000	2,619,000	2,235,000	2,358,000	2,157,000	3,038,000	4,119,000	3,182,000	2,175,000	2,161,000	2,463,000	4,187,000
loan and realty gains	-50,000
total expenses	78,025,000	69,791,000	57,555,000	55,607,000
gains on dispositions of real estate properties	2,612,000
gains from equity method investment		1,652,000	73,000	1,524,000	415,000			236,000	166,000							273,000	297,000
other non-operating income	35,000									50,500	202,000
net income	39,752,000	37,803,000	32,478,000	36,689,000	33,817,000	42,787,000	28,242,000	34,952,000	30,657,000	31,719,000	29,033,000	39,447,000	34,183,000	1,560,000	34,229,000	21,466,000	8,246,000	6,505,000	30,849,000	39,231,000	35,384,000	37,163,000	42,661,000	44,425,000	61,062,000	42,036,000	42,755,000	39,978,000	35,679,000	37,082,000	40,979,000	37,839,000	37,799,000	39,092,000	38,245,000	44,230,000	41,188,000	33,438,000	44,981,000	33,109,000	54,786,000	33,977,000	31,537,000	30,013,000	28,100,000	25,516,000	25,577,000	23,856,000	28,110,000	43,050,000	20,098,000	15,923,000	41,270,000	14,351,000	16,928,000	-62,936,868	18,808,000	19,189,000	19,093,000	16,955,000	17,334,000	19,189,000	15,943,000	16,291,000	17,473,000	15,415,000	15,049,000	13,367,000	15,951,000	14,793,000	13,399,000	29,435,000	36,538,000	14,981,000
yoy	17.55%	-11.65%	15.00%	4.97%	10.31%	34.89%	-2.72%	-11.40%	-10.32%	1933.27%	-15.18%	83.77%	314.54%	-76.02%	10.96%	-45.28%	-76.70%	-82.50%	-27.69%	-11.69%	-42.05%	-11.59%	-0.22%	11.12%	71.14%	13.36%	4.33%	5.65%	-5.61%	-5.14%	7.15%	-14.45%	-8.23%	16.91%	-14.98%	33.59%	-24.82%	-1.59%	42.63%	10.32%	94.97%	33.16%	23.30%	25.81%	-0.04%	-40.73%	27.26%	49.82%	-31.89%	199.98%	18.73%	-125.30%	119.43%	-25.21%	-11.34%	-471.20%	8.50%	0.00%	19.76%	4.08%	-0.80%	24.48%	5.94%	21.87%	9.54%	4.20%	12.31%	-54.59%	-56.34%	-1.25%
qoq	5.16%	16.40%	-11.48%	8.49%	-20.96%	51.50%	-19.20%	14.01%	-3.35%	9.25%	-26.40%	15.40%	2091.22%	-95.44%	59.46%	160.32%	26.76%	-78.91%	-21.37%	10.87%	-4.79%	-12.89%	-3.97%	-27.25%	45.26%	-1.68%	6.95%	12.05%	-3.78%	-9.51%	8.30%	0.11%	-3.31%	2.21%	-13.53%	7.39%	23.18%	-25.66%	35.86%	-39.57%	61.24%	7.74%	5.08%	6.81%	10.13%	-0.24%	7.21%	-15.13%	-34.70%	114.20%	26.22%	-61.42%	187.58%	-15.22%	-126.90%	-434.63%	-1.99%	0.50%	12.61%	-2.19%	-9.67%	20.36%	-2.14%	-6.76%	13.35%	2.43%	12.58%	-16.20%	7.83%	10.40%	-54.48%	-19.44%	143.90%
net income margin %	34.53%	35.72%	36.15%	40.47%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%
add: net loss attributable to noncontrolling interests	350,000	360,000	384,000	298,000	348,000	455,000	298,000	304,000	290,000	327,000	313,000	332,000
net income attributable to stockholders	40,102,000	38,163,000	32,862,000	36,987,000	34,165,000	43,242,000	28,540,000	35,256,000	30,947,000	32,046,000	29,346,000	39,779,000
less: net income allocated to participating securities	-78,000
net income attributable to common stockholders	40,024,000	38,113,000	32,812,000	36,938,000	34,113,000	43,214,000	28,511,000	35,227,000	30,915,000	32,027,000	29,327,000	39,760,000	34,484,000	1,863,000	34,468,000	21,673,000	8,399,000	6,477,000	30,814,000	39,183,000	35,332,000	37,140,000	42,595,000	44,368,000	61,023,000	42,039,000	42,758,000	39,979,000					37,799,000	39,092,000	38,245,000	44,230,000	41,188,000	33,032,000	44,595,000	32,725,000	54,396,000	33,600,000	31,182,000	29,683,000	27,529,000	25,250,000	25,294,000	23,533,000	27,775,000	42,744,000	19,920,000	15,743,000	41,103,000	14,351,000
weighted-average common shares outstanding:
basic	48,323,945,000	46,874,691,000	47,433,336,000	46,691,953,000	45,720,496,000	43,844,771,000	43,476,067,000	43,397,080,000	43,388,841,000	43,388,794,000	43,388,841,000	43,388,753,000	43,388,742,000	44,774,708,000	44,339,975,000	45,708,238,000	45,850,686,000	45,714,221,000	45,850,599,000	45,850,599,000	45,305,087,000	44,696,285,000	44,661,650,000	44,650,002,000	44,613,593,000	43,417,828,000	43,505,332,000	43,232,384,000	42,825,824,000	41,943,873,000	42,187,077,000	41,704,819,000	40,894,219,000	41,108,699,000	40,982,244,000	39,953,804,000	39,013,412,000	39,283,919,000	38,520,221,000	38,401,647,000	37,604,594,000	37,566,221,000	37,566,221,000	37,558,067,000	33,375,966,000	33,055,992,000	33,052,750,000	33,051,415,000	28,362,398,000	27,876,176,000	27,876,176,000	27,876,176,000	27,811,813,000	27,830,311,000			27,729,560,000	27,665,629,000	27,696,727,000		27,673,703,000	27,665,629,000	27,632,376,000	27,586,338,000	27,589,161,000		27,574,544,000		27,767,394,000	27,753,051,000	27,730,686,000	27,703,464,000		27,703,539,000
diluted	48,547,893,000	47,051,763,000	47,623,623,000	46,822,465,000	45,878,528,000	44,102,636,000	43,987,072,000	43,563,654,000	43,424,550,000	43,389,466,000	43,388,841,000	43,388,753,000	43,391,429,000	44,794,236,000	44,402,582,000	45,718,538,000	45,851,061,000	45,729,497,000	45,851,424,000	45,858,074,000	45,357,773,000	44,698,004,000	44,662,403,000	44,650,002,000	44,618,139,000	43,703,248,000	43,861,089,000	43,498,021,000	43,125,032,000	42,091,731,000	42,434,499,000	41,786,829,000	41,151,453,000	41,448,263,000	41,245,173,000	40,108,762,000	39,155,380,000	39,651,900,000	38,561,384,000	38,414,791,000	37,644,171,000	37,583,141,000	37,607,117,000	37,645,265,000	33,416,014,000	33,088,570,000	33,087,283,000	33,085,232,000	28,397,702,000	27,905,545,000	27,913,727,000	27,911,584,000	27,838,720,000	27,862,582,000			27,789,725,000	27,729,034,000	27,796,109,000		27,737,802,000	27,729,034,000	27,681,479,000	27,618,300,000	27,642,237,000		27,582,228,000		27,785,708,000	27,777,291,000	27,786,425,000	27,783,862,000		27,799,749,000
earnings per share:
basic	0.83	0.8	0.69
diluted	0.82	0.8	0.69
interest income and other		4,789,500	6,492,000	6,175,000	6,491,000	5,966,000	5,855,000	5,820,000	6,070,000	5,794,000	5,484,000	5,131,000	5,389,000	5,114,000	4,891,000	7,925,000	6,768,000	8,761,000	6,790,000	5,979,000	6,136,000	6,297,000	6,480,000	6,257,000	6,549,000	6,790,000	6,435,000	5,518,000	5,154,000	3,992,000	3,227,000
depreciation		14,822,750	20,216,000	19,918,000	19,157,000	18,680,000	17,768,000	17,490,000	17,505,000	17,111,000	17,515,000	17,730,000	17,617,000	17,303,000	17,533,000	17,772,000	18,272,000	19,299,000	20,035,000	20,658,000	20,806,000	21,024,000	20,836,000	20,847,000	20,443,000	19,610,000	19,695,000	19,020,000	18,491,000	18,067,000	18,153,000	17,794,000	17,167,000	17,023,000	16,829,000	16,154,000	15,897,000	15,240,000	14,695,000	13,733,000	13,661,000	13,485,000	13,004,000	13,014,000	9,705,000	9,596,000	9,540,000	9,237,000	5,396,000	5,732,000	4,558,000	4,415,000	3,926,000	5,892,000		2,182,250	2,930,000	2,786,000	2,884,000	2,063,250	2,871,000	2,823,000	2,594,000	1,419,000	2,317,000	1,942,000	1,951,000	1,952,000	1,925,000	2,022,000	2,025,000	-444,000	3,157,000	3,123,000
interest		14,264,000	13,766,000	15,001,000	14,337,000	15,240,000	14,939,000	14,854,000	14,869,000	14,852,000	15,086,000	14,194,000	14,027,000	12,445,000	11,412,000	10,862,000	10,198,000	12,282,000	12,715,000	12,840,000	12,973,000	12,293,000	12,892,000	13,557,000	14,140,000	14,374,000	14,661,000	13,746,000	13,518,000																				3,218,000	3,290,000	1,598,000												160,000	19,250	15,000	24,000	37,000	61,750	62,000	80,000	105,000	1,119,500	465,000	2,004,000
legal		11,000	134,000	1,095,000	1,426,000	411,000	240,000	165,000	236,000	143,000	67,000	174,000	122,000	301,000	88,000	339,000	1,827,000	701,000	117,000	-40,000	130,000	426,000	241,000	250,000	334,000	98,000	40,000	99,000	270,000	-396,000	371,000	223,000	77,000	215,000	146,000	56,000	16,000	156,000	124,000	126,000	169,000	117,000	75,000	104,000	60,000	66,000	10,000	73,000	163,000	55,000	289,000
general and administrative		7,603,000	6,311,000	6,125,000	6,829,000	5,418,000	4,810,000	4,870,000	5,642,000	4,924,000	4,430,000	4,306,000	5,653,000	4,875,000	4,744,000	5,049,000	8,101,000	3,202,000	3,650,000	3,588,000	7,989,000	3,177,000	2,785,000	3,032,000	4,311,000	3,612,000	2,802,000	2,972,000	4,014,000	2,820,000	2,793,000	2,765,000	3,074,000	2,513,000	2,521,000	4,108,000	2,555,000	2,169,000	2,120,000	2,929,000	2,469,000	1,691,000	2,514,000	3,845,000	2,159,000	2,164,000	1,850,000	2,935,000	2,083,000	1,757,000	2,325,000	3,089,000	1,781,000	1,639,000		1,567,750	1,209,000	1,331,000	3,774,000	1,599,250	1,260,000	1,331,000	3,806,000	1,215,000	1,194,000	1,257,000	1,589,000	1,344,000	453,000	343,000	1,447,000	1,219,000	1,227,000	1,782,000
loan and realty losses		-61,000	-1,979,000	-1,393,000	-14,000	745,000	3,434,000	1,106,000	10,000	-351,000	1,959,000	186,000	-418,000	21,960,000	11,329,000	4,094,000	24,528,000	29,170,000	22,425,000	1,221,000	-50,000	-11,000	-193,000	-380,000	1,555,000	-60,000			2,500,000	3,266,000		1,849,000					3,964,000	1,131,000	14,726,000														-4,495,000	2,300,000										-437,000			-640,000
gains on sales of real estate properties		119,000	113,000	110,000
less: net income attributable to unvested restricted
stock awards		-37,750	-50,000	-49,000
earnings per share - basic				0.79
earnings per share - diluted				0.79
revenues: - sum					89,296,000	85,755,000	82,944,000	84,970,000	81,513,000	79,465,000	80,106,000	77,876,000	82,388,000	70,670,000	76,298,000	59,899,000	71,327,000	69,667,000	73,833,000	74,330,000	80,885,000	81,239,000	84,301,000	84,174,000	83,076,000	82,195,000	81,682,000		76,107,000	73,996,000	74,915,000	72,956,000	51,894,000	71,352,000
proxy contest and related					264,000
expenses: - sum					56,008,000	54,189,000	54,804,000	51,771,000	51,122,000	49,522,000	52,012,000	49,742,000	49,602,000	69,110,000	56,928,000	49,611,000	66,208,000	68,852,000	62,368,000	40,674,000	44,242,000	39,353,000	40,912,000	38,901,000	42,579,000	39,336,000	38,927,000		40,428,000	36,914,000	33,936,000	35,117,000	24,024,500	32,260,000
gains on sales of real estate					114,000	4,960,000	102,000	1,517,000	100,000	1,221,000	737,000	11,366,000	1,397,000		14,840,000	10,521,000	2,981,000	6,072,000	19,941,000	6,484,000		309,000
less: net income attributable to unvested restricted stock awards					-52,000	-28,000	-29,000	-29,000	-32,000	-19,000	-19,000	-19,000
earnings per common share - basic					750	960	660	810	710	740	680	920
earnings per common share - diluted					740	960	650	810	710	740	680	920
gain on operations transfer												20,000		-177,500	19,000
loss on early retirement of debt												-73,000					-151,000	-1,461,000			-451,000
gain on note receivable payoff
less: net loss attributable to noncontrolling interests													301,000	303,000	239,000	207,000	153,000					-23,000	-66,000	-57,000
earnings per common share:
net income attributable to common stockholders - basic													790	50	780	470	180	140	670	850	780	827.5	950	990	1,370	685	980	920					747.5	950	930	1,110	712.5	840	1,160	850	627.5	890	830	790
net income attributable to common stockholders - diluted													790	50	780	470	180	130	670	850	780	827.5	950	990	1,370	680	970	920					742.5	940	930	1,100	710	830	1,160	850	627.5	890	830	790
gain on note payoff														278,250		1,113,000
loss on operations transfer																-729,000
loss from equity method investment																		729,000	-557,000	-909,000	-808,000	-1,108,000	-728,000	-848,000	-442,000
less: net income attributable to noncontrolling interests																		-33,750	-35,000	-48,000	-52,000				-39,000
property taxes and insurance on leased properties																								1,450,000	1,553,000	1,593,000	1,608,000	1,506,000	1,090,000
investment and other gains																									21,007,000											10,088,000	6,175,000	1,657,000	26,415,000	1,665,000	23,529,000	1,126,000
income before loss on convertible note retirement																										29,603,250	42,755,000	39,978,000	35,679,000
loss on convertible note retirement
less: net loss attributable to noncontrolling interest																										3,000	3,000
less: net income attributable to noncontrolling interest																												1,000										-406,000	-386,000	-384,000	-390,000	-377,000	-355,000	-330,000	-571,000	-266,000	-283,000	-323,000	-335,000	-306,000	-178,000	-180,000
net income per common share - basic																													830	700	970	910
net income per common share - diluted																													830	700	970	910
interest, including amortization of debt discount and issuance costs																														9,051,750	12,374,000	12,220,000	8,932,500	12,241,000	11,828,000	11,661,000	7,936,250	10,816,000	10,666,000	10,262,000	6,867,750	9,772,000	9,287,000	8,412,000	5,180,000	7,005,000	6,829,000	6,887,000
income before investment and other gains and losses																														29,497,250	40,979,000	37,839,000
interest income																																3,087,000
interest income from mortgage and other notes																																	3,009,000	3,045,000	3,992,000	3,089,000	3,890,000	3,591,000	3,232,000	3,092,000	2,829,000	2,507,000	2,521,000	2,121,000	1,755,000	1,754,000	1,748,000	1,756,000	1,756,000	1,936,000	1,972,000	1,969,000
investment income and other																																	24,000	103,000	109,000	162,000	118,000	388,000	944,000	852,000	990,000	1,316,000	1,122,000	1,135,000	1,035,000	1,055,000	1,059,000	1,067,000	1,010,000	1,040,000	1,064,000	1,052,000	950,000	1,348,000		3,349,500	2,196,000	1,285,000	1,412,000
income before equity-method investee, trs tax expense, investment and
other gains and noncontrolling interest																																	27,869,500	39,092,000	38,245,000	34,142,000	20,938,500	33,468,000	18,600,000
loss from equity-method investee
income tax expense attributable to taxable reit subsidiary
income before equity-method investee, trs tax benefit, investment and
income from equity-method investee																																						-754,000	-57,000	-402,000	-1,002,000	-252,000		-229,000	-228,000	-53,000	52,000	158,000	55,000	178,000	69,000
income tax benefit attributable to taxable reit subsidiary																																					-187,250	-933,000	23,000	161,000
income before equity-method investee, trs tax benefit, investment and other gains and noncontrolling interest																																								31,685,000
loan recovery																																									-122,750		-491,000
income before equity-method investee and noncontrolling interest																																									23,791,750	33,103,000	31,820,000	30,242,000
income income from equity-method investee																																											-283,000
loan and realty losses (recoveries)
income before equity-method investee, discontinued operations and noncontrolling interest																																													18,698,750	25,569,000	25,525,000	23,698,000
income from continuing operations																																													28,100,000	25,516,000	25,577,000	23,856,000	22,117,000	23,118,000	19,254,000	15,008,000	25,035,000	14,351,000	15,681,000	-55,784,240	16,525,000	15,943,000	15,565,000	15,331,000	16,146,000	16,052,000	14,693,000	12,284,000	17,477,000	13,926,000	15,090,000	13,757,000	13,460,000	14,797,000	13,399,000	13,390,000	36,538,000	13,650,000
discontinued operations																																																	190	710	30	30				8,112	80	120	130	7,283,800	40	110	50	-79.78		50		-89.92	90			-49.37		50
income from operations - discontinued																																																	3,105,000	562,000	844,000					953,250	1,235,000	1,242,000	1,229,000	914,000	1,188,000	1,133,000		4,007,000		1,489,000	-41,000
gain on sale of real estate																																																	2,888,000	19,370,000						837,000	1,048,000	2,004,000
income from discontinued operations																																																	5,993,000	19,932,000		915,000				1,790,250	2,283,000	3,246,000	3,528,000	1,415,000	1,188,000	3,137,000	1,250,000									16,714,000		662,000
basic:
income from continuing operations attributable to common stockholders																																													800	760	770	710	740	820	680	530	900	520
net income per common share attributable to common stockholders																																													800	760	770	710	930	1,530	710	560	1,480	520
diluted:
loan and realty (recoveries) losses																																																	494,000	-2,061,000
income before equity-method investee, investment and other gains,
discontinued operations and noncontrolling interest																																																	18,756,000	22,940,000
loan impairment																																																				4,037,000
income before equity-method investee, discontinued operations
and noncontrolling interest																																																			19,185,000	14,986,000
income before unconsolidated entity, discontinued operations
income from unconsolidated entity																																																				22,000
mortgage interest income																																																					1,357,000	1,879,000		1,229,750	1,689,000	1,602,000	1,596,000	1,291,500	1,569,000	1,602,000	1,996,000	2,074,000	2,568,000	2,590,000	1,913,000	2,452,000	2,400,000	2,417,000	2,397,000	2,216,000	2,599,000	3,322,000
income before unconsolidated entity, gains on sales of marketable
securities, discontinued operations and noncontrolling interest																																																					12,399,500	14,351,000
gains on sales of marketable securities																																																					7,500
gain on sales of real estate
net income attributable to noncontrolling interest
other comprehensive income:
change in unrealized gains on securities																																																					141,750	-1,336,000
less: reclassification adjustment for gains in net income																																																					-7,500
decrease in fair value of cash flow hedge																																																					-335,750	-436,000
total other comprehensive income																																																					-201,500	-1,772,000
total comprehensive income																																																					12,205,500	12,579,000
snfs leased to legend healthcare																																																							2,657,000
alfs leased to senior living management																																																							917,000
alfs leased to selah management group																																																							325,000
alfs leased to suite living senior specialty services / white pine																																																							101,000
write-off of billed rent due to lease termination																																																							-126,000
other new and existing leases																																																							14,955,000
write-off of straight-line rent receivable due to lease termination																																																							-963,000
straight-line rent adjustments, new and existing leases																																																							977,000
total rental income																																																							18,843,000
capital funding group																																																							150,000
brentwood at fore ranch																																																							82,000
other new and existing mortgages																																																							1,615,000
total mortgage interest income																																																							1,847,000
investment income and other1																																																							1,084,000
total revenue																																																							21,774,000
snfs leased to legend healthcare2																																																							454,000
other new and existing assets																																																							2,942,000
total depreciation																																																							3,396,000
interest expense:
change in fair value of interest rate swap agreement
interest expense and amortization of loan costs																																																							747,000					-379,000	-471,000	-474,000
total interest expense																																																							747,000
share-based compensation																																																							248,000								1,821,000
other incomes																																																							1,702,000
income from discontinued operations3																																																							1,247,000
net income per common share, basic and diluted																																																							610
1 see note 10 to the condensed consolidated financial statements
2 acquired from legend in 2011
3 see note 11 to the condensed consolidated financial statements
nm - not meaningful
loan and realty recoveries																																																								98,901	-99,000	-573,000				-573,000
income before non-operating income																																																								-45,025,136	16,110,000	15,132,000	13,412,000				13,260,000	9,431,000	15,621,000	12,226,000	12,276,000	11,734,000	12,759,000	13,012,000	11,421,000	9,852,000	33,818,000	10,260,000
interest expense and amortization of loan costs, net of change in fair value of interest rate swap agreement																																																								-657,000	-1,781,000	-474,000	741,000
net income per common share																																																								567.5	680	690	690	472.5	620	690	580	-1,737.67	630	550	550
net gain on sale of real estate																																																											2,299,000	501,000		2,004,000										167,250		669,000
income before non-operating items																																																												14,477,000	15,376,000	15,241,000
non-operating income																																																												989,500	1,241,000	1,285,000	1,433,000	2,853,000	1,856,000	1,700,000	2,814,000	2,023,000	701,000	1,785,000	1,978,000	3,538,000	2,720,000	3,390,000
amortization of loan costs																																																															68,000	81,000	3,000	4,000	4,000	4,000	3,000	4,000	4,000	5,000	3,000	34,000
national health investors, inc.
condensed consolidated statements of cash flows
cash flows from operating activities:
adjustments to reconcile net income to net cash provided by
operating activities:
benefit from loan and realty recoveries
impairment of real estate assets in discontinued operations
realized loss on sale of marketable securities
change in operating assets and liabilities:
accounts receivable																																																															-1,512,000
deferred costs and other assets																																																															23,000
accounts payable and accrued expenses																																																															-66,000
deferred income																																																															401,000
net cash from operating activities																																																															19,272,000
cash flows from investing activities:
investment in mortgage notes receivable																																																															-3,200,000
collection of mortgage notes receivable																																																															843,000
acquisition of real estate properties																																																															-76,968,000
receipt of earnest money deposit																																																															3,100,000
proceeds from disposition of real estate properties
acquisition of marketable securities
proceeds from sales of marketable securities																																																															1,000
net cash from investing activities																																																															-76,224,000
cash flows from financing activities:
net borrowings under revolving credit facility																																																															33,935,000
credit facility fees																																																															-379,000
principal payments on debt
dividends paid to stockholders																																																															-17,959,000
net cash from financing activities																																																															15,597,000
increase in cash and cash equivalents																																																															-41,355,000
cash and cash equivalents, beginning of period																																																															45,718,000
cash and cash equivalents, end of period																																																															4,363,000
supplemental disclosure of cash flow information:
interest paid																																																															88,000
supplemental schedule of non-cash activities:
settlement of mortgage note by real estate acquisition																																																															22,936,000
cash withheld at closing of real estate acquisition																																																															1,000,000
franchise, excise, and other taxes																																																																181,000	135,000	139,000	275,000	122,000	108,000	194,000	223,000
income from operations – discontinued																																																																				612,250	2,491,000
net income per share																																																																				0.398	0.57	0.53	0.48
revenues
facility operating revenue																																																																								17,253,000	23,493,000	23,014,000
loan and realty impairment losses																																																																								-5,750,000	-21,300,000
facility operating expense																																																																								16,002,000	21,482,000	21,655,000
weighted-average common shares outstanding:
basic diluted																																																																								6,925,859,750	27,703,539,000
37,993
26,238
32

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2005-12-31	2002-12-31

assets:
real estate properties:
land	230,816,000	221,660,000	209,444,000	209,444,000	201,983,000	191,909,000	181,173,000	181,173,000	180,749,000	180,749,000	180,749,000	180,749,000	181,949,000	177,527,000	176,795,000	178,787,000	180,503,000	186,658,000	200,559,000	212,609,000	220,361,000	220,361,000	220,423,000	219,919,000	219,575,000	213,617,000	213,102,000	214,661,000	207,380,000	202,196,000	200,197,000	200,197,000	192,953,000	191,623,000	188,783,000	183,943,000	182,923,000	172,003,000	164,279,000	163,476,000	140,634,000	137,532,000	136,336,000	130,340,000	127,665,000	127,566,000	94,320,000	93,950,000	93,290,000	91,770,000	70,844,000	65,674,000	58,869,000	58,869,000	62,693,000	50,210,000	49,114,000	49,114,000	44,620,000	44,368,000	42,493,000	42,493,000	41,711,000	41,711,000	41,035,000	28,490,000	28,577,000	27,477,000	26,310,000	26,310,000	26,310,000	26,314,000	26,314,000	26,314,000	29,890,000	29,890,000	30,067,000	30,067,000	31,647,000	33,805,000
buildings, building improvements and intangible assets	3,148,991,000	3,055,866,000
construction in progress	19,309,000	18,214,000	12,465,000	8,283,000	6,663,000	10,568,000	11,329,000	8,347,000	6,389,000	5,913,000	7,019,000	5,925,000	3,924,000	3,352,000	2,835,000	1,781,000	851,000	468,000	2,784,000	4,167,000	3,131,000	3,093,000	2,528,000	1,600,000	18,003,000	24,556,000	19,954,000	20,889,000	19,810,000	16,643,000	7,890,000	5,093,000	4,781,000	2,678,000	10,835,000	20,201,000	18,018,000	15,729,000	24,772,000	27,782,000	18,702,000	13,011,000	12,343,000	10,219,000	8,978,000	6,428,000	18,197,000	13,973,000	11,198,000	9,665,000	19,469,000	9,954,000	4,922,000	2,673,000	718,000	15,900,000	9,864,000	4,983,000	3,922,000																182,000	256,000	364,000	307,000	359,000	1,263,000
total real estate properties	3,399,116,000	3,295,740,000	3,104,282,000	3,097,842,000
less: accumulated depreciation and amortization	-843,828,000	-821,982,000
mortgage and other notes receivable, net of credit loss reserves of
15,341 and 15,397, respectively	205,949,000
cash and cash equivalents	24,948,000	19,624,000	81,625,000	18,640,000	135,004,000	24,289,000	15,550,000	14,766,000	11,357,000	22,347,000	16,579,000	17,411,000	13,875,000	19,291,000	28,811,000	43,435,000	36,121,000	37,412,000	48,393,000	32,544,000	113,375,000	43,344,000	42,198,000	46,853,000	46,049,000	5,215,000	5,882,000	5,635,000	5,177,000	4,659,000	2,638,000	3,045,000	3,230,000	3,063,000	3,926,000	3,470,000	5,685,000	4,832,000	4,197,000	3,876,000	28,808,000	13,286,000	14,197,000	3,293,000	4,190,000	3,287,000	3,559,000	7,157,000	6,245,000	11,312,000	7,450,000	36,469,000	6,050,000	9,172,000	4,410,000	9,800,000	6,927,000	15,886,000	15,484,000	21,901,000	21,097,000	2,664,000	2,451,000	11,744,000	4,363,000	45,718,000	63,571,000	65,254,000	104,935,000	100,242,000	97,437,000	94,810,000	90,945,000	75,356,000	114,784,000	170,815,000	171,942,000	177,765,000	132,469,000	43,062,000
straight-line rents receivable	79,303,000	78,891,000	77,906,000		88,311,000	87,150,000				84,713,000
assets held for sale	3,562,000	3,562,000					5,669,000	5,669,000	5,004,000	5,004,000	10,875,000	13,167,000	26,670,000	43,302,000	32,608,000	56,669,000	131,988,000	66,398,000	17,443,000	22,581,000						18,420,000	18,420,000	3,745,000	3,745,000													1,346,000	1,346,000									1,611,000	1,611,000	1,611,000		29,381,000	29,381,000	29,381,000	29,381,000	29,381,000	29,381,000	36,853,000	33,420,000	33,420,000	33,420,000	33,420,000				200,000	629,000
other assets	20,815,000	17,756,000	18,696,000	18,831,000	29,543,000	22,753,000	23,163,000	23,982,000	26,053,000	24,063,000	24,691,000	26,604,000	28,768,000	16,585,000	17,385,000	15,947,000	22,181,000	21,036,000	33,389,000	21,664,000	22,270,000	21,583,000	29,416,000	39,522,000		32,020,000	31,659,000	31,746,000	29,987,000	27,298,000	24,608,000	23,126,000	22,160,000	18,212,000	18,598,000	16,380,000	15,021,000		12,322,000
total assets1	2,889,865,000	2,796,887,000	2,690,064,000	2,695,959,000
liabilities and equity:
liabilities:
debt	1,269,668,000	1,163,814,000	1,109,065,000	1,118,835,000	1,262,985,000	1,146,041,000	1,136,302,000	1,136,035,000	1,139,266,000	1,135,051,000	1,144,438,000	1,134,815,000	1,176,014,000	1,147,511,000	1,114,999,000	1,104,495,000	1,249,044,000	1,242,883,000	1,285,287,000	1,434,744,000	1,524,725,000	1,499,285,000	1,528,968,000	1,554,241,000	1,548,904,000	1,440,465,000	1,449,360,000	1,471,787,000	1,287,205,000	1,281,675,000	1,220,135,000	1,225,720,000	1,160,226,000	1,145,497,000	1,111,292,000	1,145,005,000	1,145,691,000	1,115,981,000	1,086,018,000	1,072,835,000	937,138,000	926,257,000	1,009,144,000	893,032,000	899,420,000	862,726,000	640,963,000	638,019,000	629,033,000	617,080,000	391,362,000	386,778,000	203,250,000	203,250,000	194,250,000	120,000,000	95,300,000		48,125,000	48,750,000	49,375,000														10,966,000	12,059,000	12,783,000	13,492,000	17,252,000	61,763,000
accounts payable and other liabilities	37,846,000	43,734,000	34,654,000
dividends payable	44,610,000	44,439,000	43,827,000	42,726,000	42,024,000	41,119,000	39,260,000	39,098,000	39,082,000	39,069,000	39,069,000	39,069,000	39,050,000	39,050,000	39,050,000	40,190,000	41,265,000	41,266,000	41,266,000	41,266,000	50,550,000	49,818,000	49,314,000	49,226,000	49,226,000	46,817,000	46,154,000	45,525,000	45,359,000	42,700,000	42,231,000	42,172,000	41,532,000	39,456,000	39,454,000	38,935,000	38,930,000	35,863,000	35,863,000	35,239,000	34,564,000	32,637,000	31,931,000	31,931,000	31,931,000	28,864,000	25,455,000	25,452,000	25,450,000	24,293,000	20,489,000	20,489,000	19,375,000	24,793,000	18,646,000	18,074,000	18,061,000	24,144,000	17,059,000	17,041,000	17,041,000	16,752,000	16,752,000	15,910,000	15,896,000	17,959,000	15,179,000	15,171,000	15,169,000	19,030,000	15,276,000	15,268,000	17,509,000	37,466,000	13,876,000	13,876,000	13,876,000	25,809,000	12,524,000	9,339,000
deferred income	5,207,000	4,996,000	4,020,000	4,058,000	4,102,000	4,277,000	4,612,000	5,107,000	5,429,000	6,009,000	5,432,000	5,284,000	4,944,000	5,052,000	5,094,000	4,282,000	4,285,000	5,725,000	6,694,000	9,209,000	10,972,000	12,614,000	14,207,000	16,371,000	17,373,000	19,750,000	21,590,000	22,641,000	24,550,000	5,954,000	5,218,000	5,833,000						871,000	784,000	477,000	1,013,000	3,573,000	2,472,000	2,643,000	2,827,000	1,071,000	1,372,000	1,415,000	1,701,000	3,901,000	1,185,000	1,230,000	1,294,000	1,334,000	1,374,000	1,643,000	1,633,000	1,673,000	1,714,000	1,480,000	1,423,000	1,461,000	1,446,000	1,460,000	1,286,000	885,000	648,000	661,000	110,000	115,000	120,000	125,000	131,000	137,000	143,000	149,000	191,000	163,000	3,142,000	4,797,000
total liabilities1	1,357,331,000	1,256,983,000	1,191,566,000	1,198,665,000
commitments and contingencies
redeemable noncontrolling interest	9,922,000	10,195,000	9,034,000	9,321,000	9,540,000	9,790,000	8,925,000	9,169,000	9,425,000	9,656,000	9,922,000	10,172,000	9,520,000	9,825,000
equity:
national health investors, inc. stockholders’ equity:
common stock, 0.01 par value per share...
48,459,369 and 48,302,944 shares, respectively, issued and outstanding	485,000
capital in excess of par value	1,920,451,000	1,922,713,000	1,875,800,000	1,863,582,000	1,804,679,000	1,736,831,000	1,601,450,000	1,606,199,000	1,605,912,000	1,603,757,000	1,602,892,000	1,602,026,000	1,601,257,000	1,599,427,000	1,598,385,000	1,597,679,000	1,596,258,000	1,591,182,000	1,590,194,000	1,589,205,000	1,594,336,000	1,540,946,000	1,510,804,000	1,505,265,000	1,505,001,000	1,505,948,000	1,467,289,000	1,419,228,000	1,406,822,000	1,369,919,000	1,336,779,000	1,333,874,000	1,288,861,000	1,289,919,000	1,295,709,000	1,254,516,000	1,254,780,000	1,173,588,000	1,173,588,000	1,135,726,000	1,085,896,000	1,085,136,000	1,035,551,000	1,035,318,000	1,035,160,000	1,033,896,000	762,918,000	762,703,000	762,483,000	753,635,000	470,892,000	470,639,000	469,569,000	467,843,000	467,600,000	467,357,000	467,110,000	465,678,000	465,503,000	465,236,000	464,963,000	462,392,000	462,229,000	461,917,000	461,663,000	459,842,000	459,766,000	459,612,000	459,536,000	458,911,000	462,496,000	462,462,000	462,664,000	462,278,000	462,187,000	462,098,000	461,851,000	461,735,000	464,389,000	440,360,000
retained earnings	2,787,108,000	2,747,006,000	2,708,843,000	2,675,981,000	2,638,994,000	2,604,829,000	2,561,587,000	2,533,047,000	2,497,791,000	2,466,844,000	2,434,799,000	2,405,453,000	2,365,674,000
cumulative dividends	-3,193,269,000	-3,148,659,000	-3,104,220,000	-3,060,393,000	-3,017,666,000	-2,975,642,000	-2,934,523,000	-2,895,263,000	-2,856,165,000	-2,817,083,000	-2,778,014,000	-2,738,945,000	-2,699,876,000																																																		-988,779,000	-972,027,000	-956,116,000	-940,220,000	-922,261,000	-907,082,000	-891,911,000	-876,742,000	-857,711,000	-842,436,000	-827,167,000	-809,658,000	-772,192,000	-758,314,000	-744,438,000	-730,562,000	-664,729,000	-516,632,000
total national health investors, inc. stockholders’ equity	1,514,775,000	1,521,543,000	1,480,899,000	1,479,645,000	1,426,474,000		1,228,950,000	1,244,417,000	1,247,972,000		1,260,111,000	1,268,968,000	1,267,489,000		1,306,370,000	1,392,220,000	1,479,293,000
noncontrolling interests	7,837,000	8,166,000	8,565,000	8,328,000	8,571,000	8,912,000	9,533,000	9,886,000	10,169,000	10,439,000	10,792,000	11,235,000	11,587,000		9,078,000	9,281,000	9,504,000		10,149,000	10,345,000	10,530,000	10,711,000	10,953,000	11,110,000	11,435,000
total equity	1,522,612,000	1,529,709,000	1,489,464,000	1,487,973,000	1,435,045,000	1,375,387,000	1,238,483,000	1,254,303,000	1,258,141,000	1,264,391,000	1,270,903,000	1,280,203,000	1,279,076,000	1,280,081,000	1,315,448,000	1,401,501,000	1,488,797,000	1,516,983,000	1,549,206,000	1,557,060,000	1,562,715,000	1,522,945,000	1,504,002,000	1,503,469,000	1,506,993,000	1,498,252,000	1,462,993,000	1,419,686,000										1,209,590,000	1,206,990,000	1,178,643,000	1,139,689,000	1,142,460,000	1,044,666,000	1,046,507,000	1,046,441,000	1,049,933,000	781,020,000	780,382,000	783,185,000	777,160,000	490,413,000	468,987,000	468,376,000	468,047,000	450,411,000
total liabilities and equity	2,889,865,000	2,796,887,000	2,690,064,000	2,695,959,000	2,782,885,000	2,614,371,000	2,460,090,000	2,476,912,000	2,478,125,000	2,488,480,000	2,499,090,000	2,498,495,000	2,533,230,000	2,507,424,000				2,838,876,000				3,120,489,000				3,042,235,000				2,750,570,000	2,671,009,000	2,673,236,000	2,559,428,000	2,545,821,000	2,519,932,000	2,511,042,000	2,515,979,000	2,403,633,000	2,387,770,000	2,335,454,000	2,159,234,000	2,146,349,000	2,133,125,000	2,012,820,000	2,019,716,000	1,982,960,000	1,488,168,000	1,483,127,000	1,473,202,000	1,455,820,000	917,114,000	887,234,000	700,141,000	705,981,000	675,273,000
15,397 and 20,249, respectively		203,296,000
48,302,944 and 45,687,942 shares issued and outstanding, respectively		483,000
buildings and improvements			2,882,373,000	2,880,115,000	2,823,073,000	2,751,071,000	2,627,928,000	2,622,633,000	2,596,232,000	2,593,696,000	2,588,823,000	2,587,123,000	2,604,742,000	2,549,019,000	2,560,646,000	2,599,734,000	2,601,905,000	2,707,422,000	2,818,321,000	3,024,923,000	3,042,763,000	3,041,616,000	3,041,613,000	3,025,619,000	2,990,554,000	2,836,673,000	2,827,227,000	2,823,170,000	2,676,127,000	2,599,526,000	2,599,302,000	2,598,660,000	2,485,951,000	2,471,602,000	2,421,302,000	2,408,660,000	2,396,383,000	2,285,122,000	2,204,625,000	2,156,763,000	1,954,537,000	1,945,323,000	1,939,943,000	1,843,519,000	1,856,475,000	1,854,855,000	1,380,623,000	1,374,727,000	1,363,727,000	1,320,567,000	854,915,000	795,455,000	637,043,000	636,994,000	625,361,000	499,681,000	487,396,000	487,396,000	436,602,000	434,309,000	421,030,000	420,704,000	416,490,000	416,486,000	410,655,000	322,296,000	338,648,000	323,945,000	284,596,000	284,596,000	284,595,000	283,096,000	283,093,000	283,093,000	346,328,000	345,913,000	346,522,000	346,033,000	362,907,000	367,981,000
less: accumulated depreciation			-801,614,000	-781,390,000
15,443 and 20,249, respectively			209,169,000
47,638,502 and 45,687,942 shares issued and outstanding, respectively			476,000
17,465 and 20,249, respectively				252,939,000
straight-line rent receivable				89,097,000			86,334,000	85,321,000	84,257,000		83,549,000	82,295,000	79,103,000	76,895,000	81,959,000	79,697,000	94,739,000	96,198,000	99,895,000	97,723,000	98,354,000	95,703,000	92,418,000	89,090,000	85,629,000	86,044,000	82,634,000	78,672,000	75,123,000	105,620,000	114,397,000	108,771,000	102,046,000	97,359,000	90,224,000	83,273,000	77,024,000	72,518,000	66,904,000	62,034,000	65,062,000	59,777,000	53,646,000	47,462,000	41,243,000	35,154,000	31,383,000	27,181,000	22,886,000	18,691,000	16,778,000	15,065,000	13,652,000	12,370,000	11,030,000	9,782,000	9,768,000	8,706,000	7,690,000	6,783,000	5,837,000	4,928,000
accounts payable and accrued expenses				33,046,000	29,189,000	37,757,000	32,508,000	33,200,000	26,782,000	34,304,000	29,326,000	28,952,000	24,626,000	25,905,000	22,997,000	25,336,000	19,112,000	23,181,000	20,886,000	25,728,000	23,673,000	25,189,000	32,144,000	33,026,000	34,701,000	26,313,000	28,625,000	27,104,000	22,532,000	19,890,000	18,750,000	16,814,000	16,514,000	17,476,000	19,144,000	18,301,000	21,599,000	20,003,000	36,090,000	26,235,000	24,805,000	19,397,000	19,887,000	14,432,000	14,822,000	15,718,000	12,583,000	11,084,000	7,058,000	8,011,000	7,809,000	3,894,000	3,590,000	4,301,000	4,114,000	3,933,000	2,818,000	3,483,000	3,915,000	3,268,000	2,782,000	3,388,000	2,835,000	2,868,000	2,688,000	2,754,000	3,517,000	4,152,000	4,193,000
47,473,160 and 45,687,942 shares issued and outstanding, respectively				475,000
real estate properties: - sum					3,031,719,000	2,953,548,000	2,820,430,000	2,812,153,000	2,783,370,000	2,780,358,000	2,776,591,000	2,773,797,000	2,790,615,000	2,729,898,000	2,740,276,000	2,780,302,000	2,783,259,000	2,894,548,000	3,021,664,000	3,241,699,000	3,266,255,000	3,265,070,000	3,264,564,000	3,247,138,000	3,228,132,000		3,060,283,000		2,903,317,000	2,818,365,000		2,803,950,000			2,620,920,000
less accumulated depreciation					-761,462,000	-742,295,000	-723,606,000	-705,829,000	-690,790,000	-673,276,000	-656,155,000	-638,631,000	-625,743,000	-611,688,000	-599,423,000	-593,036,000	-582,175,000	-576,668,000	-593,215,000	-622,943,000	-618,299,000	-597,638,000	-576,605,000	-555,762,000	-534,905,000	-514,453,000	-494,834,000	-487,591,000	-468,562,000	-451,483,000	-433,484,000	-415,332,000	-397,538,000	-380,202,000	-363,035,000	-345,992,000	-329,173,000	-313,080,000	-297,193,000	-281,963,000	-272,783,000	-259,059,000	-245,409,000	-233,202,000	-225,304,000	-212,300,000	-202,605,000	-193,018,000	-183,488,000	-174,262,000	-177,820,000	-172,097,000	-167,549,000	-163,146,000	-169,293,000	-153,459,000	-150,063,000	-146,698,000	-143,474,000	-141,375,000	-138,427,000	-135,543,000	-134,491,000	-131,620,000	-129,519,000	-126,925,000	-135,783,000	-133,466,000	-131,525,000	-129,574,000	-127,622,000	-125,999,000	-123,977,000	-121,952,000	-149,862,000	-146,870,000	-144,113,000	-141,208,000	-131,784,000	-98,655,000
real estate properties					2,270,257,000	2,211,253,000	2,096,824,000	2,106,324,000	2,092,580,000	2,107,082,000	2,120,436,000	2,135,166,000	2,164,872,000	2,118,210,000	2,140,853,000	2,187,266,000	2,201,084,000	2,317,880,000	2,428,449,000	2,618,756,000	2,647,956,000	2,667,432,000	2,687,959,000	2,691,376,000	2,693,227,000	2,560,393,000	2,565,449,000	2,571,129,000	2,434,755,000	2,366,882,000	2,373,905,000	2,388,618,000	2,286,147,000	2,285,701,000	2,257,885,000	2,266,812,000	2,268,151,000	2,159,774,000	2,096,483,000	2,066,058,000	1,841,090,000	1,836,807,000	1,843,213,000	1,750,876,000	1,767,814,000	1,776,549,000	1,290,535,000	1,289,632,000	1,284,727,000	1,247,740,000	767,408,000	698,986,000	533,285,000	535,390,000	519,479,000	412,332,000	396,311,000	394,795,000	341,670,000	337,302,000	325,096,000	327,654,000	323,710,000	326,577,000	322,171,000	223,861,000	231,442,000	217,956,000	179,381,000	181,332,000	183,283,000	183,411,000	185,430,000	187,455,000	226,538,000	229,189,000	232,840,000	235,199,000	263,129,000	304,394,000
mortgage and other notes receivable, net of reserve of 18,910 and 20,249, respectively					259,770,000
total assets					2,782,885,000	2,614,371,000	2,460,090,000	2,476,912,000	2,478,125,000	2,488,480,000	2,499,090,000	2,498,495,000	2,533,230,000	2,507,424,000	2,508,785,000	2,587,291,000	2,802,503,000	2,838,876,000	2,912,177,000	3,077,445,000	3,183,273,000	3,120,489,000	3,139,273,000	3,166,971,000	3,167,835,000	3,042,235,000	3,019,360,000	2,997,381,000	2,806,268,000	2,750,570,000	2,671,009,000	2,673,236,000	2,559,428,000	2,545,821,000	2,519,932,000	2,511,042,000	2,515,979,000	2,403,633,000	2,387,770,000	2,335,454,000	2,159,234,000	2,146,349,000	2,133,125,000	2,012,820,000	2,019,716,000	1,982,960,000	1,488,168,000	1,483,127,000	1,473,202,000	1,455,820,000	917,114,000	887,234,000	700,141,000	705,981,000	675,273,000	598,400,000	572,904,000	579,563,000	522,297,000	521,959,000	522,139,000	509,341,000	497,173,000	509,909,000	497,880,000	459,360,000	456,616,000	453,223,000	449,694,000	457,106,000	471,300,000	472,067,000	477,031,000	500,732,000	500,205,000	581,720,000	582,971,000	595,464,000	587,932,000	651,064,000
liabilities and stockholders’ equity:
total liabilities					1,338,300,000	1,229,194,000	1,212,682,000	1,213,440,000	1,210,559,000	1,214,433,000	1,218,265,000	1,208,120,000	1,244,634,000	1,217,518,000	1,182,140,000	1,174,303,000	1,313,706,000	1,321,893,000	1,362,971,000	1,520,385,000	1,620,558,000	1,597,544,000	1,635,271,000	1,663,502,000	1,660,842,000	1,543,983,000	1,556,367,000	1,577,695,000	1,390,284,000	1,360,857,000	1,307,609,000	1,311,864,000	1,239,547,000	1,223,704,000	1,192,265,000	1,224,616,000	1,228,695,000	1,194,043,000	1,180,780,000	1,156,811,000	1,019,545,000	1,003,889,000	1,088,459,000	966,313,000	973,275,000	933,027,000	707,148,000	702,745,000	690,017,000	678,660,000	426,701,000	418,247,000	231,765,000	237,934,000	224,862,000	153,128,000	127,290,000	136,078,000	74,813,000	74,539,000	74,621,000	66,841,000	56,667,000	71,386,000	61,055,000	24,748,000	20,744,000	22,746,000	22,234,000	27,491,000	25,044,000	30,107,000	34,196,000	54,594,000	45,639,000	150,727,000	150,673,000	163,793,000	162,964,000	250,635,000
46,693,671 and 45,687,942 shares issued and outstanding, respectively					467,000
mortgage and other notes receivable, net of reserve of 20,249 and 15,476, respectively						268,926,000
national health investors stockholders' equity:
common stock, 0.01 par value...
45,687,942 and 43,409,841 shares issued and outstanding, respectively						457,000
total national health investors, inc. stockholders' equity						1,366,475,000				1,253,952,000				1,270,225,000				1,507,083,000	1,539,057,000	1,546,715,000	1,552,185,000		1,493,049,000	1,492,359,000	1,495,558,000		1,462,366,000	1,419,045,000
mortgage and other notes receivable, net of reserve of 19,411 and 15,476, respectively							232,550,000
43,622,064 and 43,409,841 shares issued and outstanding, respectively							436,000
mortgage and other notes receivable, net of reserve of 15,921 and 15,476, respectively								240,850,000
43,442,849 and 43,409,841 shares issued and outstanding, respectively								434,000
mortgage and other notes receivable, net of reserve of 15,475 and 15,476, respectively									258,874,000
43,424,841 and 43,409,841 shares issued and outstanding, respectively									434,000
mortgage and other notes receivable, net of reserve of 15,476 and 15,338, respectively										245,271,000
national health investors, inc. stockholders' equity:
43,409,841 and 43,388,742 shares issued and outstanding, respectively										434,000	434,000	434,000
mortgage and other notes receivable, net of reserve of 15,808 and 15,338, respectively											242,960,000
mortgage and other notes receivable, net of reserve of 15,017 and 15,338, respectively												223,852,000
mortgage and other notes receivable, net of reserve of 14,964 and 15,338, respectively													219,942,000
43,388,742 shares issued and outstanding													434,000
mortgage and other notes receivable, net of reserve of 15,338 and 5,210, respectively														233,141,000
lease deposit liabilities																		8,838,000	8,838,000	9,438,000	10,638,000	10,638,000	10,638,000	10,638,000	10,638,000	10,638,000	10,638,000	10,638,000	10,638,000	10,638,000	21,275,000	21,325,000	21,275,000	21,275,000	22,375,000	22,375,000	22,475,000	21,325,000	21,275,000	21,275,000	21,275,000	21,275,000	21,275,000	21,275,000	21,275,000	21,648,000	22,775,000	22,775,000	22,775,000	22,775,000
43,388,742 and 45,850,599 shares issued and outstanding, respectively														434,000	434,000
cumulative dividends in excess of net income														-329,636,000	-292,449,000	-205,906,000	-117,424,000	-84,558,000	-49,768,000	-39,316,000	-37,233,000	-22,015,000	-9,337,000	-2,618,000																			-1,898,000	-3,566,000	-2,817,000			969,000	1,126,000		-439,000	-22,695,000	-22,127,000	-18,495,000	-34,806,000	-30,510,000	-29,363,000	-29,652,000	-23,623,000	-25,372,000	-33,447,000	-35,499,000
noncontrolling interest														9,856,000				9,900,000								621,000	627,000	641,000												9,072,000	9,117,000	9,168,000	9,762,000	9,824,000	9,902,000	10,008,000	9,897,000	10,355,000	10,505,000	10,614,000	10,711,000	10,782,000	10,869,000	10,865,000	10,964,000
mortgage and other notes receivable, net of reserve of 6,940 and 5,210, respectively															207,169,000
redeemable noncontrolling interests															11,197,000	11,487,000
total liabilities and stockholders’ equity															2,508,785,000	2,587,291,000	2,802,503,000		2,912,177,000	3,077,445,000	3,183,273,000		3,139,273,000	3,166,971,000	3,167,835,000		3,019,360,000	2,997,381,000	2,806,268,000																																							453,223,000	449,694,000	457,106,000	471,300,000	472,067,000	477,031,000	500,732,000	500,205,000	581,720,000	582,971,000	595,464,000	587,932,000
mortgage and other notes receivable, net of reserve of 5,214 and 5,210, respectively																204,277,000
44,655,156 and 45,850,599 shares issued and outstanding, respectively																447,000
mortgage and other notes receivable, net of reserve of 5,134 and 5,210, respectively																	316,390,000
45,850,868 and 45,850,599 shares issued and outstanding, respectively																	459,000
mortgage and other notes receivable, net of reserve of 5,210 and 4,946, respectively																		299,952,000
45,850,599 and 45,185,992 shares issued and outstanding, respectively																		459,000	459,000	459,000	459,000
accumulated other comprehensive loss																			-1,828,000	-3,633,000	-5,377,000	-7,149,000	-8,865,000	-10,735,000	-12,131,000
mortgage and other notes receivable, net of reserve of 5,139 and 4,946, respectively																			284,608,000
mortgage and other notes receivable, net of reserve of 5,171 and 4,946, respectively																				284,177,000
mortgage and other notes receivable, net of reserve of 4,856 and 4,946, respectively																					301,318,000
mortgage and other notes receivable, net of credit loss reserve of 4,946 and —																						292,427,000
45,185,992 and 44,587,486 shares issued and outstanding, respectively																						452,000
total national health investors stockholders' equity																						1,512,234,000				1,497,631,000												1,209,590,000	1,206,990,000	1,169,571,000	1,130,572,000	1,133,292,000	1,034,904,000	1,036,683,000	1,036,539,000	1,039,925,000	771,123,000	770,027,000	772,680,000	766,546,000	479,702,000	458,205,000	457,507,000	457,182,000	439,447,000
mortgage and other notes receivable, net of credit loss reserve of 4,907 and —																							287,282,000
44,729,157 and 44,587,486 shares issued and outstanding, respectively																							447,000
mortgage and other notes receivable																								300,130,000	286,320,000	340,143,000	315,316,000	306,454,000	257,481,000	246,111,000	155,461,000	149,676,000	145,845,000	141,486,000	149,299,000	141,107,000	150,098,000	133,493,000	183,993,000	160,062,000	150,720,000	135,031,000	117,828,000	99,681,000	101,529,000	63,630,000	60,728,000	60,854,000	60,871,000	60,639,000	59,367,000	65,229,000	80,059,000	84,250,000	79,325,000	82,199,000														108,640,000	109,935,000	111,727,000	113,551,000	141,655,000	76,460,000	100,272,000	95,039,000	99,532,000	118,800,000	201,236,000
44,650,002 and 44,587,486 shares issued and outstanding																								447,000	447,000
equity method investment and other assets																									56,610,000
cumulative net income in excess (deficit) of dividends																									2,241,000	-5,331,000																19,862,000				-569,000				3,043,000
common stock, .01 par value...																																																																															278,000
44,587,486 and 42,700,411 shares issued and outstanding																										446,000
accumulated other comprehensive income																										-3,432,000	-4,809,000	-3,459,000	342,000	1,299,000	2,513,000	2,138,000	1,335,000	-822,000	-2,719,000	-3,124,000	-3,079,000	5,731,000	8,456,000	6,074,000	26,268,000	27,910,000	875,000	4,555,000	3,820,000	6,223,000	7,109,000	6,024,000	8,741,000	9,538,000	8,970,000	9,982,000	9,786,000	7,555,000	6,375,000	8,147,000
43,956,238 and 42,700,411 shares issued and outstanding																											440,000
cumulative net income in (excess) deficit of dividends																											-554,000
43,357,018 and 42,700,411 shares issued and outstanding																												434,000
cumulative net income in excess of dividends																												2,842,000	8,388,000	18,068,000	23,686,000	24,938,000	29,270,000	32,605,000	34,262,000	34,624,000	35,173,000	29,873,000	24,548,000	27,379,000	18,024,000						765,000
stockholders' equity:
43,199,318 and 42,700,411 shares issued and outstanding																													432,000
total stockholders' equity																													1,415,984,000	1,389,713,000	1,363,400,000	1,361,372,000	1,319,881,000	1,322,117,000	1,327,667,000	1,286,426,000	1,287,284,000																			445,272,000	445,614,000	443,485,000	447,484,000	447,420,000	447,518,000	442,500,000	440,506,000	438,523,000	436,825,000	434,612,000	435,872,000													400,429,000
42,700,411 and 41,532,154 shares issued and outstanding																														427,000
42,230,851 and 41,532,154 shares issued and outstanding																															422,000
42,171,866 and 41,532,154 shares issued and outstanding																																422,000
41,532,154 shares issued and outstanding																																	415,000
41,532,154 and 39,847,860 shares issued and outstanding, respectively																																		415,000
41,531,038 and 39,847,860 shares issued and outstanding, respectively																																			415,000
40,984,289 and 39,847,860 shares issued and outstanding, respectively																																				410,000
40,978,934 and 39,847,860 shares issued and outstanding, respectively																																					410,000
marketable securities																																						11,745,000	23,871,000	23,751,000	58,532,000	72,744,000	35,148,000	14,664,000	16,387,000	15,503,000	13,275,000	13,991,000	13,438,000	12,650,000	13,577,000	14,205,000	14,845,000	12,884,000	11,806,000	13,142,000	11,772,000	11,364,000	9,510,000	10,372,000	21,378,000	22,476,000	20,854,000	19,832,000	21,666,000	21,322,000	22,960,000	23,726,000	21,689,000	26,594,000	38,623,000	41,732,000	46,554,000	55,816,000	22,587,000	21,763,000	24,420,000	25,513,000	19,553,000	15,763,000
equity-method investment and other assets																																						21,271,000		19,673,000	15,022,000	27,358,000	29,615,000	50,245,000	50,421,000	50,705,000	50,556,000	46,180,000	46,903,000	66,656,000	14,402,000	17,537,000
39,847,860 and 38,396,727 shares issued and outstanding, respectively																																						398,000	398,000
real estate purchase liabilities																																							750,000	750,000	750,000	750,000	3,750,000	3,000,000	3,000,000	3,000,000	4,000,000	4,000,000	4,000,000	2,600,000	5,856,000	5,856,000	4,256,000	4,256,000	6,478,000	9,478,000	9,478,000	9,478,000							4,000,000
39,154,872 and 38,396,727 shares issued and outstanding, respectively																																								392,000
38,403,978 and 38,396,727 shares issued and outstanding, respectively																																									384,000
investment in preferred stock, at cost																																											38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000
38,396,727 and 37,485,902 shares issued and outstanding, respectively																																										384,000
37,566,221 and 37,485,902 shares issued and outstanding, respectively																																											376,000	376,000	376,000
assets held for sale, net of depreciation																																												8,467,000
37,485,902 and 33,051,176 shares issued and outstanding, respectively																																														375,000
33,058,124 and 33,051,176 shares issued and outstanding, respectively																																															331,000
33,054,599 and 33,051,176 shares issued and outstanding, respectively																																																331,000
33,051,999 and 33,051,176 shares issued and outstanding, respectively																																																	330,000
33,051,176 and 27,857,217 shares issued and outstanding, respectively																																																		330,000
27,876,176 and 27,857,217 shares issued and outstanding, respectively																																																			279,000	279,000	279,000
investment in unconsolidated entity and other assets																																																					12,507,000
deferred costs and other assets																																																						12,172,000	11,091,000	2,366,000	1,387,000	1,443,000	629,000	1,249,000	2,692,000	698,000	493,000	477,000	418,000	130,000	277,000	348,000	193,000	232,000			654,000	419,000	15,675,000	15,510,000	14,992,000	13,190,000	10,268,000	5,254,000
27,857,217 and 27,751,208 shares issued and outstanding, respectively																																																						279,000
27,830,311 and 27,751,208 shares issued and outstanding, respectively																																																							278,000
accounts receivable																																																								1,266,000	1,373,000	1,184,000	473,000	323,000	1,243,000	471,000	4,379,000	3,640,000	3,701,000	2,189,000	1,862,000	2,062,000	2,670,000	1,734,000	2,657,000	1,623,000	1,765,000	1,899,000	6,029,000	6,039,000	5,606,000	6,133,000	5,581,000	6,857,000
liabilities and stockholders' equity:
stockholders' equity
27,806,129 and 27,751,208 shares issued and outstanding, respectively																																																								278,000
total liabilities and stockholders' equity																																																								598,400,000	572,904,000	579,563,000	522,297,000	521,959,000	522,139,000	509,341,000	497,173,000	509,909,000	497,880,000	459,360,000	456,616,000													651,064,000
mortgage notes receivable																																																									77,853,000	78,672,000	79,328,000	76,516,000	77,283,000	75,465,000	73,734,000	76,087,000	74,009,000	94,588,000	98,372,000	105,745,000	102,694,000
27,751,208 shares issued and outstanding, respectively																																																									278,000
unrealized gains on marketable securities																																																									7,589,000	7,181,000	5,327,000	7,279,000	15,725,000	15,330,000	13,702,000	12,613,000	14,448,000	14,103,000	13,771,000	10,825,000	8,128,000	10,788,000	18,178,000	14,592,000	14,789,000	14,368,000	14,856,000	14,032,000	16,689,000	17,783,000	11,822,000
assets
liabilities and stockholders' equity
borrowings under revolving credit facility																																																										97,300,000				37,765,000	28,234,000	43,823,000	33,935,000
earnest money deposit																																																														3,475,000	3,400,000	3,325,000	3,250,000	150,000
27,689,392 shares issued and outstanding, respectively																																																										278,000	277,000	277,000	277,000
real estate purchase liability																																																											4,000,000	4,000,000	4,000,000					3,000,000
deferred real estate purchase consideration																																																														4,000,000	4,000,000	4,000,000
27,629,505 shares issued and outstanding, respectively																																																														277,000	277,000	277,000	276,000
cumulative net income																																																															953,077,000	935,743,000	916,554,000	900,611,000	884,320,000	866,846,000	851,431,000	836,382,000	823,015,000	807,064,000	792,271,000	778,872,000	749,437,000	712,899,000	697,918,000	682,437,000	613,208,000	458,613,000
notes and bonds payable																																																																						3,987,000	5,705,000	7,857,000	8,831,000	9,512,000
27,580,319 shares issued and outstanding, respectively																																																																		276,000	276,000
bonds payable																																																																			1,400,000	2,762,000	2,762,000
liabilities and stockholders’ equity
stockholders’ equity
27,580,319 shares, issued and outstanding, respectively																																																																				276,000
total stockholders’ equity																																																																				430,477,000	427,460,000	429,615,000	446,256,000	441,960,000	442,835,000	446,138,000	454,566,000	430,993,000	432,298,000	431,671,000	424,968,000
shares, issued and outstanding																																																																					276,000					278,000
liabilities
accounts payable and other accrued expenses																																																																						4,359,000	3,943,000	6,857,000	7,697,000	7,434,000	20,610,000	21,226,000	22,227,000	20,951,000	26,471,000	28,511,000
27,752,239 shares issued and outstanding, respectively																																																																						276,000
investment in preferred stock																																																																							38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000	38,132,000
prepaid expenses and other assets																																																																							604,000	632,000
and 27,752,239 shares, issued and outstanding, respectively																																																																							278,000	278,000	278,000
accrued interest																																																																									28,000	45,000	44,000	3,417,000	1,596,000	3,378,000	3,374,000	4,592,000
unsecured public notes																																																																												100,000,000	100,000,000	100,000,000	100,000,000	100,000,000
27,752,239 shares, issued and outstanding																																																																											278,000	278,000
27,752,239 shares issued and outstanding																																																																													278,000
convertible subordinated debentures																																																																															201,000	41,633,000
and 27,830,439 shares, respectively, issued and outstanding																																																																														278,000
commitments
investments in real estate mortgage investment conduits																																																																																36,366,000
commitments and guarantees
cumulative convertible preferred stock, .01 par value...
10,000,000 shares authorized;
747,994 shares issued and outstanding; stated at liquidation
preference of 25 per share																																																																																18,700,000
26,682,994 and 26,004,318 shares, respectively, issued and
outstanding																																																																																266,000
unrealized losses on marketable securities																																																																																-878,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31

cash flows from operating activities:
net income	39,752,000	37,803,000	32,478,000	36,689,000	33,817,000	42,787,000	28,242,000	34,953,000	30,657,000	31,719,000	29,032,000	39,447,000	34,183,000	1,560,000	34,229,000	21,466,000	8,246,000	6,505,000	30,849,000	39,229,000	35,384,000	37,163,000	42,660,000	44,426,000	61,062,000	42,036,000	42,756,000	39,978,000	35,679,000	37,082,000	40,980,000	37,839,000	38,432,000	37,799,000	39,091,000	38,245,000	44,230,000	41,188,000	33,438,000	44,981,000	33,109,000	54,786,000	33,977,000	31,538,000	30,013,000	28,100,000	25,518,000	25,578,000	23,856,000	28,110,000	43,051,000	20,098,000	15,923,000	41,270,000	14,350,000	16,928,000	18,350,000	18,114,000	18,808,000	25,117,000	19,093,000	17,334,000	19,189,000	15,943,000	17,474,000	15,415,000	15,049,000	15,951,000	14,793,000	13,399,000	29,435,000	36,538,000	14,981,000	15,481,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	23,691,000
amortization of lease incentives	725,000	725,000	726,000	725,000	725,000	725,000	722,000	723,000	723,000	723,000	723,000	776,000	299,000	78,000	58,000	7,167,000	252,000	252,000	252,000	262,000	260,000	252,000	250,000	249,000	236,000	238,000	224,000	215,000	168,000	147,000	108,000	69,000	63,000	50,000
amortization of notes receivable commitment fees and discounts	-65,000
amortization of debt issuance costs and discounts	854,000
share-based compensation expense	2,240,000	964,000
straight-line rent revenue adjustments	-723,000
non-cash interest income on mortgage notes receivable	-242,000
loan and realty gains	-50,000
gains on dispositions of real estate properties	-2,612,000
gains from equity method investment				-1,524,000	-415,000	0	0	-236,000	-166,000								-297,000
changes in operating assets and liabilities:
other assets	-3,571,000	2,460,000	-2,076,000	384,000	-711,000	-2,206,000	328,000	809,000	-3,631,000	-317,000	206,000	1,140,000	-3,772,000	679,000	-1,650,000	-2,456,000	-107,000	-912,000	-447,000	-2,207,000	-484,000	995,000	-93,000	-385,000	-357,000	-455,000	-415,000	-487,000	2,961,000	-1,634,000	2,095,000	-1,514,000	-4,245,000		-2,504,000	-1,664,000	-657,000
accounts payable and other liabilities	-7,081,000	8,077,000
deferred income	522,000	1,225,000	481,000	-67,000	74,000	-187,000	-347,000	-174,000	-432,000	363,000	-66,000	23,000	-219,000	-300,000	789,000	308,000	-385,000	141,000	344,000	-173,000	-52,000	52,000	-406,000	756,000	-619,000	-81,000	707,000	-152,000	16,322,000									89,000	306,000	-537,000	-1,243,000	1,100,000	-171,000	-184,000	1,756,000	-301,000	-43,000	-286,000	-2,200,000	2,086,000	-45,000	-64,000	-40,000	-40,000	-269,000	10,000	-40,000	-41,000	234,000	57,000	-38,000	-14,000	174,000	401,000	0							0	0	35,000
net cash from operating activities	53,440,000	67,736,000	62,532,000	59,817,000	46,478,000	57,573,000	48,629,000	60,739,000	40,827,000	53,203,000	49,703,000	50,496,000	31,048,000	46,357,000	43,535,000	56,768,000	38,680,000	53,358,000	48,989,000	51,600,000	56,912,000	55,621,000	59,718,000	59,727,000	57,082,000	56,146,000	57,895,000	53,077,000	73,837,000	51,871,000	54,173,000	53,317,000	48,508,000	51,365,000	51,012,000	46,273,000	48,675,000	47,903,000	46,121,000	41,898,000	41,297,000	43,629,000	40,800,000	41,432,000	38,564,000	32,928,000	31,595,000	32,744,000	28,876,000	29,780,000	26,488,000	24,079,000	23,846,000	22,531,000	21,863,000	20,625,000	21,247,000	18,198,000	19,924,000	21,377,000	17,355,000	19,429,000	19,663,000	19,272,000	20,145,000	17,256,000	15,529,000	16,717,000	15,755,000	16,116,000		14,173,000	17,252,000	14,580,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		-348,000	-881,000	-545,000
free cash flows	53,440,000	67,736,000	62,532,000	59,817,000	46,478,000	57,573,000	48,629,000	60,739,000	40,827,000	53,203,000	49,703,000	50,496,000	31,048,000	46,357,000	43,535,000	56,768,000	38,680,000	53,358,000	48,989,000	51,600,000	56,912,000	55,621,000	59,718,000	59,727,000	57,082,000	56,146,000	57,895,000	53,077,000	73,837,000	51,871,000	54,173,000	53,317,000	48,508,000	51,365,000	51,012,000	46,273,000	48,675,000	47,903,000	46,121,000	41,898,000	41,297,000	43,629,000	40,800,000	41,432,000	38,564,000	32,928,000	31,595,000	32,744,000	28,876,000	29,780,000	26,488,000	24,079,000	23,846,000	22,531,000	21,863,000	20,625,000	21,247,000	18,198,000	19,924,000	21,377,000	17,355,000	19,429,000	19,663,000	19,272,000	20,145,000	17,256,000	15,529,000	16,717,000	15,755,000	16,116,000		13,825,000	16,371,000	14,035,000
cash flows from investing activities:
acquisitions of real estate properties	-105,488,000	-143,084,000	0
investments in existing real estate properties and equipment	-2,895,000	-10,116,000
proceeds from dispositions of real estate properties	6,662,000
investments in mortgage and other notes receivable	-6,056,000	-39,811,000	-5,611,000	-6,553,000	-19,135,000		-1,212,000	-10,600,000	-16,004,000		-20,930,000	-4,955,000	-7,219,000		-6,454,000	-8,016,000	-16,350,000		-12,051,000	-34,424,000	-8,412,000		-8,889,000	-12,528,000	-20,298,000		-24,291,000	-48,653,000	-11,002,000		-6,299,000	-3,940,000	-5,905,000		-13,779,000	-2,612,000	-28,338,000
payments received on mortgage and other notes receivable	3,891,000	4,328,000
distributions received from equity method investment			73,000
net cash from investing activities	-103,886,000	-187,031,000	41,667,000	-48,316,000	-75,469,000	-161,199,000	-1,572,000	-13,351,000	-16,193,000	2,336,000	-19,946,000	33,501,000	-27,521,000	-49,198,000	54,920,000	194,283,000	-2,060,000	21,919,000	158,129,000	14,362,000	-9,133,000	-6,294,000	-3,293,000	-29,108,000	-51,017,000	-37,619,000	-36,873,000	-202,990,000	-65,039,000	-100,816,000	-8,577,000	-121,311,000	-19,586,000	-19,008,000	-16,927,000	-7,467,000	-120,444,000	-29,672,000	-69,641,000	-216,229,000	-14,296,000	22,420,000	-113,283,000	-2,402,000	-43,061,000	-493,839,000	-9,843,000	-14,612,000	-22,022,000	-508,691,000	-39,197,000	-75,791,000	-2,145,000	-7,933,000	-64,177,000	-23,638,000	-4,062,000	-49,914,000	-8,675,000	-2,905,000	6,020,000	2,631,000	-6,690,000	-76,224,000	-5,374,000	-41,768,000	9,419,000	3,330,000	6,349,000	37,620,000		44,764,000	-3,777,000	6,116,000
cash flows from financing activities:
proceeds from revolving credit facility	140,000,000	189,000,000	176,000,000	68,000,000	261,000,000	205,700,000	124,000,000	61,000,000	59,000,000	81,000,000	52,000,000	39,000,000	192,000,000	60,000,000	70,000,000	10,000,000	85,000,000	0	35,000,000	30,000,000	30,000,000	60,000,000	0	20,000,000	125,000,000	65,000,000	40,000,000	197,000,000	95,000,000	95,000,000
repayments of revolving credit facility	-35,000,000
repayments of term loans
proceeds from issuance of common shares		46,610,000	11,439,000	58,001,000	65,483,000														0	-47,000	47,951,000						47,948,000	11,941,000	35,913,000		2,973,000				42,426,000	-25,000	79,797,000		54,000,000
payments of equity issuance costs		-614,000	0
distributions paid to noncontrolling interests	-289,000	-201,000	-174,000
dividends paid to stockholders	-44,439,000	-43,828,000	-42,725,000	-42,024,000	-41,119,000	-39,260,000	-39,099,000	-39,082,000	-39,069,000	-39,069,000	-39,069,000	-39,050,000	-39,050,000	-39,050,000	-40,190,000	-41,265,000	-41,266,000	-41,268,000	-41,266,000	-50,548,000	-49,818,000	-49,314,000	-49,227,000	-49,226,000	-46,817,000	-46,154,000	-45,525,000	-45,360,000	-42,700,000	-42,231,000	-42,172,000	-41,532,000	-39,456,000	-39,454,000	-38,935,000	-38,788,000	-35,863,000	-35,863,000	-35,239,000	-34,564,000	-32,637,000	-31,931,000	-31,931,000	-31,931,000	-28,864,000	-25,455,000	-25,452,000	-25,450,000	-24,293,000	-20,489,000	-20,490,000	-19,373,000	-24,793,000	-18,646,000	-18,074,000	-18,061,000	-24,144,000	-17,058,000	-17,041,000	-17,042,000	-16,752,000	-15,911,000	-15,896,000	-17,959,000	-15,171,000	-15,169,000	-19,030,000	-15,268,000	-17,510,000	-37,466,000		-13,875,000	-13,878,000	-25,810,000
taxes paid related to net settlement of stock incentive awards	-4,502,000	-41,000
net cash from financing activities	55,770,000	57,294,000	-41,897,000	-129,455,000	139,766,000	112,361,000	-46,193,000	-43,814,000	-35,922,000	-49,417,000	-30,536,000	-80,250,000	-9,516,000	-7,357,000	-112,801,000	-244,919,000	-36,177,000	-85,987,000	-191,648,000	-147,465,000	22,106,000	-54,098,000	-70,729,000	-45,019,000	58,084,000	-19,139,000			-3,156,000	51,207,000	-46,003,000	67,809,000	-28,755,000	-33,024,000	-33,629,000	-41,021,000	72,622,000	-17,596,000	23,841,000	149,399,000	-11,479,000	-66,960,000	83,387,000	-39,927,000	5,400,000	460,639,000	-25,350,000	-17,220,000	-11,921,000	482,773,000	-16,310,000	82,131,000	-24,823,000	-9,836,000	36,924,000	5,886,000	-26,144,000	32,118,000	-17,666,000	-17,668,000	-4,942,000	-31,353,000	-5,592,000	15,597,000	-16,454,000	-15,169,000	-20,255,000	-17,420,000	-18,239,000	-38,147,000		-114,968,000	-14,602,000	-26,519,000
increase in cash, cash equivalents and restricted cash	5,324,000	-62,001,000
cash, cash equivalents and restricted cash at the beginning of the period	19,624,000		0
cash, cash equivalents and restricted cash at the end of the period	24,948,000		62,302,000
adjustments to reconcile net income to net cash from
operating activities:
amortization of commitment fees and notes receivable discounts
payments of lease incentives
non-cash rental income related to operations transfers
upon early lease terminations		0
other non-cash rental income
non-cash changes in straight-line rents receivable		-1,234,000
non-cash interest income on mortgage and other notes receivable		-532,000	-548,000	-412,000	-243,000	-85,000	-14,000	0	-25,000	0	-518,000	-408,000	-376,000	-1,058,000	-1,201,000	-1,175,000	-880,000	-1,263,000	-198,000	-453,000	-700,000	-974,000
non-cash lease incentives recognized as interest and other income
loan and realty losses		-61,000	-1,979,000	-1,393,000	-14,000	745,000	3,434,000	1,106,000	10,000	-351,000	1,959,000	186,000	-418,000	21,960,000	11,329,000	4,094,000	24,528,000	29,170,000	22,425,000	1,221,000	-50,000	-11,000	-193,000	-360,000	1,555,000	-60,000	0	0	2,500,000	3,266,000	0																							-4,495,000
gains on sales of real estate properties		-119,000	-113,000
loss on early retirement of debt										0	0			0	0	0	151,000	1,461,000	0	0	451,000
gains on forward equity sales agreements
proceeds from sales of real estate properties
distributions from equity method investment					415,000	0	0	236,000	166,000	555,000	0	0	2,500,000	0
borrowings on bank term loan
repayments of bank term loan and private placement notes
proceeds from issuance of senior notes		0																0	0	0	396,784,000
payments of debt issuance costs		-72,000	-3,624,000
capital contributions from noncontrolling interests
cash, cash equivalents and restricted cash at the beginning of the year
cash, cash equivalents and restricted cash at the end of the year
depreciation			20,216,000	19,918,000	19,157,000	18,680,000	17,768,000	17,490,000	17,505,000	17,111,000	17,515,000	17,730,000	17,617,000	17,303,000	17,533,000	17,772,000	18,272,000	19,299,000	20,035,000	20,658,000	20,806,000	21,024,000	20,836,000	20,847,000	20,443,000	19,610,000	19,695,000	19,020,000	18,491,000	18,067,000	18,153,000	17,794,000	17,335,000	17,167,000	17,023,000	16,829,000	16,154,000	15,897,000	15,239,000	14,696,000	13,733,000	13,661,000	13,485,000	13,003,000	13,014,000	9,705,000	9,596,000	9,540,000	9,237,000	5,953,000	5,732,000	4,558,000	4,415,000	4,328,000	5,892,000	3,396,000	3,365,000	3,224,000	2,936,000	2,948,000	2,884,000	2,870,000	2,858,000	2,594,000	2,318,000	1,941,000	1,951,000	1,944,000	2,022,000	2,025,000		2,995,000	2,908,000	2,905,000
amortization of commitment fees and discounts on mortgage
and other notes receivable
amortization of debt issuance costs, debt discounts and prepaid expenses
gains on equity method investment
payments on revolving credit facility			-454,000,000	-137,200,000	-145,000,000	-193,500,000	-49,500,000	-65,000,000	-55,500,000	-41,000,000	-43,000,000	-58,000,000	-19,000,000	-28,000,000	-60,000,000			0	-60,000,000	-35,000,000	-298,000,000	-50,000,000	-125,000,000	-15,000,000	-17,000,000	-15,000,000	-63,000,000	-13,000,000	-90,000,000	-34,000,000
payments on bank term loan
noncontrolling interest capital contribution			250,000
amortization of debt issuance costs, debt discount and prepaids
straight-line rent adjustments							-1,161,000	-1,213,000	308,000		-1,039,000	-2,875,000	-2,097,000		-2,476,000
non-cash share-based compensation expense
accounts payable and accrued expenses				4,108,000	-8,522,000	6,768,000	-2,208,000	6,248,000	-7,523,000	4,612,000	541,000	4,053,000	-3,277,000	2,980,000	-2,279,000	3,976,000	-4,252,000	5,943,000	-2,709,000	853,000	-735,000	-4,168,000	805,000	-1,821,000	-1,497,000	-1,457,000	186,000	-26,000	1,597,000	1,247,000								1,127,000	2,068,000	-922,000	491,000	1,094,000	948,000	2,286,000	-3,290,000	1,941,000	-670,000	1,326,000	-1,149,000	1,997,000	172,000	766,000	-440,000	200,000	-255,000	208,000	-665,000							-66,000			-166,000
collections on mortgage and other notes receivable
fees received on mortgage notes receivable
investments in renovations of existing real estate properties and equipment
payments on term loans				-75,703,000	-112,000		-75,105,000	-117,000	-105,000		-101,000	-220,100,000	-145,103,000	-98,000	-98,000	-60,094,000	-75,098,000	-43,039,000	-125,092,000	-25,091,000	-100,094,000	-42,812,000	-308,000	-305,000	-304,000	-301,000	-297,000	-293,000	-296,000	-290,000	-286,000	-283,000	-285,000		-250,199,000	-198,000	-196,000		-192,000	-192,000	-189,000		-186,000	-185,000	-183,000		-289,000	-251,000	-250,275,000
payments of employee income taxes related to net settlement of equity awards
decrease in cash, cash equivalents and restricted cash
amortization of debt issuance costs, debt discounts and prepaids					1,679,000		1,504,000	1,578,000	1,440,000		1,310,000	1,034,000	1,048,000		1,060,000	1,069,000	1,087,000		1,026,000	1,063,000	1,192,000		1,425,000	1,177,000	1,173,000	1,453,000
amortization of commitment fees and note receivable discounts					-103,000	-99,000	-208,000	285,000	-94,000	-89,000	-89,000	-86,000	-148,000	-70,000	-63,000	-619,000	-120,000	-84,000	-393,000	-121,000	-131,000	-286,000	-146,000	-306,000	-129,000	-128,000	-124,000	-122,000	-119,000	-37,000	-36,000	-37,000	-552,000	-124,000	-44,000	-245,000	-104,000	-390,000
straight-line rents adjustments					-1,410,000
gains on sales of real estate					-114,000	-4,960,000	-101,000	-1,517,000	-100,000	-1,221,000	-737,000	-11,366,000	-1,397,000	0	-14,840,000	-10,521,000	-2,981,000	-6,072,000	-19,942,000				0
non-cash share-based compensation					2,558,000	670,000	670,000	687,000	2,155,000	865,000	866,000	769,000	2,105,000	1,037,000	1,065,000	1,428,000	5,083,000																			342,000	1,523,000
collections of mortgage and other notes receivable					19,918,000		6,345,000	5,726,000	2,621,000		1,738,000	2,282,000	7,211,000		3,100,000	113,885,000	988,000		12,243,000	51,824,000	442,000		19,316,000	291,000	14,288,000		2,008,000	258,000	300,000		865,000	240,000	2,535,000		5,870,000	12,046,000	12,109,000
acquisitions of real estate					-74,484,000		0				0	0	-38,081,000
investments in renovations of existing real estate and equipment					-2,183,000
equity issuance costs					-47,000									-45,000										-206,000	-87,000
distributions to noncontrolling interests					-311,000	-330,000	-288,000	-285,000	-248,000	-276,000	-366,000	-275,000	-363,000	-159,000	-235,000	-251,000	-271,000	-218,000	-290,000	-144,000	-258,000	-211,000	-239,000	-282,000	-16,000
taxes related to net settlement of equity awards					-128,000		-5,419,000
increase in cash and cash equivalents and restricted cash					110,775,000							3,747,000	-5,989,000	-10,198,000	-14,346,000	6,132,000	443,000	-10,710,000	15,470,000	-81,503,000	69,885,000		-14,304,000	-14,400,000	64,149,000		-257,000	984,000	5,642,000
cash and cash equivalents and restricted cash, beginning of period					26,502,000		0	0	24,617,000		0	0	21,516,000		0	0	39,485,000		0	0	46,343,000	0	0	0	15,669,000	0	0	0	9,912,000
cash and cash equivalents and restricted cash, end of period					137,277,000		864,000	3,574,000	13,329,000		-779,000	3,747,000	15,527,000		-14,346,000	6,132,000	39,928,000		15,470,000	-81,503,000	116,228,000	-4,771,000	-14,304,000	-14,400,000	79,818,000	-612,000	-257,000	984,000	15,554,000
amortization of deferred loan costs, debt discounts and prepaids
straight-line lease revenue
non-cash rental income										0	0	0	-2,500,000
non-cash lease deposit liability recognized as rental income														0	0
non-cash lease incentive recognized as interest and other income
non-cash gain on equity forward
gain on note receivable payoff
loss on operations transfer														0	-19,000
payment of lease incentives																		0	0	0	-1,042,000	-125,000				0	-500,000	-1,350,000	-1,250,000	-2,280,000
investment in mortgage and other notes receivable																																								-20,899,000	-20,774,000	-19,157,000	-20,512,000	-11,807,000	-40,773,000	-3,008,000	-225,000	-83,000	-1,131,000	-1,369,000	-9,213,000																					850,000	-5,742,000	-3,549,000
collection of mortgage and other notes receivable																																								11,870,000	3,985,000	2,367,000	2,363,000	14,146,000	2,619,000	106,000	351,000	100,000	899,000	97,000	3,395,000																7,023,000	1,792,000	1,824,000	28,104,000		70,000	509,000	4,529,000
fees received on mortgage note						0	0
acquisition of real estate														-1,488,000	0			0	0
proceeds from sales of real estate						1,521,000	0			5,489,000	2,923,000	38,418,000	10,201,000	1,000	60,064,000	95,723,000	13,170,000	35,717,000
investments in renovations of existing real estate						-6,017,000	-4,678,000	-2,746,000	-2,293,000					-497,000	-1,262,000	-2,705,000	-165,000	-459,000	-1,527,000	-36,000	-1,443,000		-5,534,000	-2,522,000	-3,057,000		-5,995,000	-4,085,000	-4,215,000		-3,143,000	-2,457,000	-1,812,000		-2,723,000	-1,897,000	-994,000
investments in equipment						-518,000	-2,027,000	-841,000	-683,000	-1,164,000								0	0	-56,000	-8,000
borrowings on term loans																																											0	0	225,000,000
payments on term loans and private placement notes
deferred loan costs
proceeds from noncontrolling interests																						0	0	0	13,000
taxes remitted on employee stock awards														0	-274,000	-7,000	-7,000						0	0	-2,705,000		-358,000	-10,000	-1,006,000		-405,000
proceeds from equity offering
payments to repurchase shares of common stock														0	-81,974,000
cash and cash equivalents and restricted cash, beginning of year
cash and cash equivalents and restricted cash, end of year
payment of lease incentive											0	0	-10,000,000
borrowings on term loan											0																																			0	0	0	130,000,000	250,000,000	0			0	0			0	0	0	50,000,000
debt issuance costs											0				-9,000	-63,000	-4,535,000		0	-559,000	-4,459,000						-36,000	-23,000	-67,000					-786,000				-144,000				-246,000	-57,000	-803,000	-1,502,000	456,000	-1,892,000	-86,000	-6,921,000	-4,592,000	-44,000
forward equity costs
proceeds from noncontrolling interest							0				0	922,000	2,000,000													12,000	-11,000
decrease in cash and cash equivalents and restricted cash							864,000	3,574,000	-11,288,000
losses from equity method investment														0	0
prepayment fee for early retirement of debt
convertible bond redemption																																	-29,958,000	-46,609,000	-11,546,000
investments in existing real estate											-1,098,000	-2,244,000	-2,133,000
investment in equity method investment
gain on note payoff															0
convertible note redemption																			0												0
proceeds from redeemable noncontrolling interests
distribution from equity method investment																272,000	297,000		188,000	0	288,000
straight-line rent income																	-1,079,000		-3,798,000	-4,150,000	-4,241,000		-5,086,000	-5,218,000	-5,177,000		-5,720,000	-5,307,000	-5,228,000
non-cash lease deposit liability recognized as lease income																	-8,838,000
loss from equity method investment																		-729,000	556,000	910,000	808,000	1,108,000	728,000	848,000	442,000
taxes remitted on employee stock options exercised
non-cash stock-based compensation																			989,000	992,000	5,446,000		457,000	470,000	1,845,000		477,000	477,000	2,001,000	359,000	337,000	369,000	1,425,000	342,000
proceeds from sale of real estate																							0	0	39,260,000
investments in real estate																							-8,082,000	-14,295,000	-80,335,000		-8,595,000	-150,510,000	-50,122,000		0	-115,154,000	-14,404,000		-4,840,000	-10,400,000	-118,011,000
gain on sales of real estate																									-21,007,000
change in operating assets and liabilities:
investment in real estate																																								-252,147,000	-9,463,000	-2,249,000	-100,805,000	-3,251,000	-10,000	-484,817,000	-6,265,000	-13,116,000	-16,307,000	-501,897,000	-50,895,000
investment in real estate development																																								-7,914,000	-7,640,000	-5,834,000	-4,236,000	-1,369,000	-3,202,000	-2,433,000	-2,702,000	-748,000	-2,572,000	-4,043,000	-3,978,000	-2,442,000	-1,463,000
investment in renovations of existing real estate																																								-362,000	-453,000	-400,000	-941,000	-121,000	-1,695,000	-1,133,000	-1,002,000	-765,000	-1,311,000	-1,450,000	-1,987,000	-2,500,000	-836,000
equity method investment																						0	0	0	-875,000
proceeds from sale of real estate properties
proceeds from borrowings on term loans
increase in cash and cash equivalents																																	167,000				853,000	635,000	321,000	-24,932,000	15,522,000	-911,000	10,904,000	-897,000	903,000									4,762,000	-5,390,000	2,873,000	-8,959,000	402,000	-6,417,000	804,000	18,433,000			-41,355,000	-1,683,000	-39,681,000	4,693,000	2,627,000	3,865,000	15,589,000	-20,478,000	-56,031,000
investments in real estate development																							-104,000												-1,455,000	-4,604,000	-3,842,000
non-cash interest income on construction loans																								-956,000	-888,000		-504,000	-457,000	-548,000		-314,000	-507,000	-436,000		-238,000	-199,000	-271,000
adjustments to reconcile net income to net cash provided by
non-cash interest income on construction loan																																								-236,000	-150,000																	-301,000	-293,000	-267,000	-221,000
loss on convertible note retirement																															0	0	738,000
gains on sales of marketable securities
proceeds from disposition of real estate properties																																		0	0	0	450,000	0	0	24,723,000	3,000,000	0								-29,000									3,200,000	0	5,771,000	0
proceeds from sales of marketable securities																																						3,158,000	0	39,400,000	17,049,000	53,656,000												0	0			0	0	11,215,000	1,647,000			1,000
distributions to noncontrolling interest																																						-260,000	-439,000	-431,000	-435,000	-984,000	-439,000	-433,000	-436,000	-460,000	-724,000	-433,000	-432,000	-432,000	-377,000	-265,000	-176,000
taxes remitted in relation to employee stock options exercised																																		15,000	-226,000	-244,000	-116,000	2,000	-313,000
amortization of debt issuance costs and debt discounts																												1,288,000	1,263,000
net provided by financing activities
amortization																																	1,069,000	1,636,000	1,675,000	1,142,000	1,337,000	900,000	891,000	887,000	885,000	883,000	880,000	876,000	833,000	795,000	735,000	738,000	343,000	21,000
straight-line rental income																																-5,835,000	-5,962,000	-7,134,000	-6,951,000	-6,250,000	-5,755,000	-5,615,000	-6,000,000	-5,297,000	-5,286,000	-6,131,000	-6,184,000	-6,219,000	-6,089,000	-3,771,000	-4,202,000	-4,295,000	-4,195,000	-2,152,000	-1,713,000	-1,412,000	-1,283,000	-1,339,000	-1,248,000	-15,000	-1,062,000
loss on extinguishment of debt																																		1,623,000	495,000
gain on disposition of equity-method investee
loss from equity-method investee
payment allocated to cancellation of lease purchase option
long-term escrow deposit																																						-3,708,000	0
proceeds from exercise of stock options																																										0	0	0	1,000					0	0
distribution to acquire non-controlling interest																																						-10,538,000
gain on sale of real estate																																		0	0	0	-50,000	0	0	-2,928,000	-1,654,000	0								-2,888,000									-1,049,000
gain on sale of marketable securities																																			0	0	-10,038,000		0	-23,487,000	-11,000
proceeds from sale of marketable securities																																			0
decrease in cash and cash equivalents																															-407,000				456,000														-5,067,000				-3,122,000									-9,293,000												-5,823,000
cash and cash equivalents, beginning of period																															0	0	3,063,000	-196,000	0	0	4,832,000	0	0	0	13,286,000	0	0	0	3,287,000	0	0	0	11,312,000	0	0	0	9,172,000	0	0	0	15,886,000		0	0	2,664,000	0	0	45,718,000	0	0	100,242,000	0	0	75,356,000		0	0	177,765,000
cash and cash equivalents, end of period																															-407,000	-185,000	3,230,000	-863,000	456,000	-2,215,000	5,685,000	635,000	321,000	-24,932,000	28,808,000	-911,000	10,904,000	-897,000	4,190,000	-272,000	-3,598,000	912,000	6,245,000	3,862,000	-29,019,000	30,419,000	6,050,000	4,762,000	-5,390,000	2,873,000	6,927,000		-6,417,000	804,000	21,097,000	-9,293,000	7,381,000	4,363,000	-1,683,000	-39,681,000	104,935,000	2,627,000	3,865,000	90,945,000		-56,031,000	-1,127,000	171,942,000
amortization of issue costs, debt discounts and prepaid expenses
accounts payable, accrued expenses and other liabilities																																2,259,000	641,000		1,991,000	-2,023,000	2,306,000
proceeds from revolving credit facilities																																123,000,000	56,000,000
payments on revolving credit facilities																																-58,000,000	-15,000,000
offering costs																																	-56,000
loan and realty losses (recoveries)
gain on sale of equity-method investee																																						0
net realized gains on sales of marketable securities																																																						0	0				-1,090,000
income from equity-method investee																																						0	754,000	58,000	402,000				229,000		53,000	-52,000	-158,000	-55,000	-178,000
equity-method investment and other assets																																								-219,000	110,000	909,000	-1,433,000	106,000	634,000	-2,338,000	385,000	-29,000	-352,000	-352,000	421,000
purchases of marketable securities																																										-5,963,000
net change in borrowings under revolving credit facilities																																		54,000,000	-21,000,000	1,000,000	29,000,000	29,400,000	-62,400,000	135,000,000	22,000,000	-183,000,000	116,000,000	-6,500,000	-266,500,000	293,000,000	-35,000,000	9,000,000	-60,000,000	-24,000,000	24,000,000			9,000,000	55,000,000	-95,300,000	-2,000,000
proceeds from issuance of secured debt																																										0	0	0	78,084,000	0
payments of term loans
non-cash write-offs due to lease transition
payment allocated to lease purchase option																																							0
proceeds from marketable securities																																					18,182,000
unamortized debt premium written off
write-off of debt issuance costs																																														0	0	0	2,145,000	63,000	0
share-based compensation																																						251,000	251,000	251,000	979,000	204,000	233,000	233,000	1,464,000	224,000	223,000	224,000	1,349,000	253,000	253,000	253,000	1,580,000	244,000	245,000	247,000	1,432,000	175,000	267,000	274,000	2,371,000	166,000	217,000	1,821,000	75,000	76,000	625,000		-447,000	386,000				116,000
payments into facility repair escrows
payment of real estate purchase liability																																														-1,000,000	0	0	-1,600,000					-2,222,000
proceeds from convertible senior notes																																														0	0	0	200,000,000
non-cash write-offs due to lease transitions
loan recovery																																											0
equity offering costs																																											0	-75,000	-200,000
amortization of commitment fees																																								-75,000	-68,000
taxes paid on employee stock options exercised																																									-218,000
gain on purchase liability settlement
(income) income from equity-method investee
loss (income) from equity-method investee
gain on payoff of mortgage note
investment in equity-method investment
payment of earnest money deposit
change in fair value of interest rate swap agreement
receipt of earnest money deposit																																																														75,000	75,000	3,100,000
loan and realty (recoveries) losses
investment in unconsolidated entity																																																						0
repayment of term loan																																																			0
principal payments on term loan																																																											-625,000	-625,000	-625,000
loan impairment																																																				0	4,037,000
real estate purchase deposit
supplemental disclosure of cash flow information:
interest paid																																																				1,212,000	1,070,000								660,000			88,000
supplemental disclosure of non-cash investing and financing activities:
conditional consideration in asset acqusition
assumption of debt in real estate acquisition
change in fair value of cash flow hedge
assignment of net assets in equity-method investee
income from unconsolidated entity																																																					-22,000
investment in unconsolidated entity and other assets																																																					-324,000
investment in mortgage notes receivable																																																						-10,444,000	-535,000	-5,210,000	-52,000	1,000	-3,200,000	-871,000	-2,496,000	-1,367,000	-5,421,000	-3,200,000
collection of mortgage notes receivable																																																					154,000	14,619,000	1,109,000	864,000	871,000	956,000	780,000	1,905,000	899,000	856,000	1,417,000	843,000	854,000
stock options exercised																																																					146,000	0				1,000	0	-1,000	200,000	147,000						0
supplemental schedule of non-cash investing and financing activities:
increase in fair value of cash flow hedge																																																					270,000
deferred costs and other assets																																																						-1,021,000	766,000	-226,000	56,000	-814,000	354,000	455,000	-740,000	-112,000	-528,000	23,000	71,000	-153,000	37,000			-241,000
investment in real estate properties																																																						-32,861,000	-53,442,000	-19,417,000	-4,881,000	-50,871,000	-9,455,000
proceeds from dispositions of real estate property
debt issuance costs paid																																																						-13,000
accounts receivable																																																								107,000	-189,000			919,000	-771,000	63,000	1,618,000	-1,512,000	-105,000	608,000	-936,000	-1,134,000	242,000	134,000
loan and realty recoveries																																																										0
net realized gains and recoveries on sales of marketable securities																																																													-154,000
impairment of real estate assets in discontinued operations																																																																	0	0	25,000
accounts payable and other accrued expenses																																																										490,000			-606,000				365,000			-2,914,000	-885,000	263,000
acquisition of marketable securities																																																																						-54,000
principal payments on debt																																																																	-1,362,000	0	-1,225,000	-2,152,000	-974,000	-681,000		-101,093,000	-724,000	-709,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
straight-line rent adjustment																																																											-907,000	-945,000	-910,000
receipt of earnest money deposits																																																											0	0	525,000
net change in borrowings under a revolving credit facility																																																											0	0	-37,765,000
benefit from loan and realty recoveries
increase in fair value of interest rate swap agreement																																																												988,000	-1,254,000
net gain on sale of real estate																																																													-2,299,000	0										0
acquisition of real estate properties																																																													-326,000	-3,000	-11,507,000	-76,968,000
national health investors, inc.
condensed consolidated statements of cash flows
supplemental schedule of non-cash activities:
settlement of mortgage note by real estate acquisition																																																																22,936,000
cash withheld at closing of real estate acquisition																																																																1,000,000
earnest money deposit applied to sale of real estate																																																													3,475,000
interest income on construction loan
realized gain on sale of marketable securities
amortization of loan costs																																																														95,000	90,000	68,000			4,000	4,000	6,000	4,000		3,000	33,000	34,000
prepayment of mortgage notes receivable																																																														3,000,000			6,519,000							44,192,000	0	5,681,000
net borrowings under revolving credit facility																																																														-15,589,000	9,888,000	33,935,000
straight-line rent
realized loss on sale of marketable securities																																																																	-342,000	-141,000	24,000	113,000	95,000	169,000
credit facility fees																																																																-379,000
provision for loan and realty losses																																																																	0
write-down of accounts receivable
gain on payoff of note receivable																																																																	0
impairment loss on marketable securities
amortization of deferred income																																																																				-5,000				-6,000
investment in mortgage note receivable																																																																	0
supplemental information:
interest payments on bonds and notes payable																																																																	12,000	23,000	40,000
acquisition of property and equipment																																																																								-348,000	-881,000	-545,000
proceeds from disposition of property and equipment																																																																								0
acquisitions of marketable securities																																																																		-90,000	-184,000
sales of marketable securities																																																																		889,000	2,405,000	5,583,000	4,474,000	9,570,000
non-cash investing transactions:
real estate purchase guarantee
discount on mortgage note receivable purchased
benefit from loan and realty losses																																																																			-640,000
gain on payoff of notes receivable																																																																			-437,000
disposition of property and equipment																																																																			175,000
gain on notes receivable																																																																								0	0	-468,000
prepaid expenses and other assets																																																																				24,000
interest payments on notes and bonds payable
interest payment on bonds and notes payable																																																																					91,000	122,000
accrued interest																																																																						-17,000
loan and realty impairment losses																																																																								-21,300,000	0	-1,700,000
share-based compensation change in operating assets and liabilities:																																																																								89,000
decrease in accounts receivable																																																																								11,000	-433,000	526,000
increase in deferred costs and other assets																																																																								-168,000	-551,000	-1,836,000
increase in accounts payable and other accrued expenses																																																																								-616,000	-1,001,000	1,276,000
decrease in accrued interest payable																																																																								-3,373,000	1,821,000	-1,782,000
redemption of subordinated convertible debentures
repurchase of common stock
cash payments for interest expense
provision for loan, remic, realty, and security losses
net gain on sales of real estate
gain on sale of notes receivable
realized loss on sales of marketable securities
interest on debenture conversions
amortization of discount on held-to-maturity securities and real estate mortgage investment conduit
decrease in accrued interest
adjustments to reconcile net income to net cash from investing activities:
sale of mortgage notes receivable
collection of real estate mortgage investment conduits
acquisition of and construction of real estate properties
net cash from investing activities:
adjustments to reconcile net income to net cash from financing activities:
proceeds from debt
payments on debt
payments of convertible subordinated debentures
sale of common stock
depreciation of real estate
benefit from loan, realty and security losses
realized (gain) loss on sales of marketable securities
deferred income received
amortization of bond discount
amortization of discount on investments
increase in accounts receivable
increase in accounts payable and accrued liabilities
payments on credit facilities
proceeds from (payments on) convertible
subordinated debentures
sale (repurchase) of cumulative convertible preferred stock
sale (repurchase) of common stock

National Health Investors, Inc(NYSE:NHI)

National Health Investors, Inc
(NYSE:NHI)