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NATIONAL HEALTH INVESTORS, INC.
SELECTED FINANCIAL DATA
(dollars in thousands, except share and per share amounts)

Condensed Statements of Income
(in thousands, except share and per share amounts)
	Three months ended		Nine months ended
	September 30,		September 30,
	2009	2008	2009	2008
Revenues:
Rental income	$       17,054	$       13,220	$       44,570	$       40,017
Mortgage interest income	2,568	2,400	7,071	7,214
	19,622	15,620	51,641	47,231
Expenses:
Interest expense	15	62	77	247
Depreciation	2,317	1,925	6,210	5,935
Amortization of loan costs	3	3	9	11
Legal expense	337	310	1,272	1,041
Franchise, excise and other taxes	135	108	549	525
General and administrative	1,194	453	4,040	2,242
Loan and realty losses (recoveries)	-	-	(640)	-
	4,001	2,861	11,517	10,001
Income Before Non-Operating Income	15,621	12,759	40,124	37,230
Non-operating income (investment interest and other)	1,856	701	5,728	4,464
Income From Continuing Operations	17,477	13,460	45,852	41,694
Discontinued Operations
Income from operations - discontinued	(4)	2,491	2,086	2,449
Net income	$       17,473	$       15,951	$       47,938	$       44,143
Weighted average common shares outstanding:
Basic	27,589,161	27,767,394	27,580,568	27,750,377
Diluted	27,642,237	27,785,708	27,605,504	27,783,141
Earnings per share:
Basic:
Income from continuing operations	$            0.63	$            0.48	$            1.66	$            1.50
Discontinued operations	-	0.09	0.08	0.09
Net income available to common stockholders	$            0.63	$            0.57	$            1.74	$            1.59
Diluted:
Income from continuing operations	$            0.63	$            0.48	$            1.66	$            1.50
Discontinued operations	-	0.09	0.08	0.09
Net income available to common stockholders	$            0.63	$            0.57	$            1.74	$            1.59
Funds from operations	$       19,695	$       17,869	$       53,999	$       49,910
Funds from operations per common share
Basic	$            0.71	$            0.64	$            1.96	$            1.80
Diluted	$            0.71	$            0.64	$            1.96	$            1.80
Quarterly dividend declared per common share	$            0.55	$            0.55	$            1.65	$            1.65
The results of operations for facilities sold, including the gain or loss on such sales, have been reported in the current and prior periods as discontinued operations.

Selected Balance Sheet Data
(in thousands)
	September 30, 2009	December 31, 2008
Real estate properties, net	$                     231,442	$                    181,332
Mortgages receivable, net	98,372	108,640
Preferred stock investment, at cost	38,132	38,132
Cash and cash equivalents	63,571	100,242
Marketable securities	22,960	26,594
Bonds payable	1,400	3,987
Stockholders' equity	435,872	429,615

National Health Investors, Inc.  – 222 Robert Rose Drive – Murfreesboro TN 37130
Phone: (615) 890-9100 - Fax: (615) 225-3030

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