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CONDENSED STATEMENTS OF INCOME

(in thousands, except share and per share amounts)

		Three months ended				Twelve months ended
		December 31,				December 31,
			2009		2008		2009		2008
Revenues:
	Rental income	$	14,255	$	12,073	$	55,076	$	48,339
	Mortgage interest income		2,074		2,452		9,145		9,666
			16,329		14,525		64,221		58,005
Expenses:
	Interest		8		60		85		308
	Depreciation		2,163		1,704		7,629		6,761
	Amortization		79		4		90		15
	Legal		681		557		1,954		1,598
	Franchise, excise and other taxes		180		121		730		646
	General and administrative		1,216		1,346		5,255		3,585
	Loan and realty losses (recoveries)		-		-		(1,077)		-
			4,327		3,792		14,666		12,913
Income before non-operating income			12,002		10,733		49,555		45,092
	Non-operating income (investment and other)		3,289		2,023		8,581		6,487
Income from continuing operations			15,291		12,756		58,136		51,579
Discontinued operations:
	Income from discontinued operations		1,000		611		6,093		5,931
	Net gain on sale of real estate		-		-		-		-
			1,000		611		6,093		5,931
Net income		$	16,291	$	13,367	$	64,229	$	57,510
Weighted average common shares outstanding:
	Basic		27,603,646		27,573,294		27,586,338		27,706,106
	Diluted		27,656,684		27,578,380		27,618,300		27,731,951
Earnings per share:
	Basic:
	Income from continuing operations	$	0.55	$	0.46	$	2.11	$	1.86
	Discontinued operations		0.04		0.04		0.22		0.22
	Net income available to common stockholders	$	0.59	$	0.50	$	2.33	$	2.08
	Diluted:
	Income from continuing operations	$	0.54	$	0.46	$	2.10	$	1.86
	Discontinued operations		0.04		0.03		0.22		0.21
	Net income available to common stockholders	$	0.58	$	0.49	$	2.32	$	2.07
Dividends declared per common share^(1)		$	0.65	$	0.69	$	2.30	$	2.34^(2)
(1) Includes special dividends of $0.10 and $0.14 per common share for the years ended December 31, 2009 and 2008, respectively.   (2) Excludes an $0.08 per common share ‘spillover’ dividend declared in 2008 for 2007.

CONDENSED BALANCE SHEETS

			December 31,		December 31,
Assets				2009		2008
	Real estate properties:
		Land	$	28,490	$	26,310
		Buildings and improvements		322,296		284,596
		Construction in progress		350,786		310,906
				(126,925)		(129,574)
		Less accumulated depreciation		223,861		181,332
	Mortgage notes receivable			94,588		108,640
	Investment in preferred stock, at cost			38,132		38,132
	Cash and cash equivalents			45,718		100,242
	Marketable securities			21,322		26,594
	Accounts receivable, net			2,189		1,734
	Assets held for sale, net			33,420		200
	Deferred costs and other assets			130		232
		Total Assets	$	459,360	$	457,106
Liabilities and Stockholders' Equity
	Bonds payable		$	-	$	3,987
	Earnest money deposit			150		-
	Real estate purchase liability			3,000		-
	Accounts payable and accrued expenses			2,754		4,359
	Dividends payable			17,959		19,030
	Deferred income			885		115
		Total Liabilities		24,748		27,491
	Commitments and Contingencies
	Stockholders' Equity
	Common stock, .01 par value; 40,000,000 shares authorized; 27,629,505 and
		27,580,319 shares issued and outstanding, respectively		276		276
	Capital in excess of par value			459,842		458,911
	Cumulative net income			900,611		836,382
	Cumulative dividends			(940,220)		(876,742)
	Unrealized gains on marketable securities			14,103		10,788
		Total Stockholders' Equity		434,612		429,615
		Total Liabilities and Stockholders' Equity	$	459,360	$	457,106

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

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