For Release:  February 17, 2005

Contact:  Gerald Coggin, Senior VP of Corporate Relations

Phone:  (615) 890-9100

NHI Raises First Quarter Dividend to 45 Cents Per Share

            MURFREESBORO, Tenn. – National Health Investors, Inc., (NYSE:  NHI) announced today that it will pay a first quarter dividend of 45 cents per common share to shareholders of record on March 31 and payable on May 10.

            The 45 cent dividend is an increase of two and one half cents over last year’s regular quarterly dividend.  NHI President Andy Adams said the increase was appropriate given our continued progress in managing our portfolio and our expectation for taxable income for 2005.

            NHI specializes in the financing of health care real estate by first mortgage and by purchase and leaseback transactions.  The common stock of the company trades on the New York Stock Exchange with the symbol NHI. Additional information, including NHI’s most recent press releases, may be obtained on our web site at www.nhinvestors.com. 

            Statements in this press release that are not historical facts are forward-looking statements.  NHI cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance.  All forward-looking statements represent NHI’s judgment as of the date of this release.

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