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<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD COLSPAN="3" ALIGN="CENTER"><FONT SIZE="+1"><STRONG>UNITED STATES</STRONG></FONT><FONT FACE="Arial"></FONT></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Arial"></FONT><FONT SIZE="+1"><STRONG>SECURITIES AND EXCHANGE COMMISSION</STRONG></FONT></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><STRONG>Washington, D.C.  20549</STRONG></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><FONT SIZE="+1"><STRONG>FORM 8-K</STRONG></FONT></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">CURRENT REPORT PURSUANT</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">TO SECTION 13 OR 15(d) OF THE</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">SECURITIES EXCHANGE ACT OF 1934</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">Date of Report (Date of earliest event reported): October 21, 2003 (October 21, 2003)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><STRONG><FONT SIZE="+1"><U>                    National Health Investors, Inc.                    </U></STRONG></FONT><STRONG></STRONG></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Exact name of Registrant as specified in its charter)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>        Maryland      </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(State or Other Jurisdiction of Incorporation)</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2">
<P ALIGN="CENTER"><U>        333-41863        </U></TD>
<TD>
<P ALIGN="CENTER"><U>   62-1470956   </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2">
<P ALIGN="CENTER">(Commission File No.)</TD>
<TD>
<P ALIGN="CENTER">(IRS Employer</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD>
<P ALIGN="CENTER">Identification Number)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">100 Vine Street, Suite 1202</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>Murfreesboro, TN 37130</U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Address of principal executive offices, including zip code)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>        (615) 890-9100        </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Registrant's telephone number, including area code)</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3"></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>          Not Applicable          </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Former name or former address, if changed since last report)</TD></TR></TABLE>
</P>
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman"><STRONG>Item 12.  Results of Operations and Financial Condition</STRONG> </FONT></P>

<P><FONT FACE="Times New Roman">	On October 21, 2003, National Health Investors, Inc. made its third quarter earnings
announcement.  A copy of the press release is furnished as an exhibit to this Form 8-K and is
incorporated herein by reference.</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT FACE="Times New Roman">SIGNATURES</FONT></P>

<P><FONT FACE="Times New Roman">	Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD>National Health Investors, Inc.</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>By: <U>/s/ W. Andrew Adams               </U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Name: W. Andrew Adams</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Title: Chief Executive Officer</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>By:<U>/s/ Donald K. Daniel                   </U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Name:  Donald K. Daniel</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Title: Principal Accounting Officer</TD></TR>
<TR VALIGN="TOP"><TD>Date: October 21, 2003</TD>
<TD></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER">Exhibit Index</P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG>Number</STRONG></TD>
<TD><STRONG>Exhibit</STRONG></TD></TR>
<TR VALIGN="TOP"><TD>99</TD>
<TD>Press release, dated October 21, 2003.</TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT SIZE="-2"></FONT><FONT SIZE="-1">EXHIBIT 99</FONT><FONT SIZE="-2"></FONT></P>

<P><FONT FACE="Arial" SIZE="-2">For Release: October 21, 2003 </FONT></P>

<P><FONT FACE="Arial" SIZE="-2">Contact: Gerald Coggin, VP of Investor Relations</FONT></P>

<P><FONT FACE="Arial" SIZE="-2">Phone: (615) 890-9100</FONT></P>

<P><FONT FACE="Arial" SIZE="+2">NHI reports third quarter income</FONT></P>

<P><FONT FACE="Arial" SIZE="-2"></FONT><FONT FACE="Arial" SIZE="-1">	MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI and NHIPr) announced funds from
operations ("FFO") from continuing operations for the third quarter ended Sept. 30, of $15,287,000 or 57 cents per diluted
share of common stock compared to $15,942,000 or 58 cents per share in 2002.  </FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	For the nine months ended Sept. 30, FFO from continuing operations was $43,884,000 or $1.63 per diluted share of
common stock compared to $40,908,000 or $1.52 per share in 2002.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	Income from continuing operations for the third quarter ended Sept. 30 was $11,904,000 or 43 cents per diluted share
of common stock compared to $12,022,000 or 43 cents per diluted share of common stock for the same period in 2002.  </FONT><FONT FACE="Arial"></FONT></P>

<P><FONT FACE="Arial"></FONT><FONT FACE="Arial" SIZE="-1">	Income from continuing operations for the nine months ended Sept. 30 was $33,697,000 or $1.21 per diluted share of
common stock compared to $30,302,000 or $1.09 per diluted share of common stock for the same period in 2002.  </FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	Net income for the three months and nine months ended Sept. 30, were $11,055,000 and $33,991,000, respectively,
versus $13,270,000 and $35,679,000, respectively, for 2002. </FONT><FONT FACE="Arial"></FONT></P>

<P><FONT FACE="Arial"></FONT><FONT FACE="Arial" SIZE="-1">	Income during the quarter ended Sept. 30, 2003 included additional rental income of $4,076,000 and additional
investment income of $176,000 from a settlement with Marriott International on four Brighton Gardens assisted living
facilities and a realty loss of $5,400,000 to reflect the lower rent expected on one of these facilities.  Additionally, NHI
recorded a $397,000 loss on the sale of two skilled nursing facilities in Washington state.  Finally, additional rental income
of $1,545,000 and additional investment income of $268,000 were recorded from leases of certain assisted living facilities
to Alterra and other previous owners and operators.  The effect of these items was income in the net amount of $266,000
or one cent per basic share.  For the third quarter of the prior year 2002, similar income was reported in the net amount of
$1,444,000 or 5 cents per basic share.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	National Health Investors, Inc. is a long-term health care real estate investment trust that specializes in the financing of
health care real estate by first mortgage and by purchase and leaseback transactions.  The common and preferred stocks
of the company trade on the New York Stock Exchange with the symbols NHI and NHIPr, respectively. Additional
information including NHI's most recent press releases may be obtained on NHI's web site at www.nhinvestors.com.</FONT><FONT FACE="Arial"></FONT></P>

<P><FONT FACE="Arial"></FONT><FONT FACE="Times New Roman">		</FONT><FONT FACE="Arial" SIZE="-1"><EM>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. </EM></FONT></P>

<P ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">-more-</FONT></P>

<P><FONT FACE="Arial">Page 2 NHI's Third Quarter Results</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></P>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>Condensed Statements of Income</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG><U></U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG><U></U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT><FONT FACE="Arial" SIZE="-1">(in thousands, except share and per</EM></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">Three Months Ended</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"><U></U></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT><FONT FACE="Arial" SIZE="-1">Nine Months Ended Sept.</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>2003</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">2002</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Arial" SIZE="-1"><U></U><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>2003</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">2002</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>Revenues:</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Mortgage interest income<STRONG></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>4,647</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">11,078</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>14,895</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">24,966</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Rental income<STRONG></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG></TD>
<TD ALIGN="RIGHT"></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>17,872</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">12,187</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>44,309</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">36,047</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Investment income</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>1,786</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">2,311</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>4,587</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">5,015</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Facility operating revenues</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>19,982</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">18,673</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>58,937</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">55,047</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG><U>44,287</U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><U>44,249</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG><U>122,728</U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><U>121,075</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>Expenses:</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Interest</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>3,437</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">4,152</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>10,601</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">12,980</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Depreciation of real estate</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>3,743</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">3,869</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>11,264</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">11,543</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Amortization of loan cost</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>37</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">44</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>260</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">610</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">        Legal expense</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>258</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">198</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>443</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">500</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Franchise and excise tax</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>65</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">128</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>528</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">363</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	General and administrative</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>681</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">735</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>2,113</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">1,526</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Loan and realty losses</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>5,400</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">5,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>6,900</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">9,500</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Facility operating expenses </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>18,762</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">18,101</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>56,922</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">53,751</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>32,383</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">32,227</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>89,031</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">90,773</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Income from continuing operations</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG></TD>
<TD ALIGN="RIGHT"></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>11,904</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">12,022</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>33,697</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">30,302</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Discontinued operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	</STRONG>Operating income (loss)-</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>(452)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">(48)</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>(1,241)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">294</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>	</STRONG>Gain (loss) on sale of real estate</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>(397)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">1,296</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>1,535</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">5,083</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>	</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG></TD>
<TD ALIGN="RIGHT"></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>(849)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">1,248</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>294</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">5,377</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>Net Income</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>11,055</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">13,270</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>33,991</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">35,679</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Dividends to preferred stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG><U>397</U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><U>397</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG><U>1,192</U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><U>1,192</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Net income applicable to common</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG><U>10,658</U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><U>12,873</U></FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG><U>32,799</U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><U>34,487</U></FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Income from continuing operations per common share:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">     Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.43</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.44</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.22</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.10</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">     Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.43</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.43</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.21</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.09</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Discontinued operations per common</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">     Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>(.03)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.04</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.01</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.21</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">  </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">     Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>(.03)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.05</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.01</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.20</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Net income per common share:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.40</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.48</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.23</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.31</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.40</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.48</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.22</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.29</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Funds from operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>15,250</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">15,494</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>43,769</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">40,653</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>15,287</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">15,942</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>43,884</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">40,908</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Funds from operations per common</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.57</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.58</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.64</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.54</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.57</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.58</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.63</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.52</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Weighted average common shares</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>26,739,985</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">26,609,104</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>26,716,41</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">26,387,251</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Diluted shares for net income</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>26,999,079</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">26,924,608</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>26,973,34</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">26,921,074</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">	Diluted shares for FFO purposes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>26,999,079</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">27,601,526</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>26,973,34</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">26,921,074</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Dividends per common share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.40</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.35</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.20</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.05</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Balance Sheet Data</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">(in thousands)</EM></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG><U></U></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG><U></U>Sept. 30</STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">December</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>2003</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">2002</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Real estate properties, net</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>293,817</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">304,394</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Mortgages receivable, net</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>169,294</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">201,236</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Preferred stock investments</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>38,132</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">38,132</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">REMIC investments</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>36,366</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">36,366</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Cash and marketable securities</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>71,463</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">58,825</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Debt</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>168,202</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">161,763</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Convertible debt</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>1,414</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">41,633</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1">Stockholders' equity</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>408,517</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">400,429</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD></TR></TABLE>

<P ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">-more-</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">Page 3 NHI's third quarter results</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1">Reconciliation of Funds From Operations <SUP>(1)</SUP></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1">	The following table reconciles net income applicable to common stockholders to funds from operations applicable to
common stockholders:</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1"><EM></EM></FONT><FONT FACE="Arial" SIZE="-1"><EM>(in thousands, except share and per share amounts)</EM></FONT></P>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"><EM></EM></FONT><FONT FACE="Arial" SIZE="-1"><STRONG><U></U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG><U></U></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT>Three Months Ended</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"><U></U></FONT><FONT FACE="Arial" SIZE="-1"><U></U></FONT><FONT FACE="Arial" SIZE="-1">Nine Months Ended Sept.</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>2003</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">2002</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Arial" SIZE="-1"><U></U><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>2003</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">2002</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Net income applicable to common</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>10,658</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">12,873</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>32,799</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">34,487</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Adjustments:<STRONG></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Real estate depreciation</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>3,743</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">3,869</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>11,264</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">11,543</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Other Items:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	Discontinued operations:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">      		Operating (Income) loss  -</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>452</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">48</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>1,241</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">(294)</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">       		(Gain) loss on sale of real</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>397</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">(1,296)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>(1,535)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">(5,083)</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Basic funds from operations applicable to</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>15,250</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">15,494</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>43,769</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">40,653</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Dividends to preferred stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>---</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">397</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>---</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">---</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Interest on convertible subordinated</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>37</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">51</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>115</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">255</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Diluted funds from operations applicable</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">	common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>15,287</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">15,942</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>43,884</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">40,.908</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Basic funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.57</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.58</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.64</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.54</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Diluted funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>.57</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.58</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>1.63</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.52</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Shares for basic funds from operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>26,739,98</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">26,609,10</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>26,716,41</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">26,387,25</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Shares for diluted funds from operations per<STRONG></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG>26,999,07</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">27,601,52</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>26,973,34</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">26,921,07</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(1) </SUP><EM>We believe that funds from operations is an important supplemental measure of operating performance.  We, therefore,
disclose funds from operations, although it is a measurement that is not defined by accounting principles generally
accepted in the United States.  We generally use the National Association of Real Estate Investment Trusts (NAREIT)
measure of funds from operations.  We define funds from operations as income before extraordinary items adjusted for
certain non-cash items, primarily real estate depreciation, less gains/losses on sales of facilities.  Our measure may not be
comparable to similarly titled measures used by other REITs.  Consequently, our funds from operations may not provide a
meaningful measure of our performance as compared to that of other REITs.  Funds from operations does not represent
cash generated from operating activities as defined by accounting principles generally accepted in the United States
(funds from operations does not include changes in operating assets and liabilities) and, therefore, should not be
considered as an alternative to net income as the primary indicator of operating performance or to cash flow as a measure
of liquidity.  </EM></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
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<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">-more<STRONG>-</STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"> </FONT></P>

<P><FONT FACE="Arial" SIZE="-1">Page 4 NHI's third quarter results</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></P>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER">
<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">National Health Investors, Inc. Portfolio Summary September 30, 2003</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Investment</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Portfolio Statistics</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Investment</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Percentage</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT>Equity Ownership</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">94</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">293,217,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">59%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Mortgage Loan Receivables</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">87</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">201,067,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">41%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Total Real Estate Portfolio</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">181</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">   494,284,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">100%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Equity Ownership</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Beds</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Investments</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">68</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">9,142</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">188,895,000</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">16</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">1,350</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">       73,270,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Medical Office Buildings</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">124,427 sq.ft</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">11,463,000</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">5</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">471</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">11,512,000</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Hospitals</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">55</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">          8,077,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">94</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"> 293,217,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Mortgage Loan Receivables</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">Properties</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Beds</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Investments</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">53</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">5,872</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">151,644,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">156</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">          6,204,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">60</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">          2,298,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Developmentally Disabled</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">108</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">          4,555,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">73</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">164,701,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Remic </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">14</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">1,971</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">       30,020,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Remic II Investment </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2,313</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">          6,346,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Total Mortgage Portfolio</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">87</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">     201,067,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Summary of Facilities by Type:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Percentage of </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Total</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">Total Dollars</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Dollars</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">135</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">76.25%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">   376,905,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">18</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">16.08%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">       79,474,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Medical Office Buildings</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">2.32%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">       11,463,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">6</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">2.79%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">       13,810,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Hospitals</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">1.63%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">          8,077,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Developmentally Disabled</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">0.92%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">          4,555,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">181</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">100.00%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">   494,284,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>
</P>
<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">-more-</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">Page 5 NHI's third quarter results</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Portfolio by Operator Type</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"># of </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Percentage of</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Total</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Total Dollars</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Dollars</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Public</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">101</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">45.70%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"> 225,906,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Regional</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">66</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">45.24%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">     223,638,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1">Small Operator</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">14</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">9.05%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">       44,740,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">181</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">100.00%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"> 494,284,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Public Operators:</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Percentage</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Of Total </FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">Dollar</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Portfolio</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Amount</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">National HealthCare Corp.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">12.47%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">     61,617,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Integrated Health Services</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">8.31%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">        41,083,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">ElderTrust of Florida</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5.62%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">        27,758,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">National Health Investors, Inc.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4.64%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">        22,931,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Mariner Post Acute Network</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3.41%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">        16,860,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Community Health Systems, Inc.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3.00%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">          14,833,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Sunrise Senior Living Services</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2.88%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">14,237,000</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">Sun Healthcare</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.93%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">          9,531,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Midwest Nursing Home Investors, L.L.C.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.28%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">          6,324,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">HCA - The Healthcare Company</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.95%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">          4,707,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Res-Care, Inc.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.92%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">          4,555,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Centennial HealthCare Corp.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.08%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">          382,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">45.48%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">224,818,000</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR></TABLE>

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<P ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">-More-</FONT></P>

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<P><FONT FACE="Arial" SIZE="-1">Page 6 NHI's third quarter results</FONT></P>

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<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1">LTC</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Acute</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">MOB</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Dev</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Asst.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Retire-</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Total</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">Current</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Percent of</FONT></TD></TR></TABLE>

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<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Florida</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">25</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">14</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">47</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$      138,661,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">28.05%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">2.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Texas</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">28</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">32</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">      100,297,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">20.29%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">3.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Tennessee</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">21</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">29</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        40,414,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">8.18%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">4.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Missouri</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">9</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">10</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        27,562,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">5.58%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">5.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">New Jersey</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        27,038,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">5.47%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">6.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Arizona</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        19,690,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3.98%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">7.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Virginia</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        19,596,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3.96%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">8.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">New Hampshire</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        17,734,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3.59%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">9.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Georgia</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        17,104,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3.46%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">10.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Kansas</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        13,036,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2.64%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">11.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Massachusetts</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        12,701,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2.57%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">12.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Washington</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        4,582,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0.93%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">13.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Kentucky</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        10,110,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2.05%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">14.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">South Carolina</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">        8,779,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1.78%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">15.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Colorado</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          8,125,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1.64%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">16.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Idaho</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          5,758,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1.16%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">17.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Illinois</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          4,495,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0.91%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">18.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Michigan</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          3,307,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0.67%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">19.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Alabama</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          2,564,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0.52%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">20.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Pennsylvania</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          2,249,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0.46%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">21.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">Wisconsin</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          2,108,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0.43%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1">22.</FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">North Carolina</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          2,028,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">0.41%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">135</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">18</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">6</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">181</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$      487,938,000</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">98.72%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Remic II</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">          6,346,000 </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">1.28%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">$      494,284,000</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">100.00%</FONT></TD></TR></TABLE>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">-30-</FONT></P>

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[{"type": "8-K", "sequence": "1", "filename": "i920038k.htm", "secsgml_size_bytes": 123046}]
{"company-data": {"conformed-name": "NATIONAL HEALTH INVESTORS INC", "cik": "0000877860", "assigned-sic": "6798", "irs-number": "621470956", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10822", "film-number": "03948977"}, "business-address": {"street1": "100 VINE ST STE 1400", "street2": "CITY CENTER", "city": "MURFREESBORO", "state": "TN", "zip": "37130", "phone": "6158909100"}, "mail-address": {"street1": "P.O. BOX 1102", "city": "MURFREESBORO", "state": "TN", "zip": "37133"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 21, 2003 (October 21, 2003)
National Health Investors, Inc.
(Exact name of Registrant as specified in its charter)
Maryland
(State or Other Jurisdiction of Incorporation)
333-41863
62-1470956
(Commission File No.)
(IRS Employer
Identification Number)
100 Vine Street, Suite 1202
Murfreesboro, TN 37130
(Address of principal executive offices, including zip code)
(615) 890-9100
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 12.  Results of Operations and Financial Condition
On October 21, 2003, National Health Investors, Inc. made its third quarter earnings
announcement.  A copy of the press release is furnished as an exhibit to this Form 8-K and is
incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
National Health Investors, Inc.
By:
/s/ W. Andrew Adams
Name: W. Andrew Adams
Title: Chief Executive Officer
By:
/s/ Donald K. Daniel
Name:  Donald K. Daniel
Title: Principal Accounting Officer
Date: October 21, 2003
Exhibit Index
Number
Exhibit
99
Press release, dated October 21, 2003.
EXHIBIT 99
For Release: October 21, 2003
Contact: Gerald Coggin, VP of Investor Relations
Phone: (615) 890-9100
NHI reports third quarter income
MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI and NHIPr) announced funds from
operations ("FFO") from continuing operations for the third quarter ended Sept. 30, of $15,287,000 or 57 cents per diluted
share of common stock compared to $15,942,000 or 58 cents per share in 2002.
For the nine months ended Sept. 30, FFO from continuing operations was $43,884,000 or $1.63 per diluted share of
common stock compared to $40,908,000 or $1.52 per share in 2002.
Income from continuing operations for the third quarter ended Sept. 30 was $11,904,000 or 43 cents per diluted share
of common stock compared to $12,022,000 or 43 cents per diluted share of common stock for the same period in 2002.
Income from continuing operations for the nine months ended Sept. 30 was $33,697,000 or $1.21 per diluted share of
common stock compared to $30,302,000 or $1.09 per diluted share of common stock for the same period in 2002.
Net income for the three months and nine months ended Sept. 30, were $11,055,000 and $33,991,000, respectively,
versus $13,270,000 and $35,679,000, respectively, for 2002.
Income during the quarter ended Sept. 30, 2003 included additional rental income of $4,076,000 and additional
investment income of $176,000 from a settlement with Marriott International on four Brighton Gardens assisted living
facilities and a realty loss of $5,400,000 to reflect the lower rent expected on one of these facilities.  Additionally, NHI
recorded a $397,000 loss on the sale of two skilled nursing facilities in Washington state.  Finally, additional rental income
of $1,545,000 and additional investment income of $268,000 were recorded from leases of certain assisted living facilities
to Alterra and other previous owners and operators.  The effect of these items was income in the net amount of $266,000
or one cent per basic share.  For the third quarter of the prior year 2002, similar income was reported in the net amount of
$1,444,000 or 5 cents per basic share.
National Health Investors, Inc. is a long-term health care real estate investment trust that specializes in the financing of
health care real estate by first mortgage and by purchase and leaseback transactions.  The common and preferred stocks
of the company trade on the New York Stock Exchange with the symbols NHI and NHIPr, respectively. Additional
information including NHI's most recent press releases may be obtained on NHI's 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.
-more-
Page 2 NHI's Third Quarter Results
Condensed Statements of Income
(in thousands, except share and per
Three Months Ended
Nine Months Ended Sept.
2003
2002
2003
2002
Revenues:
Mortgage interest income
$
4,647
$
11,078
$
14,895
$
24,966
Rental income
17,872
12,187
44,309
36,047
Investment income
1,786
2,311
4,587
5,015
Facility operating revenues
19,982
18,673
58,937
55,047
44,287
44,249
122,728
121,075
Expenses:
Interest
3,437
4,152
10,601
12,980
Depreciation of real estate
3,743
3,869
11,264
11,543
Amortization of loan cost
37
44
260
610
Legal expense
258
198
443
500
Franchise and excise tax
65
128
528
363
General and administrative
681
735
2,113
1,526
Loan and realty losses
5,400
5,000
6,900
9,500
Facility operating expenses
18,762
18,101
56,922
53,751
32,383
32,227
89,031
90,773
Income from continuing operations
11,904
12,022
33,697
30,302
Discontinued operations
Operating income (loss)-
(452)
(48)
(1,241)
294
Gain (loss) on sale of real estate
(397)
1,296
1,535
5,083
(849)
1,248
294
5,377
Net Income
11,055
13,270
33,991
35,679
Dividends to preferred stockholders
397
397
1,192
1,192
Net income applicable to common
$
10,658
$
12,873
$
32,799
$
34,487
Income from continuing operations per common share:
Basic
$
.43
$
.44
$
1.22
$
1.10
Diluted
$
.43
$
.43
$
1.21
$
1.09
Discontinued operations per common
Basic
$
(.03)
$
.04
$
.01
$
.21
Diluted
$
(.03)
$
.05
$
.01
$
.20
Net income per common share:
Basic
$
.40
$
.48
$
1.23
$
1.31
Diluted
$
.40
$
.48
$
1.22
$
1.29
Funds from operations
Basic
$
15,250
$
15,494
$
43,769
$
40,653
Diluted
$
15,287
$
15,942
$
43,884
$
40,908
Funds from operations per common
Basic
$
.57
$
.58
$
1.64
$
1.54
Diluted
$
.57
$
.58
$
1.63
$
1.52
Weighted average common shares
Basic
26,739,985
26,609,104
26,716,41
26,387,251
Diluted shares for net income
26,999,079
26,924,608
26,973,34
26,921,074
Diluted shares for FFO purposes
26,999,079
27,601,526
26,973,34
26,921,074
Dividends per common share
$
.40
$
.35
$
1.20
$
1.05
Balance Sheet Data
(in thousands)
Sept. 30
December
2003
2002
Real estate properties, net
$
293,817
$
304,394
Mortgages receivable, net
169,294
201,236
Preferred stock investments
38,132
38,132
REMIC investments
36,366
36,366
Cash and marketable securities
71,463
58,825
Debt
168,202
161,763
Convertible debt
1,414
41,633
Stockholders' equity
408,517
400,429
-more-
Page 3 NHI's third quarter results
Reconciliation of Funds From Operations
(1)
The following table reconciles net income applicable to common stockholders to funds from operations applicable to
common stockholders:
(in thousands, except share and per share amounts)
Three Months Ended
Nine Months Ended Sept.
2003
2002
2003
2002
Net income applicable to common
$
10,658
$
12,873
$
32,799
$
34,487
Adjustments:
Real estate depreciation
3,743
3,869
11,264
11,543
Other Items:
Discontinued operations:
Operating (Income) loss  -
452
48
1,241
(294)
(Gain) loss on sale of real
397
(1,296)
(1,535)
(5,083)
Basic funds from operations applicable to
common stockholders
15,250
15,494
43,769
40,653
Dividends to preferred stockholders
---
397
---
---
Interest on convertible subordinated
37
51
115
255
Diluted funds from operations applicable
common stockholders
$
15,287
$
15,942
$
43,884
$
40,.908
Basic funds from operations per share
$
.57
$
.58
$
1.64
$
1.54
Diluted funds from operations per share
$
.57
$
.58
$
1.63
$
1.52
Shares for basic funds from operations
26,739,98
26,609,10
26,716,41
26,387,25
Shares for diluted funds from operations per
26,999,07
27,601,52
26,973,34
26,921,07
(1)
We believe that funds from operations is an important supplemental measure of operating performance.  We, therefore,
disclose funds from operations, although it is a measurement that is not defined by accounting principles generally
accepted in the United States.  We generally use the National Association of Real Estate Investment Trusts (NAREIT)
measure of funds from operations.  We define funds from operations as income before extraordinary items adjusted for
certain non-cash items, primarily real estate depreciation, less gains/losses on sales of facilities.  Our measure may not be
comparable to similarly titled measures used by other REITs.  Consequently, our funds from operations may not provide a
meaningful measure of our performance as compared to that of other REITs.  Funds from operations does not represent
cash generated from operating activities as defined by accounting principles generally accepted in the United States
(funds from operations does not include changes in operating assets and liabilities) and, therefore, should not be
considered as an alternative to net income as the primary indicator of operating performance or to cash flow as a measure
of liquidity.
-more
-
Page 4 NHI's third quarter results
National Health Investors, Inc. Portfolio Summary September 30, 2003
Investment
Portfolio Statistics
Properties
Investment
Percentage
Equity Ownership
94
$
293,217,000
59%
Mortgage Loan Receivables
87
201,067,000
41%
Total Real Estate Portfolio
181
$
494,284,000
100%
Equity Ownership
Properties
Beds
Investments
Nursing Homes
68
9,142
$
188,895,000
Assisted Living
16
1,350
73,270,000
Medical Office Buildings
4
124,427 sq.ft
11,463,000
Retirement Homes
5
471
11,512,000
Hospitals
1
55
8,077,000
94
$
293,217,000
Mortgage Loan Receivables
Properties
Beds
Investments
Nursing Homes
53
5,872
$
151,644,000
Assisted Living
2
156
6,204,000
Retirement Homes
1
60
2,298,000
Developmentally Disabled
17
108
4,555,000
73
$
164,701,000
Remic
14
1,971
30,020,000
Remic II Investment
2,313
6,346,000
Total Mortgage Portfolio
87
$
201,067,000
Summary of Facilities by Type:
Percentage of
Total
Properties
Total Dollars
Dollars
Nursing Homes
135
76.25%
$
376,905,000
Assisted Living
18
16.08%
79,474,000
Medical Office Buildings
4
2.32%
11,463,000
Retirement Homes
6
2.79%
13,810,000
Hospitals
1
1.63%
8,077,000
Developmentally Disabled
17
0.92%
4,555,000
181
100.00%
$
494,284,000
-more-
Page 5 NHI's third quarter results
Portfolio by Operator Type
# of
Percentage of
Total
Properties
Total Dollars
Dollars
Public
101
45.70%
$
225,906,000
Regional
66
45.24%
223,638,000
Small Operator
14
9.05%
44,740,000
181
100.00%
$
494,284,000
Public Operators:
Percentage
Of Total
Dollar
Portfolio
Amount
National HealthCare Corp.
12.47%
$
61,617,000
Integrated Health Services
8.31%
41,083,000
ElderTrust of Florida
5.62%
27,758,000
National Health Investors, Inc.
4.64%
22,931,000
Mariner Post Acute Network
3.41%
16,860,000
Community Health Systems, Inc.
3.00%
14,833,000
Sunrise Senior Living Services
2.88%
14,237,000
Sun Healthcare
1.93%
9,531,000
Midwest Nursing Home Investors, L.L.C.
1.28%
6,324,000
HCA - The Healthcare Company
0.95%
4,707,000
Res-Care, Inc.
0.92%
4,555,000
Centennial HealthCare Corp.
0.08%
382,000
45.48%
$
224,818,000
-More-
Page 6 NHI's third quarter results
LTC
Acute
MOB
Dev
Asst.
Retire-
Total
Current
Percent of
1.
Florida
25
1
14
7
47
$      138,661,000
28.05%
2.
Texas
28
2
1
1
32
100,297,000
20.29%
3.
Tennessee
21
3
3
2
29
40,414,000
8.18%
4.
Missouri
9
1
10
27,562,000
5.58%
5.
New Jersey
2
1
3
27,038,000
5.47%
6.
Arizona
1
4
5
19,690,000
3.98%
7.
Virginia
7
7
19,596,000
3.96%
8.
New Hampshire
3
1
4
17,734,000
3.59%
9.
Georgia
7
7
17,104,000
3.46%
10.
Kansas
7
7
13,036,000
2.64%
11.
Massachusetts
4
4
12,701,000
2.57%
12.
Washington
3
3
4,582,000
0.93%
13.
Kentucky
4
1
5
10,110,000
2.05%
14.
South Carolina
3
1
4
8,779,000
1.78%
15.
Colorado
3
3
8,125,000
1.64%
16.
Idaho
1
1
2
5,758,000
1.16%
17.
Illinois
1
1
2
4,495,000
0.91%
18.
Michigan
2
2
3,307,000
0.67%
19.
Alabama
2
2
2,564,000
0.52%
20.
Pennsylvania
1
1
2,249,000
0.46%
21.
Wisconsin
1
1
2,108,000
0.43%
22.
North Carolina
0
1
1
2,028,000
0.41%
135
1
4
17
18
6
181
$      487,938,000
98.72%
Remic II
6,346,000
1.28%
$      494,284,000
100.00%
-30-