<HTML>
<HEAD>
<META NAME="Generator" CONTENT="Corel WordPerfect 8">
<TITLE></TITLE>
</HEAD>
<BODY TEXT="#000000" LINK="#0000ff" VLINK="#551a8b" ALINK="#ff0000" BGCOLOR="#c0c0c0">

<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): May 6, 2004 (May 5, 2004)</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" ALIGN="CENTER"><U>        333-41863        </U></TD>
<TD>
<P ALIGN="CENTER"><U>   62-1470956   </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2" 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">
<P><STRONG>Item 5.  Other Events</STRONG></P>

<P>	On May 5, 2004, National Health Investors, Inc. announced its first quarter earnings.  A
copy of the press release is furnished as an exhibit to this Form 8-K and is incorporated herein by
reference.</P>

<P ALIGN="CENTER">SIGNATURES</P>

<P>	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.</P>

<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: May 6, 2004</TD>
<TD></TD></TR></TABLE>

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

<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 May 5, 2004</TD></TR></TABLE>

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

<P><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT SIZE="-2"></FONT><FONT FACE="Times New Roman" SIZE="-2">For Release: May 5, 2004</FONT></P>

<P><FONT FACE="Times New Roman" SIZE="-2">Contact: Gerald Coggin Senior VP of Corporate Relations</FONT></P>

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="+2">NHI reports first quarter results</FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT></P>

<P><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman">MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI) announced income from
continuing operations for the first quarter ended March 31, 2004 of $13,614,000 or 49 cents per basic and
diluted share of common stock compared to $10,530,000 or 38 cents per basic and 37 cents per diluted share
of common stock for the same period in 2003.  </FONT></P>

<P><FONT FACE="Times New Roman">	Funds from operations, ("FFO") from continuing operations for the first quarter ended March 31, 2004
was $16,586,000 or 62 cents per basic and $16,618,000, or 60 cents per diluted share of common stock
compared to $13,226,000 or 50 cents per basic and $13,264,000 or 49 cents per diluted share of common stock
in 2003.  </FONT></P>

<P><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman">Income and FFO from continuing operations for the first quarter of 2003 excludes a $1,932,000 or seven
cents per basic and diluted share of common stock gain on the sale of real estate.</FONT></P>

<P><FONT FACE="Times New Roman">The improvement in income from continuing operations for the first quarter ended March 31, 2004 was
primarily due to gains on sales of marketable securities of $668,000, recovery of previous write downs of
marketable securities of $687,000 and recovery of a previous write down of a mortgage note of $1,302,000.
Interest expense also declined as a result of lower debt outstanding.  Income from continuing operations for
the first quarter of 2003 included loan loss expense of $1,500,000.  </FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT"></FONT><FONT FACE="Times New Roman">"At March 31, 2004, cash and marketable securities totaled approximately 79% of total debt
outstanding," said President Andy Adams.  "Even with this unsurpassed liquidity, our debt to capitalization
ratio declined to 27.7%, the lowest level in our 12 year history."</FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman">NHI specializes in the financing of health care real estate by first mortgage and by purchase and
leaseback transactions. The common stock of the company trades on the New York Stock Exchange with the
symbol NHI.  Additional information including NHI's most recent press releases may be obtained on our web
site at </FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="+3" COLOR="#0000ff"><U></U></FONT><FONT FACE="Times New Roman" COLOR="#0000ff"><U>www.nhinvestors.com</U></FONT><FONT FACE="Times New Roman">.</FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT"></FONT><FONT FACE="Times New Roman"><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>. <STRONG></STRONG></FONT></P>

<P><FONT FACE="Times New Roman"><STRONG></STRONG></FONT><FONT FACE="Helvetica-Narrow" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman"><U>-More-</U></FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Helvetica-Narrow" SIZE="-2"><STRONG><U></U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-2"><STRONG><U></U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman"><U></U></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Helvetica-Narrow" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>Page 2 NHI's first quarter results</U></FONT></P>

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

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="TOP"><TD><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1">(in thousands except share and per share amounts)</EM></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Three Months Ended March</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U>2004</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U>2003</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Revenues:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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="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">	Mortgage interest income</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">4,851</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">5,543</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Rental income</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">12,213</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">13,357</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Investment interest and other</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2,133</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,644</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Facility operating revenues</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">20,400</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">19,121</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></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"><U>39,597</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U></TD>
<TD ALIGN="RIGHT"></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>39,665</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U></TD></TR>
<TR VALIGN="TOP"><TD></U></FONT><FONT FACE="Times New Roman" SIZE="-1">Expenses:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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="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">	Interest</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,120</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,988</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Depreciation</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,538</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,773</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Amortization of loan costs</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">37</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">183</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">        Legal expense</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">149</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(81)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">        Franchise and excise tax</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">70</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">396</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	General and administrative</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">856</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">714</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Loan and security (recoveries)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(1,989)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,500</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Facility operating expense</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">20,202</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">18,662</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></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">25,983</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">29,135</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></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"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>Income From Continuing Operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">13,614</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">10,530</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Discontinued Operations:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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="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"></FONT><FONT FACE="Times New Roman">     Operating Loss - discontinued</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">(179)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(342)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">     Gain on sale of real estate</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></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,932</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></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">(179)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,590</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></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"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>Net Income</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">13,435</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">12,120</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Dividends to preferred stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>397</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U></TD>
<TD ALIGN="RIGHT"></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>397</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U></TD></TR>
<TR VALIGN="TOP"><TD></U></FONT><FONT FACE="Times New Roman" SIZE="-1">Net income applicable to common stock</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U>13,038</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U></U>$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U>11,723</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U></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></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="TOP"><TD></U></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="Times New Roman" SIZE="-1">Income from continuing operations per common share:</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<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">         Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.49</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.38</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">         Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.49</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.37</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></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="Times New Roman" SIZE="-1">Discontinued operations per common share:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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="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">         Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.06</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">         Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">(.01)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.06</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></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="Times New Roman" SIZE="-1">Net income per common share:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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="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">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.49</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.44</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.48</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.43</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></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="Times New Roman" SIZE="-1">Funds from operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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="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">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">16,586</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">13,226</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">16,618</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">13,264</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></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="Times New Roman" SIZE="-1">Funds from operations per common share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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="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">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.62</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.50</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.60</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.49</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Weighted average common shares</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<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">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">26,782,468</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,688,984</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">27,071,585</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,944,523</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">        Diluted Shares for FFO purposes</FONT></TD>
<TD COLSPAN="2" ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">27,748,503</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,944,523</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></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="Times New Roman" SIZE="-1">Dividends per common share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.425</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.40</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" 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></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<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="Times New Roman" SIZE="-1">Balance Sheet Data</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<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"><EM>(in thousands)</EM></FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman">
<P ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG><U></U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1">March 31</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">December</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR></TABLE>
</CENTER>

<CENTER>
<TABLE ALIGN="CENTER" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">2004</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2003</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Real estate properties, net</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">286,163</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">289,465</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Mortgages receivable, net</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">143,556</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">149,892</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Preferred stock investment</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">38,132</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">38,132</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">REMIC investments</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">16,407</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">16,043</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Cash and marketable securities</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">124,823</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">120,522</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Debt</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">157,304</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">162,100</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Convertible debt</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,210</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,351</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Stockholders' equity</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">414,511</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">409,644</FONT></TD></TR></TABLE>
</CENTER>

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Page 3 NHI's first quarter results</FONT></P>

<P><FONT FACE="Times New Roman" SIZE="-1">Reconciliation of Funds From Operations <SUP>(1)</SUP></FONT></P>

<P><FONT FACE="Times New Roman" 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">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="CENTER"><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="Times New Roman" SIZE="-1">Three Months Ended March 31</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">2004</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">2003</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"><EM>(in thousands, except share and per share amounts)</EM></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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></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="Times New Roman" SIZE="-1">Net income</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">13,435</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">12,120</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Dividends to preferred stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(397)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(397)</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></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="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">Net income applicable to common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">13,038</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">11,723</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Adjustments:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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">     Real estate depreciation</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2,972</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,093</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Other Items:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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">     Discontinued operations:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></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">        Operating loss - discontinued</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">179</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">342</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">        Gain on sale of real estate</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></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(1,932)</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Dividends to preferred stockholders, if dilutive</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">397</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></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Basic funds from operations applicable to common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">16,586</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">13,226</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></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="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">Interest on convertible subordinated debentures</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">32</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">38</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></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="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">Diluted funds from operations applicable to common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">16,618</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">13,264</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></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="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">Basic funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.62</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.50</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Diluted funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.60</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.49</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></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="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">Shares for basic funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,782,468</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,688,984</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Shares for diluted funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">27,748,503</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,944,523</FONT></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><EM><SUP>(1)</SUP>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">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="-1">-More-</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helvetica-Narrow" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>Page 4 NHI's first quarter results</U></FONT></P>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="-1">National Health Investors, Inc.     Portfolio Summary     March 31, 2004</FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><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="Times New Roman" SIZE="-1">Portfolio Statistics</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Investment</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Investment</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Percentage</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Equity Ownership</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">94</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">286,163,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">64%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Mortgage Loan Receivables</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">72</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">159,963,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">36%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Total Real Estate Portfolio</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">166</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">446,126,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">100%</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD><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">Equity Ownership&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Beds</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Investments</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">68</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">9,142</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"> $         183,726,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">16</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1,350</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">              72,151,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Medical Office Buildings</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">124,427 sq.ft.</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">              11,217,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">5</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">471</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">              11,176,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Hospitals</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">55</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">               7,893,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">94</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"> $         286,163,000 </FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">50</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">5,512</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"> $         131,188,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">90</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">               5,675,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">60</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">               2,151,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Developmentally Disabled</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">17</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">108</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">               4,542,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">69</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"> $         143,556,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Remic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">390</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">              10,061,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Remic II Investment</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">-&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">2,313</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">               6,346,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Total Mortgage Portfolio</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">72</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   $         159,963,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

<TABLE WIDTH="100%">
<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">Summary of Facilities by Type:</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">Percentage of</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Total</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Total Dollars</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Dollars</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Nursing Homes</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">121</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">74.27%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"> $         331,321,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Assisted Living</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">17</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">17.44%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">              77,826,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Medical Office Buildings</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">2.51%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">              11,217,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Retirement Homes</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">6</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">2.99%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">              13,327,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Hospitals</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1.77%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">               7,893,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Developmentally Disabled</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">17</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1.02%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">               4,542,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">166</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">100.00%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"> $         446,126,000 </FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Portfolio by Operator Type:</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"># of </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Percentage of</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Total</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Properties</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Total Dollars</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Dollars</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Public</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">98</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">31.02%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"> $         138,409,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Regional</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">56</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">64.37%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">            287,182,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Small Operator</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">12</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">4.60%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">              20,535,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">166</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">100.00%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"> $         446,126,000 </FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD><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">Public Operators:</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">Percentage</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></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">Of Total</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Dollar</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Portfolio</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Amount</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">National HealthCare Corp.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">13.35%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                 59,554,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">National Health Investors, Inc.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">4.50%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                 20,067,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Community Health Systems, Inc.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3.26%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                 14,522,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Sunrise Senior Living Services</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3.14%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                 14,026,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Mariner Post Acute Network</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2.54%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                 11,333,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Sun Healthcare</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2.10%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                   9,378,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">HCA-The Healthcare Company</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1.03%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                   4,587,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Res-Care, Inc.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1.02%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                   4,542,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Centennial HealthCare Corp.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">0.09%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">                      400,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></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">31.02%</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">               138,409,000 </FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">- More -</FONT></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">
<P><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helvetica-Narrow" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-2"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>Page 5 NHI's first quarter results</U></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="+3"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Summary of Facilities by State    March 31, 2004</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><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="Times New Roman" SIZE="-1">Percent of</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Acute</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">Dev.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Asst.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Retire-</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">Current</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Total</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">LTC</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Care</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">MOB</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Disab.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Living</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">ment</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Total</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">Amount</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">Portfolio</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Florida</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">20</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">14</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">6</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">41</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">  116,690,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">26.16%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">2</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Texas</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">28</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">32</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   97,778,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">21.92%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Tennesssee</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">21</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">29</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   39,041,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">8.75%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Missouri</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">9</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></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">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">10</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   27,129,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">6.08%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">5</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">New Jersey</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   26,649,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">5.97%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">6</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Arizona</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">5</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   19,423,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">4.35%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">7</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Virginia</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" 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="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">7</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   19,116,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">4.28%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">8</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Georgia</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" 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="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">7</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   17,061,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">3.82%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">9</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">New Hampshire</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></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">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   16,749,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">3.75%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">10</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Massachusetts</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" 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="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">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   12,197,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">2.73%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">11</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Kansas</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" 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="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">7</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">   11,626,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">2.61%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">12</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Kentucky</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></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">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     9,320,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">2.09%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">13</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">South Carolina</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     8,539,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1.91%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">14</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Idaho</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></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">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">2</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     5,669,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1.27%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">15</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Colorado</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" 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="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">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     3,875,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">0.87%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">16</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Alabama</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" 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="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">2</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     2,464,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">0.55%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">17</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">North Carolina</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">0</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     1,995,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">0.45%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">18</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Illinois</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">0</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     1,622,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">0.36%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">19</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Wisconsin</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" 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="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">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     1,441,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">0.32%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">20</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">Washington</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">     1,396,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">0.31%</FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">121</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">6</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">166</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">  439,780,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">98.58%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></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></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<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="Times New Roman" SIZE="-1">Remic II</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1">     6,346,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1.42%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<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="Times New Roman" SIZE="-1">  446,126,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">100.00%</FONT></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1">-30-</FONT></P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "nhi8k304.htm", "secsgml_size_bytes": 95952}]
{"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": "04785412"}, "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): May 6, 2004 (May 5, 2004)
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 5.  Other Events
On May 5, 2004, National Health Investors, Inc. announced its first quarter earnings.  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: May 6, 2004
Exhibit Index
Number
Exhibit
99
Press release, dated May 5, 2004
EXHIBIT 99
For Release: May 5, 2004
Contact: Gerald Coggin Senior VP of Corporate Relations
Phone: (615) 890-9100
NHI reports first quarter results
MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI) announced income from
continuing operations for the first quarter ended March 31, 2004 of $13,614,000 or 49 cents per basic and
diluted share of common stock compared to $10,530,000 or 38 cents per basic and 37 cents per diluted share
of common stock for the same period in 2003.
Funds from operations, ("FFO") from continuing operations for the first quarter ended March 31, 2004
was $16,586,000 or 62 cents per basic and $16,618,000, or 60 cents per diluted share of common stock
compared to $13,226,000 or 50 cents per basic and $13,264,000 or 49 cents per diluted share of common stock
in 2003.
Income and FFO from continuing operations for the first quarter of 2003 excludes a $1,932,000 or seven
cents per basic and diluted share of common stock gain on the sale of real estate.
The improvement in income from continuing operations for the first quarter ended March 31, 2004 was
primarily due to gains on sales of marketable securities of $668,000, recovery of previous write downs of
marketable securities of $687,000 and recovery of a previous write down of a mortgage note of $1,302,000.
Interest expense also declined as a result of lower debt outstanding.  Income from continuing operations for
the first quarter of 2003 included loan loss expense of $1,500,000.
"At March 31, 2004, cash and marketable securities totaled approximately 79% of total debt
outstanding," said President Andy Adams.  "Even with this unsurpassed liquidity, our debt to capitalization
ratio declined to 27.7%, the lowest level in our 12 year history."
NHI specializes in the financing of health care real estate by first mortgage and by purchase and
leaseback transactions. The common stock of the company trades on the New York Stock Exchange with the
symbol NHI.  Additional information including NHI's most recent press releases may be obtained on our web
site at
www.nhinvestors.com
.
Statements in this press release that are not historical facts are forward-looking statements. NHI cautions
investors that any forward-looking statements made involve risks and uncertainties and are not guarantees
of future performance. All forward-looking statements represent NHI's judgment as of the date of this release
.
-More-
Page 2 NHI's first quarter results
Condensed Statements of Income
(in thousands except share and per share amounts)
Three Months Ended March
2004
2003
Revenues:
Mortgage interest income
$
4,851
$
5,543
Rental income
12,213
13,357
Investment interest and other
2,133
1,644
Facility operating revenues
20,400
19,121
39,597
39,665
Expenses:
Interest
3,120
3,988
Depreciation
3,538
3,773
Amortization of loan costs
37
183
Legal expense
149
(81)
Franchise and excise tax
70
396
General and administrative
856
714
Loan and security (recoveries)
(1,989)
1,500
Facility operating expense
20,202
18,662
25,983
29,135
Income From Continuing Operations
13,614
10,530
Discontinued Operations:
Operating Loss - discontinued
(179)
(342)
Gain on sale of real estate
---
1,932
(179)
1,590
Net Income
13,435
12,120
Dividends to preferred stockholders
397
397
Net income applicable to common stock
$
13,038
$
11,723
Income from continuing operations per common share:
Basic
$
.49
$
.38
Diluted
$
.49
$
.37
Discontinued operations per common share:
Basic
$
---
$
.06
Diluted
$
(.01)
$
.06
Net income per common share:
Basic
$
.49
$
.44
Diluted
$
.48
$
.43
Funds from operations
Basic
$
16,586
$
13,226
Diluted
$
16,618
$
13,264
Funds from operations per common share
Basic
$
.62
$
.50
Diluted
$
.60
$
.49
Weighted average common shares
Basic
26,782,468
26,688,984
Diluted
27,071,585
26,944,523
Diluted Shares for FFO purposes
27,748,503
26,944,523
Dividends per common share
$
.425
$
.40
Balance Sheet Data
(in thousands)
March 31
December
2004
2003
Real estate properties, net
$
286,163
$
289,465
Mortgages receivable, net
143,556
149,892
Preferred stock investment
38,132
38,132
REMIC investments
16,407
16,043
Cash and marketable securities
124,823
120,522
Debt
157,304
162,100
Convertible debt
1,210
1,351
Stockholders' equity
414,511
409,644
-More-
Page 3 NHI's first 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:
Three Months Ended March 31
2004
2003
(in thousands, except share and per share amounts)
Net income
$
13,435
$
12,120
Dividends to preferred stockholders
(397)
(397)
Net income applicable to common stockholders
13,038
11,723
Adjustments:
Real estate depreciation
2,972
3,093
Other Items:
Discontinued operations:
Operating loss - discontinued
179
342
Gain on sale of real estate
---
(1,932)
Dividends to preferred stockholders, if dilutive
397
---
Basic funds from operations applicable to common stockholders
16,586
13,226
Interest on convertible subordinated debentures
32
38
Diluted funds from operations applicable to common stockholders
$
16,618
$
13,264
Basic funds from operations per share
$
.62
$
.50
Diluted funds from operations per share
$
.60
$
.49
Shares for basic funds from operations per share
26,782,468
26,688,984
Shares for diluted funds from operations per share
27,748,503
26,944,523
(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 first quarter results
National Health Investors, Inc.     Portfolio Summary     March 31, 2004
Portfolio Statistics
Investment
Properties
Investment
Percentage
Equity Ownership
94
286,163,000
64%
Mortgage Loan Receivables
72
159,963,000
36%
Total Real Estate Portfolio
166
446,126,000
100%
Equity Ownership
Properties
Beds
Investments
Nursing Homes
68
9,142
$         183,726,000
Assisted Living
16
1,350
72,151,000
Medical Office Buildings
4
124,427 sq.ft.
11,217,000
Retirement Homes
5
471
11,176,000
Hospitals
1
55
7,893,000
94
$         286,163,000
Mortgage Loan Receivables
Properties
Beds
Investments
Nursing Homes
50
5,512
$         131,188,000
Assisted Living
1
90
5,675,000
Retirement Homes
1
60
2,151,000
Developmentally Disabled
17
108
4,542,000
69
$         143,556,000
Remic
3
390
10,061,000
Remic II Investment
-
2,313
6,346,000
Total Mortgage Portfolio
72
$         159,963,000
Summary of Facilities by Type:
Percentage of
Total
Properties
Total Dollars
Dollars
Nursing Homes
121
74.27%
$         331,321,000
Assisted Living
17
17.44%
77,826,000
Medical Office Buildings
4
2.51%
11,217,000
Retirement Homes
6
2.99%
13,327,000
Hospitals
1
1.77%
7,893,000
Developmentally Disabled
17
1.02%
4,542,000
166
100.00%
$         446,126,000
Portfolio by Operator Type:
# of
Percentage of
Total
Properties
Total Dollars
Dollars
Public
98
31.02%
$         138,409,000
Regional
56
64.37%
287,182,000
Small Operator
12
4.60%
20,535,000
166
100.00%
$         446,126,000
Public Operators:
Percentage
Of Total
Dollar
Portfolio
Amount
National HealthCare Corp.
13.35%
59,554,000
National Health Investors, Inc.
4.50%
20,067,000
Community Health Systems, Inc.
3.26%
14,522,000
Sunrise Senior Living Services
3.14%
14,026,000
Mariner Post Acute Network
2.54%
11,333,000
Sun Healthcare
2.10%
9,378,000
HCA-The Healthcare Company
1.03%
4,587,000
Res-Care, Inc.
1.02%
4,542,000
Centennial HealthCare Corp.
0.09%
400,000
31.02%
138,409,000
- More -
Page 5 NHI's first quarter results
Summary of Facilities by State    March 31, 2004
Percent of
Acute
Dev.
Asst.
Retire-
Current
Total
LTC
Care
MOB
Disab.
Living
ment
Total
Amount
Portfolio
1
Florida
20
1
14
6
41
116,690,000
26.16%
2
Texas
28
2
1
1
32
97,778,000
21.92%
3
Tennesssee
21
3
3
2
29
39,041,000
8.75%
4
Missouri
9
1
10
27,129,000
6.08%
5
New Jersey
2
1
3
26,649,000
5.97%
6
Arizona
1
4
5
19,423,000
4.35%
7
Virginia
7
7
19,116,000
4.28%
8
Georgia
7
7
17,061,000
3.82%
9
New Hampshire
3
1
4
16,749,000
3.75%
10
Massachusetts
4
4
12,197,000
2.73%
11
Kansas
7
7
11,626,000
2.61%
12
Kentucky
3
1
4
9,320,000
2.09%
13
South Carolina
3
1
4
8,539,000
1.91%
14
Idaho
1
1
2
5,669,000
1.27%
15
Colorado
1
1
3,875,000
0.87%
16
Alabama
2
2
2,464,000
0.55%
17
North Carolina
0
1
1
1,995,000
0.45%
18
Illinois
0
1
1
1,622,000
0.36%
19
Wisconsin
1
1
1,441,000
0.32%
20
Washington
1
1
1,396,000
0.31%
121
1
4
17
17
6
166
439,780,000
98.58%
Remic II
6,346,000
1.42%
446,126,000
100.00%
-30-