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<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD COLSPAN="3" ALIGN="CENTER"><FONT SIZE="+1"><STRONG>UNITED STATES</STRONG></FONT></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3" ALIGN="CENTER"><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): November 2, 2004 (October 28, 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 8.01.  Other Events</STRONG></P>

<P>	On October 28, 2004, National Health Investors, Inc. announced its third 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: November 2, 2004</TD>
<TD></TD></TR></TABLE>

<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 October 28, 2004</TD></TR></TABLE>

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

<P><FONT SIZE="-1"><STRONG><U></U></STRONG></FONT><FONT SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT SIZE="+3"></FONT><FONT SIZE="-1"><STRONG><U></U></STRONG></FONT><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT" SIZE="-2">For Release: October 28, 2004</FONT></P>

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

<P><FONT FACE="Futura MdCn BT" SIZE="-2">Phone: (615) 890-9100<STRONG><EM></EM></STRONG></FONT></P>

<P><FONT FACE="Futura MdCn BT" SIZE="-2"><STRONG><EM></EM></STRONG></FONT><FONT FACE="Times New Roman"><STRONG><EM></EM></STRONG></FONT><FONT FACE="Futura MdCn BT" SIZE="+3"><STRONG><EM></EM></STRONG></FONT><FONT FACE="Futura MdCn BT" SIZE="+3"><EM></EM>NHI reports third quarter income</FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT">		MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI) announced
income from continuing operations for the third quarter ended Sept. 30 of $12,049,000 or 44 cents per
basic and 43 cents per diluted share of common stock compared to $11,872,000, or 43 cents per
basic and diluted share of common stock for the same period in 2003.   </FONT></P>

<P><FONT FACE="Futura MdCn BT">	Funds from operations ("FFO") for the third quarter ended Sept. 30 was $15,013,000, or 55
cents per basic and $15,042,000, or 54 cents per diluted share of common stock compared to
$14,134,000, or 53 cents per basic and $14,171,000, or 52 cents per diluted share in 2003.  </FONT></P>

<P><FONT FACE="Futura MdCn BT">	Income from continuing operations for the nine months ended Sept. 30 was $36,640,000 or
$1.33 per basic and $1.32 per diluted share of common stock compared to $33,600,000 or $1.22 per
basic and <EM>$1.21 per diluted share of common stock for the same period in 2003.  <STRONG></EM></STRONG></FONT></P>

<P><FONT FACE="Futura MdCn BT">	For the nine months ended Sept. 30, FFO was $44,596,000 or $1.64 per basic and $44,687,000
or $1.63 per diluted share of common stock compared to $40,615,000 or $1.52 per basic and
$40,730,000 or $1.51 per diluted share in 2003.  </FONT><FONT FACE="Futura Md BT" SIZE="-1"> </FONT><FONT FACE="Futura MdCn BT"></FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial">Net income for the three months and nine months ended Sept. 30, was $12,032,000 and $37,428,000,
respectively, versus $11,055,000 and $33,991,000, respectively, for 2003. </FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Helvetica-Narrow"></FONT><FONT FACE="Futura MdCn BT">National Health Investors, Inc. is a long-term health care real estate investment trust that
specializes in the financing of health care real estate by first mortgage and by purchase and leaseback
transactions. The common 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
NHI's web site at www.nhinvestors.com.</FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">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. </FONT></P>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Palatino"></FONT><FONT FACE="Futura MdCn BT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">-more-</FONT></P>

<P><FONT FACE="Palatino"></FONT><FONT FACE="Arial" SIZE="-1">Page 2 NHI 3<SUP>rd</SUP> quarter results</FONT><FONT FACE="Helvetica-Narrow" SIZE="-1"></FONT></P>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT"><STRONG></STRONG></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">(in thousands, except share and per</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Three Months Ended</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Nine Months Ended</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2004</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>2003</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2004</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>2003</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Revenues:</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">	Mortgage interest income</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">4,281</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">4,647</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">13,950</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">14,895</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Rental income</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">12,186</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">17,837</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">36,665</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">44,202</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Facility operating revenues</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">21,841</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">19,982</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">63,010</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">58,937</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U>38,308</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U></TD>
<TD ALIGN="RIGHT"></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U>42,466</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U>113,625</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U></TD>
<TD ALIGN="RIGHT"></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U>118,034</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U></TD></TR>
<TR VALIGN="TOP"><TD></U></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Expenses:</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">	Interest</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">3,105</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">3,437</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">9,308</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">10,601</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Depreciation</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">3,483</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">3,741</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">10,499</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">11,254</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Amortization of loan cost</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">37</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">37</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">111</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">260</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">        Legal expense</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">197</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">258</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,115</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">443</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Franchise and excise tax</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">79</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">65</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">215</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">528</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	General and administrative</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">952</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">680</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2,872</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2,113</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Loan, realty, REMIC, and</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT>              losses, (recoveries), net</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">5,400</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(896)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">6,900</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Facility operating expenses </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">20,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">18,762</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">60,282</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">56,922</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,853</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">32,380</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">83,506</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">89,021</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Income before non-operating</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">10,455</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">10,086</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">30,119</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">29,013</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Non-operating income (investment</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT>         interest and other)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,594</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,786</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">6,521</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">4,587</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Income from continuing operations</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">12,049</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">11,872</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">36,640</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">33,600</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Discontinued operations</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Times New Roman">	Operating loss-</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(17)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(420)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(464)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(1,144)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Gain (loss) on sale of real</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(397)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,252</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,535</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(17)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(817)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">788</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">391</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Net Income</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">12,032</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">11,055</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">37,428</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">33,991</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Dividends to preferred</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">397</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">514</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,192</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Net income applicable to common</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U>12,032</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U>10,658</U></FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U>36,914</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"><U>32,799</U></FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">     Basic</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.44</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.43</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.33</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.22</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">     Diluted</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.43</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.43</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.32</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.21</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT>Discontinued operations per</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">     Basic</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">(.03)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.03</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.01</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">  </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">     Diluted</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">(.03)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.03</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.01</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Net income per common share:</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">	Basic</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.44</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.40</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.36</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.23</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Diluted</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.43</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.40</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.35</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.22</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT>Funds from operations:</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">	Basic</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">15,013</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">14,134</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">44,596</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">40,615</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Diluted</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">15,042</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">14,171</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">44,687</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">40,730</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT>Funds from operations per</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">	Basic</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.55</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.53</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.64</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.52</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Diluted</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.54</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.52</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.63</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.51</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Weighted average common shares</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">	Basic</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,488,855</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">26,739,985</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,178,491</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">26,716,411</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	Diluted</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,769,366</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">26,999,079</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,457,222</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">26,973,343</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Dividends per common share</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.425</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.400</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.275</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.200</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT>Balance Sheet Data</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2004</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2003</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Real estate properties, net</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">278,49</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">289,46</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Mortgages receivable, net</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">139,31</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">149,89</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Preferred stock investments</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">38,132</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">38,132</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">REMIC investments</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">16,043</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Cash and marketable securities</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">150,56</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">120,52</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Debt</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">155,68</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">162,10</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Convertible debt</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,162</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1,351</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Stockholders' equity</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">416,14</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">409,64</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR></TABLE>

<P ALIGN="CENTER"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">-more-</FONT></P>

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

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman"></FONT><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Reconciliation of Funds From Operations <SUP>(1)(2)</SUP></FONT></P>

<P><FONT FACE="Futura MdCn BT" SIZE="-1">	The following table reconciles net income to funds from operations applicable to common stockholders:</FONT></P>

<P><FONT FACE="Futura MdCn BT" SIZE="-1">(in thousands, except share and per share amounts)</FONT></P>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>Three Months Ended</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Nine Months Ended Sept.</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2004</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>2003</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>2004</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>2003</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">Net income</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">12,032</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">11,055</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">37,428</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">33,991</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Dividends to preferred stockholders</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(397)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(514)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(1,192)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Net income applicable to common</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">12,032</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">10,658</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">36,914</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">32,799</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Elimination of non-cash items in net</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"><U></U>      		Real estate</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">2,981</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">3,060</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">8,922</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">9,213</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">		Real estate</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">                        operations</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">19</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">12</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">138</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">                 (Gain) loss on sale of real</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">397</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(1,252)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(1,535)</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Basic funds from operations</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	common stockholders</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">15,013</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">14,134</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">44,596</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">40,615</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Interest on convertible subordinated</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">29</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">37</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">91</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">115</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Diluted funds from operations</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">	common stockholders</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">15,042</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">14,171</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">44,687</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">40,730</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Basic funds from operations per</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.55</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.53</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.64</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.52</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Diluted funds from operations per</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">.54</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">.52</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">1.63</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1">1.51</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Shares for basic funds from</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,488,8</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">26,739,9</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,178,4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Futura MdCn BT" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">26,716,4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">Shares for diluted funds from operations</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,769,3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">26,999,0</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">27,457,2</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">26,973,3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">(1)	Management believes that funds from operations is an important supplemental measure of operating
performance for a real estate investment trust.  Because the historical cost accounting convention used
for real estate assets requires straight-line depreciation (except on land), such accounting presentation
implies that the value of real estate assets diminishes predictably over time.  Since real estate values
instead have historically risen and fallen with market conditions, presentations of operating results for
a real estate investment trust that used historical cost accounting for depreciation could be less
informative, and should be supplemented with a measure such as FFO.  The term FFO was designed
by the real estate investment trust industry to address this issue.  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.  Since other
REITs may not use our definition of FFO, caution should be exercised when comparing our Company's
FFO to that of other REITs.  Funds from operations in and of itself does not represent cash generated
from operating activities in accordance with GAAP (funds from operations does not include changes
in operating assets and liabilities) and, therefore, should not be considered an alternative to net
earnings as an indication of operating performance, or to net cash flow from operating activities as
determined by GAAP in the United States, as a measure of liquidity and is not necessarily indicative
of cash available to fund cash needs.  </FONT></P>

<P><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">(2)	We have complied with the SEC's interpretation that recurring impairments taken on real property may
not be added back to net income in the calculation of FFO.  The SEC's position is that recurring
impairments on real property are not an appropriate adjustment.</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1"></FONT><FONT SIZE="+3"></FONT><FONT FACE="Futura MdCn BT" SIZE="-1">-more-</FONT><FONT FACE="Tms Rmn" SIZE="-1"> </FONT></P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Futura MdCn BT" SIZE="-1">Page 4 NHI's third quarter results</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helvetica-Narrow" SIZE="-2"><U></U></FONT><FONT FACE="Futura MdCn BT"><U>National Health Investors, Inc.  Portfolio Summary  September 30, 2004</U></FONT>

<BR WP="BR1"><BR WP="BR2"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT SIZE="+3"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Portfolio Statistics</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Investment</FONT><FONT FACE="Arial Unicode MS"></FONT>

<P><FONT FACE="Futura MdCn BT">Percentage</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Properties</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Investment</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Equity Ownership</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">92</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">278,498,000
</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">33%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Mortgage Loan Receivables</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">69</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">139,317,000
</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">67%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Total Real Estate Portfolio</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">161</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">
417,815,000
</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">100%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" 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></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">Equity Ownership</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Properties</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Beds</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Investments</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Nursing Homes</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">66</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">8,933</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT"> 177,848,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Assisted Living</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">16</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">1,458</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
71,052,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Medical Office Buildings</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">124,427
sq.ft.</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
10,979,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Retirement Homes</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">5</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">426</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
10,911,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Hospitals</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">55</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">
7,708,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">92</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
278,498,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS">Mortgage Loan Receivables</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Properties</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Beds</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Investments</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Nursing Homes</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">50</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">5,433</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">127,333,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Assisted Living</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">90</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
5,592,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Retirement Homes</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">60</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
1,915,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Developmentally Disabled</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">17</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">108</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
4,477,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">69</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT"> $</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">139,317,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Remic II Investment</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">1,204</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">          </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Total Mortgage Portfolio</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">69</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
139,317,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">Summary of Facilities by Type:</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Percentage
of</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Total </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Properties</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Total Dollars</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Dollars</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Nursing Homes</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">116</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">73.04%</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT"> 305,181,000</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Assisted Living</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">17</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">18.34%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
76,644,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Medical Office Buildings</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2.63%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
10,979,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Retirement Homes</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">6</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3.07%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
12,826,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Hospitals</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">1.84%</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
7,708,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Developmentally Disabled</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">17</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">1.07%</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
4,477,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">161</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">100.00%</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">417,815,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"></P>
<BR WP="BR1"><BR WP="BR2"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">-More-</FONT>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Page 5 NHI 3<SUP>rd</SUP> quarter results</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">Portfolio by Operator Type</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT"># of</FONT><FONT FACE="Arial Unicode MS"></FONT>

<P><FONT FACE="Futura MdCn BT">Properties</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Percentage
of</FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT"></FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Total</FONT><FONT FACE="Arial Unicode MS"></FONT></P>

<P><FONT FACE="Futura MdCn BT">Dollars</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">Public</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">72</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">29.30%</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT"> 122,407,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Regional</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">83</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">67.71%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
282,919,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Small Operator</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">6</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2.99%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
12,489,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">161</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">100.00%</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">$&nbsp;</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT"> 417,815,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Public Operators:</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Percentage</FONT><FONT FACE="Arial Unicode MS"></FONT></P>

<P><FONT FACE="Futura MdCn BT">Of Total</FONT><FONT FACE="Arial Unicode MS"></FONT></P>

<P><FONT FACE="Futura MdCn BT">Portfolio</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Dollar</FONT><FONT FACE="Arial Unicode MS"></FONT></P>

<P><FONT FACE="Futura MdCn BT">Amount</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR></TABLE>

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

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">National HealthCare Corp.</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">13.42%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
56,067,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">National Health Investors, Inc.</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4.82%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
20,133,000 </FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD><FONT FACE="Arial Unicode MS"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Community Health Systems, Inc.</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3.40%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
14,215,000</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD><FONT FACE="Arial Unicode MS"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Sunrise Senior Living Services, Inc. </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3.31%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
13,816,000</FONT></TD>
<TD><FONT FACE="Futura MdCn BT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Sun Healthcare</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2.21%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
9,226,000 </FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD><FONT FACE="Arial Unicode MS"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">HCA-The Healthcare Company</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1.07%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
4,473,000 </FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD><FONT FACE="Arial Unicode MS"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Res-Care, Inc.</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1.07%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
4,477,000 </FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD><FONT FACE="Arial Unicode MS"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">29.30%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">$</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
122,407,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>
</P>
<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">Summary of Facilities by State   September 30, 2004<FONT FACE="Tms Rmn"></FONT><FONT FACE="Tms Rmn" SIZE="+3"></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 ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="+3"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">Percent
of</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Acute</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Dev.</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Asst.</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Retire-</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Current</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Total</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">LTC</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Care</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">MOB</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Disab.</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Living</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">ment</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Total</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Amount</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">Portfolio</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Florida</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">19</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">14</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">6</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">40</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
111,928,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">26.79%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Texas</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">26</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">2</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">30</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
90,161,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">21.58%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Tennessee</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">21</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">2</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">29</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
37,817,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">9.05%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Missouri</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">9</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">1</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">10</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
26,793,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">6.41%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">5</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">New Jersey</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
26,260,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">6.29%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">6</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Arizona </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Futura MdCn BT"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">5</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
19,156,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4.58%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">7</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Virginia</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">7</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">7</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
18,656,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4.47%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">8</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Georgia</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">7</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">7</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
17,018,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4.07%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">9</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">New Hampshire</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">1</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
15,981,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3.82%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">10</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Massachusetts </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
11,756,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2.81%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">11</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Kansas</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">7</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">7</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
11,608,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2.78%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">12</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Kentucky</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
9,426,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2.26%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">13</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">South Carolina </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">3</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Futura MdCn BT"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">4</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
8,306,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1.99%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">14</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Idaho</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
5,581,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1.34%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">15</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Alabama </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">2</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">2</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
2,369,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">0.57%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">16</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">North Carolina </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">0</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Futura MdCn BT"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
1,963,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">0.47%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">17</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Illinois </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">0</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
1,595,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">0.38%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">18</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">Wisconsin</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS">1</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
1,441,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">0.34%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">116</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">1</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">4</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">17</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">17</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">6</FONT><FONT FACE="Arial Unicode MS"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Futura MdCn BT">161</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">
417,815,000 </FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Futura MdCn BT">  100.00%</FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Tms Rmn" 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="CENTER"></TD></TR></TABLE>

<P ALIGN="CENTER"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Arial Unicode MS"></FONT><FONT FACE="Tms Rmn" SIZE="-1"></FONT><FONT FACE="Tms Rmn" SIZE="-1">-</FONT><FONT FACE="Arial">30</FONT><FONT FACE="Arial" SIZE="-1">-</FONT><FONT FACE="Arial"></FONT></P>

<BR WP="BR1"><BR WP="BR2">
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{"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": "041112120"}, "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": "37133-1102"}}
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): November 2, 2004 (October 28, 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 8.01.  Other Events
On October 28, 2004, National Health Investors, Inc. announced its third 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: November 2, 2004
Exhibit Index
Number
Exhibit
99
Press release, dated October 28, 2004
EXHIBIT 99
For Release: October 28, 2004
Contact: Gerald Coggin, VP of Investor Relations
Phone: (615) 890-9100
NHI reports third quarter income
MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI) announced
income from continuing operations for the third quarter ended Sept. 30 of $12,049,000 or 44 cents per
basic and 43 cents per diluted share of common stock compared to $11,872,000, or 43 cents per
basic and diluted share of common stock for the same period in 2003.
Funds from operations ("FFO") for the third quarter ended Sept. 30 was $15,013,000, or 55
cents per basic and $15,042,000, or 54 cents per diluted share of common stock compared to
$14,134,000, or 53 cents per basic and $14,171,000, or 52 cents per diluted share in 2003.
Income from continuing operations for the nine months ended Sept. 30 was $36,640,000 or
$1.33 per basic and $1.32 per diluted share of common stock compared to $33,600,000 or $1.22 per
basic and
$1.21 per diluted share of common stock for the same period in 2003.
For the nine months ended Sept. 30, FFO was $44,596,000 or $1.64 per basic and $44,687,000
or $1.63 per diluted share of common stock compared to $40,615,000 or $1.52 per basic and
$40,730,000 or $1.51 per diluted share in 2003.
Net income for the three months and nine months ended Sept. 30, was $12,032,000 and $37,428,000,
respectively, versus $11,055,000 and $33,991,000, respectively, for 2003.
National Health Investors, Inc. is a long-term health care real estate investment trust that
specializes in the financing of health care real estate by first mortgage and by purchase and leaseback
transactions. The common 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
NHI's web site at www.nhinvestors.com.
Statements in this press release that are not historical facts are forward-looking statements. NHI cautions investors that
any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. All
forward-looking statements represent NHI's judgment as of the date of this release.
-more-
Page 2 NHI 3
rd
quarter results
(in thousands, except share and per
Three Months Ended
Nine Months Ended
2004
2003
2004
2003
Revenues:
Mortgage interest income
$
4,281
$
4,647
$
13,950
$
14,895
Rental income
12,186
17,837
36,665
44,202
Facility operating revenues
21,841
19,982
63,010
58,937
38,308
42,466
113,625
118,034
Expenses:
Interest
3,105
3,437
9,308
10,601
Depreciation
3,483
3,741
10,499
11,254
Amortization of loan cost
37
37
111
260
Legal expense
197
258
1,115
443
Franchise and excise tax
79
65
215
528
General and administrative
952
680
2,872
2,113
Loan, realty, REMIC, and
losses, (recoveries), net
---
5,400
(896)
6,900
Facility operating expenses
20,000
18,762
60,282
56,922
27,853
32,380
83,506
89,021
Income before non-operating
10,455
10,086
30,119
29,013
Non-operating income (investment
interest and other)
1,594
1,786
6,521
4,587
Income from continuing operations
12,049
11,872
36,640
33,600
Discontinued operations
Operating loss-
(17)
(420)
(464)
(1,144)
Gain (loss) on sale of real
---
(397)
1,252
1,535
(17)
(817)
788
391
Net Income
12,032
11,055
37,428
33,991
Dividends to preferred
---
397
514
1,192
Net income applicable to common
$
12,032
$
10,658
$
36,914
$
32,799
Income from continuing operations per common share:
Basic
$
.44
$
.43
$
1.33
$
1.22
Diluted
$
.43
$
.43
$
1.32
$
1.21
Discontinued operations per
Basic
$
---
$
(.03)
$
.03
$
.01
Diluted
$
---
$
(.03)
$
.03
$
.01
Net income per common share:
Basic
$
.44
$
.40
$
1.36
$
1.23
Diluted
$
.43
$
.40
$
1.35
$
1.22
Funds from operations:
Basic
$
15,013
$
14,134
$
44,596
$
40,615
Diluted
$
15,042
$
14,171
$
44,687
$
40,730
Funds from operations per
Basic
$
.55
$
.53
$
1.64
$
1.52
Diluted
$
.54
$
.52
$
1.63
$
1.51
Weighted average common shares
Basic
27,488,855
26,739,985
27,178,491
26,716,411
Diluted
27,769,366
26,999,079
27,457,222
26,973,343
Dividends per common share
$
.425
$
.400
$
1.275
1.200
Balance Sheet Data
(in thousands)
Sept. 30
December
2004
2003
Real estate properties, net
$
278,49
$
289,46
Mortgages receivable, net
139,31
149,89
Preferred stock investments
38,132
38,132
REMIC investments
---
16,043
Cash and marketable securities
150,56
120,52
Debt
155,68
162,10
Convertible debt
1,162
1,351
Stockholders' equity
416,14
409,64
-more-
Page 3 NHI's third quarter results
Reconciliation of Funds From Operations
(1)(2)
The following table reconciles net income to funds from operations applicable to common stockholders:
(in thousands, except share and per share amounts)
Three Months Ended
Nine Months Ended Sept.
2004
2003
2004
2003
Net income
$
12,032
$
11,055
$
37,428
$
33,991
Dividends to preferred stockholders
---
(397)
(514)
(1,192)
Net income applicable to common
12,032
10,658
36,914
32,799
Elimination of non-cash items in net
Real estate
2,981
3,060
8,922
9,213
Real estate
operations
---
19
12
138
(Gain) loss on sale of real
---
397
(1,252)
(1,535)
Basic funds from operations
common stockholders
15,013
14,134
44,596
40,615
Interest on convertible subordinated
29
37
91
115
Diluted funds from operations
common stockholders
$
15,042
$
14,171
$
44,687
$
40,730
Basic funds from operations per
$
.55
$
.53
$
1.64
$
1.52
Diluted funds from operations per
$
.54
$
.52
$
1.63
$
1.51
Shares for basic funds from
27,488,8
26,739,9
27,178,4
26,716,4
Shares for diluted funds from operations
27,769,3
26,999,0
27,457,2
26,973,3
(1)	Management believes that funds from operations is an important supplemental measure of operating
performance for a real estate investment trust.  Because the historical cost accounting convention used
for real estate assets requires straight-line depreciation (except on land), such accounting presentation
implies that the value of real estate assets diminishes predictably over time.  Since real estate values
instead have historically risen and fallen with market conditions, presentations of operating results for
a real estate investment trust that used historical cost accounting for depreciation could be less
informative, and should be supplemented with a measure such as FFO.  The term FFO was designed
by the real estate investment trust industry to address this issue.  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.  Since other
REITs may not use our definition of FFO, caution should be exercised when comparing our Company's
FFO to that of other REITs.  Funds from operations in and of itself does not represent cash generated
from operating activities in accordance with GAAP (funds from operations does not include changes
in operating assets and liabilities) and, therefore, should not be considered an alternative to net
earnings as an indication of operating performance, or to net cash flow from operating activities as
determined by GAAP in the United States, as a measure of liquidity and is not necessarily indicative
of cash available to fund cash needs.
(2)	We have complied with the SEC's interpretation that recurring impairments taken on real property may
not be added back to net income in the calculation of FFO.  The SEC's position is that recurring
impairments on real property are not an appropriate adjustment.
-more-
Page 4 NHI's third quarter results
National Health Investors, Inc.  Portfolio Summary  September 30, 2004
Portfolio Statistics
Investment
Percentage
Properties
Investment
Equity Ownership
92
278,498,000
33%
Mortgage Loan Receivables
69
139,317,000
67%
Total Real Estate Portfolio
161
417,815,000
100%
Equity Ownership
Properties
Beds
Investments
Nursing Homes
66
8,933
$
177,848,000
Assisted Living
16
1,458
71,052,000
Medical Office Buildings
4
124,427
sq.ft.
10,979,000
Retirement Homes
5
426
10,911,000
Hospitals
1
55
7,708,000
92
$
278,498,000
Mortgage Loan Receivables
Properties
Beds
Investments
Nursing Homes
50
5,433
$
127,333,000
Assisted Living
1
90
5,592,000
Retirement Homes
1
60
1,915,000
Developmentally Disabled
17
108
4,477,000
69
$
139,317,000
Remic II Investment
1,204
Total Mortgage Portfolio
69
$
139,317,000
Summary of Facilities by Type:
Percentage
of
Total
Properties
Total Dollars
Dollars
Nursing Homes
116
73.04%
$
305,181,000
Assisted Living
17
18.34%
76,644,000
Medical Office Buildings
4
2.63%
10,979,000
Retirement Homes
6
3.07%
12,826,000
Hospitals
1
1.84%
7,708,000
Developmentally Disabled
17
1.07%
4,477,000
161
100.00%
$
417,815,000
-More-
Page 5 NHI 3
rd
quarter results
Portfolio by Operator Type
# of
Properties
Percentage
of
Total
Dollars
Public
72
29.30%
$
122,407,000
Regional
83
67.71%
282,919,000
Small Operator
6
2.99%
12,489,000
161
100.00%
$
417,815,000
Public Operators:
Percentage
Of Total
Portfolio
Dollar
Amount
National HealthCare Corp.
13.42%
$
56,067,000
National Health Investors, Inc.
4.82%
20,133,000
Community Health Systems, Inc.
3.40%
14,215,000
Sunrise Senior Living Services, Inc.
3.31%
13,816,000
Sun Healthcare
2.21%
9,226,000
HCA-The Healthcare Company
1.07%
4,473,000
Res-Care, Inc.
1.07%
4,477,000
29.30%
$
122,407,000
Summary of Facilities by State   September 30, 2004
Percent
of
Acute
Dev.
Asst.
Retire-
Current
Total
LTC
Care
MOB
Disab.
Living
ment
Total
Amount
Portfolio
1
Florida
19
1
14
6
40
111,928,000
26.79%
2
Texas
26
2
1
1
30
90,161,000
21.58%
3
Tennessee
21
3
3
2
29
37,817,000
9.05%
4
Missouri
9
1
10
26,793,000
6.41%
5
New Jersey
2
1
3
26,260,000
6.29%
6
Arizona
1
4
5
19,156,000
4.58%
7
Virginia
7
7
18,656,000
4.47%
8
Georgia
7
7
17,018,000
4.07%
9
New Hampshire
3
1
4
15,981,000
3.82%
10
Massachusetts
4
4
11,756,000
2.81%
11
Kansas
7
7
11,608,000
2.78%
12
Kentucky
3
1
4
9,426,000
2.26%
13
South Carolina
3
1
4
8,306,000
1.99%
14
Idaho
1
1
2
5,581,000
1.34%
15
Alabama
2
2
2,369,000
0.57%
16
North Carolina
0
1
1
1,963,000
0.47%
17
Illinois
0
1
1
1,595,000
0.38%
18
Wisconsin
1
1
1,441,000
0.34%
116
1
4
17
17
6
161
417,815,000
100.00%
-
30
-