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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): February 15, 2005 (February 14, 2005)</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>        001-10822        </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 2.02 Results of Operations and Financial Condition.</STRONG></P>

<BR WP="BR1"><BR WP="BR2">
<P>	On February 14, 2004, National Health Investors, Inc. issued a press release announcing
its 2004 year end results.  A copy of the press release is filed an Exhibit 99 to this Current Report
on Form 8-K and is incorporated by reference herein.</P>

<BR WP="BR1"><BR WP="BR2">
<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: February 15, 2005</TD>
<TD></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<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 February 14, 2005</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>

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Palatino"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-2">For Release:  February 14, 2005</FONT></P>

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

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

<P><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="+2">NHI reports 2004 year end results</FONT></P>

<P><FONT FACE="Arial"></FONT><FONT FACE="Arial" SIZE="-1">	MURFREESBORO, Tenn. -National Health Investors, Inc., (NYSE:NHI) announced income from continuing operations
for the year ended December 31, 2004 of $55,082,000 or $2.00 per basic and $1.99 per diluted share of common stock
compared to $43,290,000, or $1.56 per basic and $1.55 per diluted share of common stock for 2003.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	Net income for the year ended December 31, 2004 was $56,379,000 or $2.05 per common share, basic and $2.03
per common share, diluted, compared to net income of $43,808,000 or $1.58 per common share, basic and $1.57 per common
share, diluted for 2003.  </FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	Funds from operations ("FFO") for the year ended December 31, 2004 was $66,502,000, or $2.44 per basic and
$66,622,000, or $2.42 per diluted share of common stock compared to $53,110,000, or $1.99 per basic and $53,259,000, or
$1.97 per diluted share in 2003.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	Income from continuing operations for the fourth quarter ended December 31, 2004 was $18,597,000, or 68 cents per
basic and 67 cents per diluted share of common stock compared to $9,846,000, or 35 cents per basic and diluted share of
common stock for the same period in 2003.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	Net income for the fourth quarter ended December 31, 2004 was $18,951,000 or 69 cents per common share, basic
and 68 cents per common share, diluted, compared to net income of $9,817,000 or 35 cents per basic and diluted share of
common stock for the same period in 2003.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	For the fourth quarter ended December 31, 2004, FFO was $21,878,000 or 80 cents per basic and $21,907,000 or
79 cents per diluted share of common stock compared to $12,495,000 or 47 cents per basic and $12,529,000 or 46 cents per
diluted share for the same period in 2003.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	Net income for the year was positively impacted by recoveries of prior year writedowns, net gains on the sales of real
estate, income from the early payoff of loans and improved profitability of operated facilities.  Our balance sheet continues to
be one of the strongest in the industry with cash and marketable securities exceeding total debt by $34.7 million.</FONT></P>

<P><FONT FACE="Arial" SIZE="-1">	National Health Investors, Inc. is a long-term health care real estate investment trust that specializes in the financing
of health care real estate by first mortgage and by purchase and leaseback transactions.  The common 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="Arial">	</FONT><FONT FACE="Arial" SIZE="-1"><EM>Statements in this press release that are not historical facts are forward-looking statements.  NHI cautions investors
that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance.  All
forward-looking statements represent NHI's judgment as of the date of this release.</EM></FONT></P>

<P ALIGN="CENTER"><FONT FACE="Times New Roman">-more-</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1">Page 2 NHI's year end results</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>Condensed Statements of Income</STRONG></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Three Months Ended Dec. 31</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Year Ended December 31</FONT><FONT FACE="Times New Roman"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2004</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2003</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2004</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2003</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Revenues:</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">     Mortgage interest income</FONT></TD>
<TD ALIGN="RIGHT"><FONT SIZE="-1">$</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4,166</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">6,151</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">18,116</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">21,046</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Rental income</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">11,519</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">11,840</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">48,004</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">55,863</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Facility operating revenues</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">26,429</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">20,335</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">89,439</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">79,272</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">42,114</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">38,326</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">155,559</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">156,181</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Expenses:</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman">     Interest expense</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3,131</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3,239</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">12,439</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">13,840</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Depreciation</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3,912</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3,777</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">14,385</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">15,007</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Amortization of loan costs</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">37</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">37</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">148</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">297</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Legal expense</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">177</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">286</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1,292</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">729</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Franchise and excise taxes</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">69</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">20</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">284</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">548</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     General and administrative</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">619</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1,021</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3,492</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3,135</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Loan, remic, realty, and security</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman">          losses (recoveries)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(2,000)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2,234</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1">(2,896)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9,134</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Facility operating expenses</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">22,745</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">19,210</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">83,027</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">76,132</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">28,690</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">29,824</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">112,171</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">118,822</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></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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Income Before Non-Operating Income</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">13,424</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">8,502</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">43,388</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">37,359</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Non-operating income (investment</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman">          Interest and other)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">5,173</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1,344</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">11,694</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5,931</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Income From Continuing Operations</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">18,597</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9,846</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">55,082</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">43,290</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></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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" 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></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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman">     Operating (loss) income-discontinued</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">63</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">(29)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">(246)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(1,017)</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Net gain on sales of real estate</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">291</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1,543</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1,535</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">354</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">(29)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1,297</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">518</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></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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Net income</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">18,951</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9,817</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">56,379</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">43,808</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Dividends to preferred stockholders</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">---</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">397</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">514</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1,589</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Net income applicable to common stock</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">18,951</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9,420</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">55,865</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">42,219</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></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></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Basic</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.68</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.35</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">2.00</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.56</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Diluted</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.67</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.35</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.99</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.55</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Discontinued operations per common share:</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">     Basic</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.01</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">---</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.05</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.02</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Diluted</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.01</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">---</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.04</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.02</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 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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Net income per common share:</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 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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Basic</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.69</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.35</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">2.05</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.58</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Diluted</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.68</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.35</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.03</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.57</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 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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman">Funds from 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 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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Basic</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">21,878</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">12,495</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">66,502</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">53,110</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Diluted</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">21,907</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">12,529</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">66,622</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">53,259</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Funds from operations per common share</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Basic</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.80</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.47</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.44</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.99</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Diluted</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.79</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.46</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.42</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.97</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Weighted average common shares outstanding:</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Basic</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">27,494,101</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">26,766,300</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">27,257,826</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">26,727,814</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Diluted</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">27,750,938</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">27,026,532</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">27,531,084</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">26,985,571</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 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="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Dividends declared per common share</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.575</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.50</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.85</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.70</FONT><FONT FACE="Times New Roman"></FONT></TD></TR></TABLE>

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Page 3 NHI's year end results</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>Balance Sheet Data</STRONG></FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"><EM>(in thousands)</EM></FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">December 31</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="Arial" SIZE="-1">December 31</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2004</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="Arial" SIZE="-1">2003</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Real estate properties, net</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">278,170</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">289,465</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Mortgages receivable, net</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">112,072</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">149,892</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Preferred stock investment</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">38,132</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">38,132</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">REMIC investments</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">--- </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">16,043</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Cash and marketable securities</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">190,313</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">120,522</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Debt and credit facilities</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">154,432</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">162,100</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Convertible debt</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1,116</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1,351</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Stockholders' equity</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">425,539</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">409,644</FONT><FONT FACE="Times New Roman"></FONT></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial"></FONT><FONT FACE="Arial">Reconciliation of Funds From Operations <SUP>(1)(2)</SUP></FONT></P>

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

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

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Three Months Ended Dec. 31</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Year Ended Dec. 31</FONT><FONT FACE="Times New Roman"></FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2004</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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2003</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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2004</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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2003</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Net income</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">18,951</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9,817</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">56,379 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">43,808</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Dividends to preferred stockholders</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">---</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(397)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(514)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(1,589)</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Net income applicable to common stockholders</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">18,951</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">9,420</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">55,865</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">42,219</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Elimination of non-cash items in net income:</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 ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">     Real estate depreciation</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3,216</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3,070</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">12,112</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">12,249</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Real estate depreciation in discontinued </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 ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">        operations</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">68</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">177</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     Gain on sale of real estate</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(291)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">---</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(1,543)</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">(1,535)</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Basic funds from operations applicable</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 ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">     to common stockholders</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">21,878</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">12,495</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">66,502</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">53,110</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 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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Interest on convertible subordinated</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 ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">   debentures</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">29</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">34</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">120</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">149</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 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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Diluted funds from operations applicable</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 ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">   to common stockholders</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">21,907</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">12,529</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">66,622</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">53,259</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 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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Basic funds from operations per share</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.80</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.47</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.44</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.99</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Diluted funds from operations per share</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">.79</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">.46</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">2.42</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1.97</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 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="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Shares for basic funds from operations per share</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">27,494,101</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">26,766,300</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">27,257,826</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">26,727,814</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Shares for diluted funds from operations per share</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">27,750,938</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">27,026,532</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">27,531,084</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">26,985,571</FONT><FONT FACE="Times New Roman"></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 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>

<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT>(1)	<EM>Management believes that funds from operations (FFO) 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.  </EM></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P><EM><FONT FACE="Arial" SIZE="-2"></EM></FONT><FONT FACE="Arial" SIZE="-2">(2)	<EM>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.</EM></FONT></P>

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

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Page 4 NHI's year end results</FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>National Health Investors, Inc. Portfolio Summary December 31, 2004</STRONG></FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD></TR></TABLE>

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

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Properties</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Investment</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Percentage</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Equity Ownership</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">94</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">278,170,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">71%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Mortgage Loan Receivables</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">58</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">112,072,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">29%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Total Real Estate Portfolio</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">152</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       390,2420,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">100%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Nursing Homes</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">68</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">9,183</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"> $        178,438,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Assisted Living</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">16</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">1,350</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">            70,503,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Medical Office Buildings</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">124,427 sq.ft.</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">            10,861,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Retirement Homes</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">517</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">            10,752,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Hospitals</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">55</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">              7,616,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">94</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"> $        278,170,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT><FONT FACE="Arial" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Arial" SIZE="-1">&nbsp;</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Nursing Homes</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">39</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4,587</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"> $        100,041,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Assisted Living</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">90</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">              5,548,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Retirement Homes</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">60</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">              2,052,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Developmentally Disabled</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">108</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">              4,431,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">58</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG> $        112,072,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Total Mortgage Portfolio</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">152</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT><FONT FACE="Arial" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"> $        390,242,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Percentage of</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1">Total </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Properties</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Total Dollars</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Dollars</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Nursing Homes</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">107</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">71.36%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"> $        278,479,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Assisted Living</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">19.49%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">            76,051,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Medical Office Buildings</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.78%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">            10,861,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Retirement Homes</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">6</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3.28%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">            12,804,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Hospitals</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.95%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">              7,616,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Developmentally Disabled</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.14%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">              4,431,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">152</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">100.00%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"> $        390,242,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR></TABLE>

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Page 5 NHI's year end results</FONT><FONT FACE="Times New Roman"></FONT></P>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"># of </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Percentage of</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Total</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Properties</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Total Dollars</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Dollars</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Public</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">72</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">31.04%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"> $        121,115,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Regional </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">75</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">66.12%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">          258,024,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Small Operator</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.85%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">            11,103,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">152</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">100.00%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"> $        390,242,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Of Public</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Of Total</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Dollar</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">&nbsp;Operators</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Portfolio</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Amount</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">National HealthCare Corp.</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">45.57%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">14.14%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">               55,198,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">National Health Investors, Inc.</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">16.64%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">5.16%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">               20,149,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">Community Health Systems, Inc.</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">11.61%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3.60%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">               14,061,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">Sunrise Senior Living Services</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">11.32%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3.51%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">               13,710,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">Sun Healthcare</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">7.55%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.34%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">                  9,150,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">Res-Care, Inc.</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">3.66%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.14%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">                  4,431,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">HCA-The Healthcare Company</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">3.65%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.13%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">                  4,416,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Helv" SIZE="-1">100%</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">31.04%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Helv" SIZE="-1">             121,115,000 </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Summary of Facilities by State    December 31, 2004</STRONG></FONT><FONT FACE="Times New Roman"></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="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT>Percent of</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Acute </FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Dev.</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Asst.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Retire-</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Current</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Total </FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">LTC</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Care</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">MOB</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Disab.</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Living</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">ment</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Total</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">Amount</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Portfolio</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Florida</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">14</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">6</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">38</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     104,744,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">26.84%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Texas</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">25</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">29</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       89,129,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">22.84%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Tennessee</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">21</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">29</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       37,300,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9.56%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Missouri</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">10</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       26,646,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">6.83%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">New Jersey</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       26,065,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">6.68%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">6</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Arizona</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       19,022,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4.87%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Virginia</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         1,426,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">0.37%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">8</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Georgia</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">7</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       16,996,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4.36%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">9</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">New Hampshire</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       15,487,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3.97%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">10</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Massachusetts</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       11,421,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.93%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">11</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Kansas</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">       11,198,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.87%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">12</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Kentucky</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         9,306,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.38%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">13</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">South Carolina</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         8,190,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2.10%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">14</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Idaho</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         5,536,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1.42%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">15</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Alabama</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         2,322,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">0.60%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">16</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">North Carolina</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">0</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         1,947,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">0.50%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Illinois</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">0</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         1,582,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">0.41%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">18</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">Wisconsin</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">1</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">         1,925,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">0.49%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">107</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Arial" SIZE="-1">6</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">152</FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">     390,242,000 </FONT><FONT FACE="Times New Roman"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1">100.00%</FONT><FONT FACE="Times New Roman"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></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></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">-30-</FONT></P>

</BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "nhi04er.htm", "description": "2004 EARNINGS RELEASE", "secsgml_size_bytes": 151931}]
{"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": "05617582"}, "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): February 15, 2005 (February 14, 2005)
National Health Investors, Inc.
(Exact name of Registrant as specified in its charter)
Maryland
(State or Other Jurisdiction of Incorporation)
001-10822
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 2.02 Results of Operations and Financial Condition.
On February 14, 2004, National Health Investors, Inc. issued a press release announcing
its 2004 year end results.  A copy of the press release is filed an Exhibit 99 to this Current Report
on Form 8-K and is incorporated by reference herein.
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: February 15, 2005
Exhibit Index
Number
Exhibit
99
Press release, dated February 14, 2005
EXHIBIT 99
For Release:  February 14, 2005
Contact:  Gerald Coggin, SVP of Investor Relations
Phone:  (615) 890-9100
NHI reports 2004 year end results
MURFREESBORO, Tenn. -National Health Investors, Inc., (NYSE:NHI) announced income from continuing operations
for the year ended December 31, 2004 of $55,082,000 or $2.00 per basic and $1.99 per diluted share of common stock
compared to $43,290,000, or $1.56 per basic and $1.55 per diluted share of common stock for 2003.
Net income for the year ended December 31, 2004 was $56,379,000 or $2.05 per common share, basic and $2.03
per common share, diluted, compared to net income of $43,808,000 or $1.58 per common share, basic and $1.57 per common
share, diluted for 2003.
Funds from operations ("FFO") for the year ended December 31, 2004 was $66,502,000, or $2.44 per basic and
$66,622,000, or $2.42 per diluted share of common stock compared to $53,110,000, or $1.99 per basic and $53,259,000, or
$1.97 per diluted share in 2003.
Income from continuing operations for the fourth quarter ended December 31, 2004 was $18,597,000, or 68 cents per
basic and 67 cents per diluted share of common stock compared to $9,846,000, or 35 cents per basic and diluted share of
common stock for the same period in 2003.
Net income for the fourth quarter ended December 31, 2004 was $18,951,000 or 69 cents per common share, basic
and 68 cents per common share, diluted, compared to net income of $9,817,000 or 35 cents per basic and diluted share of
common stock for the same period in 2003.
For the fourth quarter ended December 31, 2004, FFO was $21,878,000 or 80 cents per basic and $21,907,000 or
79 cents per diluted share of common stock compared to $12,495,000 or 47 cents per basic and $12,529,000 or 46 cents per
diluted share for the same period in 2003.
Net income for the year was positively impacted by recoveries of prior year writedowns, net gains on the sales of real
estate, income from the early payoff of loans and improved profitability of operated facilities.  Our balance sheet continues to
be one of the strongest in the industry with cash and marketable securities exceeding total debt by $34.7 million.
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's year end results
Condensed Statements of Income
(in thousands, except share and per share amounts)
Three Months Ended Dec. 31
Year Ended December 31
2004
2003
2004
2003
Revenues:
Mortgage interest income
$
4,166
$
6,151
$
18,116
$
21,046
Rental income
11,519
11,840
48,004
55,863
Facility operating revenues
26,429
20,335
89,439
79,272
$
42,114
$
38,326
$
155,559
$
156,181
Expenses:
Interest expense
$
3,131
$
3,239
$
12,439
$
13,840
Depreciation
3,912
3,777
14,385
15,007
Amortization of loan costs
37
37
148
297
Legal expense
177
286
1,292
729
Franchise and excise taxes
69
20
284
548
General and administrative
619
1,021
3,492
3,135
Loan, remic, realty, and security
losses (recoveries)
(2,000)
2,234
(2,896)
9,134
Facility operating expenses
22,745
19,210
83,027
76,132
$
28,690
$
29,824
$
112,171
$
118,822
Income Before Non-Operating Income
$
13,424
$
8,502
$
43,388
$
37,359
Non-operating income (investment
Interest and other)
5,173
1,344
11,694
5,931
Income From Continuing Operations
$
18,597
$
9,846
$
55,082
$
43,290
Discontinued operations
Operating (loss) income-discontinued
63
(29)
(246)
(1,017)
Net gain on sales of real estate
291
---
1,543
1,535
$
354
$
(29)
$
1,297
$
518
Net income
$
18,951
$
9,817
$
56,379
$
43,808
Dividends to preferred stockholders
---
397
514
1,589
Net income applicable to common stock
$
18,951
$
9,420
$
55,865
$
42,219
Income from continuing operations per common share:
Basic
$
.68
$
.35
$
2.00
$
1.56
Diluted
$
.67
$
.35
$
1.99
$
1.55
Discontinued operations per common share:
Basic
$
.01
$
---
$
.05
$
.02
Diluted
$
.01
$
---
$
.04
$
.02
Net income per common share:
Basic
$
.69
$
.35
$
2.05
$
1.58
Diluted
$
.68
$
.35
$
2.03
$
1.57
Funds from operations
Basic
$
21,878
$
12,495
$
66,502
$
53,110
Diluted
$
21,907
$
12,529
$
66,622
$
53,259
Funds from operations per common share
Basic
$
.80
$
.47
$
2.44
$
1.99
Diluted
$
.79
$
.46
$
2.42
$
1.97
Weighted average common shares outstanding:
Basic
27,494,101
26,766,300
27,257,826
26,727,814
Diluted
27,750,938
27,026,532
27,531,084
26,985,571
Dividends declared per common share
$
.575
$
.50
$
1.85
$
1.70
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Page 3 NHI's year end results
Balance Sheet Data
(in thousands)
December 31
December 31
2004
2003
Real estate properties, net
$
278,170
$
289,465
Mortgages receivable, net
112,072
149,892
Preferred stock investment
38,132
38,132
REMIC investments
---
16,043
Cash and marketable securities
190,313
120,522
Debt and credit facilities
154,432
162,100
Convertible debt
1,116
1,351
Stockholders' equity
425,539
409,644
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 Dec. 31
Year Ended Dec. 31
2004
2003
2004
2003
Net income
$
18,951
$
9,817
$
56,379
$
43,808
Dividends to preferred stockholders
---
(397)
(514)
(1,589)
Net income applicable to common stockholders
18,951
9,420
55,865
42,219
Elimination of non-cash items in net income:
Real estate depreciation
3,216
3,070
12,112
12,249
Real estate depreciation in discontinued
operations
2
5
68
177
Gain on sale of real estate
(291)
---
(1,543)
(1,535)
Basic funds from operations applicable
to common stockholders
21,878
12,495
66,502
53,110
Interest on convertible subordinated
debentures
29
34
120
149
Diluted funds from operations applicable
to common stockholders
$
21,907
$
12,529
$
66,622
$
53,259
Basic funds from operations per share
$
.80
$
.47
$
2.44
$
1.99
Diluted funds from operations per share
$
.79
$
.46
$
2.42
$
1.97
Shares for basic funds from operations per share
27,494,101
26,766,300
27,257,826
26,727,814
Shares for diluted funds from operations per share
27,750,938
27,026,532
27,531,084
26,985,571
(1)
Management believes that funds from operations (FFO) 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.
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Page 4 NHI's year end results
National Health Investors, Inc. Portfolio Summary December 31, 2004
Portfolio Statistics
Investment
Properties
Investment
Percentage
Equity Ownership
94
278,170,000
71%
Mortgage Loan Receivables
58
112,072,000
29%
Total Real Estate Portfolio
152
390,2420,000
100%
Equity Ownership
Properties
Beds
Investments
Nursing Homes
68
9,183
$        178,438,000
Assisted Living
16
1,350
70,503,000
Medical Office Buildings
4
124,427 sq.ft.
10,861,000
Retirement Homes
5
517
10,752,000
Hospitals
1
55
7,616,000
94
$        278,170,000
Mortgage Loan Receivables
Properties
Beds
Investments
Nursing Homes
39
4,587
$        100,041,000
Assisted Living
1
90
5,548,000
Retirement Homes
1
60
2,052,000
Developmentally Disabled
17
108
4,431,000
58
$        112,072,000
Total Mortgage Portfolio
152
$        390,242,000
Summary of Facilities by Type:
Percentage of
Total
Properties
Total Dollars
Dollars
Nursing Homes
107
71.36%
$        278,479,000
Assisted Living
17
19.49%
76,051,000
Medical Office Buildings
4
2.78%
10,861,000
Retirement Homes
6
3.28%
12,804,000
Hospitals
1
1.95%
7,616,000
Developmentally Disabled
17
1.14%
4,431,000
152
100.00%
$        390,242,000
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Page 5 NHI's year end results
Portfolio by Operator Type
# of
Percentage of
Total
Properties
Total Dollars
Dollars
Public
72
31.04%
$        121,115,000
Regional
75
66.12%
258,024,000
Small Operator
5
2.85%
11,103,000
152
100.00%
$        390,242,000
Public Operators
Percent
Percentage
Of Public
Of Total
Dollar
Operators
Portfolio
Amount
National HealthCare Corp.
45.57%
14.14%
55,198,000
National Health Investors, Inc.
16.64%
5.16%
20,149,000
Community Health Systems, Inc.
11.61%
3.60%
14,061,000
Sunrise Senior Living Services
11.32%
3.51%
13,710,000
Sun Healthcare
7.55%
2.34%
9,150,000
Res-Care, Inc.
3.66%
1.14%
4,431,000
HCA-The Healthcare Company
3.65%
1.13%
4,416,000
100%
31.04%
121,115,000
Summary of Facilities by State    December 31, 2004
Percent of
Acute
Dev.
Asst.
Retire-
Current
Total
LTC
Care
MOB
Disab.
Living
ment
Total
Amount
Portfolio
1
Florida
17
1
14
6
38
104,744,000
26.84%
2
Texas
25
2
1
1
29
89,129,000
22.84%
3
Tennessee
21
3
3
2
29
37,300,000
9.56%
4
Missouri
9
1
10
26,646,000
6.83%
5
New Jersey
2
1
3
26,065,000
6.68%
6
Arizona
1
4
5
19,022,000
4.87%
7
Virginia
1
1
1,426,000
0.37%
8
Georgia
7
7
16,996,000
4.36%
9
New Hampshire
3
1
4
15,487,000
3.97%
10
Massachusetts
4
4
11,421,000
2.93%
11
Kansas
7
7
11,198,000
2.87%
12
Kentucky
3
1
4
9,306,000
2.38%
13
South Carolina
3
1
4
8,190,000
2.10%
14
Idaho
1
1
2
5,536,000
1.42%
15
Alabama
2
2
2,322,000
0.60%
16
North Carolina
0
1
1
1,947,000
0.50%
17
Illinois
0
1
1
1,582,000
0.41%
18
Wisconsin
1
1
1,925,000
0.49%
107
1
4
17
17
6
152
390,242,000
100.00%
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