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<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD COLSPAN="3" ALIGN="CENTER"><FONT SIZE="+1"><STRONG>UNITED STATES</STRONG></FONT><FONT FACE="Arial"></FONT></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3" ALIGN="CENTER"><FONT FACE="Arial"></FONT><FONT SIZE="+1"><STRONG>SECURITIES AND EXCHANGE COMMISSION</STRONG></FONT></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><STRONG>Washington, D.C.  20549</STRONG></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><FONT SIZE="+1"><STRONG>FORM 8-K</STRONG></FONT></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">CURRENT REPORT PURSUANT</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">TO SECTION 13 OR 15(d) OF THE</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">SECURITIES EXCHANGE ACT OF 1934</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">Date of Report (Date of earliest event reported): April 25, 2003 (April 24, 2003)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><STRONG><FONT SIZE="+1"><U>                    National Health Investors, Inc.                    </U></STRONG></FONT><STRONG></STRONG></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Exact name of Registrant as specified in its charter)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>        Maryland      </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(State or Other Jurisdiction of Incorporation)</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2">
<P ALIGN="CENTER"><U>        333-41863        </U></TD>
<TD>
<P ALIGN="CENTER"><U>   62-1470956   </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2">
<P ALIGN="CENTER">(Commission File No.)</TD>
<TD>
<P ALIGN="CENTER">(IRS Employer</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD>
<P ALIGN="CENTER">Identification Number)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">100 Vine Street, Suite 1202</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>Murfreesboro, TN 37130</U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Address of principal executive offices, including zip code)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>        (615) 890-9100        </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Registrant's telephone number, including area code)</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3"></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>          Not Applicable          </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Former name or former address, if changed since last report)</TD></TR></TABLE>
</P>
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><STRONG>Item 12.  Results of Operations and Financial Condition</STRONG> </P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P>On April 24, 2003, National Health Investors, Inc. made its first quarter earnings announcement.
A copy of the press release is furnished as an exhibit to this Form 8-K and is incorporated herein
by reference.</P>

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

<BR WP="BR1"><BR WP="BR2">
<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>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD>National Health Investors, Inc.</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>By: <U>/s/ W. Andrew Adams</U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Name: W. Andrew Adams</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Title: Chief Executive Officer</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>By:<U>/s/ Donald K. Daniel</U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Name:  Donald K. Daniel</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Title: Principal Accounting Officer</TD></TR>
<TR VALIGN="TOP"><TD>Date: April 25, 2003</TD>
<TD></TD></TR></TABLE>

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

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG>Number</STRONG></TD>
<TD><STRONG>Exhibit</STRONG></TD></TR>
<TR VALIGN="TOP"><TD>99</TD>
<TD>Press release, dated April 24, 2003.</TD></TR></TABLE>

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

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman" SIZE="-2">For Release: April 24, 2003</FONT></P>

<P><FONT FACE="Times New Roman" SIZE="-2">Contact: Gerald Coggin VP and Dir. of Investor Relations</FONT></P>

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

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman" SIZE="-2"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman">	MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI and NHIPr)
announced funds from operations, FFO, for the first quarter ended March 31, 2003 of $13,679,000,
or 51 cents per diluted share of common stock compared to $10,904,000 or 41 cents per diluted share
of common stock.   FFO for the first quarter of 2003 excludes a $1,932,000 or seven cents per
diluted share of common stock gain on the sale of real estate.</FONT></P>

<P><FONT FACE="Times New Roman">	Net income applicable to common stock for the first quarter ended March 31, 2003 was
$11,723,000 or 44 cents per diluted share of common stock compared to $7,240,000 or 27 cents per
diluted share of common stock for the same period in 2002.  The improvement in net income for the
quarter was primarily due to increased rental income, reduced interest and loan loss expense, and a
gain on sale of real estate of $1,932,000.  </FONT></P>

<P><FONT FACE="Times New Roman">	During the first quarter, NHI sold the Women's and Children's Medical Office Building in
Lafayette, Louisiana for proceeds of $4,045,000, resulting in a $1,932,000 gain.  A loan loss of
$1,500,000 relates to a decline in value of a loan to an assisted living facility in Tavares, Florida.  </FONT></P>

<P><FONT FACE="Times New Roman">	"In addition to the highlights described above, on March 31, we redeemed $39,917,000 of
our 7% convertible debentures due February 1, 2004," said President Andy Adams.  "As a result, our
debt to capitalization ratio at quarter end declined to 29.5%, the lowest level in our 12 year history."</FONT></P>

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

<P><FONT FACE="Arial" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>Page 2 NHI's first quarter results</STRONG></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman">	NHI specializes in the financing of health care real estate by first mortgage and by purchase and
leaseback transactions. The common and preferred stocks of the company trade on the New York Stock
Exchange with the symbols NHI and NHIPr respectively.  Additional information including NHI's most
recent press releases may be obtained on our web site at </FONT><FONT FACE="Times New Roman" COLOR="#0000ff"><U>www.nhinvestors.com</U></FONT><FONT FACE="Times New Roman">.</FONT></P>

<P><FONT FACE="Times New Roman">	</FONT></P>

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

<P><FONT FACE="Times New Roman" SIZE="-1"><STRONG>Page 3 NHI's first quarter results</STRONG></FONT></P>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG><U></U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG><U></U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT><FONT FACE="Times New Roman" SIZE="-1">(in thousands except share and per share amounts)</EM></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">Three Months Ended March 31</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>2003</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2002</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>Revenues:</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">	Mortgage interest income<STRONG></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>5,543</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">5,779</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Rental income<STRONG></STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG></TD>
<TD ALIGN="RIGHT"></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>13,357</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">11,990</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Facility operating revenues</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>22,619</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">20,922</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Investment interest and other</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>1,644</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,239</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG><U>43,163</U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U>39,930</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>Expenses:</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">	Interest</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>3,988</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">4,613</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Depreciation of real estate</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>3,888</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,987</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Amortization of loan costs</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>183</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">94</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Facility operating expenses</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>22,388</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">21,082</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Loan loss expense</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>1,500</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2,500</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">              Legal expense</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>(81)</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">136</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">              Franchise and excise tax</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>396</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">64</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	General and administrative</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>713</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">140</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>32,975</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">32,616</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Income From Continuing Operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">10,188</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">7,314</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Discontinued Operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">     Operating Income - discontinued</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">323</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">     Net gain on sale of real estate</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">1,932</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">1.932</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">323</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Net Income</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>12,120</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">7,637</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Dividends to preferred stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG><U>397</U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1"><U>397</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Net income applicable to common stock</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG><U>11,723</U></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><U></U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><U>7,240</U></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Net income per common share:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>.44</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.28</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>.44</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.27</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Funds from operations</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>13,679</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">10,904</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>13,717</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">11,036</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Funds from operations per common share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>.51</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.42</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>.51</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.41</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">Weighted average common shares</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">	Basic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>26,688,984</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">26,072,872</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">	Diluted</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>26,944,523</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,902,501</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1">       Diluted Shares for FFO purposes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>26,944,523</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,902,501</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Dividends per common share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>.40</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.35</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

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

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>2003</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">2002</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Real estate properties, net</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>$</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"><STRONG>311,703</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">304,394</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Mortgages receivable, net</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>180,555</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">201,236</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Preferred stock investment</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>38,132</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">38,132</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">REMIC investments</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>36,366</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">36,366</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Cash and marketable securities</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>31,939</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">58,825</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Debt</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>166,606</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">161,763</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Convertible debt</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>1,571</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">41,633</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Stockholders' equity</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG>401,320</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">400,429</FONT></TD></TR></TABLE>

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

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

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

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

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">2003</FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1">2002</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Net income applicable to common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">11,723,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">7,240,000  </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Adjustments:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">     Real estate depreciation</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,888,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">3,987,000  </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Other Items:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">     Discontinued operations:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">        Operating Income - discontinued</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">---</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(323,000)</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">        Gain on sale of real estate</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">(1,932,000)</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">--- </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Basic funds from operations applicable to common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">13,679,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">10,904,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Interest on convertible subordinated debentures</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">38,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">132,000</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Diluted funds from operations applicable to common stockholders</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">13,717,000</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">11,036,000</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Basic funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.51</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.42</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Diluted funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.51</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1">.41</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">Shares for basic funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,688,984</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,072,872</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1">Shares for diluted funds from operations per share</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,944,523</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman" SIZE="-1">26,902,501</FONT></TD></TR></TABLE>

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

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

<P><FONT FACE="Times New Roman" SIZE="-1"><STRONG>Page 5 NHI's first quarter results</STRONG></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman"><STRONG>National Health Investors, Inc.    Portfolio Summary    March 31, 2003</STRONG></FONT></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"><STRONG></STRONG></FONT><FONT FACE="Times New Roman"><STRONG></STRONG></FONT><FONT FACE="Times New Roman"><STRONG></STRONG></FONT><FONT FACE="Times New Roman"><STRONG></STRONG></FONT><FONT FACE="Times New Roman"><STRONG>Portfolio Summary</FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<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">Investment</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Properties</FONT></TD>
<TD><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">Investment</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">Percentage</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Mortgage Loan Receivables</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">88</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">211,609,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">40%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Equity Ownership</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">96</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">311,703,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">60%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Total Real Estate Portfolio</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">184</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">   523,312,000 </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">100%</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></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="Times New Roman"></FONT><FONT FACE="Times New Roman">Equity Ownership</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">Properties</FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">Beds</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">Investments</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><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">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">70</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">9,396</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">   200,138,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">16</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">1,350</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        79,764,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">5</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">471</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        11,823,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Medical Office Buildings</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">124,427 sq.ft.</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        11,717,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Hospitals</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">55</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">          8,261,000 </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">96</FONT></TD>
<TD ALIGN="CENTER"><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></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">   311,703,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></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="Times New Roman"></FONT><FONT FACE="Times New Roman">Mortgage Loan Receivables</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">Properties</FONT></TD>
<TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">Beds</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">Investments</FONT></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><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">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">53</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">5,872</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">  157,262,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">150</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          7,110,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">2</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">156</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          6,263,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Developmentally Disabled</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">108</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          4,608,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">74</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"><STRONG>&nbsp;</STRONG></FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">   175,243,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Remic</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">14</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">1,971</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        30,020,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Remic II Investment </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"><STRONG>&nbsp;</STRONG></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"><STRONG></TD>
<TD ALIGN="RIGHT"></STRONG></FONT><FONT FACE="Times New Roman">2,313</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          6,346,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Total Mortgage Portfolio</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">88</FONT></TD>
<TD ALIGN="CENTER"><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></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">   211,609,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></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="Times New Roman"></FONT><FONT FACE="Times New Roman">Summary of Facilities by Type:</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></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="Times New Roman"></FONT><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">Percentage of </FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">Total</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">Properties</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">Total Dollars</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">Dollars</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Nursing Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">137</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">75.24%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">393,766,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Assisted Living</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">18</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">16.44%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        86,027,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Retirement Homes</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">7</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">3.62%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        18,933,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Medical Office Buildings</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">4</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">2.24%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        11,717,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Hospitals</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">1</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">1.58%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          8,261,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Developmentally Disabled</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">17</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">0.88%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">          4,608,000 </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">184</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">100.00%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">$&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">523,312,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR></TABLE>

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

<P><FONT FACE="Times New Roman" SIZE="-1"><STRONG>Page 6 NHI's first quarter results</STRONG></FONT></P>

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

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></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="Times New Roman"></FONT><FONT FACE="Times New Roman"># of</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman">Percent of</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman">Total</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT">
<P ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Properties</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">
<P ALIGN="CENTER">Total Dollars</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">
<P ALIGN="CENTER">Dollars</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<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="Times New Roman"></FONT><FONT FACE="Times New Roman">Public</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">104</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">52.43%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">  274,365,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Regional</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">66</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">38.92%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">      203,665,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Small</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">14</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">8.65%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">        45,282,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">184</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman">&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">100.00%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">&nbsp;$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">  523,312,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></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="Times New Roman"></FONT><FONT FACE="Times New Roman">Public Operators:</FONT></TD>
<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">Percentage</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman">Dollar</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">of</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman">Amount</FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">Portfolio</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="CENTER"></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"></TD>
<TD></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">National HealthCare Corp.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">12.17%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">    63,672,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Marriott Senior Living Services</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">8.64%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        45,235,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Integrated Health Services</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">8.00%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        41,845,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">National Health Investors, Inc.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">5.84%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        30,562,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">ElderTrust of Florida</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">5.57%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        29,158,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Mariner Post Acute Network</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">3.22%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        16,860,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Community Health Systems, Inc.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">2.89%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">        15,146,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Sun Healthcare</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">1.85%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          9,683,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Midwest Nursing Home Investors, L.L.C.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">1.25%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          6,567,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">HCA-The Healthcare Company</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">0.92%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          4,832,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">American Retirement Corporation</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">0.90%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          4,700,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Res-Care, Inc.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">0.88%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          4,608,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></FONT><FONT FACE="Times New Roman">Centennial HealthCare Corp.</FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman">0.29%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman"></TD>
<TD ALIGN="RIGHT"></FONT><FONT FACE="Times New Roman">          1,497,000 </FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></TD>
<TD></TD>
<TD ALIGN="CENTER"></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">52.43%</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">$</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman">      274,365,000 </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></TR></TABLE>
</P>
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<BR WP="BR1"><BR WP="BR2">
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<P 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="Times New Roman"></FONT><FONT FACE="Times New Roman">- More -</FONT></P>

<P><FONT FACE="Times New Roman" SIZE="-1"><STRONG>Page 7 NHI's first quarter results</STRONG></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD ALIGN="CENTER"></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT><FONT FACE="Arial" SIZE="-1"><STRONG>Summary of Facilities by State  March 31, 2003</STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"><STRONG></STRONG></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"><STRONG></TD></TR></TABLE>

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD ALIGN="CENTER"></STRONG></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT>Percent of</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Acute</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Dev.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Asst.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Retire-</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Current</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Total</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">LTC</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Care</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">MOB</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Disab.</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Living</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">ment</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Total</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Amount</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Portfolio</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Florida</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">25</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">14</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">47</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">     146,245,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">27.95%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Texas</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">28</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">33</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">     107,985,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">20.63%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Tennessee</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">21</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">29</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       43,179,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">8.25%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Missouri</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">9</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">10</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       28,133,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5.38%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">New Jersey</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       27,428,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5.24%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">6</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Arizona</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       19,957,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3.81%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Virginia</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       19,925,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3.81%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">8</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">New Hampshire</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       18,679,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3.57%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">9</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Georgia</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       18,121,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3.46%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">10</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Kansas</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       13,297,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2.54%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">11</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Massachusetts</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       13,254,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2.53%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">12</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Washington</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       10,422,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.99%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">13</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Kentucky</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">5</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">       10,346,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.98%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">14</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">South Carolina</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         9,025,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.72%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">15</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Colorado</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">3</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         8,125,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.55%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">16</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Idaho</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         5,846,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.12%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Illinois</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         4,522,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.86%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">18</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Michigan</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         3,307,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.63%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">19</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Alabama</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">2</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         2,669,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.51%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">20</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Pennsylvania</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         2,249,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.43%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">21</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">Wisconsin</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         2,189,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.42%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">22</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">North Carolina</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">&nbsp;</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">&nbsp;</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">&nbsp;</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">&nbsp;</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         2,063,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">0.39%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="CENTER"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">137</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">4</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">17</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">18</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">7</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">184</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">     516,966,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">98.79%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD ALIGN="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>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">REMIC II</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">         6,346,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">1.21%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR>
<TR VALIGN="TOP"><TD><FONT FACE="Times New Roman" SIZE="-1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman" SIZE="-1">     523,312,000 </FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD>
<TD ALIGN="CENTER"><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Arial" SIZE="-1">100.00%</FONT><FONT FACE="Times New Roman" SIZE="-1"></FONT></TD></TR></TABLE>

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

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{"company-data": {"conformed-name": "NATIONAL HEALTH INVESTORS INC", "cik": "0000877860", "assigned-sic": "6798", "irs-number": "621470956", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10822", "film-number": "03664438"}, "business-address": {"street1": "100 VINE ST STE 1400", "street2": "CITY CENTER", "city": "MURFREESBORO", "state": "TN", "zip": "37130", "phone": "6158909100"}, "mail-address": {"street1": "P.O. BOX 1102", "city": "MURFREESBORO", "state": "TN", "zip": "37133"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 25, 2003 (April 24, 2003)
National Health Investors, Inc.
(Exact name of Registrant as specified in its charter)
Maryland
(State or Other Jurisdiction of Incorporation)
333-41863
62-1470956
(Commission File No.)
(IRS Employer
Identification Number)
100 Vine Street, Suite 1202
Murfreesboro, TN 37130
(Address of principal executive offices, including zip code)
(615) 890-9100
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 12.  Results of Operations and Financial Condition
On April 24, 2003, National Health Investors, Inc. made its first quarter earnings announcement.
A copy of the press release is furnished as an exhibit to this Form 8-K and is incorporated herein
by reference.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
National Health Investors, Inc.
By:
/s/ W. Andrew Adams
Name: W. Andrew Adams
Title: Chief Executive Officer
By:
/s/ Donald K. Daniel
Name:  Donald K. Daniel
Title: Principal Accounting Officer
Date: April 25, 2003
Exhibit Index
Number
Exhibit
99
Press release, dated April 24, 2003.
EXHIBIT 99
For Release: April 24, 2003
Contact: Gerald Coggin VP and Dir. of Investor Relations
Phone: (615) 890-9100
NHI reports first quarter results
MURFREESBORO, Tenn. -- National Health Investors, Inc., (NYSE: NHI and NHIPr)
announced funds from operations, FFO, for the first quarter ended March 31, 2003 of $13,679,000,
or 51 cents per diluted share of common stock compared to $10,904,000 or 41 cents per diluted share
of common stock.   FFO for the first quarter of 2003 excludes a $1,932,000 or seven cents per
diluted share of common stock gain on the sale of real estate.
Net income applicable to common stock for the first quarter ended March 31, 2003 was
$11,723,000 or 44 cents per diluted share of common stock compared to $7,240,000 or 27 cents per
diluted share of common stock for the same period in 2002.  The improvement in net income for the
quarter was primarily due to increased rental income, reduced interest and loan loss expense, and a
gain on sale of real estate of $1,932,000.
During the first quarter, NHI sold the Women's and Children's Medical Office Building in
Lafayette, Louisiana for proceeds of $4,045,000, resulting in a $1,932,000 gain.  A loan loss of
$1,500,000 relates to a decline in value of a loan to an assisted living facility in Tavares, Florida.
"In addition to the highlights described above, on March 31, we redeemed $39,917,000 of
our 7% convertible debentures due February 1, 2004," said President Andy Adams.  "As a result, our
debt to capitalization ratio at quarter end declined to 29.5%, the lowest level in our 12 year history."
-more-
Page 2 NHI's first quarter results
NHI specializes in the financing of health care real estate by first mortgage and by purchase and
leaseback transactions. The common and preferred stocks of the company trade on the New York Stock
Exchange with the symbols NHI and NHIPr respectively.  Additional information including NHI's most
recent press releases may be obtained on our web site at
www.nhinvestors.com
.
Statements in this press release that are not historical facts are forward-looking statements. NHI cautions investors
that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. All
forward-looking statements represent NHI's judgment as of the date of this release
.
-
More-
Page 3 NHI's first quarter results
Condensed Statements of Income
(in thousands except share and per share amounts)
Three Months Ended March 31
2003
2002
Revenues:
Mortgage interest income
$
5,543
$
5,779
Rental income
13,357
11,990
Facility operating revenues
22,619
20,922
Investment interest and other
1,644
1,239
$
43,163
$
39,930
Expenses:
Interest
$
3,988
$
4,613
Depreciation of real estate
3,888
3,987
Amortization of loan costs
183
94
Facility operating expenses
22,388
21,082
Loan loss expense
1,500
2,500
Legal expense
(81)
136
Franchise and excise tax
396
64
General and administrative
713
140
$
32,975
$
32,616
Income From Continuing Operations
$
10,188
$
7,314
Discontinued Operations
Operating Income - discontinued
---
323
Net gain on sale of real estate
1,932
---
$
1.932
$
323
Net Income
$
12,120
$
7,637
Dividends to preferred stockholders
397
397
Net income applicable to common stock
$
11,723
$
7,240
Net income per common share:
Basic
$
.44
$
.28
Diluted
$
.44
$
.27
Funds from operations
Basic
$
13,679
$
10,904
Diluted
$
13,717
$
11,036
Funds from operations per common share
Basic
$
.51
$
.42
Diluted
$
.51
$
.41
Weighted average common shares
Basic
26,688,984
26,072,872
Diluted
26,944,523
26,902,501
Diluted Shares for FFO purposes
26,944,523
26,902,501
Dividends per common share
$
.40
$
.35
Balance Sheet Data
(in thousands)
March 31
December 31
2003
2002
Real estate properties, net
$
311,703
$
304,394
Mortgages receivable, net
180,555
201,236
Preferred stock investment
38,132
38,132
REMIC investments
36,366
36,366
Cash and marketable securities
31,939
58,825
Debt
166,606
161,763
Convertible debt
1,571
41,633
Stockholders' equity
401,320
400,429
-More-
Page 4 NHI's first quarter results
Reconciliation of Funds From Operations
(1)
The following table reconciles net income applicable to common stockholders to funds from operations
applicable to common stockholders:
Three Months Ended March 31
2003
2002
Net income applicable to common stockholders
$
11,723,000
$
7,240,000
Adjustments:
Real estate depreciation
3,888,000
3,987,000
Other Items:
Discontinued operations:
Operating Income - discontinued
---
(323,000)
Gain on sale of real estate
(1,932,000)
---
Basic funds from operations applicable to common stockholders
$
13,679,000
$
10,904,000
Interest on convertible subordinated debentures
38,000
132,000
Diluted funds from operations applicable to common stockholders
$
13,717,000
$
11,036,000
Basic funds from operations per share
$
.51
$
.42
Diluted funds from operations per share
$
.51
$
.41
Shares for basic funds from operations per share
26,688,984
26,072,872
Shares for diluted funds from operations per share
26,944,523
26,902,501
(1)
We believe that funds from operations is an important supplemental measure of operating performance.  We,
therefore, disclose funds from operations, although it is a measurement that is not defined by accounting principles
generally accepted in the United States.  We generally use the National Association of Real Estate Investment Trusts
(NAREIT) measure of funds from operations.  We define funds from operations as income before extraordinary
items adjusted for certain non-cash items, primarily real estate depreciation, less gains/losses on sales of facilities.
Our measure may not be comparable to similarly titled measures used by other REITs.  Consequently, our funds from
operations may not provide a meaningful measure of our performance as compared to that of other REITs.  Funds
from operations does not represent cash generated from operating activities as defined by accounting principles
generally accepted in the United States (funds from operations does not include changes in operating assets and
liabilities) and, therefore, should not be considered as an alternative to net income as the primary indicator of
operating performance or to cash flow as a measure of liquidity.
-more-
Page 5 NHI's first quarter results
National Health Investors, Inc.    Portfolio Summary    March 31, 2003
Portfolio Summary
Investment
Properties
Investment
Percentage
Mortgage Loan Receivables
88
211,609,000
40%
Equity Ownership
96
311,703,000
60%
Total Real Estate Portfolio
184
523,312,000
100%
Equity Ownership
Properties
Beds
Investments
Nursing Homes
70
9,396
$
200,138,000
Assisted Living
16
1,350
79,764,000
Retirement Homes
5
471
11,823,000
Medical Office Buildings
4
124,427 sq.ft.
11,717,000
Hospitals
1
55
8,261,000
96
$
311,703,000
Mortgage Loan Receivables
Properties
Beds
Investments
Nursing Homes
53
5,872
$
157,262,000
Retirement Homes
2
150
7,110,000
Assisted Living
2
156
6,263,000
Developmentally Disabled
17
108
4,608,000
74
$
175,243,000
Remic
14
1,971
30,020,000
Remic II Investment
2,313
6,346,000
Total Mortgage Portfolio
88
$
211,609,000
Summary of Facilities by Type:
Percentage of
Total
Properties
Total Dollars
Dollars
Nursing Homes
137
75.24%
$
393,766,000
Assisted Living
18
16.44%
86,027,000
Retirement Homes
7
3.62%
18,933,000
Medical Office Buildings
4
2.24%
11,717,000
Hospitals
1
1.58%
8,261,000
Developmentally Disabled
17
0.88%
4,608,000
184
100.00%
$
523,312,000
-more-
Page 6 NHI's first quarter results
Portfolio by Operator Type:
# of
Percent of
Total
Properties
Total Dollars
Dollars
Public
104
52.43%
$
274,365,000
Regional
66
38.92%
203,665,000
Small
14
8.65%
45,282,000
184
100.00%
$
523,312,000
Public Operators:
Percentage
Dollar
of
Amount
Portfolio
National HealthCare Corp.
12.17%
$
63,672,000
Marriott Senior Living Services
8.64%
45,235,000
Integrated Health Services
8.00%
41,845,000
National Health Investors, Inc.
5.84%
30,562,000
ElderTrust of Florida
5.57%
29,158,000
Mariner Post Acute Network
3.22%
16,860,000
Community Health Systems, Inc.
2.89%
15,146,000
Sun Healthcare
1.85%
9,683,000
Midwest Nursing Home Investors, L.L.C.
1.25%
6,567,000
HCA-The Healthcare Company
0.92%
4,832,000
American Retirement Corporation
0.90%
4,700,000
Res-Care, Inc.
0.88%
4,608,000
Centennial HealthCare Corp.
0.29%
1,497,000
52.43%
$
274,365,000
- More -
Page 7 NHI's first quarter results
Summary of Facilities by State  March 31, 2003
Percent of
Acute
Dev.
Asst.
Retire-
Current
Total
LTC
Care
MOB
Disab.
Living
ment
Total
Amount
Portfolio
1
Florida
25
1
14
7
47
146,245,000
27.95%
2
Texas
28
2
1
2
33
107,985,000
20.63%
3
Tennessee
21
3
3
2
29
43,179,000
8.25%
4
Missouri
9
1
10
28,133,000
5.38%
5
New Jersey
2
1
3
27,428,000
5.24%
6
Arizona
1
4
5
19,957,000
3.81%
7
Virginia
7
7
19,925,000
3.81%
8
New Hampshire
3
1
4
18,679,000
3.57%
9
Georgia
7
7
18,121,000
3.46%
10
Kansas
7
7
13,297,000
2.54%
11
Massachusetts
4
4
13,254,000
2.53%
12
Washington
5
5
10,422,000
1.99%
13
Kentucky
4
1
5
10,346,000
1.98%
14
South Carolina
3
1
4
9,025,000
1.72%
15
Colorado
3
3
8,125,000
1.55%
16
Idaho
1
1
2
5,846,000
1.12%
17
Illinois
1
1
2
4,522,000
0.86%
18
Michigan
2
2
3,307,000
0.63%
19
Alabama
2
2
2,669,000
0.51%
20
Pennsylvania
1
1
2,249,000
0.43%
21
Wisconsin
1
1
2,189,000
0.42%
22
North Carolina
0
1
1
2,063,000
0.39%
137
1
4
17
18
7
184
516,966,000
98.79%
REMIC II
6,346,000
1.21%
523,312,000
100.00%
-30-