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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): March 29, 2004 (March 29, 2004)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><STRONG><FONT SIZE="+1"><U>                    National Health Investors, Inc.                    </U></STRONG></FONT><STRONG></STRONG></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Exact name of Registrant as specified in its charter)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>        Maryland      </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(State or Other Jurisdiction of Incorporation)</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2"></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2" ALIGN="CENTER"><U>        333-41863        </U></TD>
<TD>
<P ALIGN="CENTER"><U>   62-1470956   </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="2" ALIGN="CENTER">(Commission File No.)</TD>
<TD>
<P ALIGN="CENTER">(IRS Employer</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD>
<P ALIGN="CENTER">Identification Number)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">100 Vine Street, Suite 1202</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>Murfreesboro, TN 37130</U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Address of principal executive offices, including zip code)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>        (615) 890-9100        </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Registrant's telephone number, including area code)</TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3"></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER"><U>          Not Applicable          </U></TD></TR>
<TR VALIGN="TOP"><TD COLSPAN="3">
<P ALIGN="CENTER">(Former name or former address, if changed since last report)</TD></TR></TABLE>
</P>
<BR WP="BR1"><BR WP="BR2">
<P><STRONG>Item 5.  Other Events</STRONG></P>

<P>	On March 29, 2004, National Health Investors, Inc. announced the redemption of its
8.5% cumulative convertible preferred stock.  A copy of the press release is furnished as an
exhibit to this Form 8-K and is incorporated herein by reference.</P>

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

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD>National Health Investors, Inc.</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>By: <U>/s/ W. Andrew Adams               </U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Name: W. Andrew Adams</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Title: Chief Executive Officer</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>By:<U>/s/ Donald K. Daniel                   </U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Name:  Donald K. Daniel</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>Title: Principal Accounting Officer</TD></TR>
<TR VALIGN="TOP"><TD>Date: March 29, 2004</TD>
<TD></TD></TR></TABLE>

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

<TABLE WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG>Number</STRONG></TD>
<TD><STRONG>Exhibit</STRONG></TD></TR>
<TR VALIGN="TOP"><TD>99</TD>
<TD>Press release, dated March 29, 2004</TD></TR></TABLE>

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

<P><FONT FACE="Times New Roman" SIZE="-1"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Arial"></FONT><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="-2">For Release: March 29, 2004</FONT></P>

<P><FONT FACE="Times New Roman" SIZE="-2">Contact:  Gerald Coggin, Vice President</FONT></P>

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

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman"></FONT><FONT FACE="Times New Roman" SIZE="+2"><STRONG>NHI announces the redemption of its 8.5% cumulative
convertible preferred stock</STRONG></FONT><FONT FACE="Times New Roman"></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P><FONT FACE="Times New Roman" SIZE="+1"></FONT><FONT FACE="Times New Roman" SIZE="+1">	</FONT><FONT FACE="Times New Roman">MURFREESBORO, TN - National Health Investors, Inc. (NYSE: NHI and NHIPr) announced
today that it will redeem 100% of its outstanding 8.5% cumulative convertible preferred stock on
April 30, 2004 into common stock of NHI at a conversion rate of .905 shares of common stock for
each share of convertible preferred stock.  </FONT></P>

<P><FONT FACE="Times New Roman">	The redemption affects 747,994 shares of preferred stock with a balance of $18,700,000.  Partial
shares of common stock will be redeemed for cash.  </FONT></P>

<P><FONT FACE="Times New Roman">	NHI is a long-term care real estate investment trust that specializes in the financing of health care
real estate by first mortgage and by purchase and leaseback transactions.  The common and preferred
stocks of the company trade on the New York Stock Exchange with the symbols NHI and NHIPr
respectively.  Additional information including the company's most recent press releases may be
obtained on NHI's 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">	<EM>This press release is not an offer to sell or a solicitation of an offer to buy any securities of the
Company.  Any such solicitation or offer may only be made through a prospectus, which has been
declared effective by the Securities and Exchange Commission.</EM></FONT></P>

<P><FONT FACE="Times New Roman"><EM>	Statements in this press release that are not historical facts are forward-looking statements.  NHI
cautions investors that any forward-looking statements made involve risks and uncertainties and are
not guarantees of future performance.  All forward-looking statements represent NHI's judgment as
of the date of this release.</EM></FONT></P>

<BR WP="BR1"><BR WP="BR2">
<P ALIGN="CENTER"><FONT FACE="Times New Roman">-30-</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": "04694687"}, "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): March 29, 2004 (March 29, 2004)
National Health Investors, Inc.
(Exact name of Registrant as specified in its charter)
Maryland
(State or Other Jurisdiction of Incorporation)
333-41863
62-1470956
(Commission File No.)
(IRS Employer
Identification Number)
100 Vine Street, Suite 1202
Murfreesboro, TN 37130
(Address of principal executive offices, including zip code)
(615) 890-9100
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Item 5.  Other Events
On March 29, 2004, National Health Investors, Inc. announced the redemption of its
8.5% cumulative convertible preferred stock.  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: March 29, 2004
Exhibit Index
Number
Exhibit
99
Press release, dated March 29, 2004
EXHIBIT 99
For Release: March 29, 2004
Contact:  Gerald Coggin, Vice President
Phone:  (615) 890-9100
NHI announces the redemption of its 8.5% cumulative
convertible preferred stock
MURFREESBORO, TN - National Health Investors, Inc. (NYSE: NHI and NHIPr) announced
today that it will redeem 100% of its outstanding 8.5% cumulative convertible preferred stock on
April 30, 2004 into common stock of NHI at a conversion rate of .905 shares of common stock for
each share of convertible preferred stock.
The redemption affects 747,994 shares of preferred stock with a balance of $18,700,000.  Partial
shares of common stock will be redeemed for cash.
NHI is a long-term care real estate investment trust that specializes in the financing of health care
real estate by first mortgage and by purchase and leaseback transactions.  The common and preferred
stocks of the company trade on the New York Stock Exchange with the symbols NHI and NHIPr
respectively.  Additional information including the company's most recent press releases may be
obtained on NHI's web site at
www.nhinvestors.com
.
This press release is not an offer to sell or a solicitation of an offer to buy any securities of the
Company.  Any such solicitation or offer may only be made through a prospectus, which has been
declared effective by the Securities and Exchange Commission.
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.
-30-