Profile: National Health Investors Inc (NHI.N)

NHI.N on New York Stock Exchange

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National Health Investors, Inc. (NHI), incorporated on July 24, 1991, is a self-managed real estate investment trust (REIT), which invests in income-producing healthcare properties primarily in the long-term care and senior housing industries. As of December 31, 2011, the Company’s portfolio consisted of real estate (excluding corporate office and assets held for sale) and mortgage investments, and other investments in preferred stock and marketable securities. The Company has made investments in leased properties and mortgage loans nationwide, primarily in the long-term healthcare industry. These investments include skilled nursing facilities (SNFs), assisted living facilities (ALFs), medical office buildings (MOBs), independent living facilities (ILFs), and hospitals (collectively, Healthcare Facilities). All of the Company’s investments in real estate and mortgage loans are within the United States. As of December 31, 2011, NHI’s operations consisted of investments in real estate and mortgage notes receivable in 127 healthcare facilities located in 24 states consisting of 81 skilled nursing facilities, 36 assisted living facilities, two medical office buildings, four independent living facilities, and four hospitals. In October 2012, the Company acquired a 181-unit senior living campus in Loma Linda, California. In December 2012, the Company acquired two living facilities in Ontario, Oregon and one in Weiser, Idaho. In December 2012, the Company purchased a 120-unit assisted living and memory care facility in Beaver Dam, Wisconsin. In December 2012, National HealthCare Corp purchased six health care centers from NHI and it sold its 148-bed, Edison, New Jersey senior living campus. In April 2013, it announced acquisition totaling 254 beds. In July 2013, the Company acquired The Inn at Halcyon Village in Marysville, Ohio and its RIDEA joint-venture with Bickford Senior Living has acquired 17 assisted living and memory care communities.

National HealthCare Corporation (NHC) is the Company’s largest customer. As of December 31, 2011, it leased 41 healthcare facilities to NHC. NHI’s investments are structured as acquisitions of properties through purchase-leaseback transactions, acquisitions of real estate operations with in-place leases, or as mortgage loans. The Company’s leases have an initial leasehold term of 10 to 15 years with one or more 5-year renewal options. It also provides construction loans that by their terms convert to mortgage loans upon the completion of the construction of the facility. In general, its mortgage loans have a maturity of at least 10 years with the principal amortized over 20 to 25 years and a balloon payment due at maturity.

Skilled Nursing Facilities

As of December 31, 2011, NHI’s portfolio included 55 SNFs leased to operators and mortgage loans secured by 26 SNFs. SNFs provide some combination of skilled and intermediate nursing and rehabilitative care, including speech, physical and occupational therapy.

Assisted Living Facilities

As of December 31, 2011, the Company’s portfolio included 33 ALFs leased to operators and mortgage loans secured by three ALFs. ALFs are either free-standing or are attached to skilled nursing or retirement facilities and provide basic room and board functions for elderly residents.

Medical Office Buildings

As of December 31, 2011, NHI’s portfolio included two MOBs leased to operators. MOBs are configured office buildings whose tenants are primarily physicians and other medical practitioners.

Independent Living Facilities

As of December 31, 2011, the Company’s portfolio included four ILFs leased to two operators. ILFs offer specially designed residential units for the ambulatory elderly and provide various ancillary services for their residents, including restaurants, activity rooms and social areas.

Hospitals

As of December 31, 2011, the Company’s portfolio included four hospitals (HOSP), two of which are leased to operators, one leased property under development and one mortgage loan with a purchase option. Hospitals provide a range of inpatient and outpatient services, including acute psychiatric and rehabilitation services.

Company Address

National Health Investors Inc

222 Robert Rose Drive
MURFREESBORO   TN   37130
P: +1615.8909100
F: +1615.2253030

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