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NHI Reports 9.2% Increase In Third Quarter Normalized FFO

National Health Investors, Inc. (NYSE:NHI) announced today its normalized Funds From Operations (“FFO”), its normalized Funds Available for Distribution ("FAD") and net income for the three months and nine months ended September 30, 2012.

Third Quarter Highlights
  • Normalized FFO up 9.2% and Normalized FAD up 8.4% over same period in 2011
  • Entered into joint-venture with Bickford Senior Living utilizing RIDEA structure
  • Closed $76 million of new investments
  • Increased 2012 Normalized FFO guidance to $3.15 - $3.18 per common share

Financial Results

Normalized FFO for the three months ended September 30, 2012, was $22,357,000, or $0.80 per basic and diluted common share, compared with $20,474,000, or $0.74 per basic and diluted common share, for the same period in 2011, an increase of 9.2%. Normalized FAD for the three months ended September 30, 2012, was $21,736,000 or $0.78 per basic and diluted common share, compared with $20,055,000 or $0.72 per basic and diluted common share for the same period in 2011, an increase of 8.4%. Normalized FFO and Normalized FAD for the three months ended September 30, 2012 excludes the effects of a loan write-down and other adjustments totaling $2,497,000.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the three months ended September 30, 2012, was $19,860,000, or $0.71 per basic and diluted common share, compared with $20,475,000, or $0.74 per basic and diluted common share, for the same period in 2011. Net income for the three months ended September 30, 2012, was $14,351,000, or $0.52 per basic and diluted common share, compared with net income of $18,808,000, or $0.68 per basic and diluted common share, for the same period in 2011.

Normalized FFO for the nine months ended September 30, 2012, was $65,118,000, or $2.34 per basic and diluted common share, compared with $58,729,000, or $2.12 and $2.11 per basic and diluted common share, respectively, for the same period in 2011, an increase of 10.9%. Normalized FFO excluded the effects of a loan writedown and other adjustments totaling $3,912,000 in 2012 and excluded the effects of gains on sales of marketable securities and other adjustments totaling $9,076,000 in 2011. Normalized FAD for the nine months ended September 30, 2012, was $64,829,000, or $2.33 per basic and diluted common share, compared with $59,512,000, or $2.15 and $2.14 per basic and diluted common share, respectively, for the same period in 2011, and increase of 8.9%. Normalized FAD excluded the effects of a loan writedown and other adjustments totaling $2,949,000 in 2012 and excluded the effects of gains on sales of marketable securities and other adjustments totaling $9,076,000 in 2011.

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