NHI Reports 9.0% Increase In Fourth 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 attributable to common stockholders for the three months and year ended December 31, 2012.

2012 Highlights

• Made investments and commitments totaling $178.5 million in properties and loans primarily in private-pay senior housing assets
• Closed on a new $320 million bank credit facility, expandable to $450 million to fund new healthcare real estate investments
• Agreed with our largest customer to a lease extension through 2026
• Increased the regular quarterly common dividend 5.8% year-over-year
• Declared a $.22 per common share special dividend at year-end

Financial Results

Normalized FFO for the three months ended December 31, 2012, was $23,369,000, or $0.84 per basic and diluted common share, compared with $21,448,000, or $0.77 per basic and diluted common share, for the same period in 2011, an increase of 9.0%. Normalized FAD for the three months ended December 31, 2012, was $22,771,000 or $0.82 per basic and diluted common share, compared with $20,908,000 or $0.75 per basic and diluted common share for the same period in 2011, an increase of 8.9%. Normalized FFO and Normalized FAD for the three months ended December 31, 2012 excludes the effect on income of loan recoveries, investment gains and other adjustments totaling $9,513,000.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the three months ended December 31, 2012, was $32,882,000, or $1.18 per basic and diluted common share, compared with $21,038,000, or $0.76 per basic and diluted common share, for the same period in 2011. Net income attributable to common stockholders for the three months ended December 31, 2012, was $41,105,000, or $1.48 per basic and diluted common share, compared with $18,114,000, or $0.65 per basic and diluted common share, for the same period in 2011. During the three months ended December 31, 2012, we recorded a gain of $11,966,000 on the sale of an assisted living facility in New Jersey.

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