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NHI Reports 14.1% Increase In Second 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 and six months ended June 30, 2013.

Year-To-Date Highlights

  • Increased second quarter Normalized FFO 14.1% over same quarter in 2012
  • Closed or announced over $220 million of new investments
  • Amended and expanded an unsecured credit facility of $370 million including a $250 million revolving credit facility and $120 million of 7-year term loans

Financial Results

Normalized FFO for the three months ended June 30, 2013, was $24,398,000, or $0.87 per diluted common share, compared with $21,386,000, or $0.77 per diluted common share, for the same period in 2012, an increase of 14.1%. Normalized FFO excluded the effects of $561,000 in transaction and debt issuance costs written off in 2013. Normalized FAD for the three months ended June 30, 2013, was $23,792,000 or $0.85 per diluted common share, compared with $21,010,000 or $0.76 per diluted common share for the same period in 2012, an increase of 11.8%. Normalized FAD excluded the effects of $561,000 in transaction and debt issuance costs written off in 2013.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the three months ended June 30, 2013, was $23,837,000, or $0.85 per diluted common share, compared with $19,971,000, or $0.72 per diluted common share, for the same period in 2012. Net income attributable to common stockholders for the three months ended June 30, 2013, was $19,920,000, or $0.71 per diluted common share, compared with $16,928,000, or $0.61 per diluted common share, for the same period in 2012.

Normalized FFO for the six months ended June 30, 2013, was $47,994,000, or $1.72 per diluted common share, compared with $42,761,000, or $1.54 per diluted common share, for the same period in 2012, an increase of 12.2%. Normalized FAD for the six months ended June 30, 2013, was $48,197,000 or $1.73 per diluted common share, compared with $43,093,000 or $1.55 per diluted common share for the same period in 2012, an increase of 11.8%. Normalized FFO and Normalized FAD for the six months ended June 30, 2013 excludes the effect of a $4,037,000 loan impairment and the effects of $561,000 in transaction and debt issuance costs written off in 2013.

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