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NHI Reports 17.2% 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 attributable to common stockholders for the three and nine months ended September 30, 2013.

Year-To-Date Highlights

  • Increased third quarter Normalized FFO 17.2% over the same quarter in 2012
  • Closed or announced over $258 million of new investments
  • Amended and expanded an unsecured credit facility of $370 million consisting of $250 million revolving credit facility and $120 million of 7-year term loans

Financial Results

Normalized FFO for the three months ended September 30, 2013, was $26,193,000, or $0.94 per diluted common share, compared with $22,357,000, or $0.80 per diluted common share, for the same period in 2012, an increase of 17.2%. Normalized FAD for the three months ended September 30, 2013, was $25,359,000 or $0.91 per diluted common share, compared with $21,736,000 or $0.78 per diluted common share for the same period in 2012, an increase of 16.7%. Normalized FFO and Normalized FAD for the quarter ended September 30, 2013 excludes a $2,061,000 recovery of a previous write-down on a mortgage note receivable.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the three months ended September 30, 2013, was $28,254,000, or $1.01 per diluted common share, compared with $19,860,000, or $0.71 per diluted common share, for the same period in 2012. Net income attributable to common stockholders for the three months ended September 30, 2013, was $42,744,000, or $1.53 per diluted common share, compared with $14,351,000, or $0.52 per diluted common share, for the same period in 2012. Net income for the three months ended September 30, 2013 includes a gain $19,370,000 on the sale of real estate.

Normalized FFO for the nine months ended September 30, 2013, was $74,188,000, or $2.66 per diluted common share, compared with $65,118,000, or $2.34 per diluted common share, for the same period in 2012, an increase of 13.9%. Normalized FAD for the nine months ended September 30, 2013, was $73,557,000 or $2.64 per diluted common share, compared with $64,829,000 or $2.33 per diluted common share for the same period in 2012, an increase of 13.5%. Normalized FFO and Normalized FAD for the nine months ended September 30, 2013 excludes net loan impairments of $1,976,000 and the effects of $561,000 in acquisition and debt issuance costs expensed in 2013.

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