(Mark One)
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[ x ]
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2015
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from _____________ to _____________
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Maryland
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62-1470956
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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222 Robert Rose Drive, Murfreesboro, Tennessee
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37129
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(Address of principal executive offices)
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(Zip Code)
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(615) 890-9100
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(Registrant's telephone number, including area code)
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Title of each Class
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Name of each exchange on which registered
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Common stock, $.01 par value
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New York Stock Exchange
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Large accelerated filer [ x ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [ ]
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(Do not check if a smaller reporting company)
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Page
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*
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We depend on the operating success of our tenants and borrowers for collection of our lease and interest income;
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*
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We depend on the success of property development and construction activities, which may fail to achieve the operating results we expect;
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*
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We are exposed to the risk that our tenants and borrowers may become subject to bankruptcy or insolvency proceedings;
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*
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We are exposed to risks related to governmental regulations and payors, principally Medicare and Medicaid, and the effect that lower reimbursement rates would have on our tenants’ and borrowers’ business;
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*
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We are exposed to the risk that the cash flows of our tenants and borrowers would be adversely affected by increased liability claims and liability insurance costs;
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*
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We are exposed to risks related to environmental laws and the costs associated with liabilities related to hazardous substances;
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*
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We are exposed to the risk that we may not be fully indemnified by our lessees and borrowers against future litigation;
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*
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We depend on the success of our future acquisitions and investments;
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*
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We depend on our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms;
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*
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We may need to refinance existing debt or incur additional debt in the future, which may not be available on terms acceptable to us;
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*
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We have covenants related to our indebtedness which impose certain operational limitations and a breach of those covenants could materially adversely affect our financial condition and results of operations;
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*
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We are exposed to the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties;
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*
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Certain tenants in our portfolio account for a significant percentage of the rent we expect to generate from our portfolio, and the failure of any of these tenants to meet their obligations to us could materially and adversely affect our business, financial condition and results of operations and our ability to make distributions to our stockholders.
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*
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We are exposed to risks associated with our investments in unconsolidated entities, including our lack of sole decision-making authority and our reliance on the financial condition of other interests;
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*
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We are subject to additional risks related to healthcare operations associated with our investments in unconsolidated entities, which could have a material adverse effect on our results of operations.
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*
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We depend on revenues derived mainly from fixed rate investments in real estate assets, while a portion of our debt capital used to finance those investments bear interest at variable rates. This circumstance creates interest rate risk to the Company;
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*
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We are exposed to the risk that our assets may be subject to impairment charges;
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*
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We depend on the ability to continue to qualify for taxation as a real estate investment trust;
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*
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We have ownership limits in our charter with respect to our common stock and other classes of capital stock which may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or might otherwise be in the best interests of our stockholders;
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*
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We are subject to certain provisions of Maryland law and our charter and bylaws that could hinder, delay or prevent a change in control transaction, even if the transaction involves a premium price for our common stock or our stockholders believe such transaction to be otherwise in their best interests.
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•
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Obtaining financial statements on a monthly, quarterly and/or annual basis to assess the operational trends of our tenants and the financial position and capability of those tenants
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•
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Calculating the operating cash flow for each of our tenants
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•
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Calculating the lease service coverage ratio and other ratios pertinent to our tenants
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•
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Obtaining property-level occupancy rates for our tenants
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•
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Verifying the payment of taxes by our tenants
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•
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Obtaining certificates of insurance for each tenant
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•
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Obtaining financial statements of our lessee guarantors on an annual basis
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•
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Conducting a periodic inspection of our properties to ascertain proper maintenance, repair and upkeep
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•
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Monitoring those tenants with indications of continuing and material deteriorating credit quality through discussions with our executive management and Board of Directors
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Asset Class
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Type
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Total
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Funded
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Remaining
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||||||
Commitments:
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Life Care Services
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SHO
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Construction Loan
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$
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154,500,000
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$
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(83,411,000
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)
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$
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71,089,000
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Bickford Senior Living
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SHO
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Construction
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$
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55,000,000
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$
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(17,436,000
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)
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$
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37,564,000
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Senior Living Communities
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SHO
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Revolving Credit
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$
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15,000,000
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$
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(6,282,000
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)
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$
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8,718,000
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Capital Funding Group
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Mezz. Note
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Revolving Credit
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$
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15,000,000
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$
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(15,000,000
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)
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$
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—
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Chancellor Health Care
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SHO
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Construction
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$
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650,000
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$
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(33,000
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)
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$
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617,000
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Santé Partners
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SHO
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Renovation
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$
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3,500,000
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$
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(2,621,000
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)
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$
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879,000
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Senior Living Management
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SHO
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Renovation
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$
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1,430,000
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$
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(1,165,000
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)
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$
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265,000
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Bickford Senior Living
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SHO
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Renovation
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$
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620,000
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$
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(575,000
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$
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45,000
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Sycamore Street (Bickford affiliate)
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SHO
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Revolving Credit
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$
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500,000
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$
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(461,000
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$
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39,000
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East Lake Capital Management
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SHO
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Renovation
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$
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400,000
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$
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—
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$
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400,000
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Contingencies:
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East Lake Capital Management
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SHO
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Lease Inducement
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$
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8,000,000
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$
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—
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$
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8,000,000
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East Lake Capital Management
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SHO
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Seller Earnout
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$
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750,000
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$
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—
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$
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750,000
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Sycamore Street (Bickford affiliate)
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SHO
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Letter-of-credit
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$
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3,550,000
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$
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—
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$
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3,550,000
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Discovery Senior Living
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SHO
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Lease Inducement
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$
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2,500,000
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$
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—
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$
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2,500,000
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Santé Partners
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SHO
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Lease Inducement
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$
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2,000,000
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$
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—
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$
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2,000,000
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•
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A shift to 66 payment categories from 53 payment categories;
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•
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Changes related to assessment reference dates and qualifiers that will significantly reduce utilization of rehabilitation and extensive service categories;
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•
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Modification to therapy services related to estimating treatments and utilization of concurrent therapy that will likely result in RUG classifications at much lower levels of therapy than previous results; and
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•
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Adjustments related to assistance with activities of daily living (ADLs) and an increased emphasis on ADL scores in the nursing case mix indices and related RUG payment rates.
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Name
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Position
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Age
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Eric Mendelsohn
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President and Chief Executive Officer
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54
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Roger R. Hopkins
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Chief Accounting Officer
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54
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Kristin S. Gaines
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Chief Credit Officer
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44
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Kevin Pascoe
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Executive Vice President Investments
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35
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▪
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The NHI Code of Business Conduct and Ethics. This has been adopted for all employees, officers and directors of the Company.
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▪
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Information on our “NHI Valuesline” which allows all interested parties to communicate with NHI executive officers and directors. The toll free number is 877-880-2974 and the communications may be made anonymously, if desired.
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▪
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The NHI Restated Audit Committee Charter.
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▪
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The NHI Revised Compensation Committee Charter.
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▪
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The NHI Revised Nominating and Corporate Governance Committee Charter.
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▪
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The NHI Corporate Governance Guidelines.
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Lease (L)/
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Licensed
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Center
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City
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State
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Mortgage (M)
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Beds
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SKILLED NURSING
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NHC HealthCare, Anniston
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Anniston
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AL
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L
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151
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NHC HealthCare, Moulton
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Moulton
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AL
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L
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136
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Sunbridge Estrella Care & Rehabilitation
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Avondale
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AZ
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L
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161
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Ayers Health & Rehabilitation Center
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Trenton
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FL
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L
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120
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Bayonet Point Health & Rehabilitation Center
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Hudson
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FL
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L
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180
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Bear Creek Nursing Center
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Hudson
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FL
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L
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120
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Brooksville Healthcare Center
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Brooksville
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FL
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L
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180
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Cypress Cove Care Center
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Crystal River
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FL
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L
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120
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Heather Hill Healthcare Center
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New Port Richey
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FL
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L
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120
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Parkway Health & Rehabilitation Center
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Stuart
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FL
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L
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177
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Royal Oak Nursing Center
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Dade City
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FL
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L
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120
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The Health Center of Merritt Island
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Merritt Island
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FL
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L
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180
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The Health Center of Plant City
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Plant City
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FL
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L
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180
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Grangeville Health and Rehabilitation Center
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Grangeville
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ID
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L
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60
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NHC HealthCare, Glasgow
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Glasgow
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KY
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L
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206
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Buckley HealthCare Center
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Greenfield
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MA
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L
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120
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Holyoke Health Care Center
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Holyoke
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MA
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L
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102
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John Adams HealthCare Center
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Quincy
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MA
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L
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71
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Longmeadow of Taunton
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Taunton
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MA
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L
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100
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NHC Healthcare, Desloge
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Desloge
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MO
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L
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120
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NHC Healthcare, Joplin
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Joplin
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MO
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L
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126
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NHC Healthcare, Kennett
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Kennett
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MO
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L
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170
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NHC Healthcare, Maryland Heights
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Maryland Heights
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MO
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L
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220
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NHC HealthCare, St. Charles
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St. Charles
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MO
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L
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120
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Maple Leaf HealthCare Center
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Manchester
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NH
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L
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114
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Villa Crest HealthCare Center
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Manchester
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NH
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L
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165
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Epsom Manor HealthCare Center
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Epsom
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NH
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L
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108
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Timberview Care Center
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Albany
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OR
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L
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62
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Creswell Health and Rehabilitation Center
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Creswell
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OR
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L
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53
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Forest Grove Rehabilitation and Care Center
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Forest Grove
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OR
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L
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81
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NHC Healthcare, Anderson
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Anderson
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SC
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L
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290
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NHC Healthcare, Greenwood
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Greenwood
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SC
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L
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152
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NHC HealthCare, Laurens
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Laurens
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SC
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L
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176
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UniHealth Post-Acute Care-Orangeburg
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Orangeburg
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SC
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L
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88
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NHC Healthcare, Athens
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Athens
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TN
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L
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98
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NHC Healthcare, Chattanooga
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Chattanooga
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TN
|
L
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207
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NHC HealthCare, Dickson
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Dickson
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TN
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L
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211
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NHC HealthCare, Franklin
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Franklin
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TN
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L
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80
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NHC Healthcare, Hendersonville
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Hendersonville
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TN
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L
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122
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NHC Healthcare, Johnson City
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Johnson City
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TN
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L
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160
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NHC Healthcare, Lewisburg
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Lewisburg
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TN
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L
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102
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NHC HealthCare, McMinnville
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McMinnville
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TN
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L
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150
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NHC HealthCare, Milan
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Milan
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TN
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L
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122
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NHC Healthcare, Oakwood
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Lewisburg
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TN
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L
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60
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NHC HealthCare, Pulaski
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Pulaski
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TN
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L
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102
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NHC Healthcare, Scott
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Lawrenceburg
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TN
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L
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62
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NHC HealthCare, Sequatchie
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Dunlap
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TN
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L
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120
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|
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Lease (L)/
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Licensed
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Center
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City
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State
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Mortgage (M)
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Beds
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SKILLED NURSING
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NHC HealthCare, Smithville
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Smithville
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TN
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L
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120
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NHC Healthcare, Somerville
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Somerville
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TN
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L
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84
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NHC Healthcare, Sparta
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Sparta
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TN
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L
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120
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Canton Oaks
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Canton
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TX
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L
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120
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Corinth Rehabilitation Suites
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Corinth
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TX
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L
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134
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Legend Healthcare & Rehabilitation
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Paris
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TX
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L
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120
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Legend Oaks Healthcare & Rehabilitation Center (East)
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Houston
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TX
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L
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125
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Legend Oaks Healthcare & Rehabilitation Center (Northwest)
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Houston
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TX
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L
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125
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Legend Oaks Healthcare & Rehabilitation Center
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San Antonio
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TX
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L
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125
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Legend Oaks Healthcare & Rehabilitation Center - Ennis
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Ennis
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TX
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L
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124
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Legend Healthcare & Rehabilitation
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Greenville
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TX
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L
|
125
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Legend Oaks Healthcare & Rehabilitation Center
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Houston
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TX
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L
|
124
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Legend Oaks Healthcare & Rehabilitation Center
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Houston
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TX
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L
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125
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Legend Oaks Healthcare & Rehabilitation Center
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Kyle
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TX
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L
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126
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Heritage Hall - Brookneal
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Brookneal
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VA
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M
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60
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Heritage Hall - Grundy
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Grundy
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VA
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M
|
120
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Heritage Hall - Laurel Meadows
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Laurel Fork
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VA
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M
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60
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Heritage Hall - Virginia Beach
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Virginia Beach
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VA
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M
|
90
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Heritage Hall - Front Royal
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Front Royal
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VA
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M
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60
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Heritage Hall - Lexington
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East Lexington
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VA
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M
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60
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NHC HealthCare, Bristol
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Bristol
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VA
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L
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120
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ASSISTED LIVING
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Regency Pointe Retirement Community
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Rainbow City
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AL
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L
|
120
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The Place at Gilbert
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Gilbert
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AZ
|
L
|
40
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|
The Place at Glendale
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Glendale
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AZ
|
L
|
38
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|
The Place at Tanque Verde
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Tucson
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AZ
|
L
|
42
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|
The Place at Tucson
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Tucson
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AZ
|
L
|
60
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|
Revere Court Memory Care
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Sacramento
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CA
|
L
|
56
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|
Savannah Court of Bartow
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Bartow
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FL
|
L
|
30
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|
Savannah Court of Lakeland
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Lakeland
|
FL
|
L
|
30
|
|
Indigo Palms at Maitland
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Maitland
|
FL
|
L
|
116
|
|
Discovery Village at Naples
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Naples
|
FL
|
M
|
120
|
|
Savannah Court of St. Cloud
|
St. Cloud
|
FL
|
L
|
30
|
|
Savannah Court at Lake Oconee
|
Greensboro
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GA
|
L
|
64
|
|
Bickford of Ames
|
Ames
|
IA
|
L
|
37
|
|
Bickford of Burlington
|
Burlington
|
IA
|
L
|
44
|
|
Bickford of Cedar Falls
|
Cedar Falls
|
IA
|
L
|
42
|
|
Bickford of Clinton
|
Clinton
|
IA
|
L
|
37
|
|
Bickford of Ft. Dodge
|
Ft. Dodge
|
IA
|
L
|
38
|
|
Bickford of Iowa City
|
Iowa City
|
IA
|
L
|
37
|
|
Bickford of Marshalltown
|
Marshalltown
|
IA
|
L
|
38
|
|
Bickford of Muscatine
|
Muscatine
|
IA
|
L
|
45
|
|
Bickford of Urbandale
|
Urbandale
|
IA
|
L
|
61
|
|
Prestige Assisted Living at Autumn Wind
|
Caldwell
|
ID
|
L
|
105
|
|
Indianhead Estates
|
Weiser
|
ID
|
L
|
25
|
|
Bickford of Aurora*
|
Aurora
|
IL
|
L
|
—
|
|
Bickford of Bourbonnais
|
Bourbonnais
|
IL
|
L
|
65
|
|
Bickford of Moline
|
Moline
|
IL
|
L
|
28
|
|
Bickford of Peoria
|
Peoria
|
IL
|
L
|
32
|
|
Bickford of Quincy
|
Quincy
|
IL
|
L
|
46
|
|
|
|
|
Lease (L)/
|
Licensed
|
|
Center
|
City
|
State
|
Mortgage (M)
|
Beds
|
|
ASSISTED LIVING
|
|
|
|
|
|
Bickford of Rockford
|
Rockford
|
IL
|
L
|
65
|
|
Bickford of Springfield
|
Springfield
|
IL
|
L
|
67
|
|
Bickford of Tinley Park*
|
Tinley Park
|
IL
|
L
|
—
|
|
Bickford of Carmel
|
Carmel
|
IN
|
L
|
60
|
|
Bickford of Crawfordsville
|
Crawfordsville
|
IN
|
L
|
28
|
|
Bickford of Crown Point
|
Crown Point
|
IN
|
L
|
60
|
|
Bickford of Greenwood
|
Greenwood
|
IN
|
L
|
60
|
|
Bickford of Lafayette
|
LaFayette
|
IN
|
L
|
28
|
|
Bickford of Wabash
|
Wabash
|
IN
|
L
|
28
|
|
Bickford of Mission Springs
|
Mission
|
KS
|
L
|
91
|
|
Bickford of Overland Park
|
Overland Park
|
KS
|
L
|
79
|
|
West Monroe Arbors
|
West Monroe
|
LA
|
L
|
59
|
|
Bossier Arbors
|
Bossier City
|
LA
|
L
|
60
|
|
Bastrop Arbors
|
Bastrop
|
LA
|
L
|
38
|
|
Minden Arbors
|
Minden
|
LA
|
L
|
26
|
|
The Woodlands Assisted Living
|
Baltimore
|
MD
|
L
|
70
|
|
Bickford of Battle Creek
|
Battle Creek
|
MI
|
L
|
46
|
|
Bickford of Lansing
|
Lansing
|
MI
|
L
|
46
|
|
Bickford of Midland
|
Midland
|
MI
|
L
|
46
|
|
Bickford of Saginaw
|
Saginaw
|
MI
|
L
|
46
|
|
Traditions
|
Owatonna
|
MN
|
M
|
70
|
|
Gracewood Champlin
|
Champlin
|
MN
|
L
|
30
|
|
Gracewood Hugo
|
Hugo
|
MN
|
L
|
24
|
|
Gracewood Maplewood
|
Maplewood
|
MN
|
L
|
42
|
|
Gracewood North Branch
|
North Branch
|
MN
|
L
|
30
|
|
Regency Retirement Village
|
Charlotte
|
NC
|
L
|
112
|
|
Bickford of Grand Island
|
Grand Island
|
NE
|
L
|
37
|
|
Bickford of Lincoln
|
Lincoln
|
NE
|
L
|
44
|
|
Bickford of Omaha Hickory
|
Omaha
|
NE
|
L
|
37
|
|
Bickford of Lancaster
|
Lancaster
|
OH
|
L
|
92
|
|
Halcyon Village
|
Marysville
|
OH
|
L
|
76
|
|
Bickford of Middletown
|
Middletown
|
OH
|
L
|
101
|
|
Clackamas View
|
Milwaukie
|
OR
|
L
|
25
|
|
Dorian Place
|
Ontario
|
OR
|
L
|
44
|
|
Wellsprings
|
Ontario
|
OR
|
L
|
32
|
|
Golden Age Center
|
Portland
|
OR
|
L
|
29
|
|
The Place at Conway
|
Conway
|
SC
|
L
|
52
|
|
The Place at Gallatin
|
Gallatin
|
TN
|
L
|
49
|
|
The Place at Kingsport
|
Kingsport
|
TN
|
L
|
49
|
|
The Place at Tullahoma
|
Tullahoma
|
TN
|
L
|
49
|
|
Bickford of Spotsylvania*
|
Fredericksburg
|
VA
|
L
|
—
|
|
Bickford of Chesterfield*
|
Midlothian
|
VA
|
L
|
—
|
|
Charleston House
|
Beaver Dam
|
WI
|
L
|
120
|
|
|
|
|
|
|
|
INDEPENDENT LIVING
|
|
|
|
|
|
Apple Blossom Independent Senior Living Community
|
Rogers
|
AR
|
L
|
119
|
|
Butterfield Place Independent Senior Living Community
|
Fort Smith
|
AR
|
L
|
117
|
|
Bay Park Independent Senior Living Community
|
Pinole
|
CA
|
L
|
98
|
|
Bridgecreek Independent Senior Living Community
|
West Covina
|
CA
|
L
|
108
|
|
Camelot Independent Senior Living Community
|
Hemet
|
CA
|
L
|
136
|
|
Fig Garden Independent Senior Living Community
|
Fresno
|
CA
|
L
|
103
|
|
|
|
|
Lease (L)/
|
|
|
Center
|
City
|
State
|
Mortgage (M)
|
Sq. Ft.
|
|
MEDICAL OFFICE
|
|
|
|
|
|
Pasadena Bayshore
|
Pasadena
|
TX
|
L
|
61,500
|
|
|
|
|
|
|
|
CORPORATE OFFICE
|
Murfreesboro
|
TN
|
N/A
|
7,000
|
|
|
|
|
|
|
|
* Under construction
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized
|
|
|
Percentage of
|
|
|
|
Leases
|
|
Rentable
|
|
Number
|
|
Gross Rent**
|
|
|
Annualized
|
|
Year
|
|
Expiring
|
|
Square Feet*
|
|
of Units/Beds
|
|
(
in thousands
)
|
|
|
Gross Rent
|
|
2016
|
|
2
|
|
—
|
|
211
|
|
1,642
|
|
|
.9
|
%
|
2017
|
|
8
|
|
—
|
|
1,040
|
|
9,063
|
|
|
4.7
|
%
|
2018
|
|
2
|
|
61,500
|
|
88
|
|
1,080
|
|
|
.6
|
%
|
2019
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
%
|
2020
|
|
6
|
|
27,017
|
|
224
|
|
2,804
|
|
|
1.5
|
%
|
2021
|
|
2
|
|
—
|
|
344
|
|
1,904
|
|
|
1.0
|
%
|
2022
|
|
4
|
|
—
|
|
156
|
|
4,222
|
|
|
2.2
|
%
|
2023
|
|
2
|
|
—
|
|
254
|
|
3,351
|
|
|
1.7
|
%
|
2024
|
|
8
|
|
—
|
|
379
|
|
4,284
|
|
|
2.2
|
%
|
2025
|
|
9
|
|
—
|
|
647
|
|
10,239
|
|
|
5.3
|
%
|
Thereafter
|
|
101
|
|
—
|
|
12,596
|
|
152,939
|
|
|
79.9
|
%
|
|
|
2015
|
|
2014
|
||||||||||||||||
|
|
Sales Price
|
|
Cash Dividends Declared
|
|
Sales Price
|
|
Cash Dividends Declared
|
||||||||||||
Quarter Ended
|
|
High
|
|
Low
|
|
|
High
|
|
Low
|
|
||||||||||
March 31
|
|
$
|
76.98
|
|
|
$
|
66.90
|
|
|
$.85
|
|
$
|
63.53
|
|
|
$
|
54.75
|
|
|
$.77
|
June 30
|
|
72.77
|
|
|
61.64
|
|
|
.85
|
|
64.84
|
|
|
58.85
|
|
|
.77
|
||||
September 30
|
|
66.28
|
|
|
53.64
|
|
|
.85
|
|
65.29
|
|
|
57.00
|
|
|
.77
|
||||
December 31
|
|
62.40
|
|
|
55.56
|
|
|
.85
|
|
71.75
|
|
|
56.53
|
|
|
.77
|
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
Weighted-average exercise price of outstanding options, warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)
|
Equity compensation plans approved
|
|
|
|
|
|
|
by security holders
|
|
741,676
|
|
$65.84
|
|
1,916,668
1
|
|
2010
|
2011
|
2012
|
2013
|
2014
|
2015
|
NHI
|
$100.00
|
$103.27
|
$141.97
|
$146.03
|
$191.00
|
$174.91
|
MSCI
|
$100.00
|
$108.69
|
$136.69
|
$131.17
|
$171.01
|
$175.32
|
S&P 500
|
$100.00
|
$103.69
|
$122.14
|
$156.82
|
$178.28
|
$180.75
|
(in thousands, except share and per share amounts)
|
|||||||||||||||||||
|
Years Ended December 31,
|
||||||||||||||||||
STATEMENT OF INCOME DATA:
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Revenues
|
$
|
228,988
|
|
|
$
|
177,509
|
|
|
$
|
117,828
|
|
|
$
|
93,317
|
|
|
$
|
83,739
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
150,314
|
|
|
103,052
|
|
|
79,498
|
|
|
72,834
|
|
|
69,817
|
|
|||||
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations - discontinued
|
—
|
|
|
—
|
|
|
5,426
|
|
|
6,098
|
|
|
7,967
|
|
|||||
Gain on sales of real estate
|
—
|
|
|
—
|
|
|
22,258
|
|
|
11,966
|
|
|
3,348
|
|
|||||
Net income
|
150,314
|
|
|
103,052
|
|
|
107,182
|
|
|
90,898
|
|
|
81,132
|
|
|||||
Net income attributable to noncontrolling interest
|
(1,452
|
)
|
|
(1,443
|
)
|
|
(999
|
)
|
|
(167
|
)
|
|
—
|
|
|||||
Net income attributable to common stockholders
|
$
|
148,862
|
|
|
$
|
101,609
|
|
|
$
|
106,183
|
|
|
$
|
90,731
|
|
|
$
|
81,132
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
$
|
3.96
|
|
|
$
|
3.04
|
|
|
$
|
2.77
|
|
|
$
|
2.61
|
|
|
$
|
2.52
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
.97
|
|
|
.65
|
|
|
.41
|
|
|||||
Net income attributable to common stockholders
|
$
|
3.96
|
|
|
$
|
3.04
|
|
|
$
|
3.74
|
|
|
$
|
3.26
|
|
|
$
|
2.93
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
$
|
3.95
|
|
|
$
|
3.04
|
|
|
$
|
2.77
|
|
|
$
|
2.61
|
|
|
$
|
2.51
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
.97
|
|
|
.65
|
|
|
.41
|
|
|||||
Net income attributable to common stockholders
|
$
|
3.95
|
|
|
$
|
3.04
|
|
|
$
|
3.74
|
|
|
$
|
3.26
|
|
|
$
|
2.92
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
OTHER DATA:
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding, end of year
|
38,396,727
|
|
|
37,485,902
|
|
|
33,051,176
|
|
|
27,857,217
|
|
|
27,751,208
|
|
|||||
Weighted average common shares:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
37,604,594
|
|
|
33,375,966
|
|
|
28,362,398
|
|
|
27,811,813
|
|
|
27,719,096
|
|
|||||
Diluted
|
37,644,171
|
|
|
33,416,014
|
|
|
28,397,702
|
|
|
27,838,720
|
|
|
27,792,592
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Regular dividends declared per common share
|
$
|
3.40
|
|
|
$
|
3.08
|
|
|
$
|
2.90
|
|
|
$
|
2.64
|
|
|
$
|
2.495
|
|
Special dividends declared per common share
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
.22
|
|
|
$
|
.22
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
BALANCE SHEET DATA:
(at year end)
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgages and other notes receivable, net
|
$
|
135,031
|
|
|
$
|
63,630
|
|
|
$
|
60,639
|
|
|
$
|
84,250
|
|
|
$
|
78,672
|
|
Real estate properties, net
|
$
|
1,836,807
|
|
|
$
|
1,776,549
|
|
|
$
|
1,247,740
|
|
|
$
|
535,390
|
|
|
$
|
394,795
|
|
Investments in preferred stock and marketable securities
|
$
|
72,744
|
|
|
$
|
53,635
|
|
|
$
|
50,782
|
|
|
$
|
51,016
|
|
|
$
|
49,496
|
|
Assets held for sale, net
|
$
|
1,346
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,611
|
|
|
$
|
29,381
|
|
Total assets
|
$
|
2,146,349
|
|
|
$
|
1,982,960
|
|
|
$
|
1,455,820
|
|
|
$
|
705,981
|
|
|
$
|
579,563
|
|
Debt
|
$
|
926,257
|
|
|
$
|
862,726
|
|
|
$
|
617,080
|
|
|
$
|
203,250
|
|
|
$
|
97,300
|
|
Total equity
|
$
|
1,142,460
|
|
|
$
|
1,049,933
|
|
|
$
|
777,160
|
|
|
$
|
468,047
|
|
|
$
|
443,485
|
|
Real Estate Properties
|
Properties
|
|
|
Beds/Sq. Ft.*
|
|
|
Revenue
|
|
%
|
|
Investment
|
|||||||
|
Senior Housing - Need-Driven
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Assisted Living
|
69
|
|
|
3,377
|
|
|
$
|
44,597
|
|
|
19.9
|
%
|
|
$
|
504,428
|
|
|
|
Senior Living Campus
|
9
|
|
|
1,224
|
|
|
10,415
|
|
|
4.6
|
%
|
|
134,379
|
|
||
|
|
Total Senior Housing - Need-Driven
|
78
|
|
|
4,601
|
|
|
55,012
|
|
|
24.5
|
%
|
|
638,807
|
|
||
|
Senior Housing - Discretionary
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Independent Living
|
28
|
|
|
3,114
|
|
|
45,139
|
|
|
20.1
|
%
|
|
502,611
|
|
||
|
|
Entrance-Fee Communities
|
7
|
|
|
1,587
|
|
|
38,689
|
|
|
17.2
|
%
|
|
467,160
|
|
||
|
|
Total Senior Housing - Discretionary
|
35
|
|
|
4,701
|
|
|
83,828
|
|
|
37.4
|
%
|
|
969,771
|
|
||
|
|
Total Senior Housing
|
113
|
|
|
9,302
|
|
|
138,840
|
|
|
61.9
|
%
|
|
1,608,578
|
|
||
|
Medical Facilities
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Skilled Nursing Facilities
|
62
|
|
|
8,061
|
|
|
66,874
|
|
|
29.8
|
%
|
|
424,582
|
|
||
|
|
Hospitals
|
3
|
|
|
181
|
|
|
7,732
|
|
|
3.4
|
%
|
|
51,131
|
|
||
|
|
Medical Office Buildings
|
2
|
|
|
88,517
|
|
*
|
1,001
|
|
|
0.4
|
%
|
|
10,487
|
|
||
|
|
Total Medical Facilities
|
67
|
|
|
|
|
75,607
|
|
|
33.7
|
%
|
|
486,200
|
|
|||
|
|
Total Real Estate Properties
|
180
|
|
|
|
|
$
|
214,447
|
|
|
95.6
|
%
|
|
$
|
2,094,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Mortgage and Other Notes Receivable
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Senior Housing - Need-Driven
|
2
|
|
|
190
|
|
|
$
|
757
|
|
|
0.3
|
%
|
|
$
|
6,093
|
|
|
|
Senior Housing - Discretionary
|
1
|
|
|
400
|
|
|
3,569
|
|
|
1.6
|
%
|
|
83,411
|
|
|||
|
Medical Facilities
|
6
|
|
|
450
|
|
|
1,868
|
|
|
0.8
|
%
|
|
12,937
|
|
|||
|
Other Notes Receivable
|
—
|
|
|
—
|
|
|
3,784
|
|
|
1.7
|
%
|
|
32,590
|
|
|||
|
|
Total Mortgage and Other Notes Receivable
|
9
|
|
|
1,040
|
|
|
9,978
|
|
|
4.4
|
%
|
|
135,031
|
|
||
|
|
Total Portfolio
|
189
|
|
|
|
|
$
|
224,425
|
|
|
100.0
|
%
|
|
$
|
2,229,809
|
|
Portfolio Summary
|
Properties
|
|
|
Beds/Sq. Ft.*
|
|
|
Revenue
|
|
%
|
|
Investment
|
|||||||
|
Real Estate Properties
|
180
|
|
|
|
|
$
|
214,447
|
|
|
95.6
|
%
|
|
$
|
2,094,778
|
|
||
|
Mortgage and Other Notes Receivable
|
9
|
|
|
|
|
9,978
|
|
|
4.4
|
%
|
|
135,031
|
|
||||
|
|
Total Portfolio
|
189
|
|
|
|
|
$
|
224,425
|
|
|
100.0
|
%
|
|
$
|
2,229,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Summary of Facilities by Type
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Senior Housing - Need-Driven
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Assisted Living
|
71
|
|
|
3,567
|
|
|
$
|
45,354
|
|
|
20.2
|
%
|
|
$
|
510,521
|
|
|
|
Senior Living Campus
|
9
|
|
|
1,224
|
|
|
10,415
|
|
|
4.6
|
%
|
|
134,379
|
|
||
|
|
Total Senior Housing - Need-Driven
|
80
|
|
|
4,791
|
|
|
55,769
|
|
|
24.8
|
%
|
|
644,900
|
|
||
|
Senior Housing - Discretionary
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Entrance-Fee Communities
|
8
|
|
|
1,987
|
|
|
42,258
|
|
|
18.8
|
%
|
|
550,571
|
|
||
|
|
Independent Living
|
28
|
|
|
3,114
|
|
|
45,139
|
|
|
20.1
|
%
|
|
502,611
|
|
||
|
|
Total Senior Housing - Discretionary
|
36
|
|
|
5,101
|
|
|
87,397
|
|
|
38.9
|
%
|
|
1,053,182
|
|
||
|
|
Total Senior Housing
|
116
|
|
|
9,892
|
|
|
143,166
|
|
|
63.7
|
%
|
|
1,698,082
|
|
||
|
Medical Facilities
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Skilled Nursing Facilities
|
68
|
|
|
8,511
|
|
|
68,168
|
|
|
30.4
|
%
|
|
437,520
|
|
||
|
|
Hospitals
|
3
|
|
|
181
|
|
|
8,306
|
|
|
3.7
|
%
|
|
51,131
|
|
||
|
|
Medical Office Buildings
|
2
|
|
|
88,517
|
|
*
|
1,001
|
|
|
0.5
|
%
|
|
10,486
|
|
||
|
|
Total Medical
|
73
|
|
|
|
|
77,475
|
|
|
34.6
|
%
|
|
499,137
|
|
|||
|
Other
|
—
|
|
|
|
|
3,784
|
|
|
1.7
|
%
|
|
32,590
|
|
||||
|
|
Total Portfolio
|
189
|
|
|
|
|
$
|
224,425
|
|
|
100.0
|
%
|
|
$
|
2,229,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Portfolio by Operator Type
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Public
|
53
|
|
|
|
|
$
|
46,100
|
|
|
20.6
|
%
|
|
$
|
235,748
|
|
||
|
National Chain (Privately-Owned)
|
27
|
|
|
|
|
49,378
|
|
|
22.0
|
%
|
|
521,139
|
|
||||
|
Regional
|
97
|
|
|
|
|
118,095
|
|
|
52.6
|
%
|
|
1,340,612
|
|
||||
|
Small
|
12
|
|
|
|
|
10,852
|
|
|
4.8
|
%
|
|
132,310
|
|
||||
|
|
Total Portfolio
|
189
|
|
|
|
|
$
|
224,425
|
|
|
100.0
|
%
|
|
$
|
2,229,809
|
|
2015
|
|
2014
|
|
2013
|
||||||
$
|
3.40
|
|
|
$
|
3.08
|
|
|
$
|
2.90
|
|
1.
|
the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and
|
2.
|
the impact of the estimates and assumptions on financial condition or operating performance is material.
|
|
|
|
Original
|
|
Rental Income
|
|
|
|
|||||||||
|
|
|
Investment
|
|
Year Ended December 31,
|
|
|
Lease
|
|||||||||
|
Asset Class
|
|
Amount
|
|
2015
|
|
|
2014
|
|
|
Renewal
|
||||||
Holiday Retirement
|
ILF
|
|
$
|
493,378
|
|
|
$
|
43,817
|
|
21%
|
|
$
|
43,817
|
|
26%
|
|
2031
|
Senior Living Communities
|
EFC
|
|
476,000
|
|
|
39,422
|
|
18%
|
|
1,533
|
|
1%
|
|
2029
|
|||
National HealthCare Corporation
|
SNF
|
|
171,297
|
|
|
36,625
|
|
17%
|
|
36,446
|
|
22%
|
|
2026
|
|||
Bickford Senior Living
|
ALF
|
|
281,883
|
|
|
24,121
|
|
11%
|
|
21,421
|
|
13%
|
|
2019
|
|||
All others
|
Various
|
|
672,220
|
|
|
70,462
|
|
33%
|
|
63,062
|
|
38%
|
|
Various
|
|||
|
|
|
$
|
2,094,778
|
|
|
$
|
214,447
|
|
|
|
$
|
166,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues
|
$
|
77,349
|
|
|
$
|
65,704
|
|
|
$
|
42,636
|
|
|
|
|
|
|
|
||||||
Operating expenses, including management fees
|
54,132
|
|
|
43,389
|
|
|
27,419
|
|
|||
Lease expense, including straight-line rent
|
24,596
|
|
|
21,859
|
|
|
14,579
|
|
|||
Depreciation and amortization
|
699
|
|
|
539
|
|
|
256
|
|
|||
Net Income (Loss)
|
$
|
(2,078
|
)
|
|
$
|
(83
|
)
|
|
$
|
382
|
|
|
|
Properties
|
|
Asset Class
|
|
Amount
|
||
Lease Investments
|
|
|
|
|
|
|
||
Chancellor Health Care - acquisition
|
|
1
|
|
SHO
|
|
$
|
6,675
|
|
Brook Retirement Communities - acquisition
|
|
1
|
|
SHO
|
|
6,000
|
|
|
Bickford Senior Living - new construction
|
|
5
|
|
SHO
|
|
55,000
|
|
|
Bickford Senior Living - acquisition
|
|
1
|
|
SHO
|
|
21,000
|
|
|
East Lake Capital Mgmt - acquisition
|
|
3
|
|
SHO
|
|
66,900
|
|
|
Note Investments
|
|
|
|
|
|
|
||
Life Care Services - refinancing and new construction
|
|
1
|
|
SHO
|
|
154,500
|
|
|
|
|
|
|
|
|
$
|
310,075
|
|
Asset
|
Number of
|
Lease
|
1st Option
|
Current
|
||
Type
|
Facilities
|
Expiration
|
Open Year
|
Cash Rent
|
||
SNF
|
1
|
October 2026
|
Open
|
$
|
1,386,000
|
|
MOB
|
1
|
February 2018
|
Open
|
$
|
691,000
|
|
SNF
|
3
|
October 2026
|
2016
|
$
|
4,977,000
|
|
SNF
|
5
|
October 2026
|
2018
|
$
|
6,158,000
|
|
Hosp
|
1
|
September 2027
|
2018
|
$
|
2,204,000
|
|
ALF
|
8
|
December 2024
|
2020
|
$
|
3,866,000
|
|
Hosp
|
1
|
March 2025
|
2020
|
$
|
1,726,000
|
|
SLC
|
3
|
June 2025
|
2020
|
$
|
4,683,000
|
|
Various
|
9
|
—
|
Thereafter
|
$
|
7,238,000
|
|
•
|
Rental income increased
$48,168,000
due primarily to our SLC acquisition in December 2014 and other real estate investments completed during 2015 and 2014. During 2015 we completed
$155,575,000
of new real estate investments. During 2014 we completed
$555,453,000
of new real estate investments. The increase in rental income included an
$8,159,000
increase in straight-line rent adjustments. Generally accepted accounting principles require rental income to be recognized on a straight-line basis over the term of the lease to give effect to scheduled rent escalators. Future increases in rental income depend on our ability to make new investments which meet our underwriting criteria.
|
•
|
Interest income from mortgage and other notes increased
$2,965,000
primarily due to borrowings of
$83,411,000
on our new loan commitment to the Timber Ridge entrance fee community as described in Investment Highlights. We expect total interest income from our loan portfolio to increase as we continue to fund these loans to Timber Ridge on a monthly basis throughout 2016. We estimate repayment of our construction loan of $94,500,000 to Timber Ridge during 2017. Interest income from our loan portfolio is subject to decrease due to normal maturities, scheduled principal amortization and early payoffs of individual loans.
|
•
|
Depreciation expense recognized in continuing operations increased
$15,085,000
compared to the prior year primarily due to new real estate investments completed during 2014 and 2015.
|
•
|
Interest expense, including amortization of debt issuance costs and discounts, increased
$13,402,000
primarily as a result of the timing and amount of new borrowings and our strategic focus to refinance short-term borrowings on our revolving credit facility at variable interest rates with long-term debt at fixed rates. This strategy helps to mitigate the risk of rising interest rates and lock in the investment spread between our lease revenue and our cost of debt capital.
|
•
|
Dues, marketing and professional fees have increased as a result of (a) marketing and promotional expenses incurred as NHI continues to participate actively in industry groups and in expanding its awareness among owners and operators in the asset classes in which it makes investments , and (b) the professional fees associated with the volume of new investments and new financing arrangements during 2015.
|
•
|
We received $491,000 as a secured creditor in the final settlement of a bankruptcy proceeding involving one of our former borrowers. The loan had previously been written off. We recorded the receipt as a loan recovery.
|
•
|
The loss from equity method investee of
$1,767,000
reflects our pro rata portion of the investee’s net loss for 2015 as described earlier in our discussion of our joint venture with Sycamore.
|
•
|
Investment and other gains for 2015 represents (a) gains of $23,529,000 on the sales of marketable securities and (b) a gain of $1,126,000 on the sale of two properties to our tenant Fundamental. During the fourth quarter of 2015, we sold 1,000,000 shares of LTC common stock and recognized a gain of $23,098,000.
|
•
|
Rental income increased $60,250,000 primarily as a result of new real estate investments. During 2013 we completed $748,939,000 of new real estate investments. During 2014 we made $555,453,000 of new real estate investments. The increase in rental income included a $9,993,000 increase in straight-line rent adjustments. Generally accepted accounting principles require rental income to be recognized on a straight-line basis over the term of the lease to give effect to scheduled rent escalators. Future increases in rental income depend on our ability to make new investments which meet our underwriting criteria.
|
•
|
Interest income from mortgage and other notes decreased $620,000 primarily due to the settlement of outstanding notes receivable balances from ElderTrust and SeniorTrust, partially offset by interest income on a note receivable from Sycamore which began in July 2013.
|
•
|
Depreciation expense recognized in continuing operations increased $17,977,000 compared to the prior year primarily due to new real estate investments completed during 2013 and 2014.
|
•
|
Interest expense relates to borrowings on our credit facility, the convertible senior notes issued in March 2014 and debt assumed in the acquisition of real estate. The $17,143,000 increase in interest expense and amortization of debt issuance costs resulted from (a) the issuance of 3.25% coupon convertible debt of $200,000,000 to reduce floating-rate, lower interest borrowings on our revolving credit facility, and (b) expanded borrowings used to fund new real estate investments in 2014. During the first quarter of 2014, we made modifications to our credit facility and as a result have written off $2,145,000 of previously unamortized debt issuance costs. Upfront fees and other debt-related costs are amortized over the term of the credit facility. On December 31, 2014, we repaid two Fannie Mae mortgage loans and, as a result, recognized the remaining unamortized debt premium balance of $1,655,000.
|
•
|
Legal expenses were $575,000 lower in 2014 when compared to 2013 primarily as a result of litigation which reached final settlement in April 2013.
|
•
|
During 2013 we recorded an impairment of $4,037,000 related to a mortgage note receivable. In September 2013 we received $3,293,000 as full payment of a mortgage note and recorded a recovery of a previous writedown of $2,061,000.
|
|
Year Ended
|
|
One Year Change
|
|
Year Ended
|
|
One Year Change
|
|||||||||||||||||
|
12/31/2015
|
|
12/31/2014
|
|
$
|
|
%
|
|
12/31/13
|
|
$
|
|
%
|
|||||||||||
Cash and cash equivalents at beginning of period
|
$
|
3,287
|
|
|
$
|
11,312
|
|
|
$
|
(8,025
|
)
|
|
(70.9
|
)%
|
|
9,172
|
|
|
$
|
2,140
|
|
|
23.3
|
%
|
Net cash provided by operating activities
|
164,425
|
|
|
126,143
|
|
|
38,282
|
|
|
30.3
|
%
|
|
104,193
|
|
|
21,950
|
|
|
21.1
|
%
|
||||
Net cash used in investing activities
|
(136,326
|
)
|
|
(540,316
|
)
|
|
403,990
|
|
|
(74.8
|
)%
|
|
(625,824
|
)
|
|
85,508
|
|
|
(13.7
|
)%
|
||||
Net cash (used in) provided by financing activities
|
(18,100
|
)
|
|
406,148
|
|
|
(424,248
|
)
|
|
NM
|
|
|
523,771
|
|
|
(117,623
|
)
|
|
(22.5
|
)%
|
||||
Cash and cash equivalents at end of period
|
$
|
13,286
|
|
|
$
|
3,287
|
|
|
$
|
9,999
|
|
|
304.2
|
%
|
|
11,312
|
|
|
$
|
(8,025
|
)
|
|
(70.9
|
)%
|
Date Entered
|
|
Maturity Date
|
|
Fixed Rate
|
|
Rate Index
|
|
Notional Amount
|
|
Fair Value
|
||||
May 2012
|
|
April 2019
|
|
3.29%
|
|
1-month LIBOR
|
|
$
|
40,000
|
|
|
$
|
(358
|
)
|
June 2013
|
|
June 2020
|
|
3.86%
|
|
1-month LIBOR
|
|
$
|
80,000
|
|
|
$
|
(2,359
|
)
|
March 2014
|
|
June 2020
|
|
3.91%
|
|
1-month LIBOR
|
|
$
|
130,000
|
|
|
$
|
(4,013
|
)
|
|
Total
|
|
Less than 1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than 5 years
|
||||||||||
Debt, including interest
1
|
$
|
1,213,877
|
|
|
$
|
37,960
|
|
|
$
|
113,850
|
|
|
$
|
536,000
|
|
|
$
|
526,067
|
|
Real estate purchase liabilities
|
750
|
|
|
750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Construction commitments
|
39,770
|
|
|
39,770
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loan commitments
|
79,846
|
|
|
79,846
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
1,334,243
|
|
|
$
|
158,326
|
|
|
$
|
113,850
|
|
|
$
|
536,000
|
|
|
$
|
526,067
|
|
|
Asset Class
|
|
Type
|
|
Total
|
|
Funded
|
|
Remaining
|
||||||
Commitments:
|
|
|
|
|
|
|
|
|
|
||||||
Life Care Services
|
SHO
|
|
Construction Loan
|
|
$
|
154,500,000
|
|
|
$
|
(83,411,000
|
)
|
|
$
|
71,089,000
|
|
Bickford Senior Living
|
SHO
|
|
Construction
|
|
$
|
55,000,000
|
|
|
$
|
(17,436,000
|
)
|
|
$
|
37,564,000
|
|
Senior Living Communities
|
SHO
|
|
Revolving Credit
|
|
$
|
15,000,000
|
|
|
$
|
(6,282,000
|
)
|
|
$
|
8,718,000
|
|
Capital Funding Group
|
Mezz. Note
|
|
Revolving Credit
|
|
$
|
15,000,000
|
|
|
$
|
(15,000,000
|
)
|
|
$
|
—
|
|
Chancellor Health Care
|
SHO
|
|
Construction
|
|
$
|
650,000
|
|
|
$
|
(33,000
|
)
|
|
$
|
617,000
|
|
Santé Partners
|
SHO
|
|
Renovation
|
|
$
|
3,500,000
|
|
|
$
|
(2,621,000
|
)
|
|
$
|
879,000
|
|
Senior Living Management
|
SHO
|
|
Renovation
|
|
$
|
1,430,000
|
|
|
$
|
(1,165,000
|
)
|
|
$
|
265,000
|
|
Bickford Senior Living
|
SHO
|
|
Renovation
|
|
$
|
620,000
|
|
|
$
|
(575,000
|
)
|
|
$
|
45,000
|
|
Sycamore Street (Bickford affiliate)
|
SHO
|
|
Revolving Credit
|
|
$
|
500,000
|
|
|
$
|
(461,000
|
)
|
|
$
|
39,000
|
|
East Lake Capital Management
|
SHO
|
|
Renovation
|
|
$
|
400,000
|
|
|
$
|
—
|
|
|
$
|
400,000
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Contingencies:
|
|
|
|
|
|
|
|
|
|
||||||
East Lake Capital Management
|
SHO
|
|
Lease Inducement
|
|
$
|
8,000,000
|
|
|
$
|
—
|
|
|
$
|
8,000,000
|
|
East Lake Capital Management
|
SHO
|
|
Seller Earnout
|
|
$
|
750,000
|
|
|
$
|
—
|
|
|
$
|
750,000
|
|
Sycamore Street (Bickford affiliate)
|
SHO
|
|
Letter-of-credit
|
|
$
|
3,550,000
|
|
|
$
|
—
|
|
|
$
|
3,550,000
|
|
Discovery Senior Living
|
SHO
|
|
Lease Inducement
|
|
$
|
2,500,000
|
|
|
$
|
—
|
|
|
$
|
2,500,000
|
|
Santé Partners
|
SHO
|
|
Lease Inducement
|
|
$
|
2,000,000
|
|
|
$
|
—
|
|
|
$
|
2,000,000
|
|
|
December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Net income
|
$
|
150,314
|
|
|
$
|
103,052
|
|
|
$
|
107,182
|
|
Interest expense at contractual rates
|
34,573
|
|
|
23,878
|
|
|
8,944
|
|
|||
Franchise, excise and other taxes
|
985
|
|
|
620
|
|
|
488
|
|
|||
Income tax benefit (expense) of taxable REIT subsidiary
|
(707
|
)
|
|
—
|
|
|
128
|
|
|||
Depreciation in continuing and discontinued operations
|
53,163
|
|
|
38,078
|
|
|
20,658
|
|
|||
Amortization of debt issuance costs and bond discount
|
3,413
|
|
|
2,580
|
|
|
247
|
|
|||
Net gain on sales of real estate
|
(1,126
|
)
|
|
—
|
|
|
(22,258
|
)
|
|||
Investment and other gains
|
(23,529
|
)
|
|
—
|
|
|
(3,256
|
)
|
|||
Debt issuance costs expensed due to credit facility modifications
|
—
|
|
|
2,145
|
|
|
416
|
|
|||
Write-off of unamortized debt premium
|
—
|
|
|
(1,655
|
)
|
|
—
|
|
|||
Non-cash write-off of straight-line rent receivable
|
—
|
|
|
932
|
|
|
—
|
|
|||
Acquisition costs under business combination accounting
|
—
|
|
|
89
|
|
|
208
|
|
|||
Recovery of previous write-down
|
(491
|
)
|
|
—
|
|
|
1,976
|
|
|||
Adjusted EBITDA
|
$
|
216,595
|
|
|
$
|
169,719
|
|
|
$
|
114,733
|
|
|
December 31,
|
||||||
Assets:
|
2015
|
|
2014
|
||||
Real estate properties:
|
|
|
|
||||
Land
|
$
|
137,532
|
|
|
$
|
127,566
|
|
Buildings and improvements
|
1,945,323
|
|
|
1,854,855
|
|
||
Construction in progress
|
13,011
|
|
|
6,428
|
|
||
|
2,095,866
|
|
|
1,988,849
|
|
||
Less accumulated depreciation
|
(259,059
|
)
|
|
(212,300
|
)
|
||
Real estate properties, net
|
1,836,807
|
|
|
1,776,549
|
|
||
Mortgage and other notes receivable, net
|
135,031
|
|
|
63,630
|
|
||
Investment in preferred stock, at cost
|
—
|
|
|
38,132
|
|
||
Cash and cash equivalents
|
13,286
|
|
|
3,287
|
|
||
Marketable securities
|
72,744
|
|
|
15,503
|
|
||
Straight-line rent receivable
|
59,777
|
|
|
35,154
|
|
||
Equity-method investment and other assets
|
27,358
|
|
|
50,705
|
|
||
Assets held for sale, net
|
1,346
|
|
|
—
|
|
||
Total Assets
|
$
|
2,146,349
|
|
|
$
|
1,982,960
|
|
|
|
|
|
||||
Liabilities and Equity:
|
|
|
|
||||
Debt
|
$
|
926,257
|
|
|
$
|
862,726
|
|
Real estate purchase liabilities
|
750
|
|
|
3,000
|
|
||
Accounts payable and accrued expenses
|
19,397
|
|
|
15,718
|
|
||
Dividends payable
|
32,637
|
|
|
28,864
|
|
||
Lease deposit liabilities
|
21,275
|
|
|
21,648
|
|
||
Deferred income
|
3,573
|
|
|
1,071
|
|
||
Total Liabilities
|
1,003,889
|
|
|
933,027
|
|
||
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
||||
|
|
|
|
||||
National Health Investors Stockholders' Equity:
|
|
|
|
||||
Common stock, $.01 par value; 60,000,000 shares authorized;
|
|
|
|
||||
38,396,727 and 37,485,902 shares issued and outstanding, respectively
|
384
|
|
|
375
|
|
||
Capital in excess of par value
|
1,085,136
|
|
|
1,033,896
|
|
||
Cumulative net income in excess (deficit) of dividends
|
19,862
|
|
|
(569
|
)
|
||
Accumulated other comprehensive income
|
27,910
|
|
|
6,223
|
|
||
Total National Health Investors Stockholders' Equity
|
1,133,292
|
|
|
1,039,925
|
|
||
Noncontrolling interest
|
9,168
|
|
|
10,008
|
|
||
Total Equity
|
1,142,460
|
|
|
1,049,933
|
|
||
Total Liabilities and Equity
|
$
|
2,146,349
|
|
|
$
|
1,982,960
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Rental income
|
$
|
214,447
|
|
|
$
|
166,279
|
|
|
$
|
106,029
|
|
Interest income from mortgage and other notes
|
9,978
|
|
|
7,013
|
|
|
7,633
|
|
|||
Investment income and other
|
4,563
|
|
|
4,217
|
|
|
4,166
|
|
|||
|
228,988
|
|
|
177,509
|
|
|
117,828
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Depreciation
|
53,163
|
|
|
38,078
|
|
|
20,101
|
|
|||
Interest
|
37,629
|
|
|
26,372
|
|
|
9,229
|
|
|||
Legal
|
464
|
|
|
209
|
|
|
784
|
|
|||
Franchise, excise and other taxes
|
985
|
|
|
620
|
|
|
488
|
|
|||
General and administrative
|
10,519
|
|
|
9,107
|
|
|
9,254
|
|
|||
Loan and realty losses (recoveries), net
|
(491
|
)
|
|
—
|
|
|
1,976
|
|
|||
|
102,269
|
|
|
74,386
|
|
|
41,832
|
|
|||
Income before equity-method investee, income tax benefit (expense), investment and
|
|
|
|
|
|
||||||
other gains, discontinued operations and noncontrolling interest
|
126,719
|
|
|
103,123
|
|
|
75,996
|
|
|||
Income (loss) from equity-method investee
|
(1,767
|
)
|
|
(71
|
)
|
|
324
|
|
|||
Income tax benefit (expense) of taxable REIT subsidiary
|
707
|
|
|
—
|
|
|
(128
|
)
|
|||
Investment and other gains
|
24,655
|
|
|
—
|
|
|
3,306
|
|
|||
Income from continuing operations
|
150,314
|
|
|
103,052
|
|
|
79,498
|
|
|||
Discontinued operations
|
|
|
|
|
|
||||||
Income from operations - discontinued
|
—
|
|
|
—
|
|
|
5,426
|
|
|||
Gain on sale of discontinued operations
|
—
|
|
|
—
|
|
|
22,258
|
|
|||
Income from discontinued operations
|
—
|
|
|
—
|
|
|
27,684
|
|
|||
Net income
|
150,314
|
|
|
103,052
|
|
|
107,182
|
|
|||
Less: net income attributable to noncontrolling interest
|
(1,452
|
)
|
|
(1,443
|
)
|
|
(999
|
)
|
|||
Net income attributable to common stockholders
|
$
|
148,862
|
|
|
$
|
101,609
|
|
|
$
|
106,183
|
|
|
|
|
|
|
|
||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
37,604,594
|
|
|
33,375,966
|
|
|
28,362,398
|
|
|||
Diluted
|
37,644,171
|
|
|
33,416,014
|
|
|
28,397,702
|
|
|||
Earnings per common share:
|
|
|
|
|
|
||||||
Basic:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
3.96
|
|
|
$
|
3.04
|
|
|
$
|
2.77
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
.97
|
|
|||
Net income per common share attributable to common stockholders
|
$
|
3.96
|
|
|
$
|
3.04
|
|
|
$
|
3.74
|
|
Diluted:
|
|
|
|
|
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
3.95
|
|
|
$
|
3.04
|
|
|
$
|
2.77
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
.97
|
|
|||
Net income per common share attributable to common stockholders
|
$
|
3.95
|
|
|
$
|
3.04
|
|
|
$
|
3.74
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Net income
|
$
|
150,314
|
|
|
$
|
103,052
|
|
|
$
|
107,182
|
|
Other comprehensive income:
|
|
|
|
|
|
||||||
Change in unrealized gains on securities
|
46,780
|
|
|
2,853
|
|
|
(234
|
)
|
|||
Less: reclassification adjustment for gains in net income
|
(23,529
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Increase (decrease) in fair value of cash flow hedge
|
2,934
|
|
|
(2,032
|
)
|
|
3,563
|
|
|||
Less: reclassification adjustment for amounts recognized in net income
|
(4,498
|
)
|
|
(4,136
|
)
|
|
(1,346
|
)
|
|||
Net change in cash flow hedge liability
|
(1,564
|
)
|
|
(6,168
|
)
|
|
2,217
|
|
|||
Total other comprehensive income (loss)
|
21,687
|
|
|
(3,315
|
)
|
|
1,983
|
|
|||
Comprehensive income
|
172,001
|
|
|
99,737
|
|
|
109,165
|
|
|||
Less: comprehensive income attributable to noncontrolling interest
|
(1,452
|
)
|
|
(1,443
|
)
|
|
(999
|
)
|
|||
Comprehensive income attributable to common stockholders
|
$
|
170,549
|
|
|
$
|
98,294
|
|
|
$
|
108,166
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
150,314
|
|
|
$
|
103,052
|
|
|
$
|
107,182
|
|
Adjustments to reconcile net income to net cash provided by
|
|
|
|
|
|
||||||
operating activities:
|
|
|
|
|
|
||||||
Depreciation
|
53,163
|
|
|
38,078
|
|
|
20,658
|
|
|||
Amortization
|
3,472
|
|
|
2,611
|
|
|
247
|
|
|||
Straight-line rental income
|
(24,623
|
)
|
|
(16,463
|
)
|
|
(6,560
|
)
|
|||
Non-cash interest income on construction loan
|
(411
|
)
|
|
—
|
|
|
—
|
|
|||
Unamortized debt premium written off
|
—
|
|
|
(1,655
|
)
|
|
—
|
|
|||
Write-off of debt issuance costs
|
—
|
|
|
2,145
|
|
|
416
|
|
|||
Loan and realty losses (recoveries), net
|
(491
|
)
|
|
—
|
|
|
1,976
|
|
|||
Gain on sale of real estate
|
(1,126
|
)
|
|
—
|
|
|
(22,258
|
)
|
|||
Gain on purchase liability settlement
|
—
|
|
|
—
|
|
|
(3,256
|
)
|
|||
Net realized gains on sales of marketable securities
|
(23,529
|
)
|
|
—
|
|
|
—
|
|
|||
Share-based compensation
|
2,134
|
|
|
2,020
|
|
|
2,339
|
|
|||
(Income) loss from equity-method investee
|
1,767
|
|
|
71
|
|
|
(324
|
)
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
||||||
Equity-method investment and other assets
|
216
|
|
|
(2,334
|
)
|
|
(659
|
)
|
|||
Accounts payable and accrued expenses
|
1,038
|
|
|
1,448
|
|
|
2,495
|
|
|||
Deferred income
|
2,501
|
|
|
(2,830
|
)
|
|
1,937
|
|
|||
Net cash provided by operating activities
|
164,425
|
|
|
126,143
|
|
|
104,193
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Investment in mortgage and other notes receivable
|
(92,249
|
)
|
|
(4,447
|
)
|
|
(11,082
|
)
|
|||
Collection of mortgage and other notes receivable
|
21,495
|
|
|
1,456
|
|
|
18,976
|
|
|||
Investment in real estate
|
(106,315
|
)
|
|
(520,505
|
)
|
|
(635,971
|
)
|
|||
Investment in real estate development
|
(14,641
|
)
|
|
(8,455
|
)
|
|
(11,926
|
)
|
|||
Investment in renovations of existing real estate
|
(3,157
|
)
|
|
(4,211
|
)
|
|
(6,773
|
)
|
|||
Payments into facility repair escrows
|
—
|
|
|
(1,554
|
)
|
|
—
|
|
|||
Payment of real estate purchase liability
|
—
|
|
|
(2,600
|
)
|
|
—
|
|
|||
Proceeds from disposition of real estate properties
|
9,593
|
|
|
—
|
|
|
20,952
|
|
|||
Purchases of marketable securities
|
(8,458
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of marketable securities
|
57,406
|
|
|
—
|
|
|
—
|
|
|||
Net cash used in investing activities
|
(136,326
|
)
|
|
(540,316
|
)
|
|
(625,824
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net change in borrowings under revolving credit facilities
|
(340,000
|
)
|
|
207,000
|
|
|
103,000
|
|
|||
Proceeds from convertible senior notes
|
—
|
|
|
200,000
|
|
|
—
|
|
|||
Proceeds from issuance of secured debt
|
78,084
|
|
|
38,007
|
|
|
—
|
|
|||
Proceeds from borrowings on term loans
|
325,000
|
|
|
130,000
|
|
|
330,000
|
|
|||
Payments of term loans
|
(742
|
)
|
|
(328,515
|
)
|
|
(99,655
|
)
|
|||
Debt issuance costs
|
(2,608
|
)
|
|
(8,443
|
)
|
|
(5,867
|
)
|
|||
Proceeds from equity offering, net
|
49,114
|
|
|
270,798
|
|
|
282,542
|
|
|||
Proceeds from exercise of stock options
|
1
|
|
|
—
|
|
|
146
|
|
|||
Distributions to noncontrolling interest
|
(2,292
|
)
|
|
(2,049
|
)
|
|
(1,250
|
)
|
|||
Dividends paid to stockholders
|
(124,657
|
)
|
|
(100,650
|
)
|
|
(85,145
|
)
|
|||
Net cash (used in) provided by financing activities
|
(18,100
|
)
|
|
406,148
|
|
|
523,771
|
|
|||
|
|
|
|
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
9,999
|
|
|
(8,025
|
)
|
|
2,140
|
|
|||
Cash and cash equivalents, beginning of period
|
3,287
|
|
|
11,312
|
|
|
9,172
|
|
|||
Cash and cash equivalents, end of period
|
$
|
13,286
|
|
|
$
|
3,287
|
|
|
$
|
11,312
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
||||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Interest paid, net of amounts capitalized
|
$
|
31,289
|
|
|
$
|
22,172
|
|
|
$
|
7,964
|
|
Supplemental disclosure of non-cash investing and financing activities:
|
|
|
|
|
|
||||||
Settlement of mortgage note by real estate acquisition
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,741
|
|
Lease escrow deposits
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,775
|
|
Escrow deposit for tax deferred exchange
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,813
|
|
Tax deferred exchange funds applied to investment in real estate
|
$
|
—
|
|
|
$
|
23,813
|
|
|
$
|
—
|
|
Conditional consideration in asset acquisition
|
$
|
750
|
|
|
$
|
3,000
|
|
|
$
|
1,600
|
|
Settlement of contingent asset acquisition liability
|
$
|
(3,000
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Accounts payable increase due to investments in real estate
|
$
|
1,076
|
|
|
$
|
2,091
|
|
|
$
|
3,086
|
|
Accounts payable increase due to escrow deposits
|
$
|
—
|
|
|
$
|
2,062
|
|
|
$
|
—
|
|
Reclass of note balance into real estate investment
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Assumption of debt in real estate acquisition, at fair value
|
$
|
—
|
|
|
$
|
7,858
|
|
|
$
|
80,528
|
|
Assignment of net assets in equity-method investee
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
817
|
|
Conversion of investment in preferred stock to common
|
$
|
38,132
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Common Stock
|
|
Capital in Excess of Par Value
|
|
Cumulative Net Income in Excess (Deficit) of Dividends
|
|
Accumulated Other Comprehensive Income
|
|
Total National Health Investors Stockholders' Equity
|
|
Noncontrolling Interest
|
|
Total Equity
|
|||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|
|
|||||||||||||||||||||
Balances at December 31, 2012
|
27,857,217
|
|
|
$
|
279
|
|
|
$
|
467,843
|
|
|
$
|
(18,495
|
)
|
|
$
|
7,555
|
|
|
$
|
457,182
|
|
|
$
|
10,865
|
|
|
$
|
468,047
|
|
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
106,183
|
|
|
1,983
|
|
|
108,166
|
|
|
999
|
|
|
109,165
|
|
|||||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,250
|
)
|
|
(1,250
|
)
|
|||||||
Issuance of common stock, net
|
5,175,000
|
|
|
51
|
|
|
282,490
|
|
|
—
|
|
|
—
|
|
|
282,541
|
|
|
—
|
|
|
282,541
|
|
|||||||
Shares issued on stock options exercised
|
18,959
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|
146
|
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
2,339
|
|
|
—
|
|
|
—
|
|
|
2,339
|
|
|
—
|
|
|
2,339
|
|
|||||||
Assignment of net assets in equity-method investee
|
—
|
|
|
—
|
|
|
817
|
|
|
—
|
|
|
—
|
|
|
817
|
|
|
—
|
|
|
817
|
|
|||||||
Dividends declared, $2.90 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(84,645
|
)
|
|
—
|
|
|
(84,645
|
)
|
|
—
|
|
|
(84,645
|
)
|
|||||||
Balances at December 31, 2013
|
33,051,176
|
|
|
$
|
330
|
|
|
$
|
753,635
|
|
|
$
|
3,043
|
|
|
$
|
9,538
|
|
|
$
|
766,546
|
|
|
$
|
10,614
|
|
|
$
|
777,160
|
|
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
101,609
|
|
|
(3,315
|
)
|
|
98,294
|
|
|
1,443
|
|
|
99,737
|
|
|||||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,049
|
)
|
|
(2,049
|
)
|
|||||||
Issuance of common stock, net
|
4,427,500
|
|
|
44
|
|
|
270,754
|
|
|
—
|
|
|
—
|
|
|
270,798
|
|
|
—
|
|
|
270,798
|
|
|||||||
Shares issued on stock options exercised
|
7,226
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
2,020
|
|
|
—
|
|
|
—
|
|
|
2,020
|
|
|
—
|
|
|
2,020
|
|
|||||||
Equity component of convertible debt
|
—
|
|
|
—
|
|
|
7,487
|
|
|
—
|
|
|
—
|
|
|
7,487
|
|
|
—
|
|
|
7,487
|
|
|||||||
Dividends declared, $3.08 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(105,221
|
)
|
|
—
|
|
|
(105,221
|
)
|
|
—
|
|
|
(105,221
|
)
|
|||||||
Balances at December 31, 2014
|
37,485,902
|
|
|
$
|
375
|
|
|
$
|
1,033,896
|
|
|
$
|
(569
|
)
|
|
$
|
6,223
|
|
|
$
|
1,039,925
|
|
|
$
|
10,008
|
|
|
$
|
1,049,933
|
|
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
148,862
|
|
|
21,687
|
|
|
170,549
|
|
|
1,452
|
|
|
172,001
|
|
|||||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,292
|
)
|
|
(2,292
|
)
|
|||||||
Issuance of common stock, net
|
830,506
|
|
|
8
|
|
|
49,381
|
|
|
—
|
|
|
—
|
|
|
49,389
|
|
|
—
|
|
|
49,389
|
|
|||||||
Equity offerring costs
|
—
|
|
|
—
|
|
|
(275
|
)
|
|
—
|
|
|
—
|
|
|
(275
|
)
|
|
—
|
|
|
(275
|
)
|
|||||||
Shares issued on stock options exercised
|
80,319
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
2,134
|
|
|
—
|
|
|
—
|
|
|
2,134
|
|
|
—
|
|
|
2,134
|
|
|||||||
Dividends declared, $3.40 per common share
|
—
|
|
|
—
|
|
|
—
|
|
|
(128,431
|
)
|
|
—
|
|
|
(128,431
|
)
|
|
—
|
|
|
(128,431
|
)
|
|||||||
Balances at December 31, 2015
|
38,396,727
|
|
|
$
|
384
|
|
|
$
|
1,085,136
|
|
|
$
|
19,862
|
|
|
$
|
27,910
|
|
|
$
|
1,133,292
|
|
|
$
|
9,168
|
|
|
$
|
1,142,460
|
|
Operator
|
|
Properties
|
|
Asset Class
|
|
Amount
|
||
East Lake Capital Mgmt - acquisition
|
|
3
|
|
SHO
|
|
$
|
66,900
|
|
Bickford Senior Living - new construction
|
|
5
|
|
SHO
|
|
55,000
|
|
|
Bickford Senior Living - acquisition
|
|
1
|
|
SHO
|
|
21,000
|
|
|
Chancellor Health Care - acquisition
|
|
1
|
|
SHO
|
|
6,675
|
|
|
Brook Retirement Communities - acquisition
|
|
1
|
|
SHO
|
|
6,000
|
|
|
|
|
|
|
|
|
$
|
155,575
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Current year
|
$
|
2,385
|
|
|
$
|
2,292
|
|
|
$
|
2,275
|
|
Prior year final certification
1
|
94
|
|
|
15
|
|
|
746
|
|
|||
Total percentage rent
|
$
|
2,479
|
|
|
$
|
2,307
|
|
|
$
|
3,021
|
|
|
2014
|
|
2013
|
||||
Revenue
|
$
|
215,398
|
|
|
$
|
157,250
|
|
Net income
|
$
|
119,929
|
|
|
$
|
125,460
|
|
Net income available to common stockholders
|
$
|
118,486
|
|
|
$
|
124,461
|
|
Earnings per common share - basic
|
$
|
3.16
|
|
|
$
|
3.80
|
|
Earnings per common share - diluted
|
$
|
3.16
|
|
|
$
|
3.79
|
|
2016
|
|
$
|
192,559
|
|
2017
|
|
192,040
|
|
|
2018
|
|
179,332
|
|
|
2019
|
|
175,329
|
|
|
2020
|
|
171,947
|
|
|
Thereafter
|
|
1,438,249
|
|
|
|
|
$
|
2,349,456
|
|
|
As of December 31,
|
||||||
|
2015
|
|
2014
|
||||
Equity-method investment in OpCo
|
$
|
7,657
|
|
|
$
|
9,424
|
|
Debt issuance costs
|
11,814
|
|
|
11,491
|
|
||
Accounts receivable and other assets
|
3,256
|
|
|
3,818
|
|
||
Replacement reserve and tax escrows
|
4,631
|
|
|
4,324
|
|
||
Lease escrow deposits
|
—
|
|
|
21,648
|
|
||
|
$
|
27,358
|
|
|
$
|
50,705
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Amortized Cost
|
|
|
Fair Value
|
|
||||
Common stock of other healthcare REITs
|
$
|
21,040
|
|
|
$
|
55,815
|
|
|
$
|
4,088
|
|
|
$
|
15,503
|
|
Debt securities
|
$
|
17,037
|
|
|
$
|
16,929
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
As of December 31,
|
||||||
|
2015
|
|
2014
|
||||
Convertible senior notes - unsecured (net of discount of $5,862 and $6,963)
|
$
|
194,138
|
|
|
$
|
193,037
|
|
Revolving credit facility - unsecured
|
34,000
|
|
|
374,000
|
|
||
Bank term loans - unsecured
|
250,000
|
|
|
250,000
|
|
||
Private placement term loans - unsecured
|
325,000
|
|
|
—
|
|
||
HUD mortgage loans (net of discount of $1,573 and $1,662)
|
45,035
|
|
|
45,689
|
|
||
Fannie Mae term loans - secured
|
78,084
|
|
|
—
|
|
||
|
$
|
926,257
|
|
|
$
|
862,726
|
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Interest paid at contractual rates
|
$
|
34,573
|
|
|
$
|
23,878
|
|
|
$
|
8,944
|
|
Capitalized interest
|
(357
|
)
|
|
(576
|
)
|
|
(378
|
)
|
|||
Amortization of debt premiums, discounts and issuance costs
|
3,413
|
|
|
2,580
|
|
|
247
|
|
|||
Unamortized debt premium written off as a result of debt payoff
|
—
|
|
|
(1,655
|
)
|
|
—
|
|
|||
Debt issuance costs expensed due to credit facility modifications
|
—
|
|
|
2,145
|
|
|
416
|
|
|||
Total interest expense
|
$
|
37,629
|
|
|
$
|
26,372
|
|
|
$
|
9,229
|
|
Date Entered
|
|
Maturity Date
|
|
Fixed Rate
|
|
Rate Index
|
|
Notional Amount
|
|
Fair Value
|
||||
May 2012
|
|
April 2019
|
|
3.29%
|
|
1-month LIBOR
|
|
$
|
40,000
|
|
|
$
|
(358
|
)
|
June 2013
|
|
June 2020
|
|
3.86%
|
|
1-month LIBOR
|
|
$
|
80,000
|
|
|
$
|
(2,359
|
)
|
March 2014
|
|
June 2020
|
|
3.91%
|
|
1-month LIBOR
|
|
$
|
130,000
|
|
|
$
|
(4,013
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Gains on sales of marketable securities
|
23,529
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of real estate
|
1,126
|
|
|
—
|
|
|
—
|
|
|||
Gain on purchase liability settlement
|
—
|
|
|
—
|
|
|
3,256
|
|
|||
Other gains
|
—
|
|
|
—
|
|
|
50
|
|
|||
|
$
|
24,655
|
|
|
$
|
—
|
|
|
$
|
3,306
|
|
|
2015
|
|
2014
|
|
2013
|
Dividend yield
|
4.7%
|
|
5.0%
|
|
4.5%
|
Expected volatility
|
17.8%
|
|
21.5%
|
|
23.8%
|
Expected lives
|
2.8 years
|
|
2.8 years
|
|
2.8 years
|
Risk-free interest rate
|
0.98%
|
|
0.63%
|
|
0.35%
|
|
|
|
|
|
Weighted Average
|
|
|
|||
|
Number
|
|
|
Weighted Average
|
|
Remaining
|
|
Aggregate
|
|
|
|
of Shares
|
|
|
Exercise Price
|
|
Contractual Life (Years)
|
|
Intrinsic Value
|
|
|
Outstanding December 31, 2012
|
211,675
|
|
|
$46.60
|
|
|
|
|
||
Options granted under 2012 Plan
|
360,000
|
|
|
$64.49
|
|
|
|
|
||
Options exercised under 2005 Plan
|
(55,001
|
)
|
|
$45.31
|
|
|
|
|
||
Outstanding December 31, 2013
|
516,674
|
|
|
$59.20
|
|
|
|
|
||
Options granted under 2012 Plan
|
400,000
|
|
|
$61.31
|
|
|
|
|
||
Options exercised under 2005 Plan
|
(26,670
|
)
|
|
$47.52
|
|
|
|
|
||
Options exercised under 2012 Plan
|
(3,333
|
)
|
|
$61.31
|
|
|
|
|
||
Options forfeited under 2012 Plan
|
(15,000
|
)
|
|
$64.49
|
|
|
|
|
||
Outstanding December 31, 2014
|
871,671
|
|
|
$60.43
|
|
|
|
|
||
Options granted under 2012 Plan
|
450,000
|
|
|
$72.11
|
|
|
|
|
||
Options granted under 2005 Plan
|
20,000
|
|
|
$72.11
|
|
|
|
|
||
Options exercised under 2005 Plan
|
(66,670
|
)
|
|
$46.87
|
|
|
|
|
||
Options exercised under 2012 Plan
|
(421,657
|
)
|
|
$63.03
|
|
|
|
|
||
Options canceled under 2012 Plan
|
(111,668
|
)
|
|
$71.95
|
|
|
|
|
||
Outstanding December 31, 2015
|
741,676
|
|
|
$65.84
|
|
3.29
|
|
$
|
(3,683,000
|
)
|
|
|
|
|
|
|
|
|
|||
Exercisable December 31, 2015
|
476,663
|
|
|
$64.12
|
|
2.99
|
|
$
|
(1,550,000
|
)
|
|
|
|
|
|
|
Remaining
|
|||
Grant
|
|
Number
|
|
|
Exercise
|
|
|
Contractual
|
|
Date
|
|
of Shares
|
|
|
Price
|
|
|
Life in Years
|
|
2/22/2011
|
|
15,000
|
|
|
$
|
45.58
|
|
|
0.15
|
2/21/2012
|
|
48,334
|
|
|
$
|
47.52
|
|
|
1.15
|
2/25/2013
|
|
116,672
|
|
|
$
|
64.49
|
|
|
2.16
|
2/25/2014
|
|
201,670
|
|
|
$
|
61.31
|
|
|
3.16
|
2/20/2015
|
|
360,000
|
|
|
$
|
72.11
|
|
|
4.16
|
Outstanding December 31, 2015
|
|
741,676
|
|
|
|
|
|
|
Number of Shares
|
|
|
Weighted Average Grant Date Fair Value
|
Non-vested December 31, 2014
|
226,681
|
|
|
$5.64
|
Options granted under 2012 Plan
|
450,000
|
|
|
$4.73
|
Options granted under 2005 Plan
|
20,000
|
|
|
$4.91
|
Options vested under 2012 Plan
|
(416,667
|
)
|
|
$5.07
|
Options vested under 2005 Plan
|
(6,666
|
)
|
|
$4.91
|
Non-vested options canceled under 2012 Plan
|
(8,335
|
)
|
|
$4.91
|
Non-vested December 31, 2015
|
265,013
|
|
|
$4.98
|
|
Year Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Income from continuing operations attributable to common stockholders
|
$
|
148,862
|
|
|
$
|
101,609
|
|
|
$
|
78,499
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
27,684
|
|
|||
Net income attributable to common stockholders
|
$
|
148,862
|
|
|
$
|
101,609
|
|
|
$
|
106,183
|
|
|
|
|
|
|
|
||||||
BASIC:
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
37,604,594
|
|
|
33,375,966
|
|
|
28,362,398
|
|
|||
|
|
|
|
|
|
||||||
Income from continuing operations per common share
|
$
|
3.96
|
|
|
$
|
3.04
|
|
|
$
|
2.77
|
|
Discontinued operations per common share
|
—
|
|
|
—
|
|
|
.97
|
|
|||
Net income per common share
|
$
|
3.96
|
|
|
$
|
3.04
|
|
|
$
|
3.74
|
|
|
|
|
|
|
|
||||||
DILUTED:
|
|
|
|
|
|
||||||
Weighted average common shares outstanding
|
37,604,594
|
|
|
33,375,966
|
|
|
28,362,398
|
|
|||
Stock options and restricted shares
|
34,842
|
|
|
40,048
|
|
|
35,304
|
|
|||
Convertible subordinated debentures
|
4,735
|
|
|
—
|
|
|
—
|
|
|||
Average dilutive common shares outstanding
|
37,644,171
|
|
|
33,416,014
|
|
|
28,397,702
|
|
|||
|
|
|
|
|
|
||||||
Income from continuing operations per common share
|
$
|
3.95
|
|
|
$
|
3.04
|
|
|
$
|
2.77
|
|
Discontinued operations per common share
|
—
|
|
|
—
|
|
|
.97
|
|
|||
Net income per common share
|
$
|
3.95
|
|
|
$
|
3.04
|
|
|
$
|
3.74
|
|
|
|
|
|
|
|
||||||
Incremental shares excluded since anti-dilutive:
|
|
|
|
|
|
||||||
Stock options with an exercise price in excess of the average market price for our common shares
|
51,603
|
|
|
13,831
|
|
|
23,883
|
|
|||
|
|
|
|
|
|
||||||
Regular dividends declared per common share
|
$
|
3.40
|
|
|
$
|
3.08
|
|
|
$
|
2.90
|
|
(Unaudited)
|
2015
|
|
2014
|
|
2013
|
||||||
Ordinary income
|
$
|
2.62808
|
|
|
$
|
2.53548
|
|
|
$
|
2.8590
|
|
Capital gain
|
0.69110
|
|
|
—
|
|
|
0.1649
|
|
|||
Return of capital
|
0.08082
|
|
|
0.54452
|
|
|
0.09612
|
|
|||
Dividends paid per common share
|
$
|
3.40
|
|
|
$
|
3.08
|
|
|
$
|
3.12
|
|
|
|
|
Fair Value Measurement
|
||||||
|
Balance Sheet Classification
|
|
December 31,
2015 |
|
December 31,
2014 |
||||
Level 1
|
|
|
|
|
|
||||
Common stock of other healthcare REITs
|
Marketable securities
|
|
$
|
55,815
|
|
|
$
|
15,503
|
|
Debt securities
|
Marketable securities
|
|
$
|
16,929
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||
Level 2
|
|
|
|
|
|
||||
Interest rate swap liability
|
Accrued expenses
|
|
$
|
6,730
|
|
|
$
|
5,193
|
|
|
Carrying Amount
|
|
Fair Value Measurement
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Level 2
|
|
|
|
|
|
|
|
||||||||
Variable rate debt
|
$
|
284,000
|
|
|
$
|
624,000
|
|
|
$
|
284,000
|
|
|
$
|
624,000
|
|
Fixed rate debt
|
$
|
642,257
|
|
|
$
|
238,726
|
|
|
$
|
641,066
|
|
|
$
|
254,150
|
|
|
|
|
|
|
|
|
|
||||||||
Level 3
|
|
|
|
|
|
|
|
||||||||
Mortgage and other notes receivable
|
$
|
135,031
|
|
|
$
|
63,630
|
|
|
$
|
141,408
|
|
|
$
|
72,435
|
|
2015
|
Quarter Ended
|
||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
Net revenues
|
$
|
55,751
|
|
|
$
|
56,313
|
|
|
$
|
58,282
|
|
|
$
|
58,642
|
|
Investment and other gains
|
—
|
|
|
—
|
|
|
1,126
|
|
|
23,529
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income from continuing operations attributable to common stockholders
|
29,683
|
|
|
31,182
|
|
|
33,600
|
|
|
54,397
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders
|
$
|
29,683
|
|
|
$
|
31,182
|
|
|
$
|
33,600
|
|
|
$
|
54,397
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
37,558,067
|
|
|
37,566,221
|
|
|
37,566,221
|
|
|
37,727,868
|
|
||||
Diluted
|
37,645,265
|
|
|
37,607,117
|
|
|
37,583,141
|
|
|
37,741,162
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders
|
$
|
.79
|
|
|
$
|
.83
|
|
|
$
|
.89
|
|
|
$
|
1.44
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders
|
$
|
.79
|
|
|
$
|
.83
|
|
|
$
|
.89
|
|
|
$
|
1.44
|
|
2014
|
Quarter Ended
|
||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
Net revenues
|
$
|
43,136
|
|
|
$
|
44,160
|
|
|
$
|
44,478
|
|
|
$
|
45,735
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders
|
$
|
23,533
|
|
|
$
|
25,294
|
|
|
$
|
25,250
|
|
|
$
|
27,532
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
33,051,415
|
|
|
33,052,750
|
|
|
33,055,992
|
|
|
34,343,706
|
|
||||
Diluted
|
33,085,232
|
|
|
33,087,283
|
|
|
33,088,570
|
|
|
34,402,969
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders
|
$
|
.71
|
|
|
$
|
.77
|
|
|
$
|
.76
|
|
|
$
|
.80
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders
|
$
|
.71
|
|
|
$
|
.76
|
|
|
$
|
.76
|
|
|
$
|
.80
|
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|
|
|
BY:
/s/ D. Eric Mendelsohn
|
|
D. Eric Mendelsohn
|
Date: February 17, 2016
|
President and Chief Executive Officer
|
Signature
|
|
Title
|
Date
|
|
|
|
|
|
|
|
|
/s/ D. Eric Mendelsohn
|
|
President and Chief Executive Officer
|
February 17, 2016
|
D. Eric Mendelsohn
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
/s/ Roger R. Hopkins
|
|
Chief Accounting Officer
|
February 17, 2016
|
Roger R. Hopkins
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
|
|
|
|
|
|
|
|
/s/ W. Andrew Adams
|
|
Chairman of the Board
|
February 17, 2016
|
W. Andrew Adams
|
|
|
|
|
|
|
|
|
|
|
|
/s/ James R. Jobe
|
|
Director
|
February 17, 2016
|
James R. Jobe
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Robert A. McCabe, Jr.
|
|
Director
|
February 17, 2016
|
Robert A. McCabe, Jr.
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Robert T. Webb
|
|
Director
|
February 17, 2016
|
Robert T. Webb
|
|
|
|
EXHIBIT INDEX
|
||
|
|
|
Exhibit No.
|
Description
|
Page No. or Location
|
3.1
|
Articles of Incorporation
|
Incorporated by reference to Exhibit 3.1 to Form S-11 Registration Statement No. 33-41863
|
|
|
|
3.2
|
Amendment to Articles of Incorporation dated as of May 1, 2009
|
Incorporated by reference to Exhibit A to the Company's Definitive Proxy Statement filed March 23, 2009
|
|
|
|
3.3
|
Amendment to Articles of Incorporation approved by shareholders on May 2, 2014
|
Incorporated by reference to Exhibit 3.3 to Form 10-Q dated August 4, 2014
|
|
|
|
3.4
|
Restated Bylaws as amended November 5, 2012
|
Incorporated by reference to Exhibit 3.3 to Form 10-K filed February 15, 2013
|
|
|
|
3.5
|
Amendment No. 1 to Restated Bylaws dated February 14, 2014
|
Incorporated by reference to Exhibit 3.4 to Form 10-K filed February 14, 2014
|
|
|
|
4.1
|
Form of Common Stock Certificate
|
Incorporated by reference to Exhibit 39 to Form S-11 Registration Statement No. 33-41863
|
|
|
|
4.2
|
Indenture, dated as of March 25, 2014, between National Health Investors, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee
|
Incorporated by reference to Exhibit 4.1 to Form 8-K dated March 31, 2014
|
|
|
|
4.3
|
First Supplemental Indenture, dated as of March 25, 2014, to the Indenture, dated as of March 25, 2014, between National Health Investors, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee
|
Incorporated by reference to Exhibit 4.2 to Form 8-K dated March 31, 2014
|
|
|
|
10.1
|
Material Contracts
|
Incorporated by reference to Exhibits 10.1 thru 10.9 to Form S-4 Registration Statement No. 33-41863
|
|
|
|
10.2
|
Amendment No. 5 to the Company's Master Agreement to Lease with NHC
|
Incorporated by reference to Exhibit 10.2 to Form 10-K dated March 10, 2006
|
|
|
|
10.3
|
Amendment No. 6 to the Company's Master Agreement to Lease with NHC
|
Incorporated by reference to Exhibit 10.1 to Form 10-Q dated November 4, 2013
|
|
|
|
10.4
|
Amended and Restated Amendment No. 6 to the Company's Master Agreement to Lease with NHC.
|
Incorporated by reference to Exhibit 10.4 to Form 10-K filed February 14, 2014
|
|
|
|
*10.5
|
1997 Stock Option Plan
|
Incorporated by reference to the 1997 Proxy Statement as filed
|
|
|
|
*10.6
|
2005 Stock Option Plan
|
Incorporated by reference to Exhibit 4.10 to the Company's registration statement on Form S-8 filed August 4, 2005
|
|
|
|
*10.7
|
2012 Stock Option Plan
|
Incorporated by reference to Exhibit A to the Company's Proxy Statement filed March 23, 2012
|
|
|
|
*10.8
|
First Amendment to the 2005 Stock Option, Restricted Stock & Stock Appreciation Rights Plan
|
Incorporated by reference to Appendix A to the Company's Proxy Statement filed March 17, 2006
|
|
|
|
*10.9
|
Second Amendment to the 2005 Stock Option, Restricted Stock & Stock Appreciation Rights Plan
|
Incorporated by reference to Exhibit B to the Company's Proxy Statement filed March 23, 2009
|
|
|
|
|
Balance
|
|
Additions
|
|
|
|
|
||||||||
|
Beginning
|
|
Charged to Costs
|
|
|
|
Balance
|
||||||||
|
of Period
|
|
and Expenses
1
|
|
Deductions
|
|
End of Period
|
||||||||
|
|
|
|
|
|
|
|
||||||||
For the year ended December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Loan loss allowance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
For the year ended December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Loan loss allowance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
For the year ended December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Loan loss allowance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
|
|||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
|
Date
|
|||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
|
Subsequent to
|
|
|
|
Buildings &
|
|
|
|
Accumulated
|
Acquired/
|
|||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
Depreciation
|
Constructed
|
|||||||||||||||||
Skilled Nursing Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Anniston, AL
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
4,477
|
|
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
4,477
|
|
|
$
|
4,547
|
|
|
$
|
3,273
|
|
10/17/1991
|
|
Moulton, AL
|
—
|
|
|
25
|
|
|
688
|
|
|
—
|
|
|
25
|
|
|
688
|
|
|
713
|
|
|
688
|
|
10/17/1991
|
|||||||||
Avondale, AZ
|
—
|
|
|
453
|
|
|
6,678
|
|
|
—
|
|
|
453
|
|
|
6,678
|
|
|
7,131
|
|
|
3,408
|
|
8/13/1996
|
|||||||||
Brooksville, FL
|
—
|
|
|
1,217
|
|
|
16,166
|
|
|
—
|
|
|
1,217
|
|
|
16,166
|
|
|
17,383
|
|
|
2,391
|
|
2/1/2010
|
|||||||||
Crystal River, FL
|
—
|
|
|
912
|
|
|
12,117
|
|
|
—
|
|
|
912
|
|
|
12,117
|
|
|
13,029
|
|
|
1,792
|
|
2/1/2010
|
|||||||||
Dade City, FL
|
—
|
|
|
605
|
|
|
8,042
|
|
|
—
|
|
|
605
|
|
|
8,042
|
|
|
8,647
|
|
|
1,190
|
|
2/1/2010
|
|||||||||
Hudson, FL (2 facilities)
|
—
|
|
|
1,290
|
|
|
22,392
|
|
|
—
|
|
|
1,290
|
|
|
22,392
|
|
|
23,682
|
|
|
9,443
|
|
Various
|
|||||||||
Merritt Island, FL
|
—
|
|
|
701
|
|
|
8,869
|
|
|
—
|
|
|
701
|
|
|
8,869
|
|
|
9,570
|
|
|
6,740
|
|
10/17/1991
|
|||||||||
New Port Richey, FL
|
—
|
|
|
228
|
|
|
3,023
|
|
|
—
|
|
|
228
|
|
|
3,023
|
|
|
3,251
|
|
|
447
|
|
2/1/2010
|
|||||||||
Plant City, FL
|
—
|
|
|
405
|
|
|
8,777
|
|
|
—
|
|
|
405
|
|
|
8,777
|
|
|
9,182
|
|
|
6,762
|
|
10/17/1991
|
|||||||||
Stuart, FL
|
—
|
|
|
787
|
|
|
9,048
|
|
|
—
|
|
|
787
|
|
|
9,048
|
|
|
9,835
|
|
|
6,982
|
|
10/17/1991
|
|||||||||
Trenton, FL
|
—
|
|
|
851
|
|
|
11,312
|
|
|
—
|
|
|
851
|
|
|
11,312
|
|
|
12,163
|
|
|
1,673
|
|
2/1/2010
|
|||||||||
Glasgow, KY
|
—
|
|
|
33
|
|
|
2,110
|
|
|
—
|
|
|
33
|
|
|
2,110
|
|
|
2,143
|
|
|
1,953
|
|
10/17/1991
|
|||||||||
Greenfield, MA
|
—
|
|
|
370
|
|
|
4,341
|
|
|
—
|
|
|
370
|
|
|
4,341
|
|
|
4,711
|
|
|
267
|
|
8/30/2013
|
|||||||||
Holyoke, MA
|
—
|
|
|
110
|
|
|
943
|
|
|
—
|
|
|
110
|
|
|
943
|
|
|
1,053
|
|
|
61
|
|
8/30/2013
|
|||||||||
Quincy, MA
|
—
|
|
|
450
|
|
|
710
|
|
|
—
|
|
|
450
|
|
|
710
|
|
|
1,160
|
|
|
43
|
|
8/30/2013
|
|||||||||
Taunton, MA
|
—
|
|
|
900
|
|
|
5,906
|
|
|
—
|
|
|
900
|
|
|
5,906
|
|
|
6,806
|
|
|
367
|
|
8/30/2013
|
|||||||||
Desloge, MO
|
—
|
|
|
178
|
|
|
3,804
|
|
|
—
|
|
|
178
|
|
|
3,804
|
|
|
3,982
|
|
|
3,108
|
|
10/17/1991
|
|||||||||
Joplin, MO
|
—
|
|
|
175
|
|
|
4,034
|
|
|
—
|
|
|
175
|
|
|
4,034
|
|
|
4,209
|
|
|
2,599
|
|
10/17/1991
|
|||||||||
Kennett, MO
|
—
|
|
|
180
|
|
|
4,928
|
|
|
—
|
|
|
180
|
|
|
4,928
|
|
|
5,108
|
|
|
4,055
|
|
10/17/1991
|
|||||||||
Maryland Heights, MO
|
—
|
|
|
482
|
|
|
5,512
|
|
|
—
|
|
|
482
|
|
|
5,512
|
|
|
5,994
|
|
|
5,139
|
|
10/17/1991
|
|||||||||
St. Charles, MO
|
—
|
|
|
150
|
|
|
4,790
|
|
|
—
|
|
|
150
|
|
|
4,790
|
|
|
4,940
|
|
|
3,892
|
|
10/17/1991
|
|||||||||
Manchester, NH (2 facilities)
|
—
|
|
|
790
|
|
|
20,077
|
|
|
—
|
|
|
790
|
|
|
20,077
|
|
|
20,867
|
|
|
1,213
|
|
8/30/2013
|
|||||||||
Epsom, NH
|
—
|
|
|
630
|
|
|
2,191
|
|
|
—
|
|
|
630
|
|
|
2,191
|
|
|
2,821
|
|
|
141
|
|
8/30/2013
|
|||||||||
Albany, OR
|
—
|
|
|
190
|
|
|
10,415
|
|
|
—
|
|
|
190
|
|
|
10,415
|
|
|
10,605
|
|
|
556
|
|
3/31/2014
|
|||||||||
Creswell, OR
|
—
|
|
|
470
|
|
|
8,946
|
|
|
—
|
|
|
470
|
|
|
8,946
|
|
|
9,416
|
|
|
480
|
|
3/31/2014
|
|||||||||
Forest Grove, OR
|
—
|
|
|
540
|
|
|
11,848
|
|
|
—
|
|
|
540
|
|
|
11,848
|
|
|
12,388
|
|
|
607
|
|
3/31/2014
|
|||||||||
Anderson, SC
|
—
|
|
|
308
|
|
|
4,643
|
|
|
—
|
|
|
308
|
|
|
4,643
|
|
|
4,951
|
|
|
4,099
|
|
10/17/1991
|
|||||||||
Greenwood, SC
|
—
|
|
|
222
|
|
|
3,457
|
|
|
—
|
|
|
222
|
|
|
3,457
|
|
|
3,679
|
|
|
2,990
|
|
10/17/1991
|
|||||||||
Laurens, SC
|
—
|
|
|
42
|
|
|
3,426
|
|
|
—
|
|
|
42
|
|
|
3,426
|
|
|
3,468
|
|
|
2,759
|
|
10/17/1991
|
|||||||||
Orangeburg, SC
|
—
|
|
|
300
|
|
|
3,714
|
|
|
—
|
|
|
300
|
|
|
3,714
|
|
|
4,014
|
|
|
740
|
|
9/25/2008
|
|||||||||
Athens, TN
|
—
|
|
|
38
|
|
|
1,463
|
|
|
—
|
|
|
38
|
|
|
1,463
|
|
|
1,501
|
|
|
1,322
|
|
10/17/1991
|
|||||||||
Chattanooga, TN
|
—
|
|
|
143
|
|
|
2,309
|
|
|
—
|
|
|
143
|
|
|
2,309
|
|
|
2,452
|
|
|
2,098
|
|
10/17/1991
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
|
|||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
|
Date
|
|||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
|
Subsequent to
|
|
|
|
Buildings &
|
|
|
|
Accumulated
|
Acquired/
|
|||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
Depreciation
|
Constructed
|
|||||||||||||||||
Dickson, TN
|
—
|
|
|
90
|
|
|
3,541
|
|
|
—
|
|
|
90
|
|
|
3,541
|
|
|
3,631
|
|
|
2,860
|
|
10/17/1991
|
|||||||||
Franklin, TN
|
—
|
|
|
47
|
|
|
1,130
|
|
|
—
|
|
|
47
|
|
|
1,130
|
|
|
1,177
|
|
|
986
|
|
10/17/1991
|
|||||||||
Hendersonville, TN
|
—
|
|
|
363
|
|
|
3,837
|
|
|
—
|
|
|
363
|
|
|
3,837
|
|
|
4,200
|
|
|
2,765
|
|
10/17/1991
|
|||||||||
Johnson City, TN
|
—
|
|
|
85
|
|
|
1,918
|
|
|
—
|
|
|
85
|
|
|
1,918
|
|
|
2,003
|
|
|
1,825
|
|
10/17/1991
|
|||||||||
Lewisburg, TN (2 facilities)
|
—
|
|
|
46
|
|
|
994
|
|
|
—
|
|
|
46
|
|
|
994
|
|
|
1,040
|
|
|
942
|
|
10/17/1991
|
|||||||||
McMinnville, TN
|
—
|
|
|
73
|
|
|
3,618
|
|
|
—
|
|
|
73
|
|
|
3,618
|
|
|
3,691
|
|
|
2,887
|
|
10/17/1991
|
|||||||||
Milan, TN
|
—
|
|
|
41
|
|
|
1,826
|
|
|
—
|
|
|
41
|
|
|
1,826
|
|
|
1,867
|
|
|
1,589
|
|
10/17/1991
|
|||||||||
Pulaski, TN
|
—
|
|
|
53
|
|
|
3,921
|
|
|
—
|
|
|
53
|
|
|
3,921
|
|
|
3,974
|
|
|
3,187
|
|
10/17/1991
|
|||||||||
Lawrenceburg, TN
|
—
|
|
|
98
|
|
|
2,900
|
|
|
—
|
|
|
98
|
|
|
2,900
|
|
|
2,998
|
|
|
2,168
|
|
10/17/1991
|
|||||||||
Dunlap, TN
|
—
|
|
|
35
|
|
|
3,679
|
|
|
—
|
|
|
35
|
|
|
3,679
|
|
|
3,714
|
|
|
2,752
|
|
10/17/1991
|
|||||||||
Smithville, TN
|
—
|
|
|
35
|
|
|
3,816
|
|
|
—
|
|
|
35
|
|
|
3,816
|
|
|
3,851
|
|
|
3,022
|
|
10/18/1991
|
|||||||||
Somerville, TN
|
—
|
|
|
26
|
|
|
677
|
|
|
—
|
|
|
26
|
|
|
677
|
|
|
703
|
|
|
653
|
|
10/19/1991
|
|||||||||
Sparta, TN
|
—
|
|
|
80
|
|
|
1,602
|
|
|
—
|
|
|
80
|
|
|
1,602
|
|
|
1,682
|
|
|
1,353
|
|
10/20/1991
|
|||||||||
Canton, TX
|
—
|
|
|
420
|
|
|
12,330
|
|
|
—
|
|
|
420
|
|
|
12,330
|
|
|
12,750
|
|
|
1,091
|
|
4/18/2013
|
|||||||||
Corinth, TX
|
—
|
|
|
1,075
|
|
|
13,935
|
|
|
—
|
|
|
1,075
|
|
|
13,935
|
|
|
15,010
|
|
|
1,326
|
|
4/18/2013
|
|||||||||
Ennis, TX
|
—
|
|
|
986
|
|
|
9,025
|
|
|
—
|
|
|
986
|
|
|
9,025
|
|
|
10,011
|
|
|
1,335
|
|
10/31/2011
|
|||||||||
Greenville, TX
|
—
|
|
|
1,800
|
|
|
13,948
|
|
|
—
|
|
|
1,800
|
|
|
13,948
|
|
|
15,748
|
|
|
1,855
|
|
10/31/2011
|
|||||||||
Houston, TX (4 facilities)
|
—
|
|
|
3,458
|
|
|
57,061
|
|
|
—
|
|
|
3,458
|
|
|
57,061
|
|
|
60,519
|
|
|
9,462
|
|
Various
|
|||||||||
Kyle, TX
|
—
|
|
|
1,096
|
|
|
12,279
|
|
|
—
|
|
|
1,096
|
|
|
12,279
|
|
|
13,375
|
|
|
1,546
|
|
6/11/2012
|
|||||||||
Paris, TX
|
—
|
|
|
60
|
|
|
12,040
|
|
|
—
|
|
|
60
|
|
|
12,040
|
|
|
12,100
|
|
|
2,383
|
|
6/30/2009
|
|||||||||
San Antonio, TX
|
—
|
|
|
300
|
|
|
12,150
|
|
|
—
|
|
|
300
|
|
|
12,150
|
|
|
12,450
|
|
|
2,610
|
|
6/30/2009
|
|||||||||
Bristol, VA
|
—
|
|
|
176
|
|
|
2,511
|
|
|
—
|
|
|
176
|
|
|
2,511
|
|
|
2,687
|
|
|
2,042
|
|
10/17/1991
|
|||||||||
|
—
|
|
|
24,688
|
|
|
399,894
|
|
|
—
|
|
|
24,688
|
|
|
399,894
|
|
|
424,582
|
|
|
133,917
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Assisted Living Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Rainbow City, AL
|
—
|
|
|
670
|
|
|
11,330
|
|
|
—
|
|
|
670
|
|
|
11,330
|
|
|
12,000
|
|
|
738
|
|
10/31/2013
|
|||||||||
Gilbert, AZ
|
—
|
|
|
451
|
|
|
3,142
|
|
|
79
|
|
|
451
|
|
|
3,221
|
|
|
3,672
|
|
|
1,358
|
|
12/31/1998
|
|||||||||
Glendale, AZ
|
—
|
|
|
387
|
|
|
3,823
|
|
|
58
|
|
|
387
|
|
|
3,881
|
|
|
4,268
|
|
|
1,645
|
|
12/31/1998
|
|||||||||
Tucson, AZ (2 facilities)
|
—
|
|
|
919
|
|
|
6,656
|
|
|
190
|
|
|
919
|
|
|
6,846
|
|
|
7,765
|
|
|
2,879
|
|
12/31/1998
|
|||||||||
Sacramento, CA
|
—
|
|
|
660
|
|
|
10,840
|
|
|
—
|
|
|
660
|
|
|
10,840
|
|
|
11,500
|
|
|
490
|
|
6/1/2014
|
|||||||||
Bartow, FL
|
—
|
|
|
225
|
|
|
3,192
|
|
|
—
|
|
|
225
|
|
|
3,192
|
|
|
3,417
|
|
|
493
|
|
11/30/2010
|
|||||||||
Lakeland, FL
|
—
|
|
|
250
|
|
|
3,167
|
|
|
—
|
|
|
250
|
|
|
3,167
|
|
|
3,417
|
|
|
491
|
|
11/30/2010
|
|||||||||
Maitland, FL
|
—
|
|
|
1,687
|
|
|
5,428
|
|
|
—
|
|
|
1,687
|
|
|
5,428
|
|
|
7,115
|
|
|
2,963
|
|
8/6/1996
|
|||||||||
St. Cloud, FL
|
—
|
|
|
307
|
|
|
3,117
|
|
|
—
|
|
|
307
|
|
|
3,117
|
|
|
3,424
|
|
|
483
|
|
11/30/2010
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
|
|||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
|
Date
|
|||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
|
Subsequent to
|
|
|
|
Buildings &
|
|
|
|
Accumulated
|
Acquired/
|
|||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
Depreciation
|
Constructed
|
|||||||||||||||||
Greensboro, GA
|
—
|
|
|
572
|
|
|
4,849
|
|
|
731
|
|
|
572
|
|
|
5,580
|
|
|
6,152
|
|
|
580
|
|
9/15/2011
|
|||||||||
Ames, IA
|
3,193
|
|
|
360
|
|
|
4,670
|
|
|
—
|
|
|
360
|
|
|
4,670
|
|
|
5,030
|
|
|
335
|
|
6/28/2013
|
|||||||||
Burlington, IA
|
3,901
|
|
|
200
|
|
|
8,374
|
|
|
—
|
|
|
200
|
|
|
8,374
|
|
|
8,574
|
|
|
602
|
|
6/28/2013
|
|||||||||
Cedar Falls, IA
|
4,013
|
|
|
260
|
|
|
4,700
|
|
|
30
|
|
|
260
|
|
|
4,730
|
|
|
4,990
|
|
|
343
|
|
6/28/2013
|
|||||||||
Clinton, IA
|
2,777
|
|
|
133
|
|
|
3,215
|
|
|
60
|
|
|
133
|
|
|
3,275
|
|
|
3,408
|
|
|
477
|
|
6/30/2010
|
|||||||||
Ft. Dodge, IA
|
4,008
|
|
|
100
|
|
|
7,208
|
|
|
—
|
|
|
100
|
|
|
7,208
|
|
|
7,308
|
|
|
506
|
|
6/28/2013
|
|||||||||
Iowa City, IA
|
2,521
|
|
|
297
|
|
|
2,725
|
|
|
33
|
|
|
297
|
|
|
2,758
|
|
|
3,055
|
|
|
464
|
|
6/30/2010
|
|||||||||
Marshalltown, IA
|
5,714
|
|
|
240
|
|
|
6,208
|
|
|
—
|
|
|
240
|
|
|
6,208
|
|
|
6,448
|
|
|
443
|
|
6/28/2013
|
|||||||||
Muscatine, IA
|
—
|
|
|
140
|
|
|
1,802
|
|
|
—
|
|
|
140
|
|
|
1,802
|
|
|
1,942
|
|
|
146
|
|
6/28/2013
|
|||||||||
Urbandale, IA
|
8,113
|
|
|
540
|
|
|
4,292
|
|
|
—
|
|
|
540
|
|
|
4,292
|
|
|
4,832
|
|
|
324
|
|
6/28/2013
|
|||||||||
Caldwell, ID
|
—
|
|
|
320
|
|
|
9,353
|
|
|
—
|
|
|
320
|
|
|
9,353
|
|
|
9,673
|
|
|
493
|
|
3/31/2014
|
|||||||||
Weiser, ID
|
—
|
|
|
20
|
|
|
2,433
|
|
|
—
|
|
|
20
|
|
|
2,433
|
|
|
2,453
|
|
|
191
|
|
12/21/2012
|
|||||||||
Aurora, IL
|
—
|
|
|
1,364
|
|
|
682
|
|
|
—
|
|
|
1,364
|
|
|
682
|
|
|
2,046
|
|
|
—
|
|
Under Construction
|
|||||||||
Bourbonnais, IL
|
7,974
|
|
|
170
|
|
|
16,594
|
|
|
15
|
|
|
170
|
|
|
16,609
|
|
|
16,779
|
|
|
1,157
|
|
6/28/2013
|
|||||||||
Moline, IL
|
3,896
|
|
|
250
|
|
|
5,630
|
|
|
—
|
|
|
250
|
|
|
5,630
|
|
|
5,880
|
|
|
407
|
|
6/28/2013
|
|||||||||
Peoria, IL
|
4,199
|
|
|
403
|
|
|
4,532
|
|
|
248
|
|
|
403
|
|
|
4,780
|
|
|
5,183
|
|
|
765
|
|
10/19/2009
|
|||||||||
Quincy, IL
|
6,055
|
|
|
360
|
|
|
12,403
|
|
|
—
|
|
|
360
|
|
|
12,403
|
|
|
12,763
|
|
|
864
|
|
6/28/2013
|
|||||||||
Rockford, IL
|
6,412
|
|
|
390
|
|
|
12,575
|
|
|
—
|
|
|
390
|
|
|
12,575
|
|
|
12,965
|
|
|
902
|
|
6/28/2013
|
|||||||||
Springfield, IL
|
15,386
|
|
|
450
|
|
|
19,355
|
|
|
—
|
|
|
450
|
|
|
19,355
|
|
|
19,805
|
|
|
1,346
|
|
6/28/2013
|
|||||||||
Tinley Park, IL
|
—
|
|
|
1,618
|
|
|
5,172
|
|
|
—
|
|
|
1,618
|
|
|
5,172
|
|
|
6,790
|
|
|
—
|
|
Under Construction
|
|||||||||
Carmel, IN
|
—
|
|
|
574
|
|
|
7,336
|
|
|
353
|
|
|
574
|
|
|
7,689
|
|
|
8,263
|
|
|
294
|
|
11/12/2014
|
|||||||||
Crawfordsville, IN
|
2,559
|
|
|
300
|
|
|
3,134
|
|
|
—
|
|
|
300
|
|
|
3,134
|
|
|
3,434
|
|
|
230
|
|
6/28/2013
|
|||||||||
Crown Point, IN
|
—
|
|
|
791
|
|
|
7,020
|
|
|
227
|
|
|
791
|
|
|
7,247
|
|
|
8,038
|
|
|
546
|
|
10/30/2013
|
|||||||||
Greenwood, IN
|
—
|
|
|
463
|
|
|
6,810
|
|
|
245
|
|
|
463
|
|
|
7,055
|
|
|
7,518
|
|
|
535
|
|
11/7/2013
|
|||||||||
Lafayette, IN
|
—
|
|
|
546
|
|
|
4,583
|
|
|
—
|
|
|
546
|
|
|
4,583
|
|
|
5,129
|
|
|
674
|
|
6/30/2010
|
|||||||||
Wabash, IN
|
—
|
|
|
320
|
|
|
2,242
|
|
|
—
|
|
|
320
|
|
|
2,242
|
|
|
2,562
|
|
|
184
|
|
6/28/2013
|
|||||||||
Mission, KS
|
—
|
|
|
1,901
|
|
|
17,310
|
|
|
561
|
|
|
1,901
|
|
|
17,871
|
|
|
19,772
|
|
|
1,979
|
|
9/30/2012
|
|||||||||
Overland Park, KS
|
—
|
|
|
2,199
|
|
|
20,026
|
|
|
—
|
|
|
2,199
|
|
|
20,026
|
|
|
22,225
|
|
|
2,289
|
|
9/30/2012
|
|||||||||
Bastrop, LA
|
—
|
|
|
325
|
|
|
2,456
|
|
|
—
|
|
|
325
|
|
|
2,456
|
|
|
2,781
|
|
|
369
|
|
4/30/2011
|
|||||||||
Bossier City, LA
|
—
|
|
|
500
|
|
|
3,344
|
|
|
—
|
|
|
500
|
|
|
3,344
|
|
|
3,844
|
|
|
528
|
|
4/30/2011
|
|||||||||
Minden, LA
|
—
|
|
|
280
|
|
|
1,698
|
|
|
—
|
|
|
280
|
|
|
1,698
|
|
|
1,978
|
|
|
253
|
|
4/30/2011
|
|||||||||
West Monroe, LA
|
—
|
|
|
770
|
|
|
5,627
|
|
|
—
|
|
|
770
|
|
|
5,627
|
|
|
6,397
|
|
|
794
|
|
4/30/2011
|
|||||||||
Baltimore, MD
|
—
|
|
|
860
|
|
|
8,078
|
|
|
533
|
|
|
860
|
|
|
8,611
|
|
|
9,471
|
|
|
485
|
|
10/31/2013
|
|||||||||
Battle Creek, MI
|
3,066
|
|
|
398
|
|
|
3,093
|
|
|
197
|
|
|
398
|
|
|
3,290
|
|
|
3,688
|
|
|
530
|
|
10/19/2009
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
|
|||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
|
Date
|
|||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
|
Subsequent to
|
|
|
|
Buildings &
|
|
|
|
Accumulated
|
Acquired/
|
|||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
Depreciation
|
Constructed
|
|||||||||||||||||
Lansing, MI
|
6,651
|
|
|
340
|
|
|
7,908
|
|
|
174
|
|
|
340
|
|
|
8,082
|
|
|
8,422
|
|
|
1,338
|
|
10/19/2009
|
|||||||||
Midland, MI
|
5,794
|
|
|
504
|
|
|
6,612
|
|
|
162
|
|
|
504
|
|
|
6,774
|
|
|
7,278
|
|
|
1,070
|
|
10/19/2009
|
|||||||||
Saginaw, MI
|
3,814
|
|
|
248
|
|
|
4,212
|
|
|
162
|
|
|
248
|
|
|
4,374
|
|
|
4,622
|
|
|
706
|
|
10/19/2009
|
|||||||||
Champlin, MN
|
—
|
|
|
980
|
|
|
4,430
|
|
|
—
|
|
|
980
|
|
|
4,430
|
|
|
5,410
|
|
|
775
|
|
3/10/2010
|
|||||||||
Hugo, MN
|
—
|
|
|
400
|
|
|
3,800
|
|
|
—
|
|
|
400
|
|
|
3,800
|
|
|
4,200
|
|
|
648
|
|
3/10/2010
|
|||||||||
Maplewood, MN
|
—
|
|
|
1,700
|
|
|
6,510
|
|
|
—
|
|
|
1,700
|
|
|
6,510
|
|
|
8,210
|
|
|
1,130
|
|
3/10/2010
|
|||||||||
North Branch, MN
|
—
|
|
|
595
|
|
|
2,985
|
|
|
—
|
|
|
595
|
|
|
2,985
|
|
|
3,580
|
|
|
564
|
|
3/10/2010
|
|||||||||
Charlotte, NC
|
—
|
|
|
650
|
|
|
17,896
|
|
|
—
|
|
|
650
|
|
|
17,896
|
|
|
18,546
|
|
|
244
|
|
7/1/2015
|
|||||||||
Grand Island, NE
|
4,463
|
|
|
370
|
|
|
5,029
|
|
|
219
|
|
|
370
|
|
|
5,248
|
|
|
5,618
|
|
|
373
|
|
6/28/2013
|
|||||||||
Lincoln, NE
|
8,418
|
|
|
380
|
|
|
10,904
|
|
|
—
|
|
|
380
|
|
|
10,904
|
|
|
11,284
|
|
|
753
|
|
6/28/2013
|
|||||||||
Omaha, NE
|
2,455
|
|
|
480
|
|
|
7,039
|
|
|
—
|
|
|
480
|
|
|
7,039
|
|
|
7,519
|
|
|
493
|
|
6/28/2013
|
|||||||||
Lancaster, OH
|
—
|
|
|
530
|
|
|
20,530
|
|
|
—
|
|
|
530
|
|
|
20,530
|
|
|
21,060
|
|
|
264
|
|
7/31/2015
|
|||||||||
Marysville, OH
|
—
|
|
|
1,250
|
|
|
13,950
|
|
|
—
|
|
|
1,250
|
|
|
13,950
|
|
|
15,200
|
|
|
1,059
|
|
7/1/2013
|
|||||||||
Middletown, OH
|
9,311
|
|
|
940
|
|
|
15,548
|
|
|
—
|
|
|
940
|
|
|
15,548
|
|
|
16,488
|
|
|
528
|
|
10/31/2014
|
|||||||||
Milwaukie, OR
|
—
|
|
|
370
|
|
|
5,283
|
|
|
33
|
|
|
370
|
|
|
5,316
|
|
|
5,686
|
|
|
176
|
|
9/30/2014
|
|||||||||
Ontario, OR (2 facilities)
|
—
|
|
|
428
|
|
|
6,128
|
|
|
—
|
|
|
428
|
|
|
6,128
|
|
|
6,556
|
|
|
485
|
|
12/21/2012
|
|||||||||
Portland, OR
|
—
|
|
|
500
|
|
|
6,272
|
|
|
—
|
|
|
500
|
|
|
6,272
|
|
—
|
|
6,772
|
|
|
62
|
|
8/31/2015
|
||||||||
Conway, SC
|
—
|
|
|
344
|
|
|
2,877
|
|
|
94
|
|
|
344
|
|
|
2,971
|
|
|
3,315
|
|
|
1,253
|
|
12/31/1998
|
|||||||||
Gallatin, TN
|
—
|
|
|
326
|
|
|
2,277
|
|
|
61
|
|
|
326
|
|
|
2,338
|
|
|
2,664
|
|
|
989
|
|
3/31/1999
|
|||||||||
Kingsport, TN
|
—
|
|
|
354
|
|
|
2,568
|
|
|
66
|
|
|
354
|
|
|
2,634
|
|
|
2,988
|
|
|
1,111
|
|
12/31/1998
|
|||||||||
Tullahoma, TN
|
—
|
|
|
191
|
|
|
2,216
|
|
|
57
|
|
|
191
|
|
|
2,273
|
|
|
2,464
|
|
|
941
|
|
3/31/1999
|
|||||||||
Fredericksburg, VA
|
—
|
|
|
1,615
|
|
|
3,110
|
|
|
—
|
|
|
1,615
|
|
|
3,110
|
|
|
4,725
|
|
|
—
|
|
Under Construction
|
|||||||||
Midlothian, VA
|
—
|
|
|
1,646
|
|
|
2,229
|
|
|
—
|
|
|
1,646
|
|
|
2,229
|
|
|
3,875
|
|
|
—
|
|
Under Construction
|
|||||||||
Beaver Dam, WI
|
—
|
|
|
210
|
|
|
20,149
|
|
|
—
|
|
|
210
|
|
|
20,149
|
|
|
20,359
|
|
|
1,743
|
|
12/21/2012
|
|||||||||
|
124,693
|
|
|
39,321
|
|
|
460,686
|
|
|
4,588
|
|
|
39,321
|
|
|
465,274
|
|
|
504,595
|
|
|
48,280
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Independent Living Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Rogers, AR
|
—
|
|
|
1,470
|
|
|
25,282
|
|
|
—
|
|
|
1,470
|
|
|
25,282
|
|
|
26,752
|
|
|
1,383
|
|
12/23/2013
|
|||||||||
Fort Smith, AR
|
—
|
|
|
590
|
|
|
22,447
|
|
|
—
|
|
|
590
|
|
|
22,447
|
|
|
23,037
|
|
|
1,223
|
|
12/23/2013
|
|||||||||
Pinole, CA
|
—
|
|
|
1,020
|
|
|
18,066
|
|
|
—
|
|
|
1,020
|
|
|
18,066
|
|
|
19,086
|
|
|
984
|
|
12/23/2013
|
|||||||||
West Covina, CA
|
—
|
|
|
940
|
|
|
20,280
|
|
|
—
|
|
|
940
|
|
|
20,280
|
|
|
21,220
|
|
|
1,090
|
|
12/23/2013
|
|||||||||
Hemet, CA
|
—
|
|
|
1,250
|
|
|
12,645
|
|
|
—
|
|
|
1,250
|
|
|
12,645
|
|
|
13,895
|
|
|
718
|
|
12/23/2013
|
|||||||||
Fresno, CA
|
—
|
|
|
420
|
|
|
10,899
|
|
|
—
|
|
|
420
|
|
|
10,899
|
|
|
11,319
|
|
|
627
|
|
12/23/2013
|
|||||||||
Merced, CA
|
—
|
|
|
350
|
|
|
18,712
|
|
|
—
|
|
|
350
|
|
|
18,712
|
|
|
19,062
|
|
|
1,024
|
|
12/23/2013
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
|
|||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
|
Date
|
|||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
|
Subsequent to
|
|
|
|
Buildings &
|
|
|
|
Accumulated
|
Acquired/
|
|||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
Depreciation
|
Constructed
|
|||||||||||||||||
Roseville, CA
|
—
|
|
|
630
|
|
|
31,343
|
|
|
—
|
|
|
630
|
|
|
31,343
|
|
|
31,973
|
|
|
1,687
|
|
12/23/2013
|
|||||||||
Modesto, CA
|
—
|
|
|
1,170
|
|
|
22,673
|
|
|
—
|
|
|
1,170
|
|
|
22,673
|
|
|
23,843
|
|
|
1,218
|
|
12/23/2013
|
|||||||||
Athens, GA
|
—
|
|
|
910
|
|
|
31,940
|
|
|
—
|
|
|
910
|
|
|
31,940
|
|
|
32,850
|
|
|
1,722
|
|
12/23/2013
|
|||||||||
Columbus, GA
|
—
|
|
|
570
|
|
|
8,639
|
|
|
—
|
|
|
570
|
|
|
8,639
|
|
|
9,209
|
|
|
505
|
|
12/23/2013
|
|||||||||
Savannah, GA
|
—
|
|
|
1,200
|
|
|
15,851
|
|
|
—
|
|
|
1,200
|
|
|
15,851
|
|
|
17,051
|
|
|
880
|
|
12/23/2013
|
|||||||||
Boise, ID
|
—
|
|
|
400
|
|
|
12,422
|
|
|
—
|
|
|
400
|
|
|
12,422
|
|
|
12,822
|
|
|
690
|
|
12/23/2013
|
|||||||||
Fort Wayne, IN
|
—
|
|
|
310
|
|
|
12,864
|
|
|
—
|
|
|
310
|
|
|
12,864
|
|
|
13,174
|
|
|
736
|
|
12/23/2013
|
|||||||||
Kenner, LA
|
—
|
|
|
310
|
|
|
24,259
|
|
|
—
|
|
|
310
|
|
|
24,259
|
|
|
24,569
|
|
|
1,301
|
|
12/23/2013
|
|||||||||
St. Charles, MO
|
—
|
|
|
344
|
|
|
3,181
|
|
|
—
|
|
|
344
|
|
|
3,181
|
|
|
3,525
|
|
|
2,339
|
|
10/17/1991
|
|||||||||
Voorhees, NJ
|
—
|
|
|
670
|
|
|
23,710
|
|
|
—
|
|
|
670
|
|
|
23,710
|
|
|
24,380
|
|
|
1,270
|
|
12/23/2013
|
|||||||||
Gahanna, OH
|
—
|
|
|
920
|
|
|
22,919
|
|
|
—
|
|
|
920
|
|
|
22,919
|
|
|
23,839
|
|
|
1,258
|
|
12/23/2013
|
|||||||||
Broken Arrow, OK
|
—
|
|
|
2,660
|
|
|
18,476
|
|
|
—
|
|
|
2,660
|
|
|
18,476
|
|
|
21,136
|
|
|
1,026
|
|
12/23/2013
|
|||||||||
Newberg, OR
|
—
|
|
|
1,080
|
|
|
19,187
|
|
|
—
|
|
|
1,080
|
|
|
19,187
|
|
|
20,267
|
|
|
1,059
|
|
12/23/2013
|
|||||||||
Myrtle Beach, SC
|
—
|
|
|
1,310
|
|
|
26,229
|
|
|
—
|
|
|
1,310
|
|
|
26,229
|
|
|
27,539
|
|
|
1,408
|
|
12/23/2013
|
|||||||||
Greenville, SC
|
—
|
|
|
560
|
|
|
16,547
|
|
|
—
|
|
|
560
|
|
|
16,547
|
|
|
17,107
|
|
|
920
|
|
12/23/2013
|
|||||||||
Johnson City, TN
|
—
|
|
|
55
|
|
|
4,077
|
|
|
—
|
|
|
55
|
|
|
4,077
|
|
|
4,132
|
|
|
2,684
|
|
10/17/1991
|
|||||||||
Chattanooga, TN
|
—
|
|
|
9
|
|
|
1,567
|
|
|
—
|
|
|
9
|
|
|
1,567
|
|
|
1,576
|
|
|
1,184
|
|
10/17/1991
|
|||||||||
Bellevue, WA
|
—
|
|
|
780
|
|
|
18,692
|
|
|
—
|
|
|
780
|
|
|
18,692
|
|
|
19,472
|
|
|
1,012
|
|
12/23/2013
|
|||||||||
Vancouver, WA (2 facilities)
|
—
|
|
|
1,740
|
|
|
23,411
|
|
|
—
|
|
|
1,740
|
|
|
23,411
|
|
|
25,151
|
|
|
1,312
|
|
12/23/2013
|
|||||||||
Yakima, WA
|
—
|
|
|
440
|
|
|
14,186
|
|
|
—
|
|
|
440
|
|
|
14,186
|
|
|
14,626
|
|
|
780
|
|
12/23/2013
|
|||||||||
|
—
|
|
|
22,108
|
|
|
480,504
|
|
|
—
|
|
|
22,108
|
|
|
480,504
|
|
|
502,612
|
|
|
32,040
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Senior Living Campuses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Loma Linda, CA
|
—
|
|
|
1,200
|
|
|
10,800
|
|
|
7,326
|
|
|
1,200
|
|
|
18,126
|
|
|
19,326
|
|
|
1,049
|
|
9/28/2012
|
|||||||||
Maitland, FL
|
—
|
|
|
2,318
|
|
|
9,161
|
|
|
301
|
|
|
2,318
|
|
|
9,462
|
|
|
11,780
|
|
|
5,626
|
|
8/6/1996
|
|||||||||
West Palm Beach, FL
|
—
|
|
|
2,771
|
|
|
4,286
|
|
|
—
|
|
|
2,771
|
|
|
4,286
|
|
|
7,057
|
|
|
3,687
|
|
8/6/1996
|
|||||||||
Nampa, ID
|
—
|
|
|
243
|
|
|
4,182
|
|
|
—
|
|
|
243
|
|
|
4,182
|
|
|
4,425
|
|
|
2,153
|
|
8/13/1996
|
|||||||||
Indianapolis, IN
|
—
|
|
|
1,810
|
|
|
24,571
|
|
|
—
|
|
|
1,810
|
|
|
24,571
|
|
|
26,381
|
|
|
345
|
|
7/1/2015
|
|||||||||
Roscommon, MI
|
—
|
|
|
44
|
|
|
6,005
|
|
|
—
|
|
|
44
|
|
|
6,005
|
|
|
6,049
|
|
|
62
|
|
8/31/2015
|
|||||||||
Mt. Airy, NC
|
—
|
|
|
1,370
|
|
|
7,470
|
|
|
—
|
|
|
1,370
|
|
|
7,470
|
|
|
8,840
|
|
|
222
|
|
12/17/2014
|
|||||||||
Madison, TN
|
—
|
|
|
920
|
|
|
21,826
|
|
|
—
|
|
|
920
|
|
|
21,826
|
|
|
22,746
|
|
|
301
|
|
7/1/2015
|
|||||||||
Silverdale, WA
|
—
|
|
|
1,750
|
|
|
23,860
|
|
|
2,166
|
|
|
1,750
|
|
|
26,026
|
|
|
27,776
|
|
|
2,410
|
|
8/16/2012
|
|||||||||
|
—
|
|
|
12,426
|
|
|
112,161
|
|
|
9,793
|
|
|
12,426
|
|
|
121,954
|
|
|
134,380
|
|
|
15,855
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
|
|||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
|
Date
|
|||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
|
Subsequent to
|
|
|
|
Buildings &
|
|
|
|
Accumulated
|
Acquired/
|
|||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
Depreciation
|
Constructed
|
|||||||||||||||||
Entrance-Fee Communities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Fernandina Beach, FL
|
—
|
|
|
1,430
|
|
|
63,420
|
|
|
—
|
|
|
1,430
|
|
|
63,420
|
|
|
64,850
|
|
|
1,765
|
|
12/17/2014
|
|||||||||
St. Simons Island, GA
|
—
|
|
|
8,770
|
|
|
38,070
|
|
|
—
|
|
|
8,770
|
|
|
38,070
|
|
|
46,840
|
|
|
1,107
|
|
12/17/2014
|
|||||||||
Winston-Salem, NC
|
—
|
|
|
8,700
|
|
|
73,920
|
|
|
—
|
|
|
8,700
|
|
|
73,920
|
|
|
82,620
|
|
|
2,068
|
|
12/17/2014
|
|||||||||
Greenville, SC
|
—
|
|
|
5,850
|
|
|
90,760
|
|
|
—
|
|
|
5,850
|
|
|
90,760
|
|
|
96,610
|
|
|
2,505
|
|
12/17/2014
|
|||||||||
Myrtle Beach, SC
|
—
|
|
|
3,910
|
|
|
82,140
|
|
|
—
|
|
|
3,910
|
|
|
82,140
|
|
|
86,050
|
|
|
2,323
|
|
12/17/2014
|
|||||||||
Pawleys Island, SC
|
—
|
|
|
1,480
|
|
|
38,620
|
|
|
—
|
|
|
1,480
|
|
|
38,620
|
|
|
40,100
|
|
|
1,137
|
|
12/17/2014
|
|||||||||
Spartanburg, SC
|
—
|
|
|
900
|
|
|
49,190
|
|
|
—
|
|
|
900
|
|
|
49,190
|
|
|
50,090
|
|
|
1,402
|
|
12/17/2014
|
|||||||||
|
—
|
|
|
31,040
|
|
|
436,120
|
|
|
—
|
|
|
31,040
|
|
|
436,120
|
|
|
467,160
|
|
|
12,307
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Medical Office Buildings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Crestview, FL
|
—
|
|
|
165
|
|
|
3,349
|
|
|
—
|
|
|
165
|
|
|
3,349
|
|
|
3,514
|
|
|
2,256
|
|
6/30/1993
|
|||||||||
Pasadena, TX
|
—
|
|
|
631
|
|
|
6,341
|
|
|
—
|
|
|
631
|
|
|
6,341
|
|
|
6,972
|
|
|
4,433
|
|
1/1/1995
|
|||||||||
|
—
|
|
|
796
|
|
|
9,690
|
|
|
—
|
|
|
796
|
|
|
9,690
|
|
|
10,486
|
|
|
6,689
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Hospitals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
La Mesa, CA
|
—
|
|
|
4,180
|
|
|
8,320
|
|
|
—
|
|
|
4,180
|
|
|
8,320
|
|
|
12,500
|
|
|
1,788
|
|
3/10/2010
|
|||||||||
Jackson, KY
|
—
|
|
|
540
|
|
|
10,163
|
|
|
7,899
|
|
|
540
|
|
|
18,062
|
|
|
18,602
|
|
|
6,545
|
|
6/12/1992
|
|||||||||
Murfreesboro, TN
|
—
|
|
|
2,444
|
|
|
17,585
|
|
|
—
|
|
|
2,444
|
|
|
17,585
|
|
|
20,029
|
|
|
1,429
|
|
10/1/2012
|
|||||||||
|
—
|
|
|
7,164
|
|
|
36,068
|
|
|
7,899
|
|
|
7,164
|
|
|
43,967
|
|
|
51,131
|
|
|
9,762
|
|
|
|||||||||
Total continuing operations properties
|
124,693
|
|
|
137,543
|
|
|
1,935,123
|
|
|
22,280
|
|
|
137,543
|
|
|
1,957,403
|
|
|
2,094,946
|
|
|
258,850
|
|
|
|||||||||
Corporate office
|
—
|
|
|
157
|
|
|
677
|
|
|
86
|
|
|
157
|
|
|
763
|
|
|
920
|
|
|
209
|
|
|
|||||||||
|
$
|
124,693
|
|
|
$
|
137,700
|
|
|
$
|
1,935,800
|
|
|
$
|
22,366
|
|
|
$
|
137,700
|
|
|
$
|
1,958,166
|
|
|
$
|
2,095,866
|
|
|
$
|
259,059
|
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
|
|||||||||||
(in thousands)
|
|||||||||||
|
December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Investment in Real Estate:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
1,988,849
|
|
|
$
|
1,422,002
|
|
|
$
|
698,536
|
|
Additions through cash expenditures
|
124,113
|
|
|
533,171
|
|
|
654,670
|
|
|||
Change in property additions in accounts payable
|
1,076
|
|
|
(995
|
)
|
|
3,086
|
|
|||
Additions through contingent liabilities
|
750
|
|
|
3,000
|
|
|
1,600
|
|
|||
Reclass of note balance into real estate investment
|
255
|
|
|
—
|
|
|
—
|
|
|||
Additions through assumption of debt
|
—
|
|
|
7,858
|
|
|
80,528
|
|
|||
Tax deferred exchange funds applied to investment in real estate
|
—
|
|
|
23,813
|
|
|
—
|
|
|||
Settlement of contingent asset acquisition liability
|
(3,000
|
)
|
|
—
|
|
|
—
|
|
|||
Additions through settlement of mortgage note
|
—
|
|
|
—
|
|
|
13,741
|
|
|||
Sale of properties for cash
|
(13,563
|
)
|
|
—
|
|
|
(30,159
|
)
|
|||
Reclassification to assets held for sale, net
|
(2,614
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at end of period
|
$
|
2,095,866
|
|
|
$
|
1,988,849
|
|
|
$
|
1,422,002
|
|
|
|
|
|
|
|
||||||
Accumulated Depreciation:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
212,300
|
|
|
$
|
174,262
|
|
|
$
|
163,146
|
|
Addition charged to costs and expenses
|
53,123
|
|
|
38,038
|
|
|
20,658
|
|
|||
Sale of properties
|
(5,096
|
)
|
|
—
|
|
|
(9,542
|
)
|
|||
Reclassification to assets held for sale
|
(1,268
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at end of period
|
$
|
259,059
|
|
|
$
|
212,300
|
|
|
$
|
174,262
|
|
NATIONAL HEALTH INVESTORS, INC.
|
||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
|
||||||||||||||
December 31, 2015
|
||||||||||||||
|
|
|
Monthly
|
|
|
|
|
Amount Subject To
|
||||||
|
Interest
|
Maturity
|
Payment
|
Prior
|
Original
|
Carrying
|
|
Delinquent Principal
|
||||||
|
Rate
|
Date
|
Terms
|
Liens
|
Face Amount
|
Amount
|
|
or Interest
|
||||||
|
|
|
|
|
(in thousands)
|
|
|
|||||||
First Mortgages:
|
|
|
|
|
|
|
|
|
||||||
Skilled nursing facilities:
|
|
|
|
|
|
|
|
|
||||||
Grundy, VA
|
8.0%
|
2032
|
$31,000
|
|
$
|
4,396
|
|
$
|
3,019
|
|
|
|
||
Virginia Beach, VA
|
8.0%
|
2031
|
$31,000
|
|
3,814
|
|
2,715
|
|
|
|
||||
Lexington, VA
|
8.0%
|
2032
|
$21,000
|
|
3,089
|
|
1,939
|
|
|
|
||||
Brookneal, VA
|
8.0%
|
2031
|
$21,000
|
|
2,780
|
|
1,906
|
|
|
|
||||
Laurel Fork, VA
|
8.0%
|
2030
|
$20,000
|
|
2,672
|
|
1,834
|
|
|
|
||||
Front Royal, VA
|
9.6%
|
2027
|
$22,000
|
|
2,367
|
|
1,524
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Assisted living facility in Owatonna, MN
|
7.5%
|
2018
|
$38,000
|
|
5,033
|
|
3,593
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
Construction Loan:
|
|
|
|
|
|
|
|
|
||||||
Issaquah, WA
|
8.0%
|
2020
|
Interest Only
|
|
55,411
|
|
55,411
|
|
|
|
||||
Issaquah, WA
|
6.8%
|
2025
|
Interest Only
|
|
28,000
|
|
28,000
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
Assisted living facilities:
|
|
|
|
|
|
|
|
|
||||||
Naples, FL
|
12.0%
|
2016
|
Interest Only
|
|
2,500
|
|
2,500
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
$
|
102,441
|
|
|
$
|
—
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
|
|||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
|
|||||||||||
(in thousands)
|
|||||||||||
|
December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Reconciliation of mortgage loans on real estate
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
34,850
|
|
|
$
|
34,926
|
|
|
$
|
68,214
|
|
Additions:
|
|
|
|
|
|
||||||
New mortgage loans
|
83,411
|
|
|
1,131
|
|
|
1,369
|
|
|||
Total Additions
|
83,411
|
|
|
1,131
|
|
|
1,369
|
|
|||
|
|
|
|
|
|
||||||
Deductions:
|
|
|
|
|
|
||||||
Settlement of mortgage note by real estate acquisition
|
—
|
|
|
—
|
|
|
13,741
|
|
|||
Impairment of mortgage note
|
—
|
|
|
—
|
|
|
4,037
|
|
|||
Collection of principal, less recoveries of previous write-downs
|
15,820
|
|
|
1,207
|
|
|
16,879
|
|
|||
Total Deductions
|
15,820
|
|
|
1,207
|
|
|
34,657
|
|
|||
|
|
|
|
|
|
||||||
Balance at end of period
|
$
|
102,441
|
|
|
$
|
34,850
|
|
|
$
|
34,926
|
|
SECTION 1.
|
AUTHORIZATION OF NOTES 1
|
Section 1.1.
|
Amount; Establishment of Series 1
|
Section 1.2.
|
The Series 2015-1 Notes 2
|
SECTION 2.
|
SALE AND PURCHASE OF NOTES 3
|
SECTION 3.
|
CLOSING 3
|
SECTION 4.
|
CONDITIONS TO CLOSING 3
|
Section 4.1.
|
Representations and Warranties 3
|
Section 4.2.
|
Performance; No Default 4
|
Section 4.3.
|
Certificates 4
|
Section 4.4.
|
Opinions of Counsel 4
|
Section 4.5.
|
Guaranty Agreements 5
|
Section 4.6.
|
Purchase Permitted By Applicable Law, Etc 5
|
Section 4.7.
|
Sale of Other Notes 5
|
Section 4.8.
|
Payment of Special Counsel Fees 5
|
Section 4.9.
|
Private Placement Number 5
|
Section 4.10.
|
Changes in Corporate Structure 5
|
Section 4.11.
|
Funding Instructions 5
|
Section 4.12.
|
Consents and Amendments 6
|
Section 4.13.
|
Proceedings and Documents 6
|
SECTION 5.
|
REPRESENTATIONS AND WARRANTIES OF THE COMPANY 6
|
Section 5.1.
|
Existence, Qualification and Power 6
|
Section 5.2.
|
Authorization; No Contravention 6
|
Section 5.3.
|
Governmental Authorization; Consents 6
|
Section 5.4.
|
Binding Effect 6
|
Section 5.5.
|
Financial Statements; No Material Adverse Effect 7
|
Section 5.6.
|
Litigation 7
|
Section 5.7.
|
No Default 7
|
Section 5.8.
|
Ownership of Property; Liens 7
|
Section 5.9.
|
Environmental Compliance 7
|
Section 5.10.
|
Insurance 7
|
Section 5.11.
|
Taxes 8
|
Section 5.12.
|
ERISA Compliance 8
|
Section 5.13.
|
Subsidiaries 9
|
Section 5.14.
|
Disclosure 9
|
Section 5.15.
|
Compliance with Law 9
|
Section 5.16.
|
Margin Regulations; Investment Company Act; Etc 9
|
Section 5.17.
|
Solvency 10
|
Section 5.18.
|
Permits; Franchises 10
|
Section 5.19.
|
Material Agreements 10
|
Section 5.20.
|
REIT Status 10
|
Section 5.21.
|
Lease Property 10
|
Section 5.22.
|
Intellectual Property Matters 11
|
Section 5.23.
|
Employee Relations 11
|
Section 5.24.
|
Burdensome Provisions 11
|
Section 5.25.
|
[Reserved] 11
|
Section 5.26.
|
Private Offering by the Company 11
|
Section 5.27.
|
Foreign Assets Control Regulations, Etc 11
|
Section 5.28.
|
Organization; Power and Authority 13
|
SECTION 6.
|
REPRESENTATIONS OF THE PURCHASERS 13
|
Section 6.1.
|
Purchase for Investment 13
|
Section 6.2.
|
Source of Funds 14
|
SECTION 7.
|
GUARANTIES 15
|
SECTION 8.
|
PAYMENT AND PREPAYMENT OF THE NOTES 16
|
Section 8.1.
|
Maturity 16
|
Section 8.2.
|
Optional Prepayments with Make-Whole Amount 16
|
Section 8.3.
|
Allocation of Partial Prepayments 16
|
Section 8.4.
|
Maturity; Surrender, Etc 16
|
Section 8.5.
|
Purchase of Notes 17
|
Section 8.6.
|
Make-Whole Amount 17
|
Section 8.7.
|
Payments Due on Non-Business Days 18
|
SECTION 9.
|
AFFIRMATIVE COVENANTS 19
|
Section 9.1.
|
Financial Statements; Budget 19
|
Section 9.2.
|
Certificates; Other Information 20
|
Section 9.3.
|
Notices 20
|
Section 9.4.
|
Payment of Obligations 21
|
Section 9.5.
|
Preservation of Existence, Etc 21
|
Section 9.6.
|
Maintenance of Properties 21
|
Section 9.7.
|
Maintenance of Insurance 21
|
Section 9.8.
|
Compliance with Law 21
|
Section 9.9.
|
Books and Records 22
|
Section 9.10.
|
Inspection Rights 22
|
Section 9.11.
|
Use of Proceeds 22
|
Section 9.12.
|
Financial Covenants 22
|
Section 9.13.
|
New Subsidiaries 22
|
Section 9.14.
|
Compliance with Agreements 23
|
Section 9.15.
|
Further Assurances 23
|
Section 9.16.
|
Status 23
|
Section 9.17.
|
Covenant to Secure Notes 24
|
Section 9.18.
|
Most Favored Lender Status 24
|
Section 9.19.
|
Information Required by Rule 144A 24
|
SECTION 10.
|
NEGATIVE COVENANTS 24
|
Section 10.1.
|
Liens 24
|
Section 10.2.
|
Investments 26
|
Section 10.3.
|
Indebtedness 28
|
Section 10.4.
|
Fundamental Changes 30
|
Section 10.5.
|
Dispositions 30
|
Section 10.6.
|
Change in Nature of Business 31
|
Section 10.7.
|
Transactions with Affiliates 31
|
Section 10.8.
|
Use of Proceeds; Margin Regulations 31
|
Section 10.9.
|
Burdensome Agreements 31
|
Section 10.10.
|
Dissolution, Etc 32
|
Section 10.11.
|
Sale and Leaseback Transactions (as Lessee) 33
|
Section 10.12.
|
Amendments of Certain Agreements 33
|
Section 10.13.
|
Restricted Payments 33
|
Section 10.14.
|
Accounting Change 33
|
Section 10.15.
|
Terrorism Sanctions Regulations 33
|
SECTION 11.
|
EVENTS OF DEFAULT 33
|
SECTION 12.
|
REMEDIES ON DEFAULT, ETC 36
|
Section 12.1.
|
Acceleration 36
|
Section 12.2.
|
Other Remedies 36
|
Section 12.3.
|
Rescission 37
|
Section 12.4.
|
No Waivers or Election of Remedies, Expenses, Etc 37
|
SECTION 13.
|
REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES 37
|
Section 13.1.
|
Registration of Notes 37
|
Section 13.2.
|
Transfer and Exchange of Notes 38
|
Section 13.3.
|
Replacement of Notes 38
|
SECTION 14.
|
PAYMENTS ON NOTES 39
|
Section 14.1.
|
Place of Payment 39
|
Section 14.2.
|
Home Office Payment 39
|
SECTION 15.
|
EXPENSES, INDEMNITY, ETC. 39
|
Section 15.1.
|
Transaction Expenses 39
|
Section 15.2.
|
Indemnification 40
|
Section 15.3.
|
Survival 40
|
SECTION 16.
|
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT. 41
|
SECTION 17.
|
AMENDMENT AND WAIVER. 41
|
Section 17.1.
|
Requirements 41
|
Section 17.2.
|
Solicitation of Holders of Notes 41
|
Section 17.3.
|
Binding Effect, Etc 42
|
Section 17.4.
|
Notes Held by Company, Etc 42
|
SECTION 18.
|
NOTICES 42
|
SECTION 19.
|
REPRODUCTION OF DOCUMENTS 43
|
SECTION 20.
|
CONFIDENTIAL INFORMATION. 43
|
SECTION 21.
|
SUBSTITUTION OF PURCHASER 44
|
SECTION 22.
|
MISCELLANEOUS 45
|
Section 22.1.
|
Successors and Assigns 45
|
Section 22.2.
|
Accounting Terms 45
|
Section 22.3.
|
Severability 46
|
Section 22.4.
|
Construction, Etc 46
|
Section 22.5.
|
Counterparts 46
|
Section 22.6.
|
Governing Law 46
|
Section 22.7.
|
Jurisdiction and Process; Waiver of Jury Trial 46
|
Section 22.8.
|
Rules of Interpretation 47
|
Section 22.9.
|
Accounting for Derivatives 48
|
Section 22.10.
|
Transaction References 48
|
Section 22.11.
|
Interest 48
|
SECTION 1.
|
AUTHORIZATION OF NOTES
.
|
1.1.
|
Amount; Establishment of Series.
|
SECTION 2.
|
SALE AND PURCHASE OF NOTES
.
|
SECTION 3.
|
CLOSING
.
|
SECTION 4.
|
CONDITIONS TO CLOSING
.
|
SECTION 5.
|
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
.
|
SECTION 6.
|
REPRESENTATIONS OF THE PURCHASERS
.
|
SECTION 7.
|
GUARANTIES
.
|
SECTION 8.
|
PAYMENT AND PREPAYMENT OF THE NOTES
.
|
SECTION 9.
|
AFFIRMATIVE COVENANTS
.
|
SECTION 10.
|
NEGATIVE COVENANTS
.
|
SECTION 11.
|
EVENTS OF DEFAULT
.
|
SECTION 12.
|
REMEDIES ON DEFAULT, ETC
.
|
SECTION 13.
|
REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES
.
|
SECTION 14.
|
PAYMENTS ON NOTES
.
|
SECTION 15.
|
EXPENSES, INDEMNITY, ETC.
|
SECTION 16.
|
SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT.
|
SECTION 17.
|
AMENDMENT AND WAIVER.
|
SECTION 18.
|
NOTICES
.
|
SECTION 19.
|
REPRODUCTION OF DOCUMENTS
.
|
SECTION 20.
|
CONFIDENTIAL INFORMATION.
|
SECTION 21.
|
SUBSTITUTION OF PURCHASER
.
|
SECTION 22.
|
MISCELLANEOUS
.
|
|
Entity Name
|
Entity Type
|
Jurisdiction
|
1.
|
NHI-Bickford RE, LLC
|
LLC
|
DE
|
2.
|
Wabash Bickford Cottage, L.L.C.
|
LLC
|
KS
|
3.
|
Bickford Master II, L.L.C.
|
LLC
|
KS
|
4.
|
Bickford of Carmel, LLC
|
LLC
|
KS
|
5.
|
Wabash Bickford Cottage Opco, LLC
|
LLC
|
KS
|
6.
|
Bickford of Crown Point, LLC
|
LLC
|
KS
|
7.
|
Bickford of Greenwood, LLC
|
LLC
|
KS
|
8.
|
Bickford Master I, L.L.C.
|
LLC
|
KS
|
9.
|
Bickford of Tinley Park, LLC
|
LLC
|
KS
|
10.
|
Bickford of Spotsylvania, LLC
|
LLC
|
KS
|
11.
|
Bickford of Chesterfield, LLC
|
LLC
|
KS
|
12.
|
Bickford of Lancaster, LLC
|
LLC
|
KS
|
|
Entity Name
|
Entity Type
|
Jurisdiction
|
1.
|
NHI/REIT, Inc.
|
Corporation
|
MD
|
2.
|
Florida Holdings IV, LLC
|
LLC
|
DE
|
3.
|
NHI/Anderson, LLC
|
LLC
|
DE
|
4.
|
NHI/Laurens, LLC
|
LLC
|
DE
|
5.
|
Texas NHI Investors, LLC
|
LLC
|
TX
|
6.
|
NHI of Paris, LLC
|
LLC
|
DE
|
7.
|
NHI of San Antonio, LLC
|
LLC
|
DE
|
8.
|
NHI of East Houston, LLC
|
LLC
|
DE
|
9.
|
NHI of Northwest Houston, LLC
|
LLC
|
DE
|
10.
|
NHI REIT of Alabama, L.P.
|
Limited Partnership
|
AL
|
11.
|
NHI-REIT of Arizona, Limited Partnership
|
Limited Partnership
|
AZ
|
12.
|
NHI-REIT of California, LP
|
Limited Partnership
|
CA
|
13.
|
NHI/REIT of Florida, L.P.
|
Limited Partnership
|
FL
|
14.
|
NHI-REIT of Florida, LLC
|
LLC
|
DE
|
15.
|
NHI-REIT of Georgia, L.P.
|
Limited Partnership
|
GA
|
16.
|
NHI-REIT of Idaho, L.P.
|
Limited Partnership
|
ID
|
17.
|
NHI-REIT of Minnesota, LLC
|
LLC
|
DE
|
18.
|
NHI-REIT of Missouri, LP
|
Limited Partnership
|
MO
|
19.
|
NHI-REIT of Northeast, LLC
|
LLC
|
DE
|
20.
|
NHI-REIT of New Jersey, L.P.
|
Limited Partnership
|
NJ
|
21.
|
NHI-REIT of Pennsylvania, L.P.
|
Limited Partnership
|
PA
|
22.
|
NHI-REIT of South Carolina, L.P.
|
Limited Partnership
|
SC
|
23.
|
NHI-REIT of Tennessee, LLC
|
LLC
|
TN
|
24.
|
NHI-REIT of Texas, L.P.
|
Limited Partnership
|
TX
|
25.
|
NHI-REIT of Virginia, L.P.
|
Limited Partnership
|
VA
|
26.
|
NHI Selah Properties, LLC
|
LLC
|
DE
|
27.
|
NHI of Ennis, LLC
|
LLC
|
DE
|
28.
|
NHI of Greenville, LLC
|
LLC
|
DE
|
29.
|
NHI of North Houston, LLC
|
LLC
|
DE
|
30.
|
NHI of West Houston, LLC
|
LLC
|
DE
|
31.
|
NHI-REIT of Washington, LLC
|
LLC
|
DE
|
32.
|
International Health Investors, Inc.
|
Corporation
|
MD
|
33.
|
NHI of Kyle, LLC
|
LLC
|
DE
|
34.
|
NHI-SS TRS, LLC
|
LLC
|
DE
|
35.
|
NHI PropCo, LLC
|
LLC
|
DE
|
36.
|
NHI-REIT of Oregon, LLC
|
LLC
|
DE
|
37.
|
NHI-REIT of Wisconsin, LLC
|
LLC
|
DE
|
38.
|
NHI-REIT of Ohio, LLC
|
LLC
|
DE
|
39.
|
NHI-REIT of Maryland, LLC
|
LLC
|
DE
|
40.
|
NHI-REIT of Next House, LLC
|
LLC
|
DE
|
41.
|
Myrtle Beach Retirement Residence LLC
|
LLC
|
OR
|
42.
|
Voorhees Retirement Residence LLC
|
LLC
|
OR
|
43.
|
NHI-REIT of Seaside, LLC
|
LLC
|
DE
|
44.
|
NHI-REIT of Axel, LLC
|
LLC
|
DE
|
45.
|
NHI-REIT of Michigan, LLC
|
LLC
|
DE
|
Exhibit 12.1
|
|
||||||||||||||||||
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
|
|||||||||||||||||||
RATIO OF COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
|
|||||||||||||||||||
(dollars in thousands)
|
|||||||||||||||||||
(unaudited)
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Year Ended
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations before adjustment for income or loss from equity investees
|
$
|
155,081
|
|
|
$
|
103,123
|
|
|
$
|
79,174
|
|
|
$
|
72,789
|
|
|
$
|
69,817
|
|
Add: State franchise taxes based on gross receipts
|
124
|
|
|
133
|
|
|
132
|
|
|
117
|
|
|
96
|
|
|||||
Add: Fixed charges
|
37,986
|
|
|
26,948
|
|
|
9,607
|
|
|
3,700
|
|
|
2,681
|
|
|||||
Add: Amortization of capitalized interest
|
57
|
|
|
112
|
|
|
9
|
|
|
1
|
|
|
—
|
|
|||||
Subtract: Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Subtract: Interest capitalized
|
(357
|
)
|
|
(576
|
)
|
|
(378
|
)
|
|
(208
|
)
|
|
(30
|
)
|
|||||
Total Earnings
|
$
|
192,891
|
|
|
$
|
129,740
|
|
|
$
|
88,544
|
|
|
$
|
76,399
|
|
|
$
|
72,564
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed Charges
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
34,216
|
|
|
$
|
23,302
|
|
|
$
|
8,523
|
|
|
$
|
3,172
|
|
|
$
|
2,070
|
|
Interest capitalized
|
357
|
|
|
576
|
|
|
378
|
|
|
208
|
|
|
30
|
|
|||||
Amortization of costs related to indebtedness
|
3,413
|
|
|
3,070
|
|
|
706
|
|
|
320
|
|
|
581
|
|
|||||
Total Fixed Charges
|
37,986
|
|
|
26,948
|
|
|
9,607
|
|
|
3,700
|
|
|
2,681
|
|
|||||
Preferred Stock Dividends
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Combined Fixed Charges and Preferred Stock Dividends
|
$
|
37,986
|
|
|
$
|
26,948
|
|
|
$
|
9,607
|
|
|
$
|
3,700
|
|
|
$
|
2,681
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of Earnings to Fixed Charges
|
5.08
|
|
|
4.81
|
|
|
9.22
|
|
|
20.65
|
|
|
27.07
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) There was no preferred stock outstanding for any of the periods presented.
|
|
|
|
|
|
|
|
|
|
1.
|
NHI/REIT, Inc.
|
MD
|
2.
|
Florida Holdings IV, LLC
|
DE
|
3.
|
NHI/Anderson, LLC
|
DE
|
4.
|
NHI/Laurens, LLC
|
DE
|
5.
|
Texas NHI Investors, LLC
|
TX
|
6.
|
NHI of Paris, LLC
|
DE
|
7.
|
NHI of San Antonio, LLC
|
DE
|
8.
|
NHI of East Houston, LLC
|
DE
|
9.
|
NHI of Northwest Houston, LLC
|
DE
|
10.
|
NHI REIT of Alabama, L.P.
|
AL
|
11.
|
NHI-REIT of Arizona, Limited Partnership
|
AZ
|
12.
|
NHI-REIT of California, LP
|
CA
|
13.
|
NHI/REIT of Florida, L.P.
|
FL
|
14.
|
NHI-REIT of Florida, LLC
|
DE
|
15.
|
NHI-REIT of Georgia, L.P.
|
GA
|
16.
|
NHI-REIT of Idaho, L.P.
|
ID
|
17.
|
NHI-REIT of Minnesota, LLC
|
DE
|
18.
|
NHI-REIT of Missouri, LP
|
MO
|
19.
|
NHI-REIT of Northeast, LLC
|
DE
|
20.
|
NHI-REIT of New Jersey, L.P.
|
NJ
|
21.
|
NHI-REIT of Pennsylvania, L.P.
|
PA
|
22.
|
NHI-REIT of South Carolina, L.P.
|
SC
|
23.
|
NHI-REIT of Tennessee, LLC
|
TN
|
24.
|
NHI-REIT of Texas, L.P.
|
TX
|
25.
|
NHI-REIT of Virginia, L.P.
|
VA
|
26.
|
NHI Selah Properties, LLC
|
DE
|
27.
|
NHI of Ennis, LLC
|
DE
|
28.
|
NHI of Greenville, LLC
|
DE
|
29.
|
NHI of North Houston, LLC
|
DE
|
30.
|
NHI of West Houston, LLC
|
DE
|
31.
|
NHI-REIT of Washington, LLC
|
DE
|
32.
|
International Health Investors, Inc.
|
MD
|
33.
|
NHI of Kyle, LLC
|
DE
|
34.
|
NHI-SS TRS, LLC
|
DE
|
35.
|
NHI PropCo, LLC
|
DE
|
36.
|
NHI-REIT of Oregon, LLC
|
DE
|
37.
|
NHI-REIT of Wisconsin, LLC
|
DE
|
38.
|
NHI-REIT of Ohio, LLC
|
DE
|
39.
|
NHI-REIT of Maryland, LLC
|
DE
|
40.
|
NHI-REIT of Next House, LLC
|
DE
|
41.
|
NHI-Bickford RE, LLC
|
DE
|
42.
|
Myrtle Beach Retirement Residence LLC
|
OR
|
1.
|
I have reviewed this annual report on Form 10-K of the registrant, National Health Investors, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 17, 2016
|
/s/ D. Eric Mendelsohn
|
|
|
D. Eric Mendelsohn
|
|
|
President and Chief Executive Officer
|
|
|
|
1.
|
I have reviewed this annual report on Form 10-K of the registrant, National Health Investors, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions) :
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
February 17, 2016
|
/s/ Roger R. Hopkins
|
|
|
Roger R. Hopkins
|
|
|
Chief Accounting Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
(a)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(b)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.
|
Date:
|
February 17, 2016
|
/s/ D. Eric Mendelsohn
|
|
|
D. Eric Mendelsohn
|
|
|
President and Chief Executive Officer,
|
|
|
|
|
||
|
||
|
||
Date:
|
February 17, 2016
|
/s/ Roger R. Hopkins
|
|
|
Roger R. Hopkins
|
|
|
Chief Accounting Officer
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
Balance
|
|
Additions
|
|
|
|
|
||||||||||||
|
Beginning
|
|
Charged to Costs
|
|
|
|
Balance
|
||||||||||||
|
of Period
|
|
and Expenses
1
|
|
Deductions
|
|
End of Period
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||
For the year ended December 31, 2015
|
|
|
|
|
|
|
|
||||||||||||
Loan loss allowance
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For the year ended December 31, 2014
|
|
|
|
|
|
|
|
||||||||||||
Loan loss allowance
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For the year ended December 31, 2013
|
|
|
|
|
|
|
|
||||||||||||
Loan loss allowance
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
||||||||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
Date
|
||||||||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
Subsequent to
|
|
|
Buildings &
|
|
|
Accumulated
|
Acquired/
|
||||||||||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
|
Depreciation
|
Constructed
|
||||||||||||||||||||
Skilled Nursing Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Anniston, AL
|
$
|
—
|
|
|
|
$
|
70
|
|
|
$
|
4,477
|
|
|
$
|
—
|
|
|
|
$
|
70
|
|
|
$
|
4,477
|
|
$
|
4,547
|
|
|
|
$
|
3,273
|
|
|
10/17/1991
|
||
Moulton, AL
|
—
|
|
|
|
25
|
|
|
688
|
|
|
—
|
|
|
|
25
|
|
|
688
|
|
713
|
|
|
|
688
|
|
|
10/17/1991
|
||||||||||
Avondale, AZ
|
—
|
|
|
|
453
|
|
|
6,678
|
|
|
—
|
|
|
|
453
|
|
|
6,678
|
|
7,131
|
|
|
|
3,408
|
|
|
8/13/1996
|
||||||||||
Brooksville, FL
|
—
|
|
|
|
1,217
|
|
|
16,166
|
|
|
—
|
|
|
|
1,217
|
|
|
16,166
|
|
17,383
|
|
|
|
2,391
|
|
|
2/1/2010
|
||||||||||
Crystal River, FL
|
—
|
|
|
|
912
|
|
|
12,117
|
|
|
—
|
|
|
|
912
|
|
|
12,117
|
|
13,029
|
|
|
|
1,792
|
|
|
2/1/2010
|
||||||||||
Dade City, FL
|
—
|
|
|
|
605
|
|
|
8,042
|
|
|
—
|
|
|
|
605
|
|
|
8,042
|
|
8,647
|
|
|
|
1,190
|
|
|
2/1/2010
|
||||||||||
Hudson, FL (2 facilities)
|
—
|
|
|
|
1,290
|
|
|
22,392
|
|
|
—
|
|
|
|
1,290
|
|
|
22,392
|
|
23,682
|
|
|
|
9,443
|
|
|
Various
|
||||||||||
Merritt Island, FL
|
—
|
|
|
|
701
|
|
|
8,869
|
|
|
—
|
|
|
|
701
|
|
|
8,869
|
|
9,570
|
|
|
|
6,740
|
|
|
10/17/1991
|
||||||||||
New Port Richey, FL
|
—
|
|
|
|
228
|
|
|
3,023
|
|
|
—
|
|
|
|
228
|
|
|
3,023
|
|
3,251
|
|
|
|
447
|
|
|
2/1/2010
|
||||||||||
Plant City, FL
|
—
|
|
|
|
405
|
|
|
8,777
|
|
|
—
|
|
|
|
405
|
|
|
8,777
|
|
9,182
|
|
|
|
6,762
|
|
|
10/17/1991
|
||||||||||
Stuart, FL
|
—
|
|
|
|
787
|
|
|
9,048
|
|
|
—
|
|
|
|
787
|
|
|
9,048
|
|
9,835
|
|
|
|
6,982
|
|
|
10/17/1991
|
||||||||||
Trenton, FL
|
—
|
|
|
|
851
|
|
|
11,312
|
|
|
—
|
|
|
|
851
|
|
|
11,312
|
|
12,163
|
|
|
|
1,673
|
|
|
2/1/2010
|
||||||||||
Glasgow, KY
|
—
|
|
|
|
33
|
|
|
2,110
|
|
|
—
|
|
|
|
33
|
|
|
2,110
|
|
2,143
|
|
|
|
1,953
|
|
|
10/17/1991
|
||||||||||
Greenfield, MA
|
—
|
|
|
|
370
|
|
|
4,341
|
|
|
—
|
|
|
|
370
|
|
|
4,341
|
|
4,711
|
|
|
|
267
|
|
|
8/30/2013
|
||||||||||
Holyoke, MA
|
—
|
|
|
|
110
|
|
|
943
|
|
|
—
|
|
|
|
110
|
|
|
943
|
|
1,053
|
|
|
|
61
|
|
|
8/30/2013
|
||||||||||
Quincy, MA
|
—
|
|
|
|
450
|
|
|
710
|
|
|
—
|
|
|
|
450
|
|
|
710
|
|
1,160
|
|
|
|
43
|
|
|
8/30/2013
|
||||||||||
Taunton, MA
|
—
|
|
|
|
900
|
|
|
5,906
|
|
|
—
|
|
|
|
900
|
|
|
5,906
|
|
6,806
|
|
|
|
367
|
|
|
8/30/2013
|
||||||||||
Desloge, MO
|
—
|
|
|
|
178
|
|
|
3,804
|
|
|
—
|
|
|
|
178
|
|
|
3,804
|
|
3,982
|
|
|
|
3,108
|
|
|
10/17/1991
|
||||||||||
Joplin, MO
|
—
|
|
|
|
175
|
|
|
4,034
|
|
|
—
|
|
|
|
175
|
|
|
4,034
|
|
4,209
|
|
|
|
2,599
|
|
|
10/17/1991
|
||||||||||
Kennett, MO
|
—
|
|
|
|
180
|
|
|
4,928
|
|
|
—
|
|
|
|
180
|
|
|
4,928
|
|
5,108
|
|
|
|
4,055
|
|
|
10/17/1991
|
||||||||||
Maryland Heights, MO
|
—
|
|
|
|
482
|
|
|
5,512
|
|
|
—
|
|
|
|
482
|
|
|
5,512
|
|
5,994
|
|
|
|
5,139
|
|
|
10/17/1991
|
||||||||||
St. Charles, MO
|
—
|
|
|
|
150
|
|
|
4,790
|
|
|
—
|
|
|
|
150
|
|
|
4,790
|
|
4,940
|
|
|
|
3,892
|
|
|
10/17/1991
|
||||||||||
Manchester, NH (2 facilities)
|
—
|
|
|
|
790
|
|
|
20,077
|
|
|
—
|
|
|
|
790
|
|
|
20,077
|
|
20,867
|
|
|
|
1,213
|
|
|
8/30/2013
|
||||||||||
Epsom, NH
|
—
|
|
|
|
630
|
|
|
2,191
|
|
|
—
|
|
|
|
630
|
|
|
2,191
|
|
2,821
|
|
|
|
141
|
|
|
8/30/2013
|
||||||||||
Albany, OR
|
—
|
|
|
|
190
|
|
|
10,415
|
|
|
—
|
|
|
|
190
|
|
|
10,415
|
|
10,605
|
|
|
|
556
|
|
|
3/31/2014
|
||||||||||
Creswell, OR
|
—
|
|
|
|
470
|
|
|
8,946
|
|
|
—
|
|
|
|
470
|
|
|
8,946
|
|
9,416
|
|
|
|
480
|
|
|
3/31/2014
|
||||||||||
Forest Grove, OR
|
—
|
|
|
|
540
|
|
|
11,848
|
|
|
—
|
|
|
|
540
|
|
|
11,848
|
|
12,388
|
|
|
|
607
|
|
|
3/31/2014
|
||||||||||
Anderson, SC
|
—
|
|
|
|
308
|
|
|
4,643
|
|
|
—
|
|
|
|
308
|
|
|
4,643
|
|
4,951
|
|
|
|
4,099
|
|
|
10/17/1991
|
||||||||||
Greenwood, SC
|
—
|
|
|
|
222
|
|
|
3,457
|
|
|
—
|
|
|
|
222
|
|
|
3,457
|
|
3,679
|
|
|
|
2,990
|
|
|
10/17/1991
|
||||||||||
Laurens, SC
|
—
|
|
|
|
42
|
|
|
3,426
|
|
|
—
|
|
|
|
42
|
|
|
3,426
|
|
3,468
|
|
|
|
2,759
|
|
|
10/17/1991
|
||||||||||
Orangeburg, SC
|
—
|
|
|
|
300
|
|
|
3,714
|
|
|
—
|
|
|
|
300
|
|
|
3,714
|
|
4,014
|
|
|
|
740
|
|
|
9/25/2008
|
||||||||||
Athens, TN
|
—
|
|
|
|
38
|
|
|
1,463
|
|
|
—
|
|
|
|
38
|
|
|
1,463
|
|
1,501
|
|
|
|
1,322
|
|
|
10/17/1991
|
||||||||||
Chattanooga, TN
|
—
|
|
|
|
143
|
|
|
2,309
|
|
|
—
|
|
|
|
143
|
|
|
2,309
|
|
2,452
|
|
|
|
2,098
|
|
|
10/17/1991
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
||||||||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
Date
|
||||||||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
Subsequent to
|
|
|
Buildings &
|
|
|
Accumulated
|
Acquired/
|
||||||||||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
|
Depreciation
|
Constructed
|
||||||||||||||||||||
Dickson, TN
|
—
|
|
|
|
90
|
|
|
3,541
|
|
|
—
|
|
|
|
90
|
|
|
3,541
|
|
3,631
|
|
|
|
2,860
|
|
|
10/17/1991
|
||||||||||
Franklin, TN
|
—
|
|
|
|
47
|
|
|
1,130
|
|
|
—
|
|
|
|
47
|
|
|
1,130
|
|
1,177
|
|
|
|
986
|
|
|
10/17/1991
|
||||||||||
Hendersonville, TN
|
—
|
|
|
|
363
|
|
|
3,837
|
|
|
—
|
|
|
|
363
|
|
|
3,837
|
|
4,200
|
|
|
|
2,765
|
|
|
10/17/1991
|
||||||||||
Johnson City, TN
|
—
|
|
|
|
85
|
|
|
1,918
|
|
|
—
|
|
|
|
85
|
|
|
1,918
|
|
2,003
|
|
|
|
1,825
|
|
|
10/17/1991
|
||||||||||
Lewisburg, TN (2 facilities)
|
—
|
|
|
|
46
|
|
|
994
|
|
|
—
|
|
|
|
46
|
|
|
994
|
|
1,040
|
|
|
|
942
|
|
|
10/17/1991
|
||||||||||
McMinnville, TN
|
—
|
|
|
|
73
|
|
|
3,618
|
|
|
—
|
|
|
|
73
|
|
|
3,618
|
|
3,691
|
|
|
|
2,887
|
|
|
10/17/1991
|
||||||||||
Milan, TN
|
—
|
|
|
|
41
|
|
|
1,826
|
|
|
—
|
|
|
|
41
|
|
|
1,826
|
|
1,867
|
|
|
|
1,589
|
|
|
10/17/1991
|
||||||||||
Pulaski, TN
|
—
|
|
|
|
53
|
|
|
3,921
|
|
|
—
|
|
|
|
53
|
|
|
3,921
|
|
3,974
|
|
|
|
3,187
|
|
|
10/17/1991
|
||||||||||
Lawrenceburg, TN
|
—
|
|
|
|
98
|
|
|
2,900
|
|
|
—
|
|
|
|
98
|
|
|
2,900
|
|
2,998
|
|
|
|
2,168
|
|
|
10/17/1991
|
||||||||||
Dunlap, TN
|
—
|
|
|
|
35
|
|
|
3,679
|
|
|
—
|
|
|
|
35
|
|
|
3,679
|
|
3,714
|
|
|
|
2,752
|
|
|
10/17/1991
|
||||||||||
Smithville, TN
|
—
|
|
|
|
35
|
|
|
3,816
|
|
|
—
|
|
|
|
35
|
|
|
3,816
|
|
3,851
|
|
|
|
3,022
|
|
|
10/18/1991
|
||||||||||
Somerville, TN
|
—
|
|
|
|
26
|
|
|
677
|
|
|
—
|
|
|
|
26
|
|
|
677
|
|
703
|
|
|
|
653
|
|
|
10/19/1991
|
||||||||||
Sparta, TN
|
—
|
|
|
|
80
|
|
|
1,602
|
|
|
—
|
|
|
|
80
|
|
|
1,602
|
|
1,682
|
|
|
|
1,353
|
|
|
10/20/1991
|
||||||||||
Canton, TX
|
—
|
|
|
|
420
|
|
|
12,330
|
|
|
—
|
|
|
|
420
|
|
|
12,330
|
|
12,750
|
|
|
|
1,091
|
|
|
4/18/2013
|
||||||||||
Corinth, TX
|
—
|
|
|
|
1,075
|
|
|
13,935
|
|
|
—
|
|
|
|
1,075
|
|
|
13,935
|
|
15,010
|
|
|
|
1,326
|
|
|
4/18/2013
|
||||||||||
Ennis, TX
|
—
|
|
|
|
986
|
|
|
9,025
|
|
|
—
|
|
|
|
986
|
|
|
9,025
|
|
10,011
|
|
|
|
1,335
|
|
|
10/31/2011
|
||||||||||
Greenville, TX
|
—
|
|
|
|
1,800
|
|
|
13,948
|
|
|
—
|
|
|
|
1,800
|
|
|
13,948
|
|
15,748
|
|
|
|
1,855
|
|
|
10/31/2011
|
||||||||||
Houston, TX (4 facilities)
|
—
|
|
|
|
3,458
|
|
|
57,061
|
|
|
—
|
|
|
|
3,458
|
|
|
57,061
|
|
60,519
|
|
|
|
9,462
|
|
|
Various
|
||||||||||
Kyle, TX
|
—
|
|
|
|
1,096
|
|
|
12,279
|
|
|
—
|
|
|
|
1,096
|
|
|
12,279
|
|
13,375
|
|
|
|
1,546
|
|
|
6/11/2012
|
||||||||||
Paris, TX
|
—
|
|
|
|
60
|
|
|
12,040
|
|
|
—
|
|
|
|
60
|
|
|
12,040
|
|
12,100
|
|
|
|
2,383
|
|
|
6/30/2009
|
||||||||||
San Antonio, TX
|
—
|
|
|
|
300
|
|
|
12,150
|
|
|
—
|
|
|
|
300
|
|
|
12,150
|
|
12,450
|
|
|
|
2,610
|
|
|
6/30/2009
|
||||||||||
Bristol, VA
|
—
|
|
|
|
176
|
|
|
2,511
|
|
|
—
|
|
|
|
176
|
|
|
2,511
|
|
2,687
|
|
|
|
2,042
|
|
|
10/17/1991
|
||||||||||
|
—
|
|
|
|
24,688
|
|
|
399,894
|
|
|
—
|
|
|
|
24,688
|
|
|
399,894
|
|
424,582
|
|
424,582
|
|
|
|
133,917
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Assisted Living Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Rainbow City, AL
|
—
|
|
|
|
670
|
|
|
11,330
|
|
|
—
|
|
|
|
670
|
|
|
11,330
|
|
12,000
|
|
|
|
738
|
|
|
10/31/2013
|
||||||||||
Gilbert, AZ
|
—
|
|
|
|
451
|
|
|
3,142
|
|
|
79
|
|
|
|
451
|
|
|
3,221
|
|
3,672
|
|
|
|
1,358
|
|
|
12/31/1998
|
||||||||||
Glendale, AZ
|
—
|
|
|
|
387
|
|
|
3,823
|
|
|
58
|
|
|
|
387
|
|
|
3,881
|
|
4,268
|
|
|
|
1,645
|
|
|
12/31/1998
|
||||||||||
Tucson, AZ (2 facilities)
|
—
|
|
|
|
919
|
|
|
6,656
|
|
|
190
|
|
|
|
919
|
|
|
6,846
|
|
7,765
|
|
|
|
2,879
|
|
|
12/31/1998
|
||||||||||
Sacramento, CA
|
—
|
|
|
|
660
|
|
|
10,840
|
|
|
—
|
|
|
|
660
|
|
|
10,840
|
|
11,500
|
|
|
|
490
|
|
|
6/1/2014
|
||||||||||
Bartow, FL
|
—
|
|
|
|
225
|
|
|
3,192
|
|
|
—
|
|
|
|
225
|
|
|
3,192
|
|
3,417
|
|
|
|
493
|
|
|
11/30/2010
|
||||||||||
Lakeland, FL
|
—
|
|
|
|
250
|
|
|
3,167
|
|
|
—
|
|
|
|
250
|
|
|
3,167
|
|
3,417
|
|
|
|
491
|
|
|
11/30/2010
|
||||||||||
Maitland, FL
|
—
|
|
|
|
1,687
|
|
|
5,428
|
|
|
—
|
|
|
|
1,687
|
|
|
5,428
|
|
7,115
|
|
|
|
2,963
|
|
|
8/6/1996
|
||||||||||
St. Cloud, FL
|
—
|
|
|
|
307
|
|
|
3,117
|
|
|
—
|
|
|
|
307
|
|
|
3,117
|
|
3,424
|
|
|
|
483
|
|
|
11/30/2010
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
||||||||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
Date
|
||||||||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
Subsequent to
|
|
|
Buildings &
|
|
|
Accumulated
|
Acquired/
|
||||||||||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
|
Depreciation
|
Constructed
|
||||||||||||||||||||
Greensboro, GA
|
—
|
|
|
|
572
|
|
|
4,849
|
|
|
731
|
|
|
|
572
|
|
|
5,580
|
|
6,152
|
|
|
|
580
|
|
|
9/15/2011
|
||||||||||
Ames, IA
|
3,193
|
|
|
|
360
|
|
|
4,670
|
|
|
—
|
|
|
|
360
|
|
|
4,670
|
|
5,030
|
|
|
|
335
|
|
|
6/28/2013
|
||||||||||
Burlington, IA
|
3,901
|
|
|
|
200
|
|
|
8,374
|
|
|
—
|
|
|
|
200
|
|
|
8,374
|
|
8,574
|
|
|
|
602
|
|
|
6/28/2013
|
||||||||||
Cedar Falls, IA
|
4,013
|
|
|
|
260
|
|
|
4,700
|
|
|
30
|
|
|
|
260
|
|
|
4,730
|
|
4,990
|
|
|
|
343
|
|
|
6/28/2013
|
||||||||||
Clinton, IA
|
2,777
|
|
|
|
133
|
|
|
3,215
|
|
|
60
|
|
|
|
133
|
|
|
3,275
|
|
3,408
|
|
|
|
477
|
|
|
6/30/2010
|
||||||||||
Ft. Dodge, IA
|
4,008
|
|
|
|
100
|
|
|
7,208
|
|
|
—
|
|
|
|
100
|
|
|
7,208
|
|
7,308
|
|
|
|
506
|
|
|
6/28/2013
|
||||||||||
Iowa City, IA
|
2,521
|
|
|
|
297
|
|
|
2,725
|
|
|
33
|
|
|
|
297
|
|
|
2,758
|
|
3,055
|
|
|
|
464
|
|
|
6/30/2010
|
||||||||||
Marshalltown, IA
|
5,714
|
|
|
|
240
|
|
|
6,208
|
|
|
—
|
|
|
|
240
|
|
|
6,208
|
|
6,448
|
|
|
|
443
|
|
|
6/28/2013
|
||||||||||
Muscatine, IA
|
—
|
|
|
|
140
|
|
|
1,802
|
|
|
—
|
|
|
|
140
|
|
|
1,802
|
|
1,942
|
|
|
|
146
|
|
|
6/28/2013
|
||||||||||
Urbandale, IA
|
8,113
|
|
|
|
540
|
|
|
4,292
|
|
|
—
|
|
|
|
540
|
|
|
4,292
|
|
4,832
|
|
|
|
324
|
|
|
6/28/2013
|
||||||||||
Caldwell, ID
|
—
|
|
|
|
320
|
|
|
9,353
|
|
|
—
|
|
|
|
320
|
|
|
9,353
|
|
9,673
|
|
|
|
493
|
|
|
3/31/2014
|
||||||||||
Weiser, ID
|
—
|
|
|
|
20
|
|
|
2,433
|
|
|
—
|
|
|
|
20
|
|
|
2,433
|
|
2,453
|
|
|
|
191
|
|
|
12/21/2012
|
||||||||||
Aurora, IL
|
—
|
|
|
|
1,196
|
|
|
682
|
|
|
—
|
|
|
|
1,196
|
|
|
682
|
|
1,878
|
|
|
|
—
|
|
|
Under Construction
|
||||||||||
Bourbonnais, IL
|
7,974
|
|
|
|
170
|
|
|
16,594
|
|
|
15
|
|
|
|
170
|
|
|
16,609
|
|
16,779
|
|
|
|
1,157
|
|
|
6/28/2013
|
||||||||||
Moline, IL
|
3,896
|
|
|
|
250
|
|
|
5,630
|
|
|
—
|
|
|
|
250
|
|
|
5,630
|
|
5,880
|
|
|
|
407
|
|
|
6/28/2013
|
||||||||||
Peoria, IL
|
4,199
|
|
|
|
403
|
|
|
4,532
|
|
|
248
|
|
|
|
403
|
|
|
4,780
|
|
5,183
|
|
|
|
765
|
|
|
10/19/2009
|
||||||||||
Quincy, IL
|
6,055
|
|
|
|
360
|
|
|
12,403
|
|
|
—
|
|
|
|
360
|
|
|
12,403
|
|
12,763
|
|
|
|
864
|
|
|
6/28/2013
|
||||||||||
Rockford, IL
|
6,412
|
|
|
|
390
|
|
|
12,575
|
|
|
—
|
|
|
|
390
|
|
|
12,575
|
|
12,965
|
|
|
|
902
|
|
|
6/28/2013
|
||||||||||
Springfield, IL
|
15,386
|
|
|
|
450
|
|
|
19,355
|
|
|
—
|
|
|
|
450
|
|
|
19,355
|
|
19,805
|
|
|
|
1,346
|
|
|
6/28/2013
|
||||||||||
Tinley Park, IL
|
—
|
|
|
|
1,618
|
|
|
5,172
|
|
|
—
|
|
|
|
1,618
|
|
|
5,172
|
|
6,790
|
|
|
|
—
|
|
|
Under Construction
|
||||||||||
Carmel, IN
|
—
|
|
|
|
574
|
|
|
7,336
|
|
|
353
|
|
|
|
574
|
|
|
7,689
|
|
8,263
|
|
|
|
294
|
|
|
11/12/2014
|
||||||||||
Crawfordsville, IN
|
2,559
|
|
|
|
300
|
|
|
3,134
|
|
|
—
|
|
|
|
300
|
|
|
3,134
|
|
3,434
|
|
|
|
230
|
|
|
6/28/2013
|
||||||||||
Crown Point, IN
|
—
|
|
|
|
791
|
|
|
7,020
|
|
|
227
|
|
|
|
791
|
|
|
7,247
|
|
8,038
|
|
|
|
546
|
|
|
10/30/2013
|
||||||||||
Greenwood, IN
|
—
|
|
|
|
463
|
|
|
6,810
|
|
|
245
|
|
|
|
463
|
|
|
7,055
|
|
7,518
|
|
|
|
535
|
|
|
11/7/2013
|
||||||||||
Lafayette, IN
|
—
|
|
|
|
546
|
|
|
4,583
|
|
|
—
|
|
|
|
546
|
|
|
4,583
|
|
5,129
|
|
|
|
674
|
|
|
6/30/2010
|
||||||||||
Wabash, IN
|
—
|
|
|
|
320
|
|
|
2,242
|
|
|
—
|
|
|
|
320
|
|
|
2,242
|
|
2,562
|
|
|
|
184
|
|
|
6/28/2013
|
||||||||||
Mission, KS
|
—
|
|
|
|
1,901
|
|
|
17,310
|
|
|
561
|
|
|
|
1,901
|
|
|
17,871
|
|
19,772
|
|
|
|
1,979
|
|
|
9/30/2012
|
||||||||||
Overland Park, KS
|
—
|
|
|
|
2,199
|
|
|
20,026
|
|
|
—
|
|
|
|
2,199
|
|
|
20,026
|
|
22,225
|
|
|
|
2,289
|
|
|
9/30/2012
|
||||||||||
Bastrop, LA
|
—
|
|
|
|
325
|
|
|
2,456
|
|
|
—
|
|
|
|
325
|
|
|
2,456
|
|
2,781
|
|
|
|
369
|
|
|
4/30/2011
|
||||||||||
Bossier City, LA
|
—
|
|
|
|
500
|
|
|
3,344
|
|
|
—
|
|
|
|
500
|
|
|
3,344
|
|
3,844
|
|
|
|
528
|
|
|
4/30/2011
|
||||||||||
Minden, LA
|
—
|
|
|
|
280
|
|
|
1,698
|
|
|
—
|
|
|
|
280
|
|
|
1,698
|
|
1,978
|
|
|
|
253
|
|
|
4/30/2011
|
||||||||||
West Monroe, LA
|
—
|
|
|
|
770
|
|
|
5,627
|
|
|
—
|
|
|
|
770
|
|
|
5,627
|
|
6,397
|
|
|
|
794
|
|
|
4/30/2011
|
||||||||||
Baltimore, MD
|
—
|
|
|
|
860
|
|
|
8,078
|
|
|
533
|
|
|
|
860
|
|
|
8,611
|
|
9,471
|
|
|
|
485
|
|
|
10/31/2013
|
||||||||||
Battle Creek, MI
|
3,066
|
|
|
|
398
|
|
|
3,093
|
|
|
197
|
|
|
|
398
|
|
|
3,290
|
|
3,688
|
|
|
|
530
|
|
|
10/19/2009
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
||||||||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
Date
|
||||||||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
Subsequent to
|
|
|
Buildings &
|
|
|
Accumulated
|
Acquired/
|
||||||||||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
|
Depreciation
|
Constructed
|
||||||||||||||||||||
Lansing, MI
|
6,651
|
|
|
|
340
|
|
|
7,908
|
|
|
174
|
|
|
|
340
|
|
|
8,082
|
|
8,422
|
|
|
|
1,338
|
|
|
10/19/2009
|
||||||||||
Midland, MI
|
5,794
|
|
|
|
504
|
|
|
6,612
|
|
|
162
|
|
|
|
504
|
|
|
6,774
|
|
7,278
|
|
|
|
1,070
|
|
|
10/19/2009
|
||||||||||
Saginaw, MI
|
3,814
|
|
|
|
248
|
|
|
4,212
|
|
|
162
|
|
|
|
248
|
|
|
4,374
|
|
4,622
|
|
|
|
706
|
|
|
10/19/2009
|
||||||||||
Champlin, MN
|
—
|
|
|
|
980
|
|
|
4,430
|
|
|
—
|
|
|
|
980
|
|
|
4,430
|
|
5,410
|
|
|
|
775
|
|
|
3/10/2010
|
||||||||||
Hugo, MN
|
—
|
|
|
|
400
|
|
|
3,800
|
|
|
—
|
|
|
|
400
|
|
|
3,800
|
|
4,200
|
|
|
|
648
|
|
|
3/10/2010
|
||||||||||
Maplewood, MN
|
—
|
|
|
|
1,700
|
|
|
6,510
|
|
|
—
|
|
|
|
1,700
|
|
|
6,510
|
|
8,210
|
|
|
|
1,130
|
|
|
3/10/2010
|
||||||||||
North Branch, MN
|
—
|
|
|
|
595
|
|
|
2,985
|
|
|
—
|
|
|
|
595
|
|
|
2,985
|
|
3,580
|
|
|
|
564
|
|
|
3/10/2010
|
||||||||||
Charlotte, NC
|
—
|
|
|
|
650
|
|
|
17,896
|
|
|
—
|
|
|
|
650
|
|
|
17,896
|
|
18,546
|
|
|
|
244
|
|
|
7/1/2015
|
||||||||||
Grand Island, NE
|
4,463
|
|
|
|
370
|
|
|
5,029
|
|
|
219
|
|
|
|
370
|
|
|
5,248
|
|
5,618
|
|
|
|
373
|
|
|
6/28/2013
|
||||||||||
Lincoln, NE
|
8,418
|
|
|
|
380
|
|
|
10,904
|
|
|
—
|
|
|
|
380
|
|
|
10,904
|
|
11,284
|
|
|
|
753
|
|
|
6/28/2013
|
||||||||||
Omaha, NE
|
2,455
|
|
|
|
480
|
|
|
7,039
|
|
|
—
|
|
|
|
480
|
|
|
7,039
|
|
7,519
|
|
|
|
493
|
|
|
6/28/2013
|
||||||||||
Lancaster, OH
|
—
|
|
|
|
530
|
|
|
20,530
|
|
|
—
|
|
|
|
530
|
|
|
20,530
|
|
21,060
|
|
|
|
264
|
|
|
7/31/2015
|
||||||||||
Marysville, OH
|
—
|
|
|
|
1,250
|
|
|
13,950
|
|
|
—
|
|
|
|
1,250
|
|
|
13,950
|
|
15,200
|
|
|
|
1,059
|
|
|
7/1/2013
|
||||||||||
Middletown, OH
|
9,311
|
|
|
|
940
|
|
|
15,548
|
|
|
—
|
|
|
|
940
|
|
|
15,548
|
|
16,488
|
|
|
|
528
|
|
|
10/31/2014
|
||||||||||
Milwaukie, OR
|
—
|
|
|
|
370
|
|
|
5,283
|
|
|
33
|
|
|
|
370
|
|
|
5,316
|
|
5,686
|
|
|
|
176
|
|
|
9/30/2014
|
||||||||||
Ontario, OR (2 facilities)
|
—
|
|
|
|
428
|
|
|
6,128
|
|
|
—
|
|
|
|
428
|
|
|
6,128
|
|
6,556
|
|
|
|
485
|
|
|
12/21/2012
|
||||||||||
Portland, OR
|
—
|
|
|
|
500
|
|
|
6,272
|
|
|
—
|
|
|
|
500
|
|
|
6,272
|
|
6,772
|
|
|
|
62
|
|
|
8/31/2015
|
||||||||||
Conway, SC
|
—
|
|
|
|
344
|
|
|
2,877
|
|
|
94
|
|
|
|
344
|
|
|
2,971
|
|
3,315
|
|
|
|
1,253
|
|
|
12/31/1998
|
||||||||||
Gallatin, TN
|
—
|
|
|
|
326
|
|
|
2,277
|
|
|
61
|
|
|
|
326
|
|
|
2,338
|
|
2,664
|
|
|
|
989
|
|
|
3/31/1999
|
||||||||||
Kingsport, TN
|
—
|
|
|
|
354
|
|
|
2,568
|
|
|
66
|
|
|
|
354
|
|
|
2,634
|
|
2,988
|
|
|
|
1,111
|
|
|
12/31/1998
|
||||||||||
Tullahoma, TN
|
—
|
|
|
|
191
|
|
|
2,216
|
|
|
57
|
|
|
|
191
|
|
|
2,273
|
|
2,464
|
|
|
|
941
|
|
|
3/31/1999
|
||||||||||
Fredericksburg, VA
|
—
|
|
|
|
1,615
|
|
|
3,110
|
|
|
—
|
|
|
|
1,615
|
|
|
3,110
|
|
4,725
|
|
|
|
—
|
|
|
Under Construction
|
||||||||||
Midlothian, VA
|
—
|
|
|
|
1,646
|
|
|
2,229
|
|
|
—
|
|
|
|
1,646
|
|
|
2,229
|
|
3,875
|
|
|
|
—
|
|
|
Under Construction
|
||||||||||
Beaver Dam, WI
|
—
|
|
|
|
210
|
|
|
20,149
|
|
|
—
|
|
|
|
210
|
|
|
20,149
|
|
20,359
|
|
|
|
1,743
|
|
|
12/21/2012
|
||||||||||
|
124,693
|
|
|
|
39,153
|
|
|
460,686
|
|
|
4,588
|
|
|
|
39,153
|
|
|
465,274
|
|
504,427
|
|
504,427
|
|
|
|
48,280
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Independent Living Facilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Rogers, AR
|
—
|
|
|
|
1,470
|
|
|
25,282
|
|
|
—
|
|
|
|
1,470
|
|
|
25,282
|
|
26,752
|
|
|
|
1,383
|
|
|
12/23/2013
|
||||||||||
Fort Smith, AR
|
—
|
|
|
|
590
|
|
|
22,447
|
|
|
—
|
|
|
|
590
|
|
|
22,447
|
|
23,037
|
|
|
|
1,223
|
|
|
12/23/2013
|
||||||||||
Pinole, CA
|
—
|
|
|
|
1,020
|
|
|
18,066
|
|
|
—
|
|
|
|
1,020
|
|
|
18,066
|
|
19,086
|
|
|
|
984
|
|
|
12/23/2013
|
||||||||||
West Covina, CA
|
—
|
|
|
|
940
|
|
|
20,280
|
|
|
—
|
|
|
|
940
|
|
|
20,280
|
|
21,220
|
|
|
|
1,090
|
|
|
12/23/2013
|
||||||||||
Hemet, CA
|
—
|
|
|
|
1,250
|
|
|
12,645
|
|
|
—
|
|
|
|
1,250
|
|
|
12,645
|
|
13,895
|
|
|
|
718
|
|
|
12/23/2013
|
||||||||||
Fresno, CA
|
—
|
|
|
|
420
|
|
|
10,899
|
|
|
—
|
|
|
|
420
|
|
|
10,899
|
|
11,319
|
|
|
|
627
|
|
|
12/23/2013
|
||||||||||
Merced, CA
|
—
|
|
|
|
350
|
|
|
18,712
|
|
|
—
|
|
|
|
350
|
|
|
18,712
|
|
19,062
|
|
|
|
1,024
|
|
|
12/23/2013
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
|||||||||||||||||||||||||||||||||||||
December 31, 2015
|
|||||||||||||||||||||||||||||||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
Costs
|
|
Gross Amount at Which
|
|
|
||||||||||||||||||||||||||
|
|
|
Initial Cost to Company
|
|
Capitalized
|
|
Carried at Close of Period
|
|
Date
|
||||||||||||||||||||||||||||
|
|
|
|
|
Buildings &
|
Subsequent to
|
|
|
Buildings &
|
|
|
Accumulated
|
Acquired/
|
||||||||||||||||||||||||
|
Encumbrances
|
|
Land
|
|
Improvements
|
|
Acquisition
|
|
Land
|
|
Improvements
|
|
Total
|
|
|
Depreciation
|
Constructed
|
||||||||||||||||||||
Roseville, CA
|
—
|
|
|
|
630
|
|
|
31,343
|
|
|
—
|
|
|
|
630
|
|
|
31,343
|
|
31,973
|
|
|
|
1,687
|
|
|
12/23/2013
|
||||||||||
Modesto, CA
|
—
|
|
|
|
1,170
|
|
|
22,673
|
|
|
—
|
|
|
|
1,170
|
|
|
22,673
|
|
23,843
|
|
|
|
1,218
|
|
|
12/23/2013
|
||||||||||
Athens, GA
|
—
|
|
|
|
910
|
|
|
31,940
|
|
|
—
|
|
|
|
910
|
|
|
31,940
|
|
32,850
|
|
|
|
1,722
|
|
|
12/23/2013
|
||||||||||
Columbus, GA
|
—
|
|
|
|
570
|
|
|
8,639
|
|
|
—
|
|
|
|
570
|
|
|
8,639
|
|
9,209
|
|
|
|
505
|
|
|
12/23/2013
|
||||||||||
Savannah, GA
|
—
|
|
|
|
1,200
|
|
|
15,851
|
|
|
—
|
|
|
|
1,200
|
|
|
15,851
|
|
17,051
|
|
|
|
880
|
|
|
12/23/2013
|
||||||||||
Boise, ID
|
—
|
|
|
|
400
|
|
|
12,422
|
|
|
—
|
|
|
|
400
|
|
|
12,422
|
|
12,822
|
|
|
|
690
|
|
|
12/23/2013
|
||||||||||
Fort Wayne, IN
|
—
|
|
|
|
310
|
|
|
12,864
|
|
|
—
|
|
|
|
310
|
|
|
12,864
|
|
13,174
|
|
|
|
736
|
|
|
12/23/2013
|
||||||||||
Kenner, LA
|
—
|
|
|
|
310
|
|
|
24,259
|
|
|
—
|
|
|
|
310
|
|
|
24,259
|
|
24,569
|
|
|
|
1,301
|
|
|
12/23/2013
|
||||||||||
St. Charles, MO
|
—
|
|
|
|
344
|
|
|
3,181
|
|
|
—
|
|
|
|
344
|
|
|
3,181
|
|
3,525
|
|
|
|
2,339
|
|
|
10/17/1991
|
||||||||||
Voorhees, NJ
|
—
|
|
|
|
670
|
|
|
23,710
|
|
|
—
|
|
|
|
670
|
|
|
23,710
|
|
24,380
|
|
|
|
1,270
|
|
|
12/23/2013
|
||||||||||
Gahanna, OH
|
—
|
|
|
|
920
|
|
|
22,919
|
|
|
—
|
|
|
|
920
|
|
|
22,919
|
|
23,839
|
|
|
|
1,258
|
|
|
12/23/2013
|
||||||||||
Broken Arrow, OK
|
—
|
|
|
|
2,660
|
|
|
18,476
|
|
|
—
|
|
|
|
2,660
|
|
|
18,476
|
|
21,136
|
|
|
|
1,026
|
|
|
12/23/2013
|
||||||||||
Newberg, OR
|
—
|
|
|
|
1,080
|
|
|
19,187
|
|
|
—
|
|
|
|
1,080
|
|
|
19,187
|
|
20,267
|
|
|
|
1,059
|
|
|
12/23/2013
|
||||||||||
Myrtle Beach, SC
|
—
|
|
|
|
1,310
|
|
|
26,229
|
|
|
—
|
|
|
|
1,310
|
|
|
26,229
|
|
27,539
|
|
|
|
1,408
|
|
|
12/23/2013
|
||||||||||
Greenville, SC
|
—
|
|
|
|
560
|
|
|
16,547
|
|
|
—
|
|
|
|
560
|
|
|
16,547
|
|
17,107
|
|
|
|
920
|
|
|
12/23/2013
|
||||||||||
Johnson City, TN
|
—
|
|
|
|
55
|
|
|
4,077
|
|
|
—
|
|
|
|
55
|
|
|
4,077
|
|
4,132
|
|
|
|
2,684
|
|
|
10/17/1991
|
||||||||||
Chattanooga, TN
|
—
|
|
|
|
9
|
|
|
1,567
|
|
|
—
|
|
|
|
9
|
|
|
1,567
|
|
1,576
|
|
|
|
1,184
|
|
|
10/17/1991
|
||||||||||
Bellevue, WA
|
—
|
|
|
|
780
|
|
|
18,692
|
|
|
—
|
|
|
|
780
|
|
|
18,692
|
|
19,472
|
|
|
|
1,012
|
|
|
12/23/2013
|
||||||||||
Vancouver, WA (2 facilities)
|
—
|
|
|
|
1,740
|
|
|
23,411
|
|
|
—
|
|
|
|
1,740
|
|
|
23,411
|
|
25,151
|
|
|
|
1,312
|
|
|
12/23/2013
|
||||||||||
Yakima, WA
|
—
|
|
|
|
440
|
|
|
14,186
|
|
|
—
|
|
|
|
440
|
|
|
14,186
|
|
14,626
|
|
|
|
780
|
|
|
12/23/2013
|
||||||||||
|
—
|
|
|
|
22,108
|
|
|
480,504
|
|
|
—
|
|
|
|
22,108
|
|
|
480,504
|
|
502,612
|
|
502,612
|
|
|
|
32,040
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Senior Living Campuses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Loma Linda, CA
|
—
|
|
|
|
1,200
|
|
|
10,800
|
|
|
7,326
|
|
|
|
1,200
|
|
|
18,126
|
|
19,326
|
|
|
|
1,049
|
|
|
9/28/2012
|
||||||||||
Maitland, FL
|
—
|
|
|
|
2,318
|
|
|
9,161
|
|
|
301
|
|
|
|
2,318
|
|
|
9,462
|
|
11,780
|
|
|
|
5,626
|
|
|
8/6/1996
|
||||||||||
West Palm Beach, FL
|
—
|
|
|
|
2,771
|
|
|
4,286
|
|
|
—
|
|
|
|
2,771
|
|
|
4,286
|
|
7,057
|
|
|
|
3,687
|
|
|
8/6/1996
|
||||||||||
Nampa, ID
|
—
|
|
|
|
243
|
|
|
4,182
|
|
|
—
|
|
|
|
243
|
|
|
4,182
|
|
4,425
|
|
|
|
2,153
|
|
|
8/13/1996
|
||||||||||
Indianapolis, IN
|
—
|
|
|
|
1,810
|
|
|
24,571
|
|
|
—
|
|
|
|
1,810
|
|
|
24,571
|
|
26,381
|
|
|
|
345
|
|
|
7/1/2015
|
||||||||||
Roscommon, MI
|
—
|
|
|
|
44
|
|
|
6,005
|
|
|
—
|
|
|
|
44
|
|
|
6,005
|
|
6,049
|
|
|
|
62
|
|
|
8/31/2015
|
||||||||||
Mt. Airy, NC
|
—
|
|
|
|
1,370
|
|
|
7,470
|
|
|
—
|
|
|
|
1,370
|
|
|
7,470
|
|
8,840
|
|
|
|
222
|
|
|
12/17/2014
|
||||||||||
Madison, TN
|
—
|
|
|
|
920
|
|
|
21,826
|
|
|
—
|
|
|
|
920
|
|
|
21,826
|
|
22,746
|
|
|
|
301
|
|
|
7/1/2015
|
||||||||||
Silverdale, WA
|
—
|
|
|
|
1,750
|
|
|
23,860
|
|
|
2,166
|
|
|
|
1,750
|
|
|
26,026
|
|
27,776
|
|
|
|
2,410
|
|
|
8/16/2012
|
||||||||||
|
—
|
|
|
|
12,426
|
|
|
112,161
|
|
|
9,793
|
|
|
|
12,426
|
|
|
121,954
|
|
134,380
|
|
134,380
|
|
|
|
15,855
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NATIONAL HEALTH INVESTORS, INC.
|
||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
|
||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
|
||||||||||||||
(in thousands)
|
||||||||||||||
|
December 31,
|
|||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||
Investment in Real Estate:
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
$
|
1,988,849
|
|
|
|
$
|
1,422,002
|
|
|
|
$
|
698,536
|
|
|
Additions through cash expenditures
|
124,113
|
|
|
|
533,171
|
|
|
|
654,670
|
|
|
|||
Change in property additions in accounts payable
|
1,076
|
|
|
|
(
|
995
|
|
)
|
|
3,086
|
|
|
||
Additions through contingent liabilities
|
750
|
|
|
|
3,000
|
|
|
|
1,600
|
|
|
|||
Additions through assumption of debt
|
255
|
|
|
|
7,858
|
|
|
|
80,528
|
|
|
|||
Tax deferred exchange funds applied to investment in real estate
|
—
|
|
|
|
23,813
|
|
|
|
—
|
|
|
|||
Settlement of contingent asset acquisition liability
|
(
|
3,000
|
|
)
|
|
—
|
|
|
|
—
|
|
|
||
Additions through settlement of mortgage note
|
|
—
|
|
|
|
—
|
|
|
|
13,741
|
|
|
||
Sale of properties for cash
|
(
|
13,563
|
|
)
|
|
—
|
|
|
|
(
|
30,159
|
|
)
|
|
Reclassification to assets held for sale, net
|
(
|
2,614
|
|
)
|
|
—
|
|
|
|
—
|
|
|
||
Balance at end of period
|
$
|
2,095,866
|
|
|
|
$
|
1,988,849
|
|
|
|
$
|
1,422,002
|
|
|
|
|
|
|
|
|
|||||||||
Accumulated Depreciation:
|
|
|
|
|
|
|||||||||
Balance at beginning of period
|
$
|
212,300
|
|
|
|
$
|
174,262
|
|
|
|
$
|
163,146
|
|
|
Addition charged to costs and expenses
|
53,123
|
|
|
|
38,038
|
|
|
|
20,658
|
|
|
|||
Sale of properties
|
(
|
5,096
|
|
)
|
|
—
|
|
|
|
(
|
9,542
|
|
)
|
|
Reclassification to assets held for sale
|
(
|
1,268
|
|
)
|
|
—
|
|
|
|
—
|
|
|
||
Balance at end of period
|
$
|
259,059
|
|
|
|
$
|
212,300
|
|
|
|
$
|
174,262
|
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
|
|||||||||||||||
December 31, 2015
|
|||||||||||||||
|
|
|
Monthly
|
|
|
|
|
Amount Subject To
|
|||||||
|
Interest
|
Maturity
|
Payment
|
Prior
|
Original
|
Carrying
|
|
Delinquent Principal
|
|||||||
|
Rate
|
Date
|
Terms
|
Liens
|
Face Amount
|
Amount
|
|
or Interest
|
|||||||
|
|
|
|
|
(in thousands)
|
|
|
||||||||
First Mortgages:
|
|
|
|
|
|
|
|
|
|||||||
Skilled nursing facilities:
|
|
|
|
|
|
|
|
|
|||||||
Grundy, VA
|
8.0%
|
2032
|
$31,000
|
|
$
|
4,396
|
|
$
|
3,019
|
|
|
|
|||
Virginia Beach, VA
|
8.0%
|
2031
|
$31,000
|
|
3,814
|
|
2,715
|
|
|
|
|||||
Lexington, VA
|
8.0%
|
2032
|
$21,000
|
|
3,089
|
|
1,939
|
|
|
|
|||||
Brookneal, VA
|
8.0%
|
2031
|
$21,000
|
|
2,780
|
|
1,906
|
|
|
|
|||||
Laurel Fork, VA
|
8.0%
|
2030
|
$20,000
|
|
2,672
|
|
1,834
|
|
|
|
|||||
Front Royal, VA
|
9.6%
|
2027
|
$22,000
|
|
2,367
|
|
1,524
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Assisted living facility in Owatonna, MN
|
7.5%
|
2018
|
$38,000
|
|
5,033
|
|
3,593
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||
Construction Loan:
|
|
|
|
|
|
|
|
|
|||||||
Issaquah, WA
|
8.0%
|
2020
|
Interest Only
|
|
55,411
|
|
55,411
|
|
|
|
|||||
Issaquah, WA
|
6.8%
|
2025
|
Interest Only
|
|
28,000
|
|
28,000
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||
Assisted living facilities:
|
|
|
|
|
|
|
|
|
|||||||
Naples, FL
|
12.0%
|
2016
|
Interest Only
|
|
2,500
|
|
2,500
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
$
|
102,441
|
|
|
$
|
—
|
|
|
NATIONAL HEALTH INVESTORS, INC.
|
|||||||||||||
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
|
|||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
|
|||||||||||||
(in thousands)
|
|||||||||||||
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||
Reconciliation of mortgage loans on real estate
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
34,850
|
|
|
|
$
|
34,926
|
|
|
|
$
|
68,214
|
|
Additions:
|
|
|
|
|
|
||||||||
New mortgage loans
|
83,411
|
|
|
|
1,131
|
|
|
|
1,369
|
|
|||
Total Additions
|
83,411
|
|
|
|
1,131
|
|
|
|
1,369
|
|
|||
|
|
|
|
|
|
||||||||
Deductions:
|
|
|
|
|
|
||||||||
Settlement of mortgage note by real estate acquisition
|
—
|
|
|
|
—
|
|
|
|
13,741
|
|
|||
Impairment of mortgage note
|
—
|
|
|
|
—
|
|
|
|
4,037
|
|
|||
Collection of principal, less recoveries of previous write-downs
|
15,820
|
|
|
|
1,207
|
|
|
|
16,879
|
|
|||
Total Deductions
|
15,820
|
|
|
|
1,207
|
|
|
|
34,657
|
|
|||
|
|
|
|
|
|
||||||||
Balance at end of period
|
$
|
102,441
|
|
|
|
$
|
34,850
|
|
|
|
$
|
34,926
|
|