8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 7, 2009 (August 7, 2009)
National Health Investors, Inc.
(Exact name of Registrant as specified in its charter)
Maryland
(State or Other Jurisdiction of Incorporation)
001-10822	62-1470956
(Commission File No.)	(IRS Employer
	Identification Number)
222 Robert Rose Drive
Murfreesboro, TN 37129
(Address of principal executive offices, including zip code)
(615) 890-9100
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Item 2.02.   Results of Operations and Financial Condition.

On August 7, 2009, National Health Investors, Inc. issued a press release announcing its second quarter results.  A copy of the full press release is filed an Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01.   Financial Statements and Exhibits.

Exhibit Index

Number	Exhibit
99.1	Press release, dated August 7, 2009

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	National Health Investors, Inc.
	By:  /s/Roger R. Hopkins
	Name: Roger R. Hopkins
	Title: Chief Accounting Officer
Date: August 7, 2009

EX-99

Exhibit 99

For Release: August 7, 2009

Contact: Roger R Hopkins, Chief Accounting Officer

Phone: (615) 890-9100

NHI reports second quarter results

MURFREESBORO, Tenn. - National Health Investors, Inc. (NYSE:NHI) announced today its funds from operations (“FFO”) and net income for the three and six months ended June 30, 2009.

Second Quarter Highlights:

·

FFO increased from $16,716,000 to $17,326,000 or 3.7% compared to the same period in 2008

·

Net income increased from $14,793,000 to $15,415,000 or 4.2% compared to the same period in 2008

·

Invested $43.7 million in three skilled nursing facilities and a mortgage note receivable and committed to purchase a fourth skilled nursing facility in August 2009 for $15.8 million

FFO for the three months ended June 30, 2009 was $17,326,000 or $0.63 per basic and diluted common share compared to $16,716,000 or $0.60 per basic and diluted common share for the same period in 2008 an increase of 3.7%.  Net income for the three months ended June 30, 2009 was $15,415,000 or $0.55 per basic and diluted common share compared to net income of $14,793,000 or $0.53 per basic and diluted common share for the same period in 2008, an increase of 4.2%.

During the second quarter, NHI invested $39.8 million in the purchase of three skilled nursing facilities in Texas and committed to purchase a fourth facility for $15.8 million in August 2009, which it has done.  NHI also invested $3.9 million in a discounted mortgage note receivable.

FFO for the six months ended June 30, 2009 was $34,304,000 or $1.24 per basic and diluted common share compared to $32,041,000 or $1.15 per basic and diluted common share for the same period in 2008, an increase of 7.1%.  Net income for the six months ended June 30, 2009 was $30,464,000 or $1.10 per basic and diluted common share, compared to $28,192,000 or $1.02 per basic and $1.01 per diluted common share for the same period in 2008, an increase of 8.1%.

National Health Investors, Inc. is a real estate investment trust (REIT) that specializes in the financing of health care real estate by first mortgage and by purchase and leaseback transactions.  The common stock of the company trades on the New York Stock Exchange with the symbol NHI.  Additional information including NHI's most recent press releases may be obtained on NHI's web site at www.nhinvestors.com.

Statements in this press release that are not historical facts are forward-looking statements. NHI cautions investors that any forward-looking statements may involve risks and uncertainties and are not guarantees of future performance. All forward-looking statements represent NHI's judgment as of the date of this release.

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Page 2 NHI’s Second Quarter 2009 Results

Condensed Statements of Income
(in thousands, except share and per share amounts)
	Three months ended		Six months ended
	June 30, 2009	June 30, 2008	June 30, 2009	June 30, 2008
Revenues:
Rental income	$       13,487	$       13,835	$       27,516	$       26,797
Mortgage interest income	2,590	2,417	4,503	4,814
	16,077	16,252	32,019	31,611
Expenses:
Interest expense	24	80	62	185
Depreciation	1,942	2,004	3,892	4,011
Amortization of loan costs	4	4	8	8
Legal expense	485	597	936	731
Franchise, excise and other taxes	139	194	414	417
General and administrative	1,257	341	2,845	1,788
Loan and realty losses (recoveries)	-	-	(640)	-
	3,851	3,220	7,517	7,140
Income Before Non-Operating Income	12,226	13,032	24,502	24,471
Non-operating income (investment interest and other)	1,700	1,785	3,872	3,763
Income From Continuing Operations	13,926	14,817	29,016	28,234
Discontinued Operations
Income from operations - discontinued	1,489	(24)	2,090	(42)
Net income	$       15,415	$         14,793	$       30,464	$       28,192
Weighted average common shares outstanding:
Basic	27,578,000	27,753,051	27,576,272	27,741,868
Diluted	27,592,050	27,777,291	27,587,139	27,781,858
Earnings per share:
Basic:
Income from continuing operations	$           0.50	$           0.53	$           1.03	$           1.02
Discontinued operations	0.05	-	0.07	-
Net income available to common stockholders	$           0.55	$           0.53	$           1.10	$           1.02
Diluted:
Income from continuing operations	$           0.50	$           0.53	$           1.03	$           1.01
Discontinued operations	0.05	-	0.07	-
Net income available to common stockholders	$           0.55	$           0.53	$           1.10	$           1.01
Funds from operations	$       17,326	$       16,716	$       34,304	$       32,041
Funds from operations per common share
Basic	$           0.63	$           0.60	$           1.24	$           1.15
Diluted	$           0.63	$           0.60	$           1.24	$           1.15
Quarterly dividend declared per common share	$           0.55	$           0.55	$           1.10	$           1.10
In accordance with Statement of Financial Accounting Standard No. 144, the results of operations for facilities sold, including the gain or loss on such sales, have been reported in the current and prior periods as discontinued operations.

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Page 3 NHI’s Second Quarter 2009 Results

Selected Balance Sheet Data
(in thousands)
	June 30, 2009	December 31, 2008
Real estate properties, net	$       217,956	$                    181,332
Mortgages receivable, net	105,745	108,640
Preferred stock investment, at cost	38,132	38,132
Cash and cash equivalents	65,254	100,242
Marketable securities	23,726	26,594
Bonds payable	2,762	3,987
Stockholders' equity	430,424	429,615

Reconciliation of Funds From Operations (1)(2)
The following table reconciles net income to funds from operations available to common stockholders:
(in thousands, except share and per share amounts)
		Three months ended		Six months ended
		June 30, 2009	June 30, 2008	June 30, 2009	June 30, 2008
Net income		$         15,415	$         14,793	$         30,464	$         28,192
Elimination of non-cash items in net income:
	Real estate depreciation	1,911	1,910	3,840	3,823
	Real estate depreciation in discontinued operations	-	13	-	26
Funds from operations		$         17,326	$         16,716	$         34,304	$         32,041
Basic funds from operations per share		$              0.63	$              0.60	$              1.24	$              1.15
Diluted funds from operations per share		$              0.63	$              0.60	$              1.24	$              1.15
Shares for basic funds from operations per share		27,578,000	27,753,051	27,576,272	27,741,868
Shares for diluted funds from operations per share		27,592,050	27,777,291	27,587,139	27,781,858
	(1) Management believes that funds from operations (FFO) is an important supplemental measure of operating performance for a real estate investment trust.  Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time.  Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative, and should be supplemented with a measure such as FFO.  The term FFO was designed by the real estate investment trust industry to address this issue.  Our measure may not be comparable to similarly titled measures used by other REITs. & nbsp;Consequently, our funds from operations may not provide a meaningful measure of our performance as compared to that of other REITs.  Since other REITs may not use our definition of FFO, caution should be exercised when comparing our Company’s FFO to that of other REITs.  FFO does not represent cash generated from operating activities in accordance with GAAP (funds from operations does not include changes in operating assets and liabilities) and therefore should not be considered an alternative to net earnings as an indication of operating performance, or to net cash flow from operating activities as determined by GAAP in the United States, as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs.
	(2) Our computations above are intended to comply with the SEC’s interpretation that recurring impairments taken on real property may not be added back to net income in the calculation of FFO.  The SEC’s position is that recurring impairments on real property are not an appropriate adjustment.

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Page 4 NHI’s Second Quarter 2009 Results

National Health Investors, Inc.
Investments in Real Estate (excluding corporate office) and Mortgage Notes Receivable
June 30, 2009
Portfolio Statistics			Investment
		Properties	Percentage	Investment
	Real Estate Properties	75	67.3%	$      217,166,000
	Mortgages and Notes Receivables	50	32.7%	105,745,000
	Total Real Estate Portfolio	121	100.0%	$      322,911,000
Real Estate Properties		Properties	Beds	Investment
	Long Term Care Centers	52	7,158	$      139,450,000
	Assisted Living Facilities	14	1,141	55,280,000
	Medical Office Buildings	4	124,427 sq.ft.	8,938,000
	Independent Living Facilities	4	456	7,354,000
	Hospitals	1	55	6,144,000
	Total Real Estate Properties	75		$      217,166,000
Mortgage Notes Receivables		Properties	Beds	Investment
	Long Term Care Centers	32	3,481	$        98,193,000
	Assisted Living	1	70	$          3,911,000
	Developmentally Disabled	17	108	3,641,000
	Total Mortgage Notes Receivable	50	3,659	105,745,000
	Total Real Estate Portfolio	125		$      322,911,000
Summary of Facilities by Type:
			Investment
		Properties	Percentage	Investment
	Long Term Care Centers	84	73.6%	$      237,643,000
	Assisted Living Facilities	15	18.3%	59,191,000
	Medical Office Buildings	4	2.8%	8,938,000
	Independent Living Facilities	4	2.3%	7,354,000
	Hospitals	1	1.9%	6,144,000
	Developmentally Disabled	17	1.1%	3,641,000
	Total Real Estate Portfolio	125	100.0%	$      322,911,000

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Page 5 NHI’s Second Quarter 2009 Results

Portfolio by Operator Type
			Investment
		Properties	Percentage	Investment
	Public	65	27.9%	$        90,356,000
	Regional	51	62.7%	202,351,000
	Small Operator	9	9.4%	30,204,000
		125	100.0%	$      322,911,000

Public Operators
			Investment
		Investment	Percentage
	National HealthCare Corp.	$    55,269,000	17.0%
	Sunrise Senior Living, Inc.	12,122,000	3.8%
	Community Health Systems, Inc.	11,520,000	3.6%
	Sun Healthcare Group, Inc.	7,804,000	2.4%
	Res-Care, Inc.	3,641,000	1.1%
	Total Public Operators	$    90,356,000	27.9%

National Health Investors, Inc.    Summary of Facilities by State    June 30. 2009
									Percent
		Asst.		Independent		Dev.		Investment	Total
	LTC	Living	MOB	Living	Hospitals	Disab.	Total	Amount	Portfolio
Texas	11	-	2	-	-	-	13	$       86,426,000	26.8%
Florida	11	4	1	-	-	14	30	70,372,000	21.8%
Tennessee	20	3	-	2	-	3	28	25,287,000	7.8%
Missouri	8	-	-	1	-	-	9	19,977,000	6.2%
Arizona	1	4	-	-	-	-	5	16,644,000	5.1%
Virginia	7	-	-	-	-	-	7	15,989,000	4.9%
Massachusetts	4	-	-	-	-	-	4	13,939,000	4.3%
Kansas	5	-	-	-	-	-	5	13,297,000	4.1%
New Jersey	-	1	-	-	-	-	1	12,122,000	3.8%
South Carolina	4	1	-	-	-	-	5	10,335,000	3.2%
New Hampshire	3	-	-	-	-	-	3	8,463,000	2.6%
Georgia	5	-	-	-	-	-	5	7,282,000	2.3%
Kentucky	2	-	-	-	1	-	3	6,959,000	2.2%
Idaho	1	-	-	1	-	-	2	4,740,000	1.5%
Pennsylvania	-	1	-	-	-	-	1	4,020,000	1.2%
Minnesota	-	1	-	-	-	-	1	3,911,000	1.2%
Alabama	2	-	-	-	-	-	2	1,810,000	0.6%
Illinois	-	-	1	-	-	-	1	1,338,000	0.4%
	84	15	4	4	1	17	125	$    322,911,000	100.0%

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