10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

(Mark One)
[ x ]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2015
[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________

Commission File Number 001-10822

National Health Investors, Inc.

(Exact name of registrant as specified in its charter)

Maryland	62-1470956
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
222 Robert Rose Drive, Murfreesboro, Tennessee	37129
(Address of principal executive offices)	(Zip Code)

(615) 890-9100

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ x ] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) Yes [ x ] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer          [ x ]	Accelerated filer                      [ ]
Non-accelerated filer            [ ]	Smaller reporting company     [ ]
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ x ]

There were 37,566,221 shares of common stock outstanding of the registrant as of May 6, 2015.

EXPLANATORY NOTE

This amendment on Form 10-Q/A contains only the cover page, this explanatory note, the signature page and Exhibit 101. The sole purpose of this Amendment to the Registrant’s Quarterly Report on Form 10-Q for the period ended March 31, 2015 (the “10-Q”), as filed with the Securities and Exchange Commission on May 7, 2015, is to include eXtensible Business Reporting Language (XBRL) information in Exhibit 101 that was excluded from the timely filed Original Filing, as provided for under Rule 405 of the SEC’s Regulation S-T. This Amendment does not reflect events or transactions occurring after the date of the Original Filing or modify or update those disclosures that may have been affected by events or transactions occurring subsequent to such filing date, and, except as described above, all information included in the Original Filing remains unchanged.

Exhibit 101 provides the following items formatted in XBRL: (1) Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014; (2) Condensed Consolidated Statements of Income for the Quarters Ended March 31, 2015 and 2014; (3) Condensed Consolidated Statements of Comprehensive Income for the Quarters Ended March 31, 2015 and 2014; (4) Condensed Consolidated Statements of Equity for the Quarters Ended March 31, 2015 and 2014; (5) Condensed Consolidated Statements of Cash Flows for the Quarters Ended March 31, 2015 and 2014; and (6) Notes to Condensed Consolidated Financial Statements.

SIGNATURES

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

		NATIONAL HEALTH INVESTORS, INC.
		(Registrant)
Date:	May 15, 2015	/s/ J. Justin Hutchens
		J. Justin Hutchens
		President, Chief Executive Officer,
		and Director
Date:	May 15, 2015	/s/ Roger R. Hopkins
		Roger R. Hopkins
		Chief Accounting Officer
		(Principal Financial Officer and Principal Accounting Officer)

Item 6. Exhibits.

Exhibit No.	Description
*101.INS	XBRL Instance Document
*101.SCH	XBRL Taxonomy Extension Schema Document
*101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
*101.LAB	XBRL Taxonomy Extension Label Linkbase Document
*101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
*101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

* As provided in Rule 406T of Regulation S-T, this information shall not be deemed “filed” for purposes of Sections 11 and 12 of the Securities Act and Section 18 of the Securities Exchange Act or otherwise subject to liability under those sections.

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Debt Debt (Schedule of Maturities of Long-term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Schedule of Maturities of Long-term Debt [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	$ 749
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	774
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three	801
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four	108,328
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five	856
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	796,244
Long-term Debt, Gross	907,752
Debt Instrument, Unamortized Discount	(8,332)
Debt, Long-term and Short-term, Combined Amount	$ 899,420	$ 862,726

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Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	$ 0	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	0	0
Fair Value, Measurements with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements)	0	(400)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business Combination, Contingent Consideration, Liability			3,000	2,600
Business Combination, Contingent Consideration, Liability	$ 3,000		$ 3,000	$ 2,600

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Earnings and Dividends Per Share (Summary Of Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 29,683	$ 23,533
BASIC:
Weighted Average Number of Shares Outstanding, Basic	37,558,067	33,051,415
Net income per common share attributable to common stockholders	$ 0.79	$ 0.71
DILUTED:
Weighted average common shares outstanding, diluted	37,558,067	33,051,415
Stock options, diluted	68,257	33,817
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	18,941	0
Average dilutive common shares outstanding	37,645,265	33,085,232
Net income per common share attributable to common stockholders	$ 0.79	$ 0.71
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the market price for our common shares	5,666	40,153
Common Stock, Dividends, Per Share, Declared	$ 0.85	$ 0.77

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Mortgage And Other Notes Receivable (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Mortgage and other notes receivable, net	$ 101,529,000	$ 63,630,000
Number of health care properties related to mortgage notes receivables	12
Allowance for Doubtful Accounts Receivable	0
Secured By Real Estate [Member]
Mortgage and other notes receivable, net	71,521,000
Not Secured By Real Estate [Member]
Mortgage and other notes receivable, net	30,008,000
Life Care Services [Member]
Notes Receivable, Total Borrowings, Master Credit Agreement	154,500,000
Notes Receivable, Number Of Loans, Master Credit Agreement	2
Purchase Option, Amount, Minimum	115,000,000
Purchase Option, Period, Months	0 years 0 months 120 days
Purchase Option, Open Period, Begin, Note Year	5 years 0 months 0 days
Senior Living Communities [Member]
Mortgage and other notes receivable, net	3,725,000
Loans and Lease Receivable, Maximum Revolving Amount	15,000,000
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes	5,000,000
Loans Receivable, Basis Spread on Variable Rate	6.00%
Bickford Note Investment [Member]
Mortgage and other notes receivable, net	9,200,000
Number of health care properties related to mortgage notes receivables	6
Number of Units in Real Estate Property	342
Note Receivable Interest Rate	12.00%
Purchase Option Amount	97,000,000
Note A [Member] | Life Care Services [Member]
Mortgage and other notes receivable, net	28,000,000
Notes Receivable, Total Borrowings, Master Credit Agreement	60,000,000
Note Receivable, First Note Year For Rate Escalator	P3Y0M0D
Loan Term	10 years 0 months 0 days
Note Receivable, Prepayment, Disallowance Period	3 years 0 months 0 days
Note Receivable, Prepayment Penalty, Rate	5.00%
Note Receivable, Prepayment Penalty, Rate Decrease	1.00%
Note Receivable, Prepayment Allowance Period, Master Credit Agreement	0 years 6 months 0 days
Notes Receivable, Interest Rate, Master Credit Agreement	6.75%
Loans And Leases Receivable, Commitment, Fixed Rates, Escalator, Basis Points	10
Note B [Member] | Life Care Services [Member]
Mortgage and other notes receivable, net	11,280,000
Notes Receivable, Total Borrowings, Master Credit Agreement	94,500,000
Loan Term	5 years 0 months 0 days
Notes Receivable, Interest Rate, Master Credit Agreement	8.00%
Note Receivable, Expected Funding Period	0 years 20 months 0 days
Revolving Credit Facility [Member] | Bickford Note Investment [Member]
Mortgage and other notes receivable, net	359,000
Loans and Lease Receivable, Maximum Revolving Amount	$ 500,000
Note Receivable Interest Rate	10.00%

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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

Deferred Compensation Arrangements [Abstract]

Schedule of Stock Option Activity

The following table summarizes our outstanding stock options:

	Three Months Ended
	March 31,
	2015		2014
Options outstanding January 1,	871,671		516,674
Options granted under 2012 Plan	450,000		400,000
Options granted under 2005 Plan	20,000		—
Options exercised under 2012 Plan	(421,657	)	—
Options exercised under 2005 Plan	(50,002	)	(3,334	)
Options outstanding, March 31,	870,012		913,340
Exercisable at March 31,	596,664		686,659

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Debt (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015 properties	Mar. 31, 2014	Dec. 31, 2014	Jan. 15, 2015
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed	$ 893,000	$ 2,296,000
Unsecured Debt	250,000,000		250,000,000
Proceeds from convertible senior notes	0	200,000,000
Line of Credit Facility, Maximum Borrowing Capacity	700,000,000
Debt Instrument, Convertible, Conversion Ratio	13.926
Convertible Debt Instrument, Conversion Ratio, Principal Amount, Basis	1,000
Debt Instrument, Convertible, Conversion Price	$ 71.81
Debt Instrument, Convertible, Number of Equity Instruments	2,785,200
Weighted Average Number of Shares Outstanding, Diluted	37,645,265	33,085,232
Convertible Debt	193,308,000	192,238,000	193,037,000
Debt Instrument, Convertible, Carrying Amount of Equity Component	7,762,000
Debt Instrument, Interest Rate, Effective Percentage	3.90%
Unamortized Debt Issuance Expense	12,452,000		11,491,000
Debt Instrument, Variable Interest Rate, Reference Rate, Basis Points	1800.00%
Credit Facility, Current Revolving Borrowing Capacity	450,000,000
Credit Facility Expansion Amount	130,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	4000.00%
Number of Real Estate Properties	172
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.25%
Debt Issuance Cost	6,063,000
Unamortized Debt Issuance Expense	4,864,000
Debt Instrument, Name, Revolving Credit Facility [Member]
Debt Maturity, Extension Option, Number Of Years	1 year 0 months 0 days
Debt Instrument, Basis Spread on Variable Rate	15000.00%
Unused balance of the unsecured revolving credit facility	342,500,000
Debt Instrument Name, $130m Term Loan - June 2020 Maturity [Member]
Term Loans, Outstanding Balance	130,000,000
Debt Instrument, Basis Spread on Variable Rate	17500.00%
Debt Instrument Name, $120m Term Loans - June 2020 Maturity [Member]
Term Loans, Outstanding Balance	120,000,000
Debt Instrument, Basis Spread on Variable Rate	17500.00%
Number of Term Loans	2
Debt Instrument, Name, Fannie Mae Term Loans [Member]
Debt Instrument, Term	10 years 0 months 0 days
Mortgage Loans on Real Estate, Face Amount of Mortgages	78,084,000
Secured Debt	78,084,000		0
Debt Instrument, Interest Rate, Stated Percentage	3.79%
Number of Real Estate Properties	13
Debt Instrument, Name, HUD Mortgages [Member]
Secured Debt	45,528,000		45,689,000
8-Year Private Placement Notes [Member]
Debt Instrument, Term	8 years 0 months 0 days
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.99%
Unsecured Debt				125,000,000
12-Year Private Placement Notes [Member]
Debt Instrument, Term	12 years 0 months 0 days
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.51%
Unsecured Debt	100,000,000
Interest Rate Swap, Date Entered, March 2014 [Member]
Derivative, Fixed Interest Rate	3.91%
Derivative, Notional Amount	130,000,000
Interest Rate Swap, Date Entered, May 2012 [Member]
Derivative, Fixed Interest Rate	3.29%
Derivative, Notional Amount	40,000,000
Interest Rate Swap, Date Entered, June 2013 [Member]
Derivative, Fixed Interest Rate	3.86%
Derivative, Notional Amount	80,000,000
Allocated to Debt [Member] | Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Issuance Cost	5,788,000
Allocated to Equity [Member] | Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Issuance Cost	275,000
Debt Instrument, Interest Rate, Period, Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Interest Rate	4.65%
Debt Instrument, Interest Rate, Period, Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Interest Rate	4750.00%
Debt Instrument, Interest Rate, Period, After Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Interest Rate	4.30%
Debt Instrument, Interest Rate, Period, After Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Interest Rate	4400.00%
Middletown, OH [Member] | Bickford Senior Living [Member]
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed	7,816,000
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Rate	2.90%
Noncash or Part Noncash Acquisition, Debt Assumed	$ 9,456,000

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Debt (Schedule of Debt) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Debt Instrument [Line Items]
Revolving credit facility - unsecured	$ 107,500,000	$ 374,000,000
Convertible Debt	193,308,000	193,037,000	192,238,000
Bank term loans - unsecured	250,000,000	250,000,000
Debt, Long-term and Short-term, Combined Amount	899,420,000	862,726,000
Debt Instrument, Name, HUD Mortgages [Member]
Debt Instrument [Line Items]
Secured Debt	45,528,000	45,689,000
Private Placement Term Loans [Member]
Debt Instrument [Line Items]
Bank term loans - unsecured	225,000,000	0
Debt Instrument, Name, Fannie Mae Term Loans [Member]
Debt Instrument [Line Items]
Secured Debt	$ 78,084,000	$ 0

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Fair Value Of Financial Instruments (Schedule Of Assets And Liabilities Measured On A Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 1 [Member]
Available-for-sale Securities	$ 16,387	$ 15,503
Fair Value, Inputs, Level 2 [Member]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	0	0
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	8,479	5,193
Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability	$ 3,000	$ 3,000	$ 2,600

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

We, the management of National Health Investors, Inc., ("NHI" or the "Company") believe that the unaudited condensed consolidated financial statements of which these notes are an integral part include all normal, recurring adjustments which are necessary to fairly present the condensed consolidated financial position, results of operations and cash flows of NHI in all material respects. The Condensed Consolidated Balance Sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date. We assume that users of these condensed consolidated financial statements have read or have access to the audited December 31, 2014 consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations and that the adequacy of additional disclosure needed for a fair presentation, except in regard to material contingencies, may be determined in that context. Accordingly, footnotes and other disclosures which would substantially duplicate those contained in our most recent Annual Report on Form 10-K for the year ended December 31, 2014 have been omitted. This condensed consolidated financial information is not necessarily indicative of the results that may be expected for a full year for a variety of reasons including, but not limited to, acquisitions and dispositions, changes in interest rates, rents and the timing of debt and equity financings. For a better understanding of NHI and its condensed consolidated financial statements, we recommend reading these condensed consolidated financial statements in conjunction with the audited consolidated financial statements for the year ended December 31, 2014, which are included in our 2014 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, a copy of which is available at our web site: www.nhireit.com.

Principles of Consolidation - The accompanying consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entity over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation. Net income is reduced by the portion of net income attributable to noncontrolling interests.

We apply Financial Accounting Standards Board ("FASB") guidance for our arrangements with variable interest entities ("VIEs") which requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity's activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate investments in VIEs when we are determined to be the primary beneficiary of the VIE. We may change our assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity's equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary.

We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. At March 31, 2015, we held an interest in one unconsolidated VIE, of which we were not the primary beneficiary.

We also apply FASB guidance related to investments in joint ventures based on the type of controlling rights held by the members' interests in limited liability companies that may preclude consolidation by the majority equity owner in certain circumstances in which the majority equity owner would otherwise consolidate the joint venture.

We structure our joint ventures to be compliant with the provisions of the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA") which permits NHI to receive rent payments through a triple-net lease between a property company and an operating company and is designed to give NHI the opportunity to capture additional value on the improving performance of the operating company through distributions to a taxable REIT subsidiary ("TRS"). Accordingly, the TRS holds our equity interest in an unconsolidated operating company, which we do not control, and provides an organizational structure that will allow the TRS to engage in a broad range of activities and share in revenues that would otherwise be non-qualifying income under the REIT gross income tests.

Equity-Method Investment - We report our TRS' investment in an unconsolidated entity, over whose operating and financial policies we have the ability to exercise significant influence but not control, under the equity method of accounting. Under this method of accounting, our pro rata share of the entity's earnings or losses is included in our Condensed Consolidated Statements of Income. Additionally, we adjust our investment carrying amount to reflect our share of changes in an equity-method investee's capital resulting from its capital transactions.

The initial carrying value of our equity-method investment is based on the fair value of the net assets of the entity at the time we acquired our interest. We estimate fair values of the net assets of our equity-method investee based on discounted cash flow models. The inputs we use in these models are based on assumptions that are within a reasonable range of current market rates for the respective investments.

We evaluate our equity-method investment for impairment whenever events or changes in circumstances indicate that the carrying value of our investment may exceed the fair value. If it is determined that a decline in the fair value of our investment is not temporary, and if such reduced fair value is below its carrying value, an impairment is recorded. Determining fair value involves significant judgment. Our estimates consider all available evidence including the present value of the expected future cash flows discounted at market rates, general economic conditions and other relevant factors.

Noncontrolling Interest - We present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interest and classify such interest as a component of consolidated equity separate from total NHI stockholders' equity in our Condensed Consolidated Balance Sheets. In addition, we exclude net income attributable to the noncontrolling interest from net income attributable to common shareholders in our Condensed Consolidated Statements of Income.

Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Earnings Per Share - The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options using the treasury stock method, to the extent dilutive. Diluted earnings per share also incorporate the potential dilutive impact of our 3.25% convertible senior notes due 2021. We apply the treasury stock method to our convertible debt instruments, the effect of which is that conversion will not be assumed for purposes of computing diluted earnings per share unless the average share price for the period exceeds the conversion price per share.

New Accounting Pronouncements - In February 2015, the FASB issued Amendments to the Consolidation Analysis, under ASU 2015-02, which is generally effective for fiscal years and interim periods beginning after December 15, 2015. ASU 2015-02 changes the consolidation analysis for all reporting entities. The changes primarily affect the consolidation of limited partnerships and their equivalents (e.g., limited liability corporations), the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, as well as structured vehicles such as collateralized debt obligations. We have yet to determine the method by which ASU 2015-02 will be adopted in 2016, and we are continuing to study the effect that our eventual adoption of this standard will have on our reported financial position and results of operations, the extent of which cannot be reasonably estimable at this time.

In April 2015 the FASB issued ASU 2015-03, Interest-Imputation of Interest, whose primary effect is to mandate that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability. Debt issuance costs have previously been presented among assets on the balance sheet. The standard does not affect the recognition and measurement of debt issuance costs. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We have yet to determine the method by which ASU 2015-03 will be adopted. We believe our eventual adoption of this standard will have no material effect on our reported financial position and results of operations.

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Commitments And Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2015 properties	Mar. 31, 2014	Dec. 31, 2014
Lease Extension Period in Years	10 years 0 months 0 days
Lessor Leasing Arrangements, Operating Leases, Renewal Term	5 years 0 months 0 days
Number of Real Estate Properties	172
Number of States in which Entity Operates	31
Loans and Leases Receivable, Net Amount	$ 101,529,000		$ 63,630,000
Loans Receivable, Description of Variable Rate Basis	0.0194
Real estate purchase liabilities	3,000,000		3,000,000
Security Deposit	21,275,000		21,648,000
Payments for Capital Improvements	1,695,000	1,311,000
Construction Loans [Member]
Supplemental Construction Loan Commitment Draw	2,000,000
Construction of transitional rehabilitation center, number of beds	70
Senior Living Communities [Member]
Loans and Lease Receivable, Maximum Revolving Amount	15,000,000
Loans and Leases Receivable, Net Amount	3,725,000
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes	5,000,000
Revolving Note Receivable, Amount Outstanding	3,725,000
Loans Receivable, Basis Spread on Variable Rate	6.00%
Bickford Senior Living [Member]
Development in Process	941,000
Number of States in which Entity Operates	8
Chancellor Healthcare [Member]
Development in Process	750,000
Capital improvements commitment	1,150,000
Kentucky River [Member]
Lessor Leasing Arrangements, Operating Leases, Renewal Term	5 years 0 months 0 days
Discovery Regency Pointe [Member]
Lease Incentive Commitment Assessed As Not Probable	0
Real estate purchase liabilities	2,500,000
Holiday Acquisition Holdings [Member]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	17 years 0 months 0 days
Number of Real Estate Properties	25
Payments for Capital Improvements	1,500,000
Prestige Senior Living [Member]
Construction and Development Costs	1,941,000
Asset Purchase, Contingent Consideration Arrangements, Earn Out Payments	6,390,000
Real estate purchase liabilities	3,000,000
Senior Living Management [Member]
Capital improvements commitment	920,000
Signature India [Member]
Loans and Lease Receivable, Maximum Revolving Amount	1,500,000
Loans Receivable with Fixed Rates of Interest	0.10
Increase (Decrease) in Accounts and Notes Receivable	250,000
Bickford Note Investment [Member]
Construction of transitional rehabilitation center, number of beds	342
Note Receivable Interest Rate	12.00%
Loans and Leases Receivable, Net Amount	9,200,000
Revolving Credit Facility [Member] | Bickford Note Investment [Member]
Loans and Lease Receivable, Maximum Revolving Amount	500,000
Note Receivable Interest Rate	10.00%
Loans and Leases Receivable, Net Amount	359,000
Development Commitment [Member] | Chancellor Healthcare [Member]
Maximum Commitment For All Active Development Projects	7,500,000
Construction and Development Costs	5,945,000
Lessor Leasing Arrangements, Operating Leases, Term of Contract	15 years 0 months 0 days
Initial lease rate	9.00%
Construction of transitional rehabilitation center, number of beds	46
Capital Improvement Commitment [Member] | Prestige Senior Living [Member]
Capital improvements commitment	2,000,000
Number Of Real Estate Properties Acquired	2
Capital Improvements Reserve [Member]
Security Deposit	1,500,000
Skilled Nursing Facility [Member] | Senior Living Management [Member]
Capital Improvements Commitment Funded	220,000
Bickford Development Properties [Member]
Number Of Development Projects Active	5
Number of Real Estate Properties To Be Constructed	8
Maximum Commitment For All Active Development Projects	55,000,000
Number of Development Projects, Completed	3
Construction of transitional rehabilitation center, number of beds	60
Bickford LOC Commitment Amount [Member]
Letters of Credit Outstanding, Amount	3,550,000
1st Contingent Payment Amount [Member] | Discovery Regency Pointe [Member]
Real estate purchase liabilities	750,000
Kentucky River Commitment [Member]
Construction and Development Costs	7,423,000
Significant development and lease transactions	8,000,000
Sante Partners Commitment [Member]
Construction and Development Costs	2,621,000
Number of Lease Inducement Payments	2
Capital improvements commitment	3,500,000
Lease Incentive Commitment Assessed As Not Probable	1,000,000
Real estate purchase liabilities	$ 0

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Real Estate (Significant Business Combination Proforma) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
Business Acquisition, Pro Forma Information [Abstract]
Revenue	$ 52,992
Net income	28,452
Net income available to common stockholders	$ 28,129
Basic earnings per share	$ 0.75
Diluted earnings per share	$ 0.75

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Real Estate (Summary of NHC Percentage Rent) (Details) (National Healthcare Corporation [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Total percentage rent	$ 690	$ 581
Current year [Member]
Total percentage rent	596	566
Prior year final certification [Member]
Total percentage rent	$ 94	$ 15

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Share-Based Compensation (Schedule Of Stock Option Activity) (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Options outstanding, January 1			871,671	516,674
Options outstanding, March 31	870,012	913,340	871,671	516,674
Options exercisable, December 31	596,664	686,659
2012 Plan [Member]
Options granted	450,000	400,000
Options exercised	(421,657)	0
2005 Plan [Member]
Options granted	20,000	0
Options exercised	(50,002)	(3,334)

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Real Estate (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015 properties	Mar. 31, 2014	Dec. 31, 2014
Number of Real Estate Properties	172
Number of States in which Entity Operates	31
Nonportfolio Assets, Original Cost	$ 910,000
Real Estate Investment Property, Portfolio Assets	1,991,266,000
Number of Lessees	24
Security Deposit	21,275,000		21,648,000
Operating Leases, Income Statement, Lease Revenue	52,495,000	40,313,000
Percentage of Continuing Revenue	18.00%
Straight Line Rent	6,089,000	4,195,000
Lease Renewal Period In Years	5 years 0 months 0 days
Bickford Development Properties [Member]
Number of Units in Real Estate Property	60
Number of Real Estate Properties To Be Constructed	8
2015 Bickford Development Properties [Member]
Number of Units in Real Estate Property	60
Estimated Future Development Cost	55,000,000
Number of Real Estate Properties To Be Constructed	5
Holiday Acquisition Holdings [Member]
Number of Real Estate Properties	25
Lessor Leasing Arrangements, Operating Leases, Term of Contract	17 years 0 months 0 days
Lease Escalator Rate, From Lease Year 1 to Lease Year 3	4.50%
Lease Escalator Rate, After Lease Year 3	3.50%
Operating Leases, Income Statement, Lease Revenue	10,954,000	10,954,000
Percentage of Continuing Revenue	20.00%	25.00%
Straight Line Rent	2,616,000	2,975,000
Minimum Annual Lease Income	33,351,000
National Healthcare Corporation [Member]
Number of Real Estate Properties	42
Number of Master Leases	2
Operating Leases, Income Statement, Lease Revenue	9,227,000	9,118,000
Percentage of Continuing Revenue	17.00%	21.00%
Percentage rent	690,000	581,000
National Healthcare Corporation [Member] | NHC - 1991 Lease [Member]
Number of Real Estate Properties	35
Number of additional lease renewal options	2
Lease Renewal Period In Years	5 years 0 months 0 days
Percentage Rent Rate	0.04
Minimum Annual Lease Income	30,750,000
National Healthcare Corporation [Member] | NHC - 2013 Lease [Member]
Number Of Real Estate Properties Acquired	7
Minimum Annual Lease Income	3,450,000
Purchase Option Amount	49,000,000
Bickford Senior Living [Member]
Number of Real Estate Properties	36
Development in Process	941,000
Operating Leases, Future Minimum Payments Receivable, Current	23,195,000
Number of States in which Entity Operates	8
Operating Leases, Income Statement, Lease Revenue	5,804,000	5,263,000
Percentage of Continuing Revenue	10.00%	12.00%
Joint Venture Contributed Properties Ownership Interest Retained	85.00%
Joint Venture Contributed Properties Ownership Interest Surrendered	15.00%
Senior Housing Community [Member]
Number of Real Estate Properties	103
Skilled Nursing Facility [Member]
Number of Real Estate Properties	64
Skilled Nursing Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties	39
Skilled Nursing Facility [Member] | National Healthcare Corporation [Member] | Subleased Facilities [Member]
Number of Real Estate Properties	4
Hospital [Member]
Number of Real Estate Properties	3
Medical Office Building [Member]
Number of Real Estate Properties	2
Independent Living Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties	3
RIDEA JV Operating Entity [Member] | Bickford Senior Living [Member]
Joint Venture Contributed Properties Ownership Interest Retained	85.00%
Senior Housing Community [Member] | Senior Living Communities [Member]
Number of Units in Real Estate Property	1,671
Lessor Leasing Arrangements, Operating Leases, Term of Contract	15 years 0 months 0 days
Security Deposit	10,000,000
Initial Lease Amount	31,000,000
Lease Escalator Rate Lease Year 2 to Lease Year 4	4.00%
Lease Escalator Rate after Lease Year 4	3.00%
Number Of Real Estate Properties Acquired	8
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual	9,855,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$ 4,596,000
Number of additional lease renewal options	2

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Equity-Method Investment And Other Assets (Schedule of Equity-Method Investment and Other Assets) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Equity Method Investments And Other Assets [Abstract]
Equity-method investment in OpCo	$ 9,194	$ 9,424
Debt issuance costs	12,452	11,491
Accounts receivable and others assets	2,929	3,818
Replacement reserve and tax escrows - Fannie Mae	4,571	4,324
Lease escrow deposits	21,275	21,648
Equity-method investment and other assets	$ 50,421	$ 50,705

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Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.85	$ 0.77

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Equity-Method Investment And Other Assets (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015 properties	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Jun. 30, 2013
Investment [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity					$ 8,986,000
Number of Real Estate Properties	172
Net Assets Received In Acquisition of Equity-Method Investee			817,000
Variable Interest Entity, Financial or Other Support, Amount	0
Proceeds from Equity Method Investment, Dividends or Distributions	0	0
Lease escrow deposits	$ 21,275,000			$ 21,648,000
Bickford Senior Living [Member]
Investment [Line Items]
Number of Real Estate Properties					17
Holiday Acquisition Holdings [Member]
Investment [Line Items]
Number of Real Estate Properties	25
Lessor Leasing Arrangements, Operating Leases, Term of Contract	17 years 0 months 0 days

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Debt (Schedule of Interest Expense) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Interest Expense [Abstract]
Interest expense	$ 7,712	$ 4,522
Interest Costs Capitalized	(120)	(123)
Amortization of Financing Costs	820	343
Write-off of debt issuance costs	0	2,145
Total interest expense	$ 8,412	$ 6,887

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Assets
Land	$ 127,665	$ 127,566
Buildings and improvements	1,856,475	1,854,855
Construction in progress	8,978	6,428
Real estate properties, gross	1,993,118	1,988,849
Less accumulated depreciation	(225,304)	(212,300)
Real estate properties, net	1,767,814	1,776,549
Mortgage and other notes receivable, net	101,529	63,630
Investment in preferred stock, at cost	38,132	38,132
Cash and cash equivalents	4,190	3,287
Marketable securities	16,387	15,503
Straight-line rent receivable	41,243	35,154
Equity-method investment and other assets	50,421	50,705
Total Assets	2,019,716	1,982,960
Liabilities and Equity
Debt	899,420	862,726
Accounts payable and accrued expenses	14,822	15,718
Dividends Payable	31,931	28,864
Lease deposit liabilities	21,275	21,648
Real estate purchase liabilities	3,000	3,000
Deferred income	2,827	1,071
Total Liabilities	973,275	933,027
Commitments and Contingencies
National Health Investors Stockholders' Equity:
Common stock, $.01 par value; 60,000,000 and 40,000,000 shares authorized; 33,054,599 and 33,051,176 shares issued and outstanding, respectively	376	375
Capital in excess of par value	1,035,160	1,033,896
Cumulative dividends in excess of net income	(2,817)	(569)
Accumulated other comprehensive income	3,820	6,223
Total National Health Investors Stockholders' Equity	1,036,539	1,039,925
Noncontrolling interest	9,902	10,008
Total Equity	1,046,441	1,049,933
Total Liabilities and Equity	$ 2,019,716	$ 1,982,960

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Share-Based Compensation (Narrative) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2015	May 31, 2012	May 07, 2015	May 31, 2005
Nonemployee director annual stock grants	15,000
Stock or Unit Option Plan Expense	$ 1,464	$ 1,349
Combined share-based compensation expense for 2005 Plan and 1997 Plan	1,464	1,349
Unrecognized compensation cost	1,131
Subsequent Event [Member]
Nonemployee director annual stock grants			20,000
2012 Plan [Member]
Shares available for grants	305,000			1,500,000
Stock Option Plan, Award Vesting Period	5 years
Common stock on date granted term period, years	10
2012 Plan [Member] | Subsequent Event [Member]
Shares available for grants					3,000,000
2005 Plan [Member]
Shares available for grants						1,500,000
Stock Option Plan, Award Vesting Period	10 years
Common stock on date granted term period, years	10
Expected To Be Recognized During 2015 [Member]
Unrecognized compensation cost	699
Expected To Be Recognized During 2016 [Member]
Unrecognized compensation cost	386
Expected To Be Recognized During 2017 [Member]
Unrecognized compensation cost	$ 46

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Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$ 30,013	$ 23,856
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,014	9,237
Amortization	833	343
Straight-line rental income	(6,089)	(4,195)
Write-off of debt issuance costs	0	2,145
Share-based compensation	1,464	1,349
Income from equity-method investee	229	(158)
Change in operating assets and liabilities:
Equity-method investment and other assets	634	(352)
Accounts payable and accrued expenses	(3,290)	(1,149)
Deferred income	1,756	(2,200)
Net cash provided by operating activities	38,564	28,876
Cash flows from investing activities:
Investment in mortgage and other notes receivable	(40,773)	(1,131)
Collection of mortgage and other notes receivable	2,619	899
Investment in real estate	(10)	(16,307)
Investment in real estate development	(3,202)	(2,572)
Investment in renovations of existing real estate	(1,695)	(1,311)
Payment of real estate purchase liability	0	(1,600)
Net cash used in investing activities	(43,061)	(22,022)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(266,500)	(60,000)
Proceeds from convertible senior notes	0	200,000
Proceeds from issuance of secured debt	78,084	0
Borrowings on term loan	225,000	130,000
Payments on term loans	(183)	(250,275)
Debt issuance costs	(1,502)	(6,921)
Equity offerring costs	(200)	0
Proceeds from exercise of stock options	(1)	0
Distributions to noncontrolling interest	(436)	(432)
Dividends paid to stockholders	(28,864)	(24,293)
Net cash provided by (used in) financing activities	5,400	(11,921)
(Decrease) increase in cash and cash equivalents	903	(5,067)
Cash and cash equivalents, beginning of year	3,287	11,312
Cash and cash equivalents, end of year	4,190	6,245
Supplemental disclosure of cash flow information:
Interest Paid	7,194	4,408
Supplemental schedule of non-cash investing and financing activities:
Tax deferred exchange funds applied to investment in real estate	0	23,813
Conditional consideration in asset acquisition	0	3,000
Accounts payable related to investments in real estate	893	2,296
Reclass of note balance into real estate investment	$ 255	$ 0

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Investments In Marketable Securities (Schedule Of Marketable Securities) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Marketable Securities [Abstract]
Available-for-sale Securities, Amortized Cost Basis	$ 4,088	$ 4,088
Available-for-sale Securities, Equity Securities	$ 16,387	$ 15,503

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Equity-Method Investment And Other Assets (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments And Other Assets [Abstract]

Equity-Method Investment And Other Assets Disclosure [Table Text Block]

Our equity-method investment in OpCo and other assets consist of the following (in thousands):

	March 31, 2015		December 31, 2014
Equity-method investment in OpCo	$	9,194	$	9,424
Debt issuance costs	12,452		11,491
Accounts receivable and other assets	2,929		3,818
Reserves for replacement, insurance and tax escrows	4,571		4,324
Lease escrow deposits	21,275		21,648
	$	50,421	$	50,705

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Investments In Marketable Securities (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Marketable Securities [Abstract]
Gross unrealized gains related to available for sale securities	$ 12,299	$ 11,415

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Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Instruments [Abstract]

Schedule of Debt

Debt consists of the following (in thousands):

	March 31, 2015		December 31, 2014
Revolving credit facility - unsecured	$	107,500	$	374,000
Convertible senior notes - unsecured (net of discount of $6,692)	193,308		193,037
Bank term loans - unsecured	250,000		250,000
HUD mortgage loans - secured (net of discount of $1,640)	45,528		45,689
Private placement term loans - unsecured	225,000		—
Fannie Mae term loans - secured	78,084		—
	$	899,420	$	862,726

Schedule of Maturities of Long-term Debt

Aggregate principal maturities of debt as of March 31, 2015 for each of the next five years and thereafter are as follows (in thousands):

Twelve months ended March 31,
2016	$	749
2017	774
2018	801
2019	108,328
2020	856
Thereafter	796,244
	907,752
Less: discount	(8,332		)
Total Debt	$	899,420

Schedule of Interest Expense

The following table summarizes interest expense (in thousands):

	Three Months Ended
	March 31,
	2015			2014
Interest expense at contractual rates	$	7,712		$	4,522
Capitalized interest	(120		)	(123		)
Amortization of debt issuance costs and debt discount	820			343
Debt issuance costs expensed due to credit facility modifications	—			2,145
Total interest expense	$	8,412		$	6,887

Schedule of Interest Rate Derivatives

March 31, 2015 (dollars in thousands):

Date Entered	Maturity Date	Fixed Rate	Rate Index	Notional Amount		Fair Value
May 2012	April 2019	3.29%	1-month LIBOR	$	40,000	$	(534	)
June 2013	June 2020	3.86%	1-month LIBOR	$	80,000	$	(2,903	)
March 2014	June 2020	3.91%	1-month LIBOR	$	130,000	$	(5,042	)

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Consolidated Statement Of Equity (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Dividends In Excess Of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance, value at Dec. 31, 2014	$ 1,049,933	$ 375	$ 1,033,896	$ (569)	$ 6,223	$ 1,039,925	$ 10,008
Balance, shares at Dec. 31, 2014	37,485,902	37,485,902
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	27,610			29,683	(2,403)	27,280	330
Distributions to noncontrolling interest	(436)						(436)
Equity Issuance Costs	(200)		(200)			(200)
Shares issued on stock options exercised, shares		80,319
Stock Issued During Period, Value, Stock Options Exercised	1	1				1
Share-based compensation	1,464		1,464			1,464
Dividends declared, $1.54 per share	(31,931)			(31,931)		(31,931)
Balance, value at Mar. 31, 2015	$ 1,046,441	$ 376	$ 1,035,160	$ (2,817)	$ 3,820	$ 1,036,539	$ 9,902
Balance, shares at Mar. 31, 2015	37,566,221	37,566,221

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Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	37,566,221	37,485,902
Common stock, shares outstanding	37,566,221	37,485,902

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Share-Based Compensation

3 Months Ended

Mar. 31, 2015

Deferred Compensation Arrangements [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

We recognize share-based compensation for all stock options granted over the requisite service period using the fair value of these grants as estimated at the date of grant using the Black-Scholes pricing model, and all restricted stock granted over the requisite service period using the market value of our publicly-traded common stock on the date of grant.

Share-Based Compensation Plans

The Compensation Committee of the Board of Directors ("the Committee") has the authority to select the participants to be granted options; to designate whether the option granted is an incentive stock option ("ISO"), a non-qualified option, or a stock appreciation right; to establish the number of shares of common stock that may be issued upon exercise of the option; to establish the vesting provision for any award; and to establish the term any award may be outstanding. The exercise price of any ISO’s granted will not be less than 100% of the fair market value of the shares of common stock on the date granted, and the term of an ISO may not be more than ten years. The exercise price of any non-qualified options granted will not be less than 100% of the fair market value of the shares of common stock on the date granted unless so determined by the Committee.

In May 2012, our stockholders approved the 2012 Stock Incentive Plan ("the 2012 Plan") pursuant to which 1,500,000 shares of our common stock were made available to grant as share-based payments to employees, officers, directors or consultants. As of March 31, 2015, there were 305,000 shares available for future grants under the 2012 Plan. The individual restricted stock and option grant awards vest over periods up to five years. The term of the options under the 2012 Plan is up to ten years from the date of grant. Through a vote of our shareholders on May 7, 2015, we have increased the maximum number of shares under the plan from 1,500,000 shares to 3,000,000 shares; increased the automatic annual grant to non-employee directors from 15,000 shares to 20,000 shares; and limited the Company's ability to re-issue shares under the Plan.

In May 2005, our stockholders approved the NHI 2005 Stock Option Plan ("the 2005 Plan") pursuant to which 1,500,000 shares of our common stock were made available to grant as share-based payments to employees, officers, directors or consultants. As of March 31, 2015, the 2005 Plan has expired and no additional shares may be granted under the 2005 Plan. The individual restricted stock and option grant awards vest over periods up to ten years. The term of the options outstanding under the 2005 Plan is up to ten years from the date of grant.

Compensation expense is recognized only for the awards that ultimately vest. Accordingly, forfeitures that were not expected may result in the reversal of previously recorded compensation expense. The compensation expense reported for the three months ended March 31, 2015 and 2014 was $1,464,000 and $1,349,000, respectively.

At March 31, 2015, we had, net of expected forfeitures, $1,131,000 of unrecognized compensation cost related to unvested stock options which is expected to be expensed over the following periods: 2015 - $699,000, 2016 - $386,000 and 2017 - $46,000. Stock-based compensation is included in general and administrative expense in the Condensed Consolidated Statements of Income.

The following table summarizes our outstanding stock options:

	Three Months Ended
	March 31,
	2015		2014
Options outstanding January 1,	871,671		516,674
Options granted under 2012 Plan	450,000		400,000
Options granted under 2005 Plan	20,000		—
Options exercised under 2012 Plan	(421,657	)	—
Options exercised under 2005 Plan	(50,002	)	(3,334	)
Options outstanding, March 31,	870,012		913,340
Exercisable at March 31,	596,664		686,659

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Document And Entity Information	3 Months Ended
	Mar. 31, 2015	May 06, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	NATIONAL HEALTH INVESTORS INC
Entity Central Index Key	0000877860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		37,566,221

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Earnings and Dividends Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS AND DIVIDENDS PER SHARE

The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):

	Three Months Ended
	March 31,
	2015		2014
Net income attributable to common stockholders	$	29,683	$	23,533
BASIC:
Weighted average common shares outstanding	37,558,067		33,051,415
DILUTED:
Weighted average common shares outstanding	37,558,067		33,051,415
Stock options	68,257		33,817
Convertible subordinated debentures	18,941		—
Average dilutive common shares outstanding	37,645,265		33,085,232
Net income per common share - basic	$	.79	$	.71
Net income per common share - diluted	$	.79	$	.71
Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	5,666		40,153
Regular dividends declared per common share	$	.85	$	.77

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Consolidated Statements Of Income (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income	$ 52,495	$ 40,313
Interest income from mortgage and other notes	2,121	1,756
Investment income and other	1,135	1,067
Revenues	55,751	43,136
Expenses:
Depreciation	13,014	9,237
Interest, including amortization of debt discount and issuance costs	8,412	6,887
Legal	104	73
Franchise, excise and other taxes	134	306
General and administrative	3,845	2,935
Total operating expenses	25,509	19,438
Income before equity-method investee, discontinued operations and noncontrolling interest	30,242	23,698
Income from equity-method investee	(229)	158
Net income	30,013	23,856
Less: net income attributable to noncontrolling interest	(330)	(323)
Net income attributable to common stockholders	$ 29,683	$ 23,533
Weighted average common shares outstanding:
Basic	37,558,067	33,051,415
Diluted	37,645,265	33,085,232
Basic:
Net income per common share attributable to common stockholders	$ 0.79	$ 0.71
Diluted:
Net income per common share attributable to common stockholders	$ 0.79	$ 0.71

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Mortgage And Other Notes Receivable

3 Months Ended

Mar. 31, 2015

Financing Receivable, Net [Abstract]

Mortgage Notes Receivable

MORTGAGE AND OTHER NOTES RECEIVABLE

At March 31, 2015, we had investments in mortgage notes receivable, secured by real estate and UCC liens on the personal property of 12 health care properties, with a carrying value of $71,521,000 and other notes receivable with a carrying value of $30,008,000, guaranteed by significant parties to the notes or by cross-collateralization of properties with the same owner. No allowance for doubtful accounts was considered necessary at March 31, 2015.

Timber Ridge

On February 10, 2015, we entered into an agreement to lend Life Care Services, through its LCS-Westminster Partnership III LLP (“LCS-WP”), up to $154,500,000. The loan agreement conveys a mortgage interest and will facilitate the construction of Phase II of Timber Ridge at Talus (“Timber Ridge”), a Type-A Continuing Care Retirement Community in the Seattle, WA area.

The loan takes the form of two notes under a master credit agreement. The senior loan (“Note A”) totals $60,000,000 at a 6.75% interest rate with 10 basis-point escalators after year three, and has a term of 10 years. We have funded $28,000,000 of Note A as of March 31, 2015. Note A is interest-only and is locked to prepayment for three years. After year three, the prepayment penalty starts at 5% and declines 1% per year. The loan will be freely prepayable during the last 6 months of its term. The second note ("Note B") is a construction loan for up to $94,500,000 at an annual interest rate of 8% and a 5 year maturity. We anticipate funding Note B over twenty months and anticipate repayment with new resident entrance fees once Phase II opens. The total amount funded on Note B was $11,280,000 as of March 31, 2015.

NHI has a purchase option on the entire Timber Ridge property for the greater of fair market value or $115,000,000 during a purchase option window of 120 days that will contingently open in year five or upon earlier stabilization of the development, as defined. The loans constitute a variable interest in Phase II of the Timber Ridge project, creating an interest in specified assets of LCS-WP but not in LCS-WP as a whole. We have concluded that LCS-WP meets the accounting criteria to be considered a VIE. However, because we do not control the entity, nor do we have any role in its day-to-day management, we are not the primary beneficiary of the entity, and we account for our investment in LCS-WP at amortized cost. We believe our maximum exposure to loss at March 31, 2015, due to this involvement, would be limited to the amount of our loan to LCS-WP.

Senior Living Communities

In connection with the December 2014 Senior Living acquisition, we provided a $15,000,000 revolving line of credit, the maturity of which will mirror the 15-year term of the master lease. Borrowings are used to finance construction projects within the Senior Living Portfolio, including building additional units. Up to $5,000,000 of the facility may be used to meet general working capital needs. Amounts outstanding under the facility, $3,725,000 at March 31, 2015, bear interest at an annual rate equal to the 10-year U.S. Treasury rate at mid-month, plus 6%.

Sycamore

In July 2013 we extended a $9,200,000 loan to our joint venture partner, Sycamore, to fund a portion of their acquisition from a third party of six senior housing communities consisting of 342 units. The loan is guaranteed by principals of Bickford and has a 12% annual interest. As a result of the loan, PropCo acquired a $97,000,000 purchase option on the properties that is exercisable over the term of the loan. During the first quarter of 2015 we extended the terms of the loan and the purchase option through June 2018. In June 2014 we entered into a $500,000 revolving loan to Sycamore to fund pre-development expenses related to potential future projects. Interest is payable monthly at 10% and the note matures in August 2015. At March 31, 2015, the revolving loan had an outstanding balance of $359,000.

The loans to Sycamore and the related purchase option constitute variable interests, and we have concluded that Sycamore meets the accounting criteria to be considered a VIE. However, because we do not control Sycamore, nor do we have any role in the day-to-day management, we are not the primary beneficiary of the entity, and we account for financing provided to Sycamore at historical cost. Sycamore is intended to be self-financing, and our direct support has been limited to the loans described herein and a $3,550,000 letter of credit for the benefit of Sycamore. Further, a decision to furnish additional direct support would be at our discretion and not obligatory. As a result, we believe our maximum exposure to loss at March 31, 2015, due to our investment in Sycamore, would be limited to the amount of our loans and letter of credit.

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Equity-Method Investment And Other Assets

3 Months Ended

Mar. 31, 2015

Equity Method Investments And Other Assets [Abstract]

Equity Method Investments And Other Assets Disclosure [Text Block]

EQUITY-METHOD INVESTMENT AND OTHER ASSETS

Our equity-method investment in OpCo and other assets consist of the following (in thousands):

	March 31, 2015		December 31, 2014
Equity-method investment in OpCo	$	9,194	$	9,424
Debt issuance costs	12,452		11,491
Accounts receivable and other assets	2,929		3,818
Reserves for replacement, insurance and tax escrows	4,571		4,324
Lease escrow deposits	21,275		21,648
	$	50,421	$	50,705

Upon the acquisition of our equity method investment in OpCo in 2012, our purchase price was allocated to the assets acquired based upon their estimated relative fair values. Accounting guidance for equity method investments requires that we account for the difference between the cost basis of our investment in OpCo and our pro rata share of the amount of underlying equity in the net assets of OpCo as though OpCo were a consolidated subsidiary. Accordingly, the excess of the original purchase price over the fair value of identified tangible assets at acquisition of $8,986,000 is treated as implied goodwill and is subject to periodic review for impairment in conjunction with our equity method investment. When we acquired additional Bickford properties in June 2013, an assignment was entered into whereby the operations of the 17 facilities were conveyed by an affiliate of Bickford to OpCo. The transaction mandated the effective cut-off of operating revenues and expenses and the settlement of operating assets and liabilities as of the acquisition date. Specified remaining net tangible assets were assigned to OpCo at the transferor's carryover basis resulting in an adjustment, through NHI's capital in excess of par value to our equity method investment in OpCo, of $817,000. We monitor and periodically review our equity method investment in OpCo for impairment to determine whether a decline, if any, in the value of the investment is other-than temporary. We noted no decline in value as of March 31, 2015.

OpCo is intended to be self-financing, and aside from initial investments therein, no direct support has been provided by NHI to OpCo since its inception on September 30, 2012. While PropCo's rental revenues associated with the related properties are sourced from OpCo, a decision to furnish additional direct support would be at our discretion and not obligatory. As a result, we believe our maximum exposure to loss at March 31, 2015, due to our investment in OpCo, would be limited to our equity interest. We have concluded that OpCo meets the accounting criteria to be considered a VIE. However, because we do not control the entity, nor do we have any role in the day-to-day management, we are not the primary beneficiary of the entity, and we account for our investment using the equity method. There have been no distributions declared from OpCo since it's inception.

At March 31, 2015, we held lease escrow deposits of $21,275,000 in regard to our lease with Holiday which remains for the term of the 17-year lease commencing in December 2013 and is payable to Holiday at the end of the lease term.

Reserves for replacement, insurance and tax escrows include amounts required to be held on deposit in accordance with regulatory agreements governing our Fannie Mae and HUD mortgages.

Debt issuance costs are being amortized over the expected term of the debt instruments to which they are related.

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Investments In Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2015

Marketable Securities [Abstract]

Schedule Of Marketable Securities

Marketable securities consist of the following (in thousands):

	March 31, 2015				December 31, 2014
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Common stock of other healthcare REITs	$	4,088	$	16,387	$	4,088	$	15,503

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Fair Value Of Financial Instruments

3 Months Ended

Mar. 31, 2015

Fair Value Of Financial Instruments [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Our financial assets and liabilities measured at fair value (based on the hierarchy of the three levels of inputs described in Note 1 to the consolidated financial statements contained in our most recent Annual Report on Form 10-K) on a recurring basis include marketable securities, derivative financial instruments and contingent consideration arrangements. Marketable securities consist of common stock of other healthcare REITs. Derivative financial instruments include our interest rate swap agreements. Contingent consideration arrangements relate to certain provisions of recent real estate purchase agreements involving both business combinations.

Marketable securities. We utilize quoted prices in active markets to measure debt and equity securities; these items are classified as Level 1 in the hierarchy and include the common and preferred stock of other healthcare REITs.

Derivative financial instruments. Derivative financial instruments are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate swaps are observable in active markets and are classified as Level 2 in the hierarchy.

Contingent consideration. Contingent consideration arrangements are classified as Level 3 and are valued using unobservable inputs about the nature of the contingent arrangement and the counter-party to the arrangement, as well as our assumptions about the probability of full settlement of the contingency.

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

		Fair Value Measurement
	Balance Sheet Classification	March 31, 2015		December 31, 2014
Level 1
Common stock of other healthcare REITs	Marketable securities	$	16,387	$	15,503
Level 2
Interest rate swap asset	Other assets	$	—	$	—
Interest rate swap liability	Accrued expenses	$	8,479	$	5,193
Level 3
Contingent consideration	Real estate purchase liabilities	$	3,000	$	3,000

The following table presents a reconciliation of Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2015 and 2014(in thousands):

	Fair Value Beginning of Period		Transfers Into Level 3		Realized Gains and (Losses)		Purchases, Issuances and Settlements, net		Fair Value at End of Period		Total Period Losses Included in Earnings Attributable to the Change in Unrealized Losses Relating to Assets Held at End of Year
2015
Contingent consideration	$	3,000	$	—	$	—	$	—	$	3,000	$	—
2014
Contingent consideration	$	2,600	$	—	$	—	$	400	$	3,000	$	—

Carrying values and fair values of financial instruments that are not carried at fair value at March 31, 2015 and December 31, 2014 in the Condensed Consolidated Balance Sheets are as follows (in thousands):

	Carrying Amount				Fair Value Measurement
	2015		2014		2015		2014
Level 2
Variable rate debt	$	357,500	$	624,000	$	357,500	$	624,000
Fixed rate debt	$	541,920	$	238,726	$	562,749	$	254,150
Level 3
Mortgage and other notes receivable	$	101,529	$	63,630	$	110,298	$	72,435

The fair value of mortgage and other notes receivable is based on credit risk and discount rates that are not observable in the marketplace and therefore represents a Level 3 measurement.

Fixed rate debt. Fixed rate debt is classified as Level 2 and its value is based on quoted prices for similar instruments or calculated utilizing model derived valuations in which significant inputs are observable in active markets.

Carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term nature. The fair value of our borrowings under our revolving credit facility are reasonably estimated at their carrying value at March 31, 2015 and December 31, 2014, due to the predominance of floating interest rates, which generally reflect market conditions.

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Debt

3 Months Ended

Mar. 31, 2015

Debt Instruments [Abstract]

Debt Disclosure

DEBT

Debt consists of the following (in thousands):

	March 31, 2015		December 31, 2014
Revolving credit facility - unsecured	$	107,500	$	374,000
Convertible senior notes - unsecured (net of discount of $6,692)	193,308		193,037
Bank term loans - unsecured	250,000		250,000
HUD mortgage loans - secured (net of discount of $1,640)	45,528		45,689
Private placement term loans - unsecured	225,000		—
Fannie Mae term loans - secured	78,084		—
	$	899,420	$	862,726

On January 15, 2015 we issued $125,000,000 of 8-year notes with a coupon of 3.99% and $100,000,000 of 12-year notes with a coupon of 4.51% to a private placement lender. The notes are unsecured and require quarterly payments of interest only until maturity. We used the proceeds from the notes to pay down borrowings on our revolving credit facility. Terms and conditions of the new financing are similar to those under our bank credit facility with the exception of provisions regarding prepayment premiums.

On March 20, 2015, we obtained $78,084,000 in Fannie Mae financing through KeyBank National Association. The term debt financing consists of interest-only payments at an annual rate of 3.79% and a 10-year maturity. The mortgages are secured by thirteen properties in NHI’s joint venture with Bickford. Proceeds were used to reduce borrowings on NHI's unsecured bank credit facility. The notes are secured by the facilities previously pledged as security on Fannie Mae term debt that was retired in December 2014.

In March 2014 we entered into an amended $700,000,000 senior unsecured credit facility with a group of banks. The facility can be expanded, subject to certain conditions, up to an additional $130,000,000. The amended credit facility provides for: (1) a $450,000,000 unsecured, revolving credit facility that matures in March 2019 (inclusive of an embedded 1-year extension option) with interest at 150 basis points over LIBOR (18 bps at March 31, 2015); (2) a $130,000,000 unsecured term loan that matures in June 2020 with interest at 175 basis points over LIBOR; and (3) two existing term loans which remain in place totaling $120,000,000, maturing in June 2020 and bearing interest at 175 basis points over LIBOR. The employment of interest rate swaps for our fixed term debt leaves only our revolving credit facility exposed to variable rate risk. Our swaps and the financial instruments to which they relate are described in the table below, under the caption “Interest Rate Swap Agreements.”

At March 31, 2015, we had $342,500,000 available to draw on the revolving portion of the credit facility. The unused commitment fee is 40 basis points per annum. The unsecured credit facility requires that we maintain certain financial ratios within limits set by our creditors. To date, these ratios, which are calculated quarterly, have been within the limits required by the credit facility agreements.

In March 2014 we issued $200,000,000 of 3.25% senior unsecured convertible notes due April 2021 (the "Notes"). Interest is payable April 1st and October 1st of each year. The Notes are convertible at an initial conversion rate of 13.926 shares of common stock per $1,000 principal amount, representing a conversion price of approximately $71.81 per share for a total of approximately 2,785,200 underlying shares. The conversion rate is subject to adjustment upon the occurrence of certain events, as defined in the indenture governing the Notes, but will not be adjusted for any accrued and unpaid interest except in limited circumstances. The conversion option is considered an "optional net-share settlement conversion feature," meaning that upon conversion, NHI's conversion obligation may be satisfied, at our option, in cash, shares of common stock or a combination of cash and shares of common stock. Our average stock price for the quarter ended March 31, 2015, exceeded the conversion price, giving rise to a dilutive effect of 18,941 shares to a base of 37,645,265 weighted average diluted common shares.

The embedded conversion options (1) do not require net cash settlement, (2) are not conventionally convertible but can be classified in stockholders’ equity under ASC 815-40, and (3) are considered indexed to NHI’s own stock. Therefore, the conversion feature satisfies the conditions to qualify for an exception to the derivative liability rules, and the Notes are split into debt and equity components. The value of the debt component is based upon the estimated fair value of a similar debt instrument without the conversion feature at the time of issuance and was estimated to be approximately $192,238,000. The $7,762,000 difference between the contractual principal on the debt and the value allocated to the debt was recorded as an equity component and represents the estimated value of the conversion feature of the instrument. The excess of the contractual principal amount of the debt over its estimated fair value, the original issue discount, is amortized to interest expense using the effective interest method over the estimated term of the Notes. The effective interest rate used to amortize the debt discount and the liability component of the debt issue costs was approximately 3.9% based on our estimated non-convertible borrowing rate at the date the Notes were issued.

The total cost of issuing the Notes was $6,063,000, $275,000 of which was allocated to the equity component and $5,788,000 of which was allocated to the debt component and subject to amortization over the estimated term of the notes. The remaining unamortized balance at March 31, 2015, was $4,864,000.

Our HUD mortgage loans are secured by ten properties in our joint venture with Bickford. Nine mortgage notes require monthly payments of principal and interest from 4.65% to 4.75% in the first year and from 4.3% to 4.4% thereafter (inclusive of mortgage insurance premium) and mature in August and October 2049. An additional HUD mortgage loan assumed in 2014 requires monthly payments of principal and interest of 2.9% (inclusive of mortgage insurance premium) and matures in October 2047. The loan has an outstanding principal balance of $9,456,000 and an estimated fair value of $7,816,000.

Aggregate principal maturities of debt as of March 31, 2015 for each of the next five years and thereafter are as follows (in thousands):

Twelve months ended March 31,
2016	$	749
2017	774
2018	801
2019	108,328
2020	856
Thereafter	796,244
	907,752
Less: discount	(8,332		)
Total Debt	$	899,420

The following table summarizes interest expense (in thousands):

	Three Months Ended
	March 31,
	2015			2014
Interest expense at contractual rates	$	7,712		$	4,522
Capitalized interest	(120		)	(123		)
Amortization of debt issuance costs and debt discount	820			343
Debt issuance costs expensed due to credit facility modifications	—			2,145
Total interest expense	$	8,412		$	6,887

Interest Rate Swap Agreements

To mitigate our exposure to interest rate risk, we have entered into the following interest rate swap contracts on our bank term loans as of March 31, 2015 (dollars in thousands):

Date Entered	Maturity Date	Fixed Rate	Rate Index	Notional Amount		Fair Value
May 2012	April 2019	3.29%	1-month LIBOR	$	40,000	$	(534	)
June 2013	June 2020	3.86%	1-month LIBOR	$	80,000	$	(2,903	)
March 2014	June 2020	3.91%	1-month LIBOR	$	130,000	$	(5,042	)

See Note 11 for fair value disclosures about our variable and fixed rate debt and interest rate swap agreements.

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Investment In Preferred Stock, At Cost

3 Months Ended

Mar. 31, 2015

Investment In Preferred Stock, At Cost [Abstract]

Investment In Preferred Stock, At Cost

INVESTMENT IN PREFERRED STOCK, AT COST

We recognized $818,000 in preferred dividend income from LTC (a publicly-traded REIT) for the three months endedMarch 31, 2015 and 2014 on our investment in 2,000,000 shares of their cumulative preferred stock carried at its original cost of $38,132,000. The preferred stock, which was purchased in September 1998, is not listed on a stock exchange, is considered a non-marketable security and is recorded at cost in our Condensed Consolidated Balance Sheets. The non-voting preferred stock is convertible into 2,000,000 shares of LTC common stock whose closing price at March 31, 2015 was $46.00 per share. The preferred stock has an annual cumulative coupon rate of 8.5% payable quarterly and a liquidation preference of $19.25 per share. While not the fair value of our preferred stock investment, we provide the above information as pertinent to the reader's estimation of the fair value of our investment. In accordance with ASC Topic 825 Financial Instruments, paragraph 10-50 Disclosure-Overall, we have determined that due to excessive costs, it is not practicable to estimate the fair value of our cost basis investment in preferred stock because of inherent subjectivities in refining the estimate to a degree that is likely to materially augment the information provided above. Further, we have identified no events that may have had an adverse effect on its fair value which would have required revisiting the instrument's carrying value.

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Investments In Marketable Securities

3 Months Ended

Mar. 31, 2015

Marketable Securities [Abstract]

Investments In Marketable Securities [Text Block]

INVESTMENTS IN MARKETABLE SECURITIES

Our investments in marketable securities include available-for-sale securities which are reported at fair value. Unrealized gains and losses on available-for-sale securities are presented as a component of accumulated other comprehensive income. Realized gains and losses from securities sales are determined based upon specific identification of the securities.

Marketable securities consist of the following (in thousands):

	March 31, 2015				December 31, 2014
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Common stock of other healthcare REITs	$	4,088	$	16,387	$	4,088	$	15,503

Gross unrealized gains related to available-for-sale securities were $12,299,000 at March 31, 2015 and $11,415,000 at December 31, 2014.

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Bickford

In February 2015 our joint venture with Bickford announced the development of five senior housing facilities in Illinois and Virginia. Each community will consist of 60 private-pay assisted living and memory care units managed by Bickford. These five properties will represent the culmination of plans announced in 2012 between NHI and Bickford to construct a total of eight facilities. Construction on the five is expected to start in mid-2015 with openings planned for 2016. The total estimated project cost is $55,000,000. The first three communities, all in Indiana, opened in 2013 and 2014. Upon completion, the NHI-Bickford joint venture will be comprised of 36 properties in eight states. As of March 31, 2015, pre-development costs incurred on the project totaled $941,000.

In February 2014 we entered into a commitment on a letter of credit for the benefit of Sycamore which holds a minority interest in PropCo. At March 31, 2015 our commitment on the letter of credit totaled $3,550,000.

In June 2014 we entered into a $500,000 revolving loan with Sycamore to fund pre-development expenses related to potential future projects. Interest is payable monthly at 10% and the note matures in August 2015. At March 31, 2015, the revolving loan had an outstanding balance of $359,000.

Chancellor

In October 2013, we entered into a $7,500,000 commitment to build a 46-unit free-standing assisted living and memory care community on our Linda Valley senior living campus in Loma Linda, California. We began construction during the first quarter of 2014 and had funded $5,945,000 as of March 31, 2015. The initial lease term is for 15 years at an annual rate of 9% plus a fixed annual escalator. NHI purchased the Linda Valley campus in 2012 and leased it to Chancellor Health Care ("Chancellor"), who has been operating the campus since 1993. We also committed to provide up to $1,150,000 for renovations and improvements related to our recent acquisitions of senior housing communities in Oregon and Maryland, which we have leased to Chancellor. We began renovations during the first quarter of 2014 and had funded $750,000 as of March 31, 2015. We receive rent income on funds advanced for each construction project.

Discovery

As a lease inducement, we have a contingent commitment to fund a series of payments up to $2,500,000 in connection with our September 2013 lease to Discovery Senior Living ("Discovery") of a senior living campus in Rainbow City, Alabama. Discovery would earn the contingent payments upon obtaining, and maintaining, a specified lease coverage ratio. Remaining payments will be assessed for funding in an amount of $750,000 in September 2015 with the residual potentially due in 2016. As of March 31, 2015, incurring the contingent payments was not considered probable. Accordingly, no provision for these payments is reflected in the condensed consolidated financial statements.

Holiday Retirement

In connection with our lease with Holiday Retirement, we collected escrow deposits of $1,500,000 for capital improvements to the leased facilities. As of March 31, 2015, we had funded $1,500,000 toward this commitment.

Kentucky River

In March 2012, we entered into a long-term lease extension and construction commitment to an affiliate of Community Health Systems to provide up to $8,000,000 for extensive renovations and additions to our Kentucky River Medical Center, a general acute care hospital in Jackson, Kentucky. Funding for this investment is added to the basis on which the lease amount is calculated. The construction project commenced during the first quarter of 2013 and is expected to be completed in 2015. Total construction costs incurred as of March 31, 2015 were $7,423,000. The 10-year lease extension began July 1, 2012, with an additional 5-year renewal option.

Prestige

We have agreed to fund capital improvements of up to $2,000,000 in connection with two of the skilled nursing facilities we lease to Prestige Senior Living. The capital improvements will be an addition to our original investment in the properties when funded and will be included in the lease base. As of March 31, 2015, we had funded $1,941,000 of this commitment. Additionally, we have committed to fund contingent earn out payments up to a maximum of $6,390,000 based on the achievement of certain financial metrics as measured periodically through December 31, 2015. At acquisition, we estimated probable contingent payments of $3,000,000 to be likely and have reflected that amount in the condensed consolidated financial statements. Contingent payments earned will be included in the lease base when funded.

Santé

We have a $2,000,000 loan commitment to our borrower, Santé Partners, LLC (“Santé”). This additional loan amount becomes available to the borrower when the 70-bed transitional rehabilitation hospital, completed in March 2011, achieves certain operating metrics. NHI also has the option to purchase and lease back the hospital when it achieves a predetermined level of stabilized net operating income.

We are committed to fund a $3,500,000 expansion and renovation program at our Silverdale, Washington senior living campus and as of March 31, 2015 had funded $2,621,000, which was added to the basis on which the lease amount is calculated. In addition, we have a contingent commitment to fund two lease inducement payments of $1,000,000 each. Santé would earn the payments upon attaining and sustaining a specified lease coverage ratio. If earned, the first payment would be due following calendar year 2015 and the second payment would be due following calendar year 2016. At acquisition, incurring the contingent payments was not considered probable. Accordingly, no provision for these payments is reflected in the condensed consolidated financial statements.

Senior Living Communities

In connection with our December 2014 Senior Living acquisition, we have provided a $15,000,000 revolving line of credit to Senior Living, the maturity of which will mirror the term of the master lease. Borrowings will be used to finance construction projects within the Senior Living Portfolio, including building additional units. Up to $5,000,000 of the facility may be used to meet general working capital needs. Amounts outstanding under the facility, $3,725,000 at March 31, 2015, bear interest at an annual rate equal to the 10-year U.S. Treasury rate, 1.94% at March 31, 2015, plus 6%.

Senior Living Management

We have entered into agreements with our current tenant, Senior Living Management, to fund up to $920,000 for renovations to our facilities in Georgia and Louisiana. As amounts are funded, they are added to the lease base. As of March 31, 2015, we had funded $220,000 toward this commitment.

Signature India

In 2012 we entered into a revolving loan facility of $1,500,000, bearing interest at a current rate of 10%, with a U.S. entity to fund pre-development activities internationally. With the extension of $250,000 in funding on March 31, 2015, the facility is fully drawn.

Litigation

Our facilities are subject to claims and suits in the ordinary course of business. Our lessees and borrowers have indemnified, and are obligated to continue to indemnify us, against all liabilities arising from both the operation of the facilities and are further obligated to indemnify us against environmental or title problems affecting the real estate underlying such facilities. While there may be lawsuits pending against certain of the owners and/or lessees of our facilities, management believes that the ultimate resolution of all such pending proceedings will have no material adverse effect on our financial condition, results of operations or cash flows.

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Investment In Preferred Stock, At Cost (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Investment income and other	$ 1,135,000	$ 1,067,000
Investment in cumulative preferred stock of LTC properties	2,000,000
Original cost of cost method investments	38,132,000
Nonvoting Convertible Preferred Stock	2,000,000
Closing Price Of LTC's Common Stock	$ 46.00
Preferred Stock, Dividend Rate, Percentage	8.50%
Preferred Stock, Liquidation Preference Per Share	$ 19.25
Preferred Dividends [Member]
Investment income and other	$ 818,000	$ 818,000

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Real Estate (Tables)

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Summary of NHC Percentage Rent [Table Text Block]

The following table summarizes the percentage rent income from NHC (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Current year	$	596	$	566
Prior year final certification1	94		15
Total percentage rent income	$	690	$	581

¹ For purposes of the percentage rent calculation described in the master lease Agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.

Business Acquisition, Pro Forma Information [Table Text Block]

properties acquired by us in December 2014 in a transaction accounted for as a business combination, the unaudited pro forma revenue, net income and net income available to common stockholders of the combined entity for the three months ended March 31, 2014 is provided below as if the acquisition date had been January 1, 2013 (in thousands except per share amounts):

	2014
Revenue	$	52,992
Net income	$	28,452
Net income available to common stockholders	$	28,129
Earnings per common share - basic	$	0.75
Earnings per common share - diluted	$	0.75

Supplemental pro forma information above includes revenues from the newly executed Senior Living lease recognized on a straight-line basis, depreciation, and appropriate interest costs.

Of our total revenues for the three months ended March 31, 2015, we recorded $9,855,000 (18%) in lease revenue from Senior Living and had net earnings of $4,596,000 from this acquisition.

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Earnings and Dividends Per Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts):

	Three Months Ended
	March 31,
	2015		2014
Net income attributable to common stockholders	$	29,683	$	23,533
BASIC:
Weighted average common shares outstanding	37,558,067		33,051,415
DILUTED:
Weighted average common shares outstanding	37,558,067		33,051,415
Stock options	68,257		33,817
Convertible subordinated debentures	18,941		—
Average dilutive common shares outstanding	37,645,265		33,085,232
Net income per common share - basic	$	.79	$	.71
Net income per common share - diluted	$	.79	$	.71
Incremental shares excluded since anti-dilutive:
Net share effect of stock options with an exercise price in excess of the average market price for our common shares	5,666		40,153
Regular dividends declared per common share	$	.85	$	.77

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Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	$ 101,529,000	$ 63,630,000
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	101,529,000		63,630,000
Reported Value Measurement [Member] | Variable Interest Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	357,500,000		624,000,000
Reported Value Measurement [Member] | Fixed Interest Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	541,920,000		238,726,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	110,298,000		72,435,000
Estimate of Fair Value Measurement [Member] | Variable Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	357,500,000		624,000,000
Estimate of Fair Value Measurement [Member] | Fixed Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 562,749,000		$ 254,150,000

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Debt (Schedule of Interest Rate Derivatives) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Interest Rate Swap, Date Entered, May 2012 [Member]
Derivative [Line Items]
Derivative, Inception Date	May 31, 2012
Derivative, Maturity Date	Apr. 30, 2019
Derivative, Fixed Interest Rate	3.29%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 40,000
Interest Rate Cash Flow Hedge Liability at Fair Value	(534)
Interest Rate Swap, Date Entered, June 2013 [Member]
Derivative [Line Items]
Derivative, Inception Date	Jun. 30, 2013
Derivative, Maturity Date	Jun. 30, 2020
Derivative, Fixed Interest Rate	3.86%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	80,000
Interest Rate Cash Flow Hedge Liability at Fair Value	(2,903)
Interest Rate Swap, Date Entered, March 2014 [Member]
Derivative [Line Items]
Derivative, Inception Date	Mar. 31, 2014
Derivative, Maturity Date	Jun. 30, 2020
Derivative, Fixed Interest Rate	3.91%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	130,000
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (5,042)

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 30,013	$ 23,856
Other comprehensive income (loss):
Change in unrealized gains on securities	883	787
Increase (decrease) in fair value of cash flow hedge	(2,330)	(1,056)
Less: reclassification adjustment for amounts recognized in net income	(956)	(528)
Total other comprehensive income (loss)	(2,403)	(797)
Comprehensive income	27,610	23,059
Less: comprehensive income attributable to noncontrolling interest	(330)	(323)
Comprehensive income attributable to common stockholders	$ 27,280	$ 22,736

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Real Estate

3 Months Ended

Mar. 31, 2015

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

REAL ESTATE

As of March 31, 2015, we owned 172 health care real estate properties located in 31 states and consisting of 103 senior housing communities, 64 skilled nursing facilities, 3 hospitals and 2 medical office buildings. Our senior housing properties include assisted living facilities, senior living campuses, independent living facilities, and entrance-fee communities. These investments (excluding pre-development costs of $941,000 and our corporate office of $910,000) consisted of properties with an original cost of approximately $1,991,266,000, rented under triple-net leases to 24 lessees.

Bickford

As of March 31, 2015, we owned an 85% equity interest and Sycamore Street, LLC ("Sycamore") an affiliate of Bickford Senior Living ("Bickford") owned a 15% equity interest in our consolidated subsidiary ("PropCo") which owns 31 assisted living/memory care facilities. The facilities are leased to an operating company, ("OpCo"), in which we retain a non-controlling 85% ownership interest. The facilities are managed by Bickford. Our joint venture is structured to comply with the provisions of RIDEA.

As of March 31, 2015, the annual contractual rent from OpCo to PropCo is $23,195,000, plus fixed annual escalators. NHI has an exclusive right to Bickford's future acquisitions, development projects and refinancing transactions. Of our total revenues, $5,804,000 (10%) and $5,263,000 (12%) were recognized as rental income from Bickford for the three months ended March 31, 2015 and 2014, respectively.

In February 2015 the joint venture announced it would develop five senior housing facilities in Illinois and Virginia. Each community will consist of 60 private-pay assisted living and memory care units managed by Bickford. Construction is expected to start in mid-2015, with openings planned for 2016. The total estimated project cost is $55,000,000.

Holiday

As of March 31, 2015, we leased 25 independent living facilities to NH Master Tenant, LLC, an affiliate of Holiday Retirement ("Holiday"). The master lease term of 17 years began in December 2013 and provides for 2015 cash rent of $33,351,000 plus annual escalators of 4.5% in 2016 and 2017 and a minimum of 3.5% each year thereafter.

Of our total revenues, $10,954,000 (20%) and $10,954,000 (25%) were derived from Holiday for the three months ended March 31, 2015 and 2014, including $2,616,000 and $2,975,000 in straight-line rent, respectively. NH Master Tenant, LLC continues to operate the facilities pursuant to a management agreement with a Holiday-affiliated manager.

NHC

As of March 31, 2015, we leased 42 facilities under two master leases to National HealthCare Corporation (“NHC”), a publicly-held company and the lessee of our legacy properties. The facilities leased to NHC consist of 3 independent living facilities and 39 skilled nursing facilities (4 of which are subleased to other parties for whom the lease payments are guaranteed to us by NHC). These facilities are leased to NHC under the terms of an amended master lease agreement originally dated October 17, 1991 ("the 1991 lease") which includes our 35 remaining legacy properties and a master lease agreement dated August 30, 2013 ("the 2013 lease") which includes 7 skilled nursing facilities acquired from ElderTrust of Florida, Inc. on August 31, 2013.

The 1991 lease has been amended to extend the lease expiration to December 31, 2026. There are two additional 5-year renewal options, each at fair rental value of such leased property as negotiated between the parties and determined without including the value attributable to any improvements to the leased property voluntarily made by NHC at its expense. Under the terms of the lease, the base annual rental is $30,750,000 and rent escalates by 4% of the increase, if any, in each facility's revenue over a 2007 base year. The 2013 lease provides for a base annual rental of $3,450,000 and has a lease expiration of August 2028. Under the terms of the 2013 lease, rent escalates 4% of the increase in each facility's revenue over the 2014 base year. For both the 1991 lease and the 2013 lease, we refer to this additional rent component as “percentage rent.” During the last three years of the 2013 lease, NHC will have the option to purchase the facilities for $49,000,000.

The following table summarizes the percentage rent income from NHC (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Current year	$	596	$	566
Prior year final certification1	94		15
Total percentage rent income	$	690	$	581

¹ For purposes of the percentage rent calculation described in the master lease Agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.

Of our total revenue, $9,227,000 (17%) and $9,118,000 (21%) were derived from NHC for the three months ended March 31, 2015 and 2014, respectively.

Senior Living Communities

Beginning in December 2014 we leased eight retirement communities with 1,671 units to Senior Living Communities, LLC (“Senior Living”). The 15-year master lease contains two5-year renewal options and provides for initial cash rent of $31,000,000, plus annual escalators of 4% in years two through four and 3% thereafter. In accordance with the lease agreement, Senior Living has funded a $10,000,000 escrow which serves as security for its payment obligation under the master lease.

For the eight Senior Living properties acquired by us in December 2014 in a transaction accounted for as a business combination, the unaudited pro forma revenue, net income and net income available to common stockholders of the combined entity for the three months ended March 31, 2014 is provided below as if the acquisition date had been January 1, 2013 (in thousands except per share amounts):

	2014
Revenue	$	52,992
Net income	$	28,452
Net income available to common stockholders	$	28,129
Earnings per common share - basic	$	0.75
Earnings per common share - diluted	$	0.75

Supplemental pro forma information above includes revenues from the newly executed Senior Living lease recognized on a straight-line basis, depreciation, and appropriate interest costs.

Of our total revenues for the three months ended March 31, 2015, we recorded $9,855,000 (18%) in lease revenue from Senior Living and had net earnings of $4,596,000 from this acquisition.

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Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Of Financial Instruments [Abstract]

Schedule of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

		Fair Value Measurement
	Balance Sheet Classification	March 31, 2015		December 31, 2014
Level 1
Common stock of other healthcare REITs	Marketable securities	$	16,387	$	15,503
Level 2
Interest rate swap asset	Other assets	$	—	$	—
Interest rate swap liability	Accrued expenses	$	8,479	$	5,193
Level 3
Contingent consideration	Real estate purchase liabilities	$	3,000	$	3,000

Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2015 and 2014(in thousands):

	Fair Value Beginning of Period		Transfers Into Level 3		Realized Gains and (Losses)		Purchases, Issuances and Settlements, net		Fair Value at End of Period		Total Period Losses Included in Earnings Attributable to the Change in Unrealized Losses Relating to Assets Held at End of Year
2015
Contingent consideration	$	3,000	$	—	$	—	$	—	$	3,000	$	—
2014
Contingent consideration	$	2,600	$	—	$	—	$	400	$	3,000	$	—

Fair Value Measurements, Nonrecurring [Table Text Block]

Carrying values and fair values of financial instruments that are not carried at fair value at March 31, 2015 and December 31, 2014 in the Condensed Consolidated Balance Sheets are as follows (in thousands):

	Carrying Amount				Fair Value Measurement
	2015		2014		2015		2014
Level 2
Variable rate debt	$	357,500	$	624,000	$	357,500	$	624,000
Fixed rate debt	$	541,920	$	238,726	$	562,749	$	254,150
Level 3
Mortgage and other notes receivable	$	101,529	$	63,630	$	110,298	$	72,435

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Debt Debt (Schedule of Debt) (Parenthesis) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 8,332
Debt Instrument, Name, Q3 2014 HUD Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	1,640
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 6,692

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Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2015

Policy Text Block [Abstract]

Consolidation, Policy

Principles of Consolidation - The accompanying consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entity over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation. Net income is reduced by the portion of net income attributable to noncontrolling interests.

We apply Financial Accounting Standards Board ("FASB") guidance for our arrangements with variable interest entities ("VIEs") which requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity's activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate investments in VIEs when we are determined to be the primary beneficiary of the VIE. We may change our assessment of a VIE due to events such as modifications of contractual arrangements that affect the characteristics or adequacy of the entity's equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary.

We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. At March 31, 2015, we held an interest in one unconsolidated VIE, of which we were not the primary beneficiary.

We also apply FASB guidance related to investments in joint ventures based on the type of controlling rights held by the members' interests in limited liability companies that may preclude consolidation by the majority equity owner in certain circumstances in which the majority equity owner would otherwise consolidate the joint venture.

We structure our joint ventures to be compliant with the provisions of the REIT Investment Diversification and Empowerment Act of 2007 ("RIDEA") which permits NHI to receive rent payments through a triple-net lease between a property company and an operating company and is designed to give NHI the opportunity to capture additional value on the improving performance of the operating company through distributions to a taxable REIT subsidiary ("TRS"). Accordingly, the TRS holds our equity interest in an unconsolidated operating company, which we do not control, and provides an organizational structure that will allow the TRS to engage in a broad range of activities and share in revenues that would otherwise be non-qualifying income under the REIT gross income tests.

Equity-Method Investment - We report our TRS' investment in an unconsolidated entity, over whose operating and financial policies we have the ability to exercise significant influence but not control, under the equity method of accounting. Under this method of accounting, our pro rata share of the entity's earnings or losses is included in our Condensed Consolidated Statements of Income. Additionally, we adjust our investment carrying amount to reflect our share of changes in an equity-method investee's capital resulting from its capital transactions.

The initial carrying value of our equity-method investment is based on the fair value of the net assets of the entity at the time we acquired our interest. We estimate fair values of the net assets of our equity-method investee based on discounted cash flow models. The inputs we use in these models are based on assumptions that are within a reasonable range of current market rates for the respective investments.

We evaluate our equity-method investment for impairment whenever events or changes in circumstances indicate that the carrying value of our investment may exceed the fair value. If it is determined that a decline in the fair value of our investment is not temporary, and if such reduced fair value is below its carrying value, an impairment is recorded. Determining fair value involves significant judgment. Our estimates consider all available evidence including the present value of the expected future cash flows discounted at market rates, general economic conditions and other relevant factors.

Noncontrolling Interest - We present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interest and classify such interest as a component of consolidated equity separate from total NHI stockholders' equity in our Condensed Consolidated Balance Sheets. In addition, we exclude net income attributable to the noncontrolling interest from net income attributable to common shareholders in our Condensed Consolidated Statements of Income.

Use of Estimates, Policy

Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Earnings Per Share, Policy

Earnings Per Share - The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options using the treasury stock method, to the extent dilutive. Diluted earnings per share also incorporate the potential dilutive impact of our 3.25% convertible senior notes due 2021. We apply the treasury stock method to our convertible debt instruments, the effect of which is that conversion will not be assumed for purposes of computing diluted earnings per share unless the average share price for the period exceeds the conversion price per share.

New Accounting Pronouncements, Policy

New Accounting Pronouncements - In February 2015, the FASB issued Amendments to the Consolidation Analysis, under ASU 2015-02, which is generally effective for fiscal years and interim periods beginning after December 15, 2015. ASU 2015-02 changes the consolidation analysis for all reporting entities. The changes primarily affect the consolidation of limited partnerships and their equivalents (e.g., limited liability corporations), the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, as well as structured vehicles such as collateralized debt obligations. We have yet to determine the method by which ASU 2015-02 will be adopted in 2016, and we are continuing to study the effect that our eventual adoption of this standard will have on our reported financial position and results of operations, the extent of which cannot be reasonably estimable at this time.

In April 2015 the FASB issued ASU 2015-03, Interest-Imputation of Interest, whose primary effect is to mandate that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability. Debt issuance costs have previously been presented among assets on the balance sheet. The standard does not affect the recognition and measurement of debt issuance costs. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We have yet to determine the method by which ASU 2015-03 will be adopted. We believe our eventual adoption of this standard will have no material effect on our reported financial position and results of operations.