

NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2015
(in thousands)

							Costs		Gross Amount at Which
			Initial Cost to Company				Capitalized		Carried at Close of Period								Date
					Buildings &		Subsequent to				Buildings &				Accumulated		Acquired/
	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Constructed
Skilled Nursing Facilities
Anniston, AL	$	—	$	70	$	4,477	$	—	$	70	$	4,477	$	4,547	$	3,273	10/17/1991
Moulton, AL	—		25		688		—		25		688		713		688		10/17/1991
Avondale, AZ	—		453		6,678		—		453		6,678		7,131		3,408		8/13/1996
Brooksville, FL	—		1,217		16,166		—		1,217		16,166		17,383		2,391		2/1/2010
Crystal River, FL	—		912		12,117		—		912		12,117		13,029		1,792		2/1/2010
Dade City, FL	—		605		8,042		—		605		8,042		8,647		1,190		2/1/2010
Hudson, FL (2 facilities)	—		1,290		22,392		—		1,290		22,392		23,682		9,443		Various
Merritt Island, FL	—		701		8,869		—		701		8,869		9,570		6,740		10/17/1991
New Port Richey, FL	—		228		3,023		—		228		3,023		3,251		447		2/1/2010
Plant City, FL	—		405		8,777		—		405		8,777		9,182		6,762		10/17/1991
Stuart, FL	—		787		9,048		—		787		9,048		9,835		6,982		10/17/1991
Trenton, FL	—		851		11,312		—		851		11,312		12,163		1,673		2/1/2010
Glasgow, KY	—		33		2,110		—		33		2,110		2,143		1,953		10/17/1991
Greenfield, MA	—		370		4,341		—		370		4,341		4,711		267		8/30/2013
Holyoke, MA	—		110		943		—		110		943		1,053		61		8/30/2013
Quincy, MA	—		450		710		—		450		710		1,160		43		8/30/2013
Taunton, MA	—		900		5,906		—		900		5,906		6,806		367		8/30/2013
Desloge, MO	—		178		3,804		—		178		3,804		3,982		3,108		10/17/1991
Joplin, MO	—		175		4,034		—		175		4,034		4,209		2,599		10/17/1991
Kennett, MO	—		180		4,928		—		180		4,928		5,108		4,055		10/17/1991
Maryland Heights, MO	—		482		5,512		—		482		5,512		5,994		5,139		10/17/1991
St. Charles, MO	—		150		4,790		—		150		4,790		4,940		3,892		10/17/1991
Manchester, NH (2 facilities)	—		790		20,077		—		790		20,077		20,867		1,213		8/30/2013
Epsom, NH	—		630		2,191		—		630		2,191		2,821		141		8/30/2013
Albany, OR	—		190		10,415		—		190		10,415		10,605		556		3/31/2014
Creswell, OR	—		470		8,946		—		470		8,946		9,416		480		3/31/2014
Forest Grove, OR	—		540		11,848		—		540		11,848		12,388		607		3/31/2014
Anderson, SC	—		308		4,643		—		308		4,643		4,951		4,099		10/17/1991
Greenwood, SC	—		222		3,457		—		222		3,457		3,679		2,990		10/17/1991
Laurens, SC	—		42		3,426		—		42		3,426		3,468		2,759		10/17/1991
Orangeburg, SC	—		300		3,714		—		300		3,714		4,014		740		9/25/2008
Athens, TN	—		38		1,463		—		38		1,463		1,501		1,322		10/17/1991
Chattanooga, TN	—		143		2,309		—		143		2,309		2,452		2,098		10/17/1991



NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2015
(in thousands)

				Costs	Gross Amount at Which
		Initial Cost to Company		Capitalized	Carried at Close of Period				Date
			Buildings &	Subsequent to		Buildings &		Accumulated	Acquired/
	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	Depreciation	Constructed
Dickson, TN	—	90	3,541	—	90	3,541	3,631	2,860	10/17/1991
Franklin, TN	—	47	1,130	—	47	1,130	1,177	986	10/17/1991
Hendersonville, TN	—	363	3,837	—	363	3,837	4,200	2,765	10/17/1991
Johnson City, TN	—	85	1,918	—	85	1,918	2,003	1,825	10/17/1991
Lewisburg, TN (2 facilities)	—	46	994	—	46	994	1,040	942	10/17/1991
McMinnville, TN	—	73	3,618	—	73	3,618	3,691	2,887	10/17/1991
Milan, TN	—	41	1,826	—	41	1,826	1,867	1,589	10/17/1991
Pulaski, TN	—	53	3,921	—	53	3,921	3,974	3,187	10/17/1991
Lawrenceburg, TN	—	98	2,900	—	98	2,900	2,998	2,168	10/17/1991
Dunlap, TN	—	35	3,679	—	35	3,679	3,714	2,752	10/17/1991
Smithville, TN	—	35	3,816	—	35	3,816	3,851	3,022	10/18/1991
Somerville, TN	—	26	677	—	26	677	703	653	10/19/1991
Sparta, TN	—	80	1,602	—	80	1,602	1,682	1,353	10/20/1991
Canton, TX	—	420	12,330	—	420	12,330	12,750	1,091	4/18/2013
Corinth, TX	—	1,075	13,935	—	1,075	13,935	15,010	1,326	4/18/2013
Ennis, TX	—	986	9,025	—	986	9,025	10,011	1,335	10/31/2011
Greenville, TX	—	1,800	13,948	—	1,800	13,948	15,748	1,855	10/31/2011
Houston, TX (4 facilities)	—	3,458	57,061	—	3,458	57,061	60,519	9,462	Various
Kyle, TX	—	1,096	12,279	—	1,096	12,279	13,375	1,546	6/11/2012
Paris, TX	—	60	12,040	—	60	12,040	12,100	2,383	6/30/2009
San Antonio, TX	—	300	12,150	—	300	12,150	12,450	2,610	6/30/2009
Bristol, VA	—	176	2,511	—	176	2,511	2,687	2,042	10/17/1991
	—	24,688	399,894	—	24,688	399,894	424,582	133,917

Assisted Living Facilities
Rainbow City, AL	—	670	11,330	—	670	11,330	12,000	738	10/31/2013
Gilbert, AZ	—	451	3,142	79	451	3,221	3,672	1,358	12/31/1998
Glendale, AZ	—	387	3,823	58	387	3,881	4,268	1,645	12/31/1998
Tucson, AZ (2 facilities)	—	919	6,656	190	919	6,846	7,765	2,879	12/31/1998
Sacramento, CA	—	660	10,840	—	660	10,840	11,500	490	6/1/2014
Bartow, FL	—	225	3,192	—	225	3,192	3,417	493	11/30/2010
Lakeland, FL	—	250	3,167	—	250	3,167	3,417	491	11/30/2010
Maitland, FL	—	1,687	5,428	—	1,687	5,428	7,115	2,963	8/6/1996
St. Cloud, FL	—	307	3,117	—	307	3,117	3,424	483	11/30/2010



NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2015
(in thousands)

				Costs	Gross Amount at Which
		Initial Cost to Company		Capitalized	Carried at Close of Period				Date
			Buildings &	Subsequent to		Buildings &		Accumulated	Acquired/
	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	Depreciation	Constructed
Greensboro, GA	—	572	4,849	731	572	5,580	6,152	580	9/15/2011
Ames, IA	3,193	360	4,670	—	360	4,670	5,030	335	6/28/2013
Burlington, IA	3,901	200	8,374	—	200	8,374	8,574	602	6/28/2013
Cedar Falls, IA	4,013	260	4,700	30	260	4,730	4,990	343	6/28/2013
Clinton, IA	2,777	133	3,215	60	133	3,275	3,408	477	6/30/2010
Ft. Dodge, IA	4,008	100	7,208	—	100	7,208	7,308	506	6/28/2013
Iowa City, IA	2,521	297	2,725	33	297	2,758	3,055	464	6/30/2010
Marshalltown, IA	5,714	240	6,208	—	240	6,208	6,448	443	6/28/2013
Muscatine, IA	—	140	1,802	—	140	1,802	1,942	146	6/28/2013
Urbandale, IA	8,113	540	4,292	—	540	4,292	4,832	324	6/28/2013
Caldwell, ID	—	320	9,353	—	320	9,353	9,673	493	3/31/2014
Weiser, ID	—	20	2,433	—	20	2,433	2,453	191	12/21/2012
Aurora, IL	—	1,364	682	—	1,364	682	2,046	—	Under Construction
Bourbonnais, IL	7,974	170	16,594	15	170	16,609	16,779	1,157	6/28/2013
Moline, IL	3,896	250	5,630	—	250	5,630	5,880	407	6/28/2013
Peoria, IL	4,199	403	4,532	248	403	4,780	5,183	765	10/19/2009
Quincy, IL	6,055	360	12,403	—	360	12,403	12,763	864	6/28/2013
Rockford, IL	6,412	390	12,575	—	390	12,575	12,965	902	6/28/2013
Springfield, IL	15,386	450	19,355	—	450	19,355	19,805	1,346	6/28/2013
Tinley Park, IL	—	1,618	5,172	—	1,618	5,172	6,790	—	Under Construction
Carmel, IN	—	574	7,336	353	574	7,689	8,263	294	11/12/2014
Crawfordsville, IN	2,559	300	3,134	—	300	3,134	3,434	230	6/28/2013
Crown Point, IN	—	791	7,020	227	791	7,247	8,038	546	10/30/2013
Greenwood, IN	—	463	6,810	245	463	7,055	7,518	535	11/7/2013
Lafayette, IN	—	546	4,583	—	546	4,583	5,129	674	6/30/2010
Wabash, IN	—	320	2,242	—	320	2,242	2,562	184	6/28/2013
Mission, KS	—	1,901	17,310	561	1,901	17,871	19,772	1,979	9/30/2012
Overland Park, KS	—	2,199	20,026	—	2,199	20,026	22,225	2,289	9/30/2012
Bastrop, LA	—	325	2,456	—	325	2,456	2,781	369	4/30/2011
Bossier City, LA	—	500	3,344	—	500	3,344	3,844	528	4/30/2011
Minden, LA	—	280	1,698	—	280	1,698	1,978	253	4/30/2011
West Monroe, LA	—	770	5,627	—	770	5,627	6,397	794	4/30/2011
Baltimore, MD	—	860	8,078	533	860	8,611	9,471	485	10/31/2013
Battle Creek, MI	3,066	398	3,093	197	398	3,290	3,688	530	10/19/2009



NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2015
(in thousands)

				Costs	Gross Amount at Which
		Initial Cost to Company		Capitalized	Carried at Close of Period					Date
			Buildings &	Subsequent to		Buildings &			Accumulated	Acquired/
	Encumbrances	Land	Improvements	Acquisition	Land	Improvements		Total	Depreciation	Constructed
Lansing, MI	6,651	340	7,908	174	340	8,082		8,422	1,338	10/19/2009
Midland, MI	5,794	504	6,612	162	504	6,774		7,278	1,070	10/19/2009
Saginaw, MI	3,814	248	4,212	162	248	4,374		4,622	706	10/19/2009
Champlin, MN	—	980	4,430	—	980	4,430		5,410	775	3/10/2010
Hugo, MN	—	400	3,800	—	400	3,800		4,200	648	3/10/2010
Maplewood, MN	—	1,700	6,510	—	1,700	6,510		8,210	1,130	3/10/2010
North Branch, MN	—	595	2,985	—	595	2,985		3,580	564	3/10/2010
Charlotte, NC	—	650	17,896	—	650	17,896		18,546	244	7/1/2015
Grand Island, NE	4,463	370	5,029	219	370	5,248		5,618	373	6/28/2013
Lincoln, NE	8,418	380	10,904	—	380	10,904		11,284	753	6/28/2013
Omaha, NE	2,455	480	7,039	—	480	7,039		7,519	493	6/28/2013
Lancaster, OH	—	530	20,530	—	530	20,530		21,060	264	7/31/2015
Marysville, OH	—	1,250	13,950	—	1,250	13,950		15,200	1,059	7/1/2013
Middletown, OH	9,311	940	15,548	—	940	15,548		16,488	528	10/31/2014
Milwaukie, OR	—	370	5,283	33	370	5,316		5,686	176	9/30/2014
Ontario, OR (2 facilities)	—	428	6,128	—	428	6,128		6,556	485	12/21/2012
Portland, OR	—	500	6,272	—	500	6,272	—	6,772	62	8/31/2015
Conway, SC	—	344	2,877	94	344	2,971		3,315	1,253	12/31/1998
Gallatin, TN	—	326	2,277	61	326	2,338		2,664	989	3/31/1999
Kingsport, TN	—	354	2,568	66	354	2,634		2,988	1,111	12/31/1998
Tullahoma, TN	—	191	2,216	57	191	2,273		2,464	941	3/31/1999
Fredericksburg, VA	—	1,615	3,110	—	1,615	3,110		4,725	—	Under Construction
Midlothian, VA	—	1,646	2,229	—	1,646	2,229		3,875	—	Under Construction
Beaver Dam, WI	—	210	20,149	—	210	20,149		20,359	1,743	12/21/2012
	124,693	39,321	460,686	4,588	39,321	465,274		504,595	48,280

Independent Living Facilities
Rogers, AR	—	1,470	25,282	—	1,470	25,282		26,752	1,383	12/23/2013
Fort Smith, AR	—	590	22,447	—	590	22,447		23,037	1,223	12/23/2013
Pinole, CA	—	1,020	18,066	—	1,020	18,066		19,086	984	12/23/2013
West Covina, CA	—	940	20,280	—	940	20,280		21,220	1,090	12/23/2013
Hemet, CA	—	1,250	12,645	—	1,250	12,645		13,895	718	12/23/2013
Fresno, CA	—	420	10,899	—	420	10,899		11,319	627	12/23/2013
Merced, CA	—	350	18,712	—	350	18,712		19,062	1,024	12/23/2013



NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2015
(in thousands)

				Costs	Gross Amount at Which
		Initial Cost to Company		Capitalized	Carried at Close of Period				Date
			Buildings &	Subsequent to		Buildings &		Accumulated	Acquired/
	Encumbrances	Land	Improvements	Acquisition	Land	Improvements	Total	Depreciation	Constructed
Roseville, CA	—	630	31,343	—	630	31,343	31,973	1,687	12/23/2013
Modesto, CA	—	1,170	22,673	—	1,170	22,673	23,843	1,218	12/23/2013
Athens, GA	—	910	31,940	—	910	31,940	32,850	1,722	12/23/2013
Columbus, GA	—	570	8,639	—	570	8,639	9,209	505	12/23/2013
Savannah, GA	—	1,200	15,851	—	1,200	15,851	17,051	880	12/23/2013
Boise, ID	—	400	12,422	—	400	12,422	12,822	690	12/23/2013
Fort Wayne, IN	—	310	12,864	—	310	12,864	13,174	736	12/23/2013
Kenner, LA	—	310	24,259	—	310	24,259	24,569	1,301	12/23/2013
St. Charles, MO	—	344	3,181	—	344	3,181	3,525	2,339	10/17/1991
Voorhees, NJ	—	670	23,710	—	670	23,710	24,380	1,270	12/23/2013
Gahanna, OH	—	920	22,919	—	920	22,919	23,839	1,258	12/23/2013
Broken Arrow, OK	—	2,660	18,476	—	2,660	18,476	21,136	1,026	12/23/2013
Newberg, OR	—	1,080	19,187	—	1,080	19,187	20,267	1,059	12/23/2013
Myrtle Beach, SC	—	1,310	26,229	—	1,310	26,229	27,539	1,408	12/23/2013
Greenville, SC	—	560	16,547	—	560	16,547	17,107	920	12/23/2013
Johnson City, TN	—	55	4,077	—	55	4,077	4,132	2,684	10/17/1991
Chattanooga, TN	—	9	1,567	—	9	1,567	1,576	1,184	10/17/1991
Bellevue, WA	—	780	18,692	—	780	18,692	19,472	1,012	12/23/2013
Vancouver, WA (2 facilities)	—	1,740	23,411	—	1,740	23,411	25,151	1,312	12/23/2013
Yakima, WA	—	440	14,186	—	440	14,186	14,626	780	12/23/2013
	—	22,108	480,504	—	22,108	480,504	502,612	32,040

Senior Living Campuses
Loma Linda, CA	—	1,200	10,800	7,326	1,200	18,126	19,326	1,049	9/28/2012
Maitland, FL	—	2,318	9,161	301	2,318	9,462	11,780	5,626	8/6/1996
West Palm Beach, FL	—	2,771	4,286	—	2,771	4,286	7,057	3,687	8/6/1996
Nampa, ID	—	243	4,182	—	243	4,182	4,425	2,153	8/13/1996
Indianapolis, IN	—	1,810	24,571	—	1,810	24,571	26,381	345	7/1/2015
Roscommon, MI	—	44	6,005	—	44	6,005	6,049	62	8/31/2015
Mt. Airy, NC	—	1,370	7,470	—	1,370	7,470	8,840	222	12/17/2014
Madison, TN	—	920	21,826	—	920	21,826	22,746	301	7/1/2015
Silverdale, WA	—	1,750	23,860	2,166	1,750	26,026	27,776	2,410	8/16/2012
	—	12,426	112,161	9,793	12,426	121,954	134,380	15,855



NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2015
(in thousands)

							Costs		Gross Amount at Which
			Initial Cost to Company				Capitalized		Carried at Close of Period								Date
					Buildings &		Subsequent to				Buildings &				Accumulated		Acquired/
	Encumbrances		Land		Improvements		Acquisition		Land		Improvements		Total		Depreciation		Constructed
Entrance-Fee Communities
Fernandina Beach, FL	—		1,430		63,420		—		1,430		63,420		64,850		1,765		12/17/2014
St. Simons Island, GA	—		8,770		38,070		—		8,770		38,070		46,840		1,107		12/17/2014
Winston-Salem, NC	—		8,700		73,920		—		8,700		73,920		82,620		2,068		12/17/2014
Greenville, SC	—		5,850		90,760		—		5,850		90,760		96,610		2,505		12/17/2014
Myrtle Beach, SC	—		3,910		82,140		—		3,910		82,140		86,050		2,323		12/17/2014
Pawleys Island, SC	—		1,480		38,620		—		1,480		38,620		40,100		1,137		12/17/2014
Spartanburg, SC	—		900		49,190		—		900		49,190		50,090		1,402		12/17/2014
	—		31,040		436,120		—		31,040		436,120		467,160		12,307

Medical Office Buildings
Crestview, FL	—		165		3,349		—		165		3,349		3,514		2,256		6/30/1993
Pasadena, TX	—		631		6,341		—		631		6,341		6,972		4,433		1/1/1995
	—		796		9,690		—		796		9,690		10,486		6,689

Hospitals
La Mesa, CA	—		4,180		8,320		—		4,180		8,320		12,500		1,788		3/10/2010
Jackson, KY	—		540		10,163		7,899		540		18,062		18,602		6,545		6/12/1992
Murfreesboro, TN	—		2,444		17,585		—		2,444		17,585		20,029		1,429		10/1/2012
	—		7,164		36,068		7,899		7,164		43,967		51,131		9,762
Total continuing operations properties	124,693		137,543		1,935,123		22,280		137,543		1,957,403		2,094,946		258,850
Corporate office	—		157		677		86		157		763		920		209
	$	124,693	$	137,700	$	1,935,800	$	22,366	$	137,700	$	1,958,166	$	2,095,866	$	259,059

NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

(A) See the notes to the consolidated financial statements.

(B) Depreciation is calculated using estimated useful lives up to 40 years for all completed facilities.

(C) Subsequent to NHC's transfer of the original real estate properties in 1991, we have purchased from NHC $33,909,000 of additions to those properties. As the additions were purchased from NHC rather than developed by us, the $33,909,000 has been included as Initial Cost to Company.

(D) At December 31, 2015, the tax basis of the Company's net real estate assets was $1,838,305.



NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
(in thousands)
	December 31,
	2015			2014			2013
Investment in Real Estate:
Balance at beginning of period	$	1,988,849		$	1,422,002		$	698,536
Additions through cash expenditures	124,113			533,171			654,670
Change in property additions in accounts payable	1,076			(995		)	3,086
Additions through contingent liabilities	750			3,000			1,600
Reclass of note balance into real estate investment	255			—			—
Additions through assumption of debt	—			7,858			80,528
Tax deferred exchange funds applied to investment in real estate	—			23,813			—
Settlement of contingent asset acquisition liability	(3,000		)	—			—
Additions through settlement of mortgage note	—			—			13,741
Sale of properties for cash	(13,563		)	—			(30,159		)
Reclassification to assets held for sale, net	(2,614		)	—			—
Balance at end of period	$	2,095,866		$	1,988,849		$	1,422,002

Accumulated Depreciation:
Balance at beginning of period	$	212,300		$	174,262		$	163,146
Addition charged to costs and expenses	53,123			38,038			20,658
Sale of properties	(5,096		)	—			(9,542		)
Reclassification to assets held for sale	(1,268		)	—			—
Balance at end of period	$	259,059		$	212,300		$	174,262