8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM 8-K


CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): February 23, 2009 (February 20, 2009)
National Health Investors, Inc.
(Exact name of Registrant as specified in its charter)

Maryland
(State or Other Jurisdiction of Incorporation)

001-10822	62-1470956
(Commission File No.)	(IRS Employer Identification Number)

750-B South Church Street

Murfreesboro, TN 37130

(Address of principal executive offices, including zip code)

(615) 890-9100(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.     Results of Operations and Financial Condition.

On February 20, 2009, National Health Investors, Inc. issued a press release announcing its year end results. A copy of the press release is filed an Exhibit 99 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01.     Financial Statements and Exhibits.

SIGNATURES

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

		National Health Investors, Inc.
		By:	/s/ Roger R. Hopkins
		Name:	Roger R. Hopkins
		Title:	Chief Accounting Officer
Date:	February 23, 2009

Exhibit Index

Number	Exhibit
99	Press release, dated February 20, 2009

EX-99

Exhibit 99

NHI Reports Fourth Quarter and 2008 Year-end Results

MURFREESBORO, Tenn.--(BUSINESS WIRE)--February 20, 2009--National Health Investors, Inc., (NYSE:NHI) announced today its net income and funds from operations (“FFO”) for the fourth quarter and year ended December 31, 2008.

Net income for the year ended December 31, 2008 was $57,510,000 or $2.08 per basic common share and $2.07 per diluted common share, compared to net income of $96,435,000 or $3.48 per basic common share and $3.47 per diluted common share for 2007. The comparability of net income for the year ended December 31, 2008 to the same period one year ago was affected by income from recoveries of previous writedowns, gains on the sale and deconsolidation of certain facilities, gains from loan payoffs and other asset sales, gains on the disposal of certain non-realty assets and certain writedowns of discontinued operations and marketable securities. Adjusting for the above-mentioned items, net income for 2008 would have been $56,127,000 or $2.03 per basic and $2.02 per diluted common share, compared to $57,519,000 or $2.08 per basic and $2.07 per diluted common share for 2007. Revenues for 2008 were $63,005,000 compared to $62,158,000 in 2007.

FFO for the year ended December 31, 2008 was $65,207,000, or $2.35 per basic and diluted common share compared to $94,912,000 or $3.43 per basic and $3.42 per diluted common share in 2007. Adjusting for the above-mentioned items which affect the comparability of results to the same period one year ago, FFO for 2008 would have been $63,824,000 or $2.30 per basic and diluted common share, compared to $69,176,000 or $2.50 per basic and $2.49 per diluted common share for 2007.

Net income for the three months ended December 31, 2008 was $13,367,000 or $.48 per basic and diluted common share compared to net income of $29,435,000 or $1.06 per basic and diluted common share for the same period in 2007. Adjusting for the above-mentioned items which affect the comparability of results to the same period one year ago, net income for the fourth quarter of 2008 would have been $13,505,000 or $.49 per basic and diluted common share compared to net income of $14,698,000 or $.53 per basic and diluted common share for the same period in 2007. Revenues for the fourth quarter of 2008 were $15,774,000 compared to $15,014,000 for the fourth quarter of 2007.

FFO for the three months ended December 31, 2008, was $15,297,000 or $.55 per basic and diluted common share compared to $19,735,000 or $.71 per basic and diluted common share for the same period in 2007. Adjusting for the above-mentioned items which affect the comparability of results to the same period one year ago, FFO for the fourth quarter of 2008 would have been $15,435,000 or $.56 per basic and diluted common share compared to $17,467,000 or $.63 per basic and diluted common share for the same period in 2007.

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

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

Condensed Statements of Income
(in thousands, except share and per share amounts)
			Three Months Ended						Twelve Months Ended
			December 31						December 31
				2008			2007			2008		2007
Revenues:
	Mortgage interest income		$	2,452		$	2,216		$	9,666	$	11,308
	Rental income			13,322			12,798			53,339		50,850
			$	15,774		$	15,014		$	63,005	$	62,158
Expenses:
	Interest expense		$	60		$	150		$	308	$	4,625
	Depreciation			1,952			2,029			7,888		8,192
	Amortization of loan costs			3			4			15		75
	Legal expense			557			525			1,598		1,079
	Franchise, excise and other taxes			121			(57	)		647		273
	General and administrative			1,346			1,219			3,585		5,657
	Loan and realty losses (recoveries)			-			(1,238	)		-		(24,238	)
			$	4,039		$	2,632		$	14,041	$	(4,337	)
Income Before Non-Operating Income			$	11,735		$	12,382		$	48,964	$	66,495
	Non-operating income (investment Interest and other)			2,023			3,454			6,487		12,464
Income From Continuing Operations			$	13,758		$	15,836		$	55,451	$	78,959
Discontinued Operations
	Income from operations - discontinued			(391	)		1,130			2,059		4,338
	Net gain on sale of real estate			-			12,469			-		13,138
			$	(391	)	$	13,599		$	2,059	$	17,476
Net income			$	13,367		$	29,435		$	57,510	$	96,435
Weighted average common shares outstanding:
	Basic			27,573,294			27,703,539			27,706,106		27,703,464
	Diluted			27,578,380			27,772,637			27,731,951		27,783,862
Earnings per share:
	Basic:
		Income from continuing operations	$	0.49		$	0.57		$	2.00	$	2.85
		Discontinued operations		(0.01	)		0.49			0.08		0.63
		Net income available to common stockholders	$	0.48		$	1.06		$	2.08	$	3.48
	Diluted:
		Income from continuing operations	$	0.49		$	0.57		$	2.00	$	2.84
		Discontinued operations		(0.01	)		0.49			0.07		0.63
		Net income available to common stockholders	$	0.48		$	1.06		$	2.07	$	3.47
Funds from operations
	Basic		$	15,297		$	19,735		$	65,207	$	94,912
	Diluted		$	15,297		$	19,735		$	65,207	$	94,912
Funds from operations per common share
	Basic		$	0.55		$	0.71		$	2.35	$	3.43
	Diluted		$	0.55		$	0.71		$	2.35	$	3.42
Dividends declared per common share			$	0.69		$	1.35		$	2.42	$	2.85
In accordance with Statement of Financial Accounting Standard No. 144, the results of operations for facilities meeting the accounting criteria as being sold or held for sale, including the gain or loss on such sales, have been reported in the current and prior periods as discontinued operations. The reclassifications to retrospectively reflect the disposition of these facilities had no impact on previously reported net income.

Selected Income Statement Data
(in thousands)
	December 31,			December 31,
		2008			2007
Net income as reported in financial statements	$	57,510		$	96,435
Less: income from recoveries of previous writedowns, gains on the sale and deconsolidation of certain facilities, gains from loan payoffs and other asset sales, gains on the disposal of certain non-realty assets and certain writedowns of discontinued operations and marketable securities.		(1,383	)		(38,916	)
Net income adjusted by items affecting comparability	$	56,127		$	57,519

Selected Balance Sheet Data
(in thousands)
	December 31		December 31
	2008		2007
Real estate properties, net	$	181,332	$	187,455
Mortgages receivable, net		108,640		141,655
Preferred stock investment		38,132		38,132
Cash and marketable securities		126,836		131,172
Notes and bonds payable		3,987		9,512
Stockholders' equity		429,615		446,138

Reconciliation of Funds From Operations (1)(2)
The following table reconciles net income to funds from operations available to common stockholders:
(in thousands, except share and per share amounts)
		Three Months Ended					Twelve Months Ended
		December 31					December 31
			2008		2007			2008		2007
Net income			13,367		29,435			57,510		96,435
Elimination of non-cash items in net income:
	Real estate depreciation		1,930		1,823			7,658		7,868
	Real estate depreciation in discontinued operations		-		946			39		3,789
	Gain on sale of real estate-continuing operations		-		-			-		(42	)
	Gain on sale of real estate-discontinued operations		-		(12,469	)		-		(13,138	)
Basic funds from operations			15,297		19,735			65,207		94,912
Other Adjustments			-		-			-		-
Diluted funds from operations		$	15,297	$	19,735		$	65,207	$	94,912
Basic funds from operations per share		$	0.55	$	0.71		$	2.35	$	3.43
Diluted funds from operations per share		$	0.55	$	0.71		$	2.35	$	3.42
Shares for basic funds from operations per share			27,573,294		27,703,539			27,706,106		27,703,464
Shares for diluted funds from operations per share			27,578,380		27,772,637			27,731,951		27,783,862
1)Management believes that funds from operations (FFO) is an important supplemental measure of operating performance for a real estate investment trust.  Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time.  Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative, and should be supplemented with a measure such as FFO.  The term FFO was designed by the real estate investment trust industry to address this issue.  Our measure may not be comparable to similarly titled measures used by other REITs.  Consequently, our funds from operations may not provide a meaningful measure of our performance as compared to that of other REITs.  Since other REITs may not use our definition of FFO, caution should be exercised when comparing our Company’s FFO to that of other REITs.  Funds from operations in and of itself does not represent cash generated from operating activities in accordance with GAAP (funds from operations does not include changes in operating assets and liabilities) and therefore should not be considered an alternative to net earnings as an indication of operating performance, or to net cash flow from operating activities as determined by GAAP in the United States, as a measure of liquidity and is not necessarily indicative of cash available to fund cash needs. (2) Our computations above are intended to comply with the SEC’s interpretation that recurring impairments taken on real property may not be added back to net income in the calculation of FFO.  The SEC’s position is that recurring impairments on real property are not an appropriate adjustment.

National Health Investors, Inc. Portfolio Summary December 31, 2008
Portfolio Statistics						Investment
		Properties	Investment			Percentage
	Real Estate Properties	72	$	181,332,000			62.5	%
	Mortgages and Notes Receivables	51		108,640,000			37.5	%
	Total Portfolio	123	$	289,972,000			100.0	%
Real Estate Properties		Properties	Beds			Investments
	Long term Care Centers	49		6,788		$	102,264,000
	Assisted Living Facilities	14		1,133			56,106,000
	Medical Office Buildings	4	124,427 sq.ft.				9,140,000
	Independent Living Facilities	4		458			7,531,000
	Hospitals	1		55			6,291,000
	Total Real Estate Properties	72				$	181,332,000
Mortgages and Notes Receivables		Properties	Beds			Investments
	Long term Care Centers	34		3,581		$	104,890,000
	Developmentally Disabled	17		108			3,750,000
	Total Mortgage Portfolio	51				$	108,640,000
	Total Portfolio	123				$	289,972,000
Summary of Facilities by Type:
			Percentage of			Total
		Properties	Total Dollars			Dollars
	Long term Care Centers	83		71.4	%	$	207,154,000
	Assisted Living Facilities	14		19.3	%		56,106,000
	Medical Office Buildings	4		3.2	%		9,140,000
	Independent Living Facilities	4		2.6	%		7,531,000
	Hospitals	1		2.2	%		6,291,000
	Developmentally Disabled	17		1.3	%		3,750,000
	Total Portfolio	123		100.0	%	$	289,972,000

Portfolio by Operator Type
		# of	Percentage of		Total
		Properties	Total Dollars		Dollars
	Regional	47	58.0	%	$	168,263,000
	Public	65	32.1	%		92,973,000
	Small Operator	11	9.9	%		28,736,000
	Total Portfolio	123	100.0	%	$	289,972,000

Public Operators		Percentage
		Of Total		Dollar
		Portfolio		Amount
	National HealthCare Corp.	19.7	%	$	57,217,000
	Sunrise Senior Living Services	4.2	%		12,282,000
	Community Health Systems, Inc.	4.1	%		11,780,000
	Sun Healthcare	2.8	%		7,944,000
	Res-Care, Inc.	1.3	%		3,750,000
	Total Public Operators	32.1	%	$	92,973,000

National Health Investors, Inc. Summary of Facilities by State December 31, 2008
											Percent
			Acute		Dev.	Asst.	Retire-		Investment		Total
		LTC	Care	MOB	Disab.	Living	ment	Total	Amount		Portfolio
	Florida	11		1	14	4		30	$	71,516,000	24.7	%
	Texas	8		2				10		47,377,000	16.3	%
	Tennessee	20			3	3	2	28		26,072,000	9.0	%
	Missouri	8					1	9		20,430,000	7.0	%
	Virginia	8						8		19,274,000	6.6	%
	Arizona	1				4		5		16,898,000	5.8	%
	Kansas	5						5		13,382,000	4.6	%
	Massachusetts	4						4		14,596,000	5.0	%
	New Jersey					1		1		12,282,000	4.2	%
	Georgia	6						6		9,445,000	3.3	%
	New Hampshire	3						3		8,862,000	3.1	%
	Kentucky	2	1					3		7,148,000	2.5	%
	South Carolina	4				1		5		10,567,000	3.6	%
	Idaho	1					1	2		4,829,000	1.7	%
	Pennsylvania					1		1		4,069,000	1.4	%
	Alabama	2						2		1,860,000	0.6	%
	Illinois			1				1		1,365,000	0.5	%
		83	1	4	17	14	4	123	$	289,972,000	100.0	%

CONTACT:
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief Accounting Officer