National Health Investors Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

nhi-20200331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒

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

For the quarterly period ended

2020-03-31

☐

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

For the transition period from

_____________

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)

Securities registered pursuant to Section 12(b) of the Act:


Title of each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	NHI	New York Stock Exchange

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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ No ☐

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

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

There were 44,650,002 shares of common stock outstanding of the registrant as of May 5, 2020.

Table of Contents


			Page
Part I. Financial Information

Item 1. Financial Statements			3

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.			31

Item 3. Quantitative and Qualitative Disclosures About Market Risk.			62

Item 4. Controls and Procedures.			63

Part II. Other Information

Item 1. Legal Proceedings			64

Item 1A. Risk Factors			64



Item 6. Exhibits			65

Signatures			66

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NATIONAL HEALTH INVESTORS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)


	March 31, 2020		December 31, 2019
	(unaudited)
Assets:
Real estate properties:
Land	$	219,575	$	213,617
Buildings and improvements	2,990,554		2,836,673
Construction in progress	18,003		24,556
	3,228,132		3,074,846
Less accumulated depreciation	(534,905)		(514,453)
Real estate properties, net	2,693,227		2,560,393
Mortgage and other notes receivable, net	286,320		340,143
Cash and cash equivalents	46,049		5,215
Straight-line rent receivable	85,629		86,044
Assets held for sale, net	—		18,420
Equity method investment and other assets	56,610		32,020
Total Assets	$	3,167,835	$	3,042,235

Liabilities and Stockholders’ Equity:
Debt	$	1,548,904	$	1,440,465
Accounts payable and accrued expenses	34,701		26,313
Dividends payable	49,226		46,817
Lease deposit liabilities	10,638		10,638
Deferred income	17,373		19,750
Total Liabilities	1,660,842		1,543,983

Commitments and Contingencies

National Health Investors, Inc. Stockholders' Equity:
Common stock, $0.01 par value; 60,000,000 shares authorized;
44,650,002 and 44,587,486 shares issued and outstanding	447		446
Capital in excess of par value	1,505,001		1,505,948
Cumulative net income in excess (deficit) of dividends	2,241		(5,331)
Accumulated other comprehensive loss	(12,131)		(3,432)
Total National Health Investors, Inc. Stockholders' Equity	1,495,558		1,497,631
Noncontrolling interests	11,435		621
Total Equity	1,506,993		1,498,252
Total Liabilities and Stockholders’ Equity	$	3,167,835	$	3,042,235

The accompanying notes to condensed consolidated financial statements are an integral part of these condensed consolidated financial statements. The Condensed Consolidated Balance Sheet at December 31, 2019 was derived from the audited consolidated financial statements at that date.

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NATIONAL HEALTH INVESTORS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share amounts)


	Three Months Ended
	March 31,
	2020		2019
	(unaudited)
Revenues:
Rental income	$	76,527	$	70,953
Interest income and other	6,549		5,154
	83,076		76,107
Expenses:
Depreciation	20,443		18,491
Interest	14,140		13,518
Legal	334		270
Franchise, excise and other taxes	243		545
General and administrative	4,311		4,014
Property taxes and insurance on leased properties	1,553		1,090
Loan and realty losses	1,555		2,500
	42,579		40,428
Loss from equity method investment	(442)		—
Investment and other gains	21,007		—

Net income	61,062		35,679
Less: net income attributable to noncontrolling interests	(39)		—
Net income attributable to common stockholders	$	61,023	$	35,679

Weighted average common shares outstanding:
Basic	44,613,593		42,825,824
Diluted	44,618,139		43,125,032

Earnings per common share:
Net income attributable to common stockholders - basic	$	1.37	$	0.83
Net income attributable to common stockholders - diluted	$	1.37	$	0.83

The accompanying notes to condensed consolidated financial statements are an integral part of these condensed consolidated financial statements.

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NATIONAL HEALTH INVESTORS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)


	Three Months Ended
	March 31,
	2020		2019
	(unaudited)

Net income	$	61,062	$	35,679
Other comprehensive income (loss):
Decrease in fair value of cash flow hedges	(9,191)		(665)
Reclassification for amounts recognized as interest expense	492		(292)
Total other comprehensive loss	(8,699)		(957)
Comprehensive income	52,363		34,722
Less: comprehensive income attributable to noncontrolling interest	(39)		—
Comprehensive income attributable to common stockholders	$	52,324	$	34,722

The accompanying notes to condensed consolidated financial statements are an integral part of these condensed consolidated financial statements.

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NATIONAL HEALTH INVESTORS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	Three Months Ended
	March 31,
	2020		2019
	(unaudited)
Cash flows from operating activities:
Net income	$	61,062	$	35,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	20,443		18,491
Amortization of debt issuance costs, debt discounts and prepaids	1,173		1,263
Amortization of commitment fees and note receivable discounts	(129)		(119)
Amortization of lease incentives	236		168
Straight-line rent income	(5,177)		(5,228)
Non-cash interest income on construction loans	(888)		(548)
Gain on sales of real estate	(21,007)		—
Loss from equity method investment	442		—

Loan and realty losses	1,555		2,500
Payment of lease incentives	—		(1,250)
Non-cash stock-based compensation	1,845		2,001
Changes in operating assets and liabilities:
Other assets	(357)		2,961
Accounts payable and accrued expenses	(1,497)		1,597
Deferred income	(619)		16,322
Net cash provided by operating activities	57,082		73,837

Cash flows from investing activities:
Investments in mortgage and other notes receivable	(20,298)		(11,002)
Collections of mortgage and other notes receivable	14,288		300
Investments in real estate	(80,335)		(50,122)
Investments in renovations of existing real estate	(3,057)		(4,215)
Equity method investment	(875)		—
Proceeds from sale of real estate	39,260		—
Net cash used in investing activities	(51,017)		(65,039)

Cash flows from financing activities:
Proceeds from revolving credit facility	125,000		95,000
Payments on revolving credit facility	(17,000)		(90,000)

Payments on term loans	(304)		(296)
Debt issuance costs	—		(67)
Distributions to noncontrolling interests	(16)		—
Proceeds from noncontrolling interests	13		—
Taxes remitted on employee stock awards	(2,705)		(1,006)
Proceeds from issuance of common shares, net	—		35,913
Equity issuance costs	(87)		—

Dividends paid to stockholders	(46,817)		(42,700)
Net cash provided by (used in) financing activities	58,084		(3,156)

Increase in cash and cash equivalents and restricted cash	64,149		5,642
Cash and cash equivalents and restricted cash, beginning of period	15,669		9,912
Cash and cash equivalents and restricted cash, end of period	$	79,818	$	15,554

The accompanying notes to condensed consolidated financial statements are an integral part of these condensed consolidated financial statements.

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NATIONAL HEALTH INVESTORS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(in thousands)


	Three Months Ended
	March 31,
	2020		2019
	(unaudited)
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized	$	12,462	$	11,901
Supplemental disclosure of non-cash investing and financing activities:
Real estate acquired in exchange for straight-line rent receivable	$	—	$	38,000
Real estate acquired in exchange for mortgage notes receivable	$	59,350	$	—
Increase in mortgage note receivable from sale of real estate	$	4,000	$	—
Change in other assets related to investments in real estate	$	—	$	176
Change in accounts payable related to investments in real estate construction	$	(234)	$	(1,048)
Change in accounts payable related to investments in real estate acquisition	$	—	$	1,178

The accompanying notes to condensed consolidated financial statements are an integral part of these condensed consolidated financial statements.

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NATIONAL HEALTH INVESTORS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited, in thousands, except share and per share amounts)


	Common Stock					Capital in Excess of Par Value		Cumulative Net Income in Excess (Deficit) of Dividends		Accumulated Other Comprehensive Income (Loss)		Total National Health Investors, Inc. Stockholders’ Equity		Noncontrolling Interests		Total Equity
	Shares	Amount
Balances at December 31, 2019	44,587,486	$	446	$	1,505,948	$	(5,331)	$	(3,432)	$	1,497,631	$	621	$	1,498,252








Cumulative effect of change in accounting principle	—	—		—		(4,225)		—		(4,225)		—		(4,225)
Noncontrolling interest conveyed in acquisition	—	—		—		—		—		—		10,791		10,791
Noncontrolling interest distribution	—	—		—		—		—		—		(16)		(16)
Total comprehensive income	—	—		—		61,023		(8,699)		52,324		39		52,363
Equity issuance costs	—	—		(85)		—		—		(85)		—		(85)
Taxes remitted on employee stock awards	—	—		(2,705)		—		—		(2,705)		—		(2,705)
Shares issued on stock options exercised	62,516	1		(2)		—		—		(1)		—		(1)
Stock-based compensation	—	—		1,845		—		—		1,845		—		1,845
Dividends declared, $1.1025 per common share	—	—		—		(49,226)		—		(49,226)		—		(49,226)

Balances at March 31, 2020	44,650,002	$	447	$	1,505,001	$	2,241	$	(12,131)	$	1,495,558	$	11,435	$	1,506,993




Balances at December 31, 2018	42,700,411	$	427	$	1,369,919	$	18,068	$	1,299	$	1,389,713	$	—	$	1,389,713









Total comprehensive income	—	—		—		35,679		(957)		34,722		—		34,722
Issuance of common stock, net	462,925	5		35,908		—		—		35,913		—		35,913
Taxes remitted on employee stock awards	—	—		(1,006)		—		—		(1,006)		—		(1,006)
Shares issued on stock options exercised	35,982	—		—		—		—		—		—		—
Stock-based compensation	—	—		2,001		—		—		2,001		—		2,001
Dividends declared, $1.05 per common share	—	—		—		(45,359)		—		(45,359)		—		(45,359)

Balances at March 31, 2019	43,199,318	$	432	$	1,406,822	$	8,388	$	342	$	1,415,984	$	—	$	1,415,984

The accompanying notes to condensed consolidated financial statements are an integral part of these condensed consolidated financial statements.

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NATIONAL HEALTH INVESTORS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2020

(unaudited)

NOTE 1. 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 that 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, 2019 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, 2019 consolidated financial statements and that the adequacy of additional disclosure needed for a fair presentation, except regarding material contingencies, may be determined in that context. Accordingly, notes 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, 2019 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, 2019, which are included in our 2019 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), a copy of which is available at our web site: www.nhireit.com.

Principles of Consolidation - The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, partnerships and consolidated variable interest entities (“VIE”), if any. All intercompany transactions and balances have been eliminated in consolidation.

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 apply Financial Accounting Standards Board (“FASB”) guidance for our arrangements with 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. In accordance with FASB guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI would consolidate the VIE. 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.

If the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of Accounting Standards Codification (“ASC”) Topic 810 Consolidation. These provisions provide for consolidation of majority-owned entities where a majority voting interest held by the Company demonstrates control of such entities in the absence of any legal constraints.

At March 31, 2020, we held interests in seven unconsolidated VIEs, and, because we generally lack either directly or through related parties the power to direct the activities that most significantly impact their economic performance, we have concluded that NHI is not the primary beneficiary. Accordingly, we account for our transactions with these entities and their subsidiaries at either amortized cost or net realizable value for straight-line receivables.

Our VIEs are summarized below by date of initial involvement. For further discussion of the nature of the relationships, including the sources of our exposure to these VIEs, see the notes to our condensed consolidated financial statements cross-referenced below.

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Date	Name	Source of Exposure	Carrying Amount		Maximum Exposure to Loss		Note Reference
2012	Bickford Senior Living	Various¹	$	57,024,000	$	60,120,000	Notes 2, 3
2014	Senior Living Communities	Notes and straight-line receivable	$	92,155,000	$	96,454,000	Notes 2, 3
2016	Senior Living Management	Notes and straight-line receivable	$	26,940,000	$	26,940,000	—
2017	Evolve Senior Living	Notes	$	9,953,000	$	9,953,000	—
2018	Sagewood, LCS affiliate	Notes	$	133,307,000	$	178,614,000	Note 3
2019	41 Management, LLC	Notes	$	12,133,000	$	15,313,000	—
2020	Timber Ridge OpCo	Various¹	$	434,000	$	5,434,000	Note 4

¹ Notes, loan commitments, straight-line rent receivables, and unamortized lease incentives

We are not obligated to provide support beyond our stated commitments to these tenants and borrowers whom we classify as VIEs, and accordingly, our maximum exposure to loss as a result of these relationships is limited to the amount of our commitments, as shown above and discussed in the notes. When the above relationships involve leases, some additional exposure to economic loss is present. Generally, additional economic loss on a lease, if any, would be limited to that resulting from a short period of arrearage and non-payment of monthly rent before we are able to take effective remedial action, as well as costs incurred in transitioning the lease to a new tenant. The potential extent of such loss will be dependent upon individual facts and circumstances, cannot be quantified, and is therefore not included in the tabulation above. Typically, the only carrying amounts involving our leases are accumulated straight-line receivables and unamortized lease incentives.

As the managing member, we consolidate two property company (“PropCo”) joint ventures, which were formed in association with our JV partners, Discovery Senior Housing Investor XXIV, LLC, (“Discovery”) and LCS Timber Ridge LLC (“LCS”) to invest in and own (1) six senior housing facilities initially comprising 596 units (“Discovery PropCo”) and (2) a 401-unit Continuing Care Retirement Community in Issaquah, Washington (“Timber Ridge PropCo”), respectively. NHI directs the activities that most significantly impact economic performance of these joint venture entities, subject to limited protective rights extended to our JV partners for specified business decisions. We consider both entities to be VIEs, based on our determination that the total equity at risk in each is insufficient to finance activities without additional subordinated financial support. Because of our control of these entities, we include their assets, liabilities, noncontrolling interests and operations in our consolidated financial statements.

Cash and Cash Equivalents and Restricted Cash - Cash equivalents consist of all highly liquid investments with an original maturity of three months or less. Restricted cash includes amounts required to be held on deposit in accordance with agency agreements governing our Fannie Mae and HUD mortgages.

The following table sets forth our cash, cash equivalents and restricted cash reported within the Company’s Condensed Consolidated Statements of Cash Flows (in thousands):


	March 31, 2020		March 31, 2019
Cash and cash equivalents	$	46,049	$	5,177
Restricted cash (included in Other assets)	33,769		10,377
	$	79,818	$	15,554

Topic 842 - All of our leases are accounted for as operating leases. Our leases generally have an initial leasehold term of 10 to 15 years followed by one or more 5-year tenant renewal options. The leases are “triple net” leases under which the tenant is responsible for the payment of all taxes, utilities, insurance premiums, repairs and other charges relating to the operation of the properties, including required levels of capital expenditures each year. The tenant is obligated at its expense to keep all improvements, fixtures and other components of the properties covered by “all risk” insurance in an amount equal to at least the full replacement cost thereof, and to maintain specified minimal personal injury and property damage insurance, protecting us as well as the tenant. The leases also require the tenant to indemnify and hold us harmless from all claims resulting from the use, occupancy and related activities of each property by the tenant, and to indemnify us against all costs related to any release, discovery, clean-up and removal of hazardous, including bio-hazardous, substances or materials, or other environmental responsibility with respect to each facility. These provisions, along with a growing senior demographic and the historical propensity for real estate to hold its value, collectively constitute much of the means by which the risk associated with the residual value of our properties is mitigated. While we do not incorporate residual value guarantees, the above lease provisions and considerations inform our expectation of realizable value from our properties upon the expiration of their lease terms. The residual value of our real estate under lease is still subject to various market, asset, and tenant-specific risks and characteristics. As the

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classification of our leases is dependent on the fair value of estimated cash flows at lease commencement, management’s projected residual values represent significant assumptions in our accounting for operating leases. Similarly, the exercise of options is also subject to these same risks, making a tenant’s lease term another significant variable in a lease’s cash flows. If lease concessions become necessary, NHI has elected to account for lease concessions which do not substantially increase either our rights as lessor or the obligations of the tenant and are related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842 as though the enforceable rights and obligations for those concessions existed under our leases, regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the related individual lease contract.

Use of Estimates - The preparation of 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.

Allowance for Credit Losses - With the adoption of Accounting Standards Update 2016-13, Financial Instruments - Credit Losses effective January 1, 2020, we estimate and record an allowance for credit losses upon origination of the loan, based on expected credit losses for the life of the loan balance and update this estimate quarterly as of the balance sheet date. We calculate the estimated credit losses on mortgages by pooling these loans into two groups – investments in existing or new mortgages and construction mortgages. Mezzanine and revolving lines of credit are evaluated at the individual loan level. We estimate the allowance for credit losses by utilizing a loss model that relies on future expected credit losses, rather than incurred losses. This loss model incorporates our historical experience and collateral values, adjusted for current conditions and our forecasts, using the probability of default and loss given default method. The loss model incorporates our historical loss data for recessionary and non-recessionary periods. Incorporated into the construction mortgage loss model is an estimate of the probability that NHI will acquire the property. Using the resulting estimate, a portion of the outstanding construction mortgage balance, which NHI currently expects will be reduced by NHI’s acquisition of the underlying property when construction is complete, is deducted from the construction mortgage balance included in the expected loss calculation. Mezzanine loans and revolving lines of credit are also based on the loss model to recognize expected future credit losses and are applied to each individual loan using borrower specific information. We also perform a qualitative assessment beyond model estimates and apply adjustments as necessary. The credit loss estimate is based on the net amortized cost balance of our mortgage and other notes receivables as of the balance sheet date.

Price	83.05	EPS	4
Shares	44	P/E	23
MCap	3,651	P/FCF	20
Net Debt	1,443	EBIT	197
TEV	5,094	TEV/EBIT	26
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-05-11
10-K	2019-12-31	Filed 2020-02-19
10-Q	2019-09-30	Filed 2019-11-07
10-Q	2019-06-30	Filed 2019-08-08
10-Q	2019-03-31	Filed 2019-05-07
10-K	2018-12-31	Filed 2019-02-19
10-Q	2018-09-30	Filed 2018-11-06
10-Q	2018-06-30	Filed 2018-08-07
10-Q	2018-03-31	Filed 2018-05-08
10-K	2017-12-31	Filed 2018-02-16
10-Q	2017-09-30	Filed 2017-11-08
10-Q	2017-06-30	Filed 2017-08-09
10-Q	2017-03-31	Filed 2017-05-09
10-K	2016-12-31	Filed 2017-02-17
10-Q	2016-09-30	Filed 2016-11-07
10-Q	2016-06-30	Filed 2016-08-05
10-Q	2016-03-31	Filed 2016-05-06
10-K	2015-12-31	Filed 2016-02-18
10-Q	2015-09-30	Filed 2015-11-05
10-Q	2015-06-30	Filed 2015-08-05
10-Q	2015-03-31	Filed 2015-05-07
10-K	2014-12-31	Filed 2015-02-17
10-Q	2014-09-30	Filed 2014-11-03
10-Q	2014-06-30	Filed 2014-08-04
10-Q	2014-03-31	Filed 2014-05-05
10-K	2013-12-31	Filed 2014-02-18
10-Q	2013-09-30	Filed 2013-11-04
10-Q	2013-06-30	Filed 2013-08-06
10-Q	2013-03-31	Filed 2013-05-06
10-K	2012-12-31	Filed 2013-02-15
10-Q	2012-09-30	Filed 2012-11-05
10-Q	2012-06-30	Filed 2012-08-06
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-02-15
10-Q	2011-09-30	Filed 2011-11-07
10-Q	2011-06-30	Filed 2011-08-04
10-Q	2011-03-31	Filed 2011-05-05
10-K	2010-12-31	Filed 2011-02-17
10-Q	2010-09-30	Filed 2010-11-04
10-Q	2010-06-30	Filed 2010-08-04
10-Q	2010-03-31	Filed 2010-05-10
10-K	2009-12-31	Filed 2010-02-22

8-K	2020-06-16
8-K	2020-06-16
8-K	2020-05-29
8-K	2020-05-11
8-K	2020-05-11
8-K	2020-05-11
8-K	2020-04-29
8-K	2020-04-22
8-K	2020-04-03
8-K	2020-04-01
8-K	2020-03-23
8-K	2020-03-19
8-K	2020-03-19
8-K	2020-03-13
8-K	2020-02-21
8-K	2020-02-19
8-K	2020-02-19
8-K	2020-02-19
8-K	2020-02-03
8-K	2020-01-28
8-K	2020-01-09
8-K	2020-01-08
8-K	2019-12-04
8-K	2019-11-12
8-K	2019-11-12
8-K	2019-11-12
8-K	2019-11-07
8-K	2019-11-06
8-K	2019-11-06
8-K	2019-11-04
8-K	2019-11-01
8-K	2019-10-08
8-K	2019-09-06
8-K	2019-08-08
8-K	2019-08-08
8-K	2019-08-08
8-K	2019-08-07
8-K	2019-07-26
8-K	2019-07-02
8-K	2019-06-20
8-K	2019-06-06
8-K	2019-05-24
8-K	2019-05-13
8-K	2019-05-07
8-K	2019-05-06
8-K	2019-05-06
8-K	2019-05-06
8-K	2019-05-01
8-K	2019-04-09
8-K	2019-02-26
8-K	2019-02-22
8-K	2019-02-19
8-K	2019-02-19
8-K	2019-02-19
8-K	2019-02-07
8-K	2019-01-18
8-K	2018-12-28
8-K	2018-12-19
8-K	2018-12-13
8-K	2018-11-06
8-K	2018-11-06
8-K	2018-11-05
8-K	2018-10-09
8-K	2018-09-17
8-K	2018-08-09
8-K	2018-08-06
8-K	2018-08-06
8-K	2018-07-19
8-K	2018-06-21
8-K	2018-05-08
8-K	2018-05-07
8-K	2018-05-07
8-K	2018-05-07
8-K	2018-05-01
8-K	2018-02-22
8-K	2018-02-16
8-K	2018-02-15
8-K	2018-02-15
8-K	2018-01-19
8-K	2018-01-16

EX-31.1	nhi-3312020x10qex311.htm
EX-31.2	nhi-3312020x10qex312.htm
EX-32	nhi-3312020x10qex32.htm

NHI 10Q Quarterly Report

National Health Investors Earnings 2020-03-31