877860--2/22/2010--NATIONAL_HEALTH_INVESTORS

related topics

{investment, property, distribution}

{loan, real, estate}

{provision, law, control}

{regulation, government, change}

{financial, litigation, operation}

{cost, regulation, environmental}

{debt, indebtedness, cash}

{tax, income, asset}

{acquisition, growth, future}

We depend on the operating success of our customers (facility operators), whose business is focused in the skilled nursing and assisted living industry, for collection of our revenues during this time of uncertain economic conditions in the U.S. We are exposed to the risk that our tenants and mortgagees may not be able to meet the rent, principal and interest or other payments due us, which may result in an operator bankruptcy or insolvency, or that an operator might become subject to bankruptcy or insolvency proceedings for other reasons. We are exposed to risks related to government regulations and the effect they have on our tenants and mortgagees business. We are exposed to the risk that the cash flows of our tenants and mortgagees will be adversely affected by increased liability claims and general and professional liability insurance costs. We are exposed to risks related to environmental laws and the costs associated with the liability related to hazardous substances. We depend on the success of future acquisitions and investments. We depend on the ability to reinvest cash in real estate investments in a timely manner and on acceptable terms. We may incur more debt and intend to replace our current credit facility with longer term debt in the future, which long term debt may not be available on terms acceptable to the Company. We are exposed to the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties. We are exposed to the risk that our assets may be subject to impairment charges. We depend on the ability to continue to qualify as a real estate investment trust. We have ownership limits in our charter contains with respect to our common stock and other classes of capital stock. We are subject to certain provisions of Maryland law and our charter and bylaws that could hinder, delay or prevent a change in control transaction, even if the transaction involves a premium price for our common stock or our stockholders believe such transaction to be otherwise in their best interests.

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877860--2/22/2010--NATIONAL_HEALTH_INVESTORS_INC