National Health Investors Inc a Maryland corporation incorporated in 1991. It is a real estate investment trust (REIT) which invests in income-producing health care properties in the long-term care and senior housing industries. Its portfolio consisted of real estate, mortgage and note investments and investments in the preferred stock and marketable securities of other REITs. It is a self-managed REIT investing in health care real estate or in the operations thereof through independent third-party managers that generate current income to be distributed to stockholders. It invests in leased properties, loans and RIDEA transactions. These investments include senior housing, skilled nursing facilities, hospitals & medical office buildings, all of which are collectively referred to herein as Health Care Facilities. It typically funds these investments through three sources of capital debt offerings, including bank lines of credit and ordinary term debt, current cash flow and the sale of equity securities. All of its investments in real estate and mortgage loans secured by real estate are located within the United States. Its portfolio included 91 senior housing communities (SHO) leased to operators and mortgage loans secured by 3 SHOs. SHOs within its portfolio consist of assisted living facilities, independent living facilities and senior living campuses. Its investments are typically structured as acquisitions of properties through purchase-leaseback transactions, acquisitions of properties from other real estate investors, mortgage loans or, in operations, through structures allowed by the REIT Investment Diversification Empowerment Act of 2007. It has also provided construction loans for facilities for which were already committed to provide long-term financing or for which the operator agreed to enter into a lease on completion of the construction. Assisted living facilities portfolio included 69 assisted living facilities leased to operators and mortgage loans secured by 2 ALFs, Independent living facilities portfolio included 28 independent living facilities (ILF) leased to operators, Senior living campuses portfolio included 9 senior living campuses (SLC) leased to operators. It has two operators, National HealthCare Corporation (NHC) and Bickford Senior Living (Bickford), from whom it individually derives its income from operations. It is compete with other REITs, private equity funds and other investors in the acquisition, leasing and financing of health care-related properties. The Company is subject to certain provisions of Maryland law and its charter and bylaws that could hinder, delay or prevent a change in control transaction, even if the transaction involves a premium price for its common stock or its stockholders believe such transaction to be otherwise in their interests.