NHI to Acquire 25 Independent Living Facilities from Affiliate of Holiday Retirement for $491M

National Health Investors

announced today it has signed a definitive purchase agreement to acquire 25 independent living facilities from certain subsidiaries of Holiday Acquisition Holdings LLC (“Holiday”), an affiliate of Holiday Retirement, for a total purchase price of $491 million. The acquisition is expected to close by December 31, 2013. Wells Fargo Securities, LLC served as financial advisor to NHI on this transaction. Following the closing of the acquisition, the 25 independent living facilities will continue to be operated by affiliates of Holiday Retirement pursuant to a 17-year master lease signed by an affiliate of Holiday. The lease equates to an initial cash yield of 6.5% on the purchase price with annual escalators of 4.5% in years two through four and annual escalators thereafter at 3.5%, or a maximum of 3.75% if CPI is higher during the preceding year. Justin Hutchens, NHI's CEO and President stated, “This investment is in line with our stated goals of partnering with strong operators, diversifying our portfolio, and financing growth in a conservative fashion. Holiday, a portfolio company of Fortress Investment Group, is an industry leading operator of independent living communities.” Portfolio Highlights The 25 facilities total 2,841 units, have a median age of 16 years and have an average occupancy rate for the nine months ended September 30, 2013 of 89% Locations: Arkansas, California, Georgia, Idaho, Indiana, Louisiana, New Jersey, Ohio, Oklahoma, Oregon, South Carolina and Washington Portfolio Details Property Name Units Market State 1 Apple Blossom 119 Rogers AR 2 Butterfield Place 117 Fort Smith AR 3 Bay Park 98 Pinole CA 4 Bridgecreek 108 West Covina CA 5 Camelot 136 Hemet CA 6 Fig Garden 103 Fresno CA 7 Hampshire 115 Merced CA 8 Mistywood 117 Roseville CA 9 Standiford Place 121 Modesto CA 10 Iris Place 142 Athens GA 11 Riverplace 114 Columbus GA 12 River's Edge 121 Savannah GA 13 Chateau De Boise 97 Boise ID 14 Arbor Glen 120 Fort Wayne IN 15 Nouveau Marc 113 Kenner LA 16 Yardley Commons 107 Voorhees NJ 17 Worthington 117 Gahanna OH 18 Silver Arrow Estates 126 Broken Arrow OK 19 Astor House at Springbrook Oak 121 Newberg OR 20 Eagle Crest 120 Myrtle Beach SC 21 Westminster 117 Greenville SC 22 Bedford 103 Vancouver WA 23 Garden Club 105 Bellevue WA 24 Kamlu Retirement Inn - Vancouver 83 Vancouver WA 25 Orchard Park 101 Yakima WA About National Health Investors National Health Investors, Inc.

is a healthcare real estate investment trust specializing in financing healthcare real estate by purchase and leaseback transactions, RIDEA transactions and by mortgage loans. NHI's investments include assisted living, senior living campuses, independent living, skilled nursing facilities, medical office buildings, and hospitals. Find additional information about NHI at www.nhireit.com. Safe Harbor Statement Statements in this press release that are not historical facts are forward-looking statements. NHI cautions investors that any forward-looking statements may 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. Investors are urged to carefully review and consider the various disclosures made by NHI in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information disclosed in NHI's Annual Report on Form 10-K for the most recently ended fiscal year. Copies of these filings are available at no cost on the SEC's web site at http://www.sec.gov or on NHI's web site at http://www.nhireit.com.