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Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation
12 Months Ended
Dec. 31, 2023
Schedule III - Real Estate and Accumulated Depreciation [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Real Estate Investments
Skilled Nursing Facilities
Anniston, AL$— $70 $4,477 $— $70 $4,477 $4,547 $3,795 10/17/1991
Moulton, AL— 25 688 — 25 688 713 688 10/17/1991
Avondale, AZ— 453 6,678 — 453 6,678 7,131 4,642 8/13/1996
Brooksville, FL— 1,217 16,166 — 1,217 16,166 17,383 5,624 2/1/2010
Crystal River, FL— 912 12,117 — 912 12,117 13,029 4,216 2/1/2010
Dade City, FL— 605 8,042 — 605 8,042 8,647 2,798 2/1/2010
Hudson, FL (2 facilities)— 1,290 22,392 — 1,290 22,392 23,682 13,323 Various
Merritt Island, FL— 701 8,869 — 701 8,869 9,570 7,832 10/17/1991
New Port Richey, FL— 228 3,023 — 228 3,023 3,251 1,052 2/1/2010
Plant City, FL— 405 8,777 — 405 8,777 9,182 7,687 10/17/1991
Stuart, FL— 787 9,048 — 787 9,048 9,835 8,146 10/17/1991
Trenton, FL— 851 11,312 — 851 11,312 12,163 3,935 2/1/2010
Glasgow, KY— 33 2,110 — 33 2,110 2,143 2,069 10/17/1991
Desloge, MO— 178 3,804 — 178 3,804 3,982 3,804 10/17/1991
Joplin, MO— 175 4,034 — 175 4,034 4,209 3,381 10/17/1991
Kennett, MO— 180 4,928 — 180 4,928 5,108 4,814 10/17/1991
Maryland Heights, MO— 150 4,790 — 150 4,790 4,940 4,675 10/17/1991
St. Charles, MO— 420 5,512 — 420 5,512 5,932 5,512 10/17/1991
Albany, OR— 190 10,415 — 190 10,415 10,605 2,959 3/31/2014
Creswell, OR— 470 8,946 — 470 8,946 9,416 2,439 3/31/2014
Forest Grove, OR— 540 11,848 — 540 11,848 12,388 3,286 3/31/2014
Anderson, SC— 308 4,643 — 308 4,643 4,951 4,504 10/17/1991
Greenwood, SC— 174 3,457 — 174 3,457 3,631 3,291 10/17/1991
Laurens, SC— 42 3,426 — 42 3,426 3,468 3,185 10/17/1991
Orangeburg, SC— 300 3,714 — 300 3,714 4,014 1,478 9/25/2008
Athens, TN— 38 1,463 — 38 1,463 1,501 1,377 10/17/1991
Chattanooga, TN— 143 2,309 — 143 2,309 2,452 2,300 10/17/1991
Dickson, TN— 90 3,541 — 90 3,541 3,631 3,294 10/17/1991
Franklin, TN— 47 1,130 — 47 1,130 1,177 1,130 10/17/1991
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Hendersonville, TN— 363 3,837 — 363 3,837 4,200 3,438 10/17/1991
Johnson City, TN— 85 1,918 — 85 1,918 2,003 1,917 10/17/1991
Lewisburg, TN (2 facilities)— 46 994 — 46 994 1,040 994 10/17/1991
McMinnville, TN— 73 3,618 — 73 3,618 3,691 3,283 10/17/1991
Milan, TN— 41 1,826 — 41 1,826 1,867 1,712 10/17/1991
Pulaski, TN— 53 3,921 — 53 3,921 3,974 3,536 10/17/1991
Lawrenceburg, TN— 98 2,900 — 98 2,900 2,998 2,509 10/17/1991
Dunlap, TN— 35 3,679 — 35 3,679 3,714 3,182 10/17/1991
Smithville, TN— 35 3,816 — 35 3,816 3,851 3,389 10/18/1991
Somerville, TN— 26 677 — 26 677 703 678 10/19/1991
Sparta, TN— 80 1,602 — 80 1,602 1,682 1,547 10/20/1991
Austin, TX— 606 9,895 — 606 9,895 10,501 2,232 4/1/2016
Canton, TX— 420 12,330 — 420 12,330 12,750 4,014 4/18/2013
Corinth, TX— 1,075 13,935 — 1,075 13,935 15,010 4,745 4/18/2013
Ennis, TX— 986 9,025 — 986 9,025 10,011 3,305 10/31/2011
Euless, TX— 1,241 12,629 — 1,241 12,629 13,870 3,070 4/1/2016
Fort Worth, TX— 1,380 14,370 — 1,380 14,370 15,750 2,738 5/10/2018
Garland, TX— 1,440 14,310 — 1,440 14,310 15,750 2,721 5/10/2018
Gladewater, TX— 70 17,840 — 70 17,840 17,910 3,835 4/1/2016
Greenville, TX— 1,800 13,948 — 1,800 13,948 15,748 4,886 10/31/2011
Houston, TX (3 facilities)— 2,808 42,511 — 2,808 42,511 45,319 15,482 Various
Katy, TX— 610 13,893 — 610 13,893 14,503 3,159 4/1/2016
Kyle, TX— 1,096 12,279 — 1,096 12,279 13,375 4,346 6/11/2012
Marble Falls, TX— 480 14,989 — 480 14,989 15,469 3,331 4/1/2016
McAllen, TX— 1,175 8,259 — 1,175 8,259 9,434 2,045 4/1/2016
New Braunfels, TX— 1,430 13,666 — 1,430 13,666 15,096 3,174 2/24/2017
San Antonio, TX (3 facilities)— 2,370 40,054 — 2,370 40,054 42,424 11,730 Various
Waxahachie, TX— 1,330 14,349 — 1,330 14,349 15,679 2,879 1/17/2018
Bristol, VA— 176 2,511 — 176 2,511 2,687 2,511 10/17/1991
Oak Creek, WI— 2,000 14,903 7,403 2,000 22,306 24,306 3,003 12/7/2018
— 34,450 516,143 7,403 34,450 523,546 557,996 226,627 
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Assisted Living Facilities
Rainbow City, AL— 670 11,330 — 670 11,330 12,000 3,211 10/31/2013
Sacramento, CA— 660 10,840 — 660 10,840 11,500 2,962 6/1/2014
Pueblo West, CO— 169 7,431 — 169 7,431 7,600 984 7/23/2019
Greensboro, GA— 672 4,849 631 672 5,480 6,152 1,694 9/15/2011
Ames, IA3,193 360 4,670 — 360 4,670 5,030 1,377 6/28/2013
Burlington, IA3,901 200 8,374 — 200 8,374 8,574 2,477 6/28/2013
Cedar Falls, IA— 260 4,700 30 260 4,730 4,990 1,428 6/28/2013
Ft. Dodge, IA4,008 100 7,208 — 100 7,208 7,308 2,090 6/28/2013
Iowa City, IA— 297 2,725 33 297 2,758 3,055 1,040 6/30/2010
Marshalltown, IA5,714 240 6,208 — 240 6,208 6,448 1,829 6/28/2013
Urbandale, IA8,113 540 4,292 — 540 4,292 4,832 1,305 6/28/2013
Caldwell, ID— 320 9,353 — 320 9,353 9,673 2,558 3/31/2014
Aurora, IL— 1,195 11,713 — 1,195 11,713 12,908 2,743 5/9/2017
Bolingbrook, IL— 1,290 14,677 — 1,290 14,677 15,967 2,783 3/16/2017
Bourbonnais, IL7,974 170 16,594 — 170 16,594 16,764 4,743 6/28/2013
Crystal Lake, IL (2 facilities)— 1,060 30,043 170 1,060 30,213 31,273 5,917 Various
Gurnee, IL— 1,244 13,856 — 1,244 13,856 15,100 1,781 9/10/2019
Moline, IL3,896 250 5,630 — 250 5,630 5,880 1,674 6/28/2013
Oswego, IL— 390 20,957 212 390 21,169 21,559 4,251 6/1/2016
Quincy, IL6,055 360 12,403 — 360 12,403 12,763 3,596 6/28/2013
Rockford, IL6,412 390 12,575 — 390 12,575 12,965 3,664 6/28/2013
South Barrington, IL— 1,610 13,456 — 1,610 13,456 — 15,066 2,604 3/16/2017
St. Charles, IL— 820 22,188 252 820 22,440 23,260 4,547 6/1/2016
Tinley Park, IL— 1,622 11,354 — 1,622 11,354 12,976 2,765 6/23/2016
Attica, IN— 284 7,891 — 284 7,891 8,175 874 5/1/2020
Carmel, IN— 463 7,055 — 463 7,055 7,518 2,346 11/12/2014
Crawfordsville, IN— 300 1,961 — 300 1,961 2,261 921 6/28/2013
Crown Point, IN— 574 7,336 353 574 7,689 8,263 2,473 10/30/2013
Greenwood, IN— 791 7,020 227 791 7,247 8,038 2,418 11/7/2013
Linton, IN— 60 6,015 — 60 6,015 6,075 668 5/1/2020
Bastrop, LA— 325 2,456 — 325 2,456 2,781 880 4/30/2011
Bossier City, LA— 500 3,344 — 500 3,344 3,844 1,230 4/30/2011
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Minden, LA— 280 1,698 — 280 1,698 1,978 606 4/30/2011
West Monroe, LA— 770 5,627 — 770 5,627 6,397 1,953 4/30/2011
Frederick, MD— 1,942 17,415 — 1,942 17,415 19,357 486 2/4/2023
Battle Creek, MI— 398 3,093 197 398 3,290 3,688 1,357 10/19/2009
Lansing, MI— 1,020 9,684 174 1,020 9,858 10,878 2,022 10/19/2009
Okemos, MI— 340 8,082 — 340 8,082 8,422 3,123 11/19/2009
Shelby, MI— 1,588 13,512 — 1,588 13,512 15,100 1,610 1/27/2020
Champlin, MN— 980 4,475 — 980 4,475 5,455 1,664 3/10/2010
Hugo, MN— 400 3,945 113 400 4,058 4,458 1,440 3/10/2010
Maplewood, MN— 1,700 6,544 — 1,700 6,544 8,244 2,433 3/10/2010
North Branch, MN— 595 3,053 — 595 3,053 3,648 1,165 3/10/2010
Mahtomedi, MN— 515 8,825 — 515 8,825 9,340 999 12/27/2019
Charlotte, NC— 650 17,663 2,000 650 19,663 20,313 4,642 7/1/2015
Durham, NC— 860 7,752 994 860 8,746 9,606 1,183 12/15/2017
Hendersonville, NC (2 facilities)— 3,120 12,980 — 3,120 12,980 16,100 2,661 3/16/2017
Lincoln, NE8,418 380 10,904 — 380 10,904 11,284 3,116 6/28/2013
Omaha, NE (2 facilities)2,455 1,110 15,437 851 1,110 16,288 17,398 4,099 Various
Las Vegas, NV— 1,951 16,184 — 1,951 16,184 18,135 447 2/14/2023
Arlington, OH— 570 7,917 — 570 7,917 8,487 1,965 4/30/2018
Columbus, OH— 530 6,776 — 530 6,776 7,306 1,757 4/30/2018
Lancaster, OH— 530 20,530 — 530 20,530 21,060 5,224 7/31/2015
Middletown, OH— 940 15,548 — 940 15,548 16,488 4,059 10/31/2014
Rocky River, OH— 650 4,189 — 650 4,189 4,839 871 4/30/2018
Worthington, OH— — 18,869 1,476 — 20,345 — 20,345 3,996 4/30/2018
McMinnville, OR— 390 9,183 — 390 9,183 9,573 1,959 8/31/2016
Portland, OR— 930 25,270 — 930 25,270 26,200 4,622 8/31/2015
Erie, PA— 1,030 15,206 914 1,030 16,120 — 17,150 2,418 4/30/2018
Reading, PA— 1,027 11,179 — 1,027 11,179 12,206 1,536 5/31/2019
Manchester, TN— 534 6,068 — 534 6,068 6,602 522 6/3/2021
Chesapeake, VA— 1,746 15,542 — 1,746 15,542 17,288 436 2/9/2023
Fredericksburg, VA— 1,615 9,271 — 1,615 9,271 10,886 2,238 9/20/2016
Midlothian, VA— 1,646 8,635 — 1,646 8,635 10,281 2,155 10/31/2016
Suffolk, VA— 1,022 9,320 — 1,022 9,320 10,342 2,064 3/25/2016
Virginia Beach, VA— 2,052 15,148 — 2,052 15,148 17,200 451 11/10/2022
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Bellevue, WI— 504 11,796 — 504 11,796 12,300 1,192 9/30/2020
Oshkosh, WI— 542 12,758 — 542 12,758 13,300 608 4/29/2022
60,139 53,043 700,582 8,627 53,043 709,209 762,252 148,912 
Independent Living Facilities
Vero Beach, FL— 550 37,450 2,543 550 350 39,993 40,543 5,343 2/1/2019
Columbus, IN— 348 6,124 — 348 6,124 6,472 812 5/31/2019
St. Charles, MO— 344 3,181 — 344 3,181 3,525 2,778 10/17/1991
Tulsa, OK16,102 1,980 32,620 502 1,980 33,122 35,102 5,698 12/1/2017
Chattanooga, TN— 1,567 1,568 1,577 1,473 10/17/1991
Johnson City, TN— 55 4,077 — 55 4,077 4,132 3,375 10/17/1991
Chehalis, WA— 1,980 7,710 7,445 1,980 15,155 17,135 2,686 1/15/2016
16,102 5,266 92,729 10,491 5,266 103,220 108,486 22,165 
Senior Living Campuses
Michigan City, IN— 974 22,667 — 974 22,667 23,641 2,973 5/31/2019
Portage, IN— 661 21,959 — 661 21,959 22,620 2,887 5/31/2019
Needham, MA— 5,500 45,157 1,451 5,500 46,608 52,108 7,268 1/15/2019
Salisbury, MD— 1,876 44,084 471 1,876 44,555 46,431 6,081 5/31/2019
Roscommon, MI— 44 6,005 44 6,006 6,050 1,525 8/31/2015
Mt. Airy, NC— 1,370 7,470 150 1,370 7,620 8,990 1,992 12/17/2014
McMinnville, OR— 410 26,667 — 410 26,667 27,077 5,375 8/31/2016
Silverdale, WA— 1,750 23,860 2,167 1,750 26,027 27,777 8,021 8/16/2012
— 12,585 197,869 4,240 12,585 202,109 214,694 36,122 
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Entrance-Fee Communities
Bridgeport, CT— 4,320 23,494 5,809 4,320 29,303 33,623 6,582 6/2/2016
North Branford, CT— 7,724 64,430 — 7,724 64,430 72,154 13,231 11/3/2016
Southbury, CT— 10,320 17,143 6,178 10,320 23,321 33,641 4,806 6/2/2016
Fernandina Beach, FL— 1,430 63,420 1,522 1,430 64,942 66,372 16,255 12/17/2014
St. Simons Island, GA— 8,770 38,070 963 8,770 39,033 47,803 9,930 12/17/2014
Winston-Salem, NC— 8,700 73,920 507 8,700 74,427 83,127 18,517 12/17/2014
Greenville, SC— 5,850 90,760 — 5,850 90,760 96,610 22,216 12/17/2014
Myrtle Beach, SC— 3,910 82,140 542 3,910 82,682 86,592 20,703 12/17/2014
Pawleys Island, SC— 1,480 38,620 460 1,480 39,080 40,560 10,088 12/17/2014
Spartanburg, SC— 900 49,190 1,021 900 50,211 51,111 12,615 12/17/2014
Issaquah, WA— 4,370 130,522 — 4,370 130,522 134,892 14,679 01/31/2020
— 57,774 671,709 17,002 57,774 688,711 746,485 149,622 
Hospitals
Tulsa, OK— 1,470 38,780 250 1,470 39,030 40,500 2,691 5/28/2021
— 1,470 38,780 250 1,470 39,030 40,500 2,691 
Total real estate investments properties76,241 164,588 2,217,812 48,013 164,588 2,265,825 2,430,413 586,139 
Senior Housing Operating
Independent Living Facilities
Fort Smith, AR— 590 22,447 486 590 22,933 23,523 6,080 4/01/2022
Rogers, AR— 1,470 25,282 697 1,470 25,979 27,449 6,839 4/01/2022
Fresno, CA— 420 10,899 404 420 11,303 11,723 3,052 4/01/2022
Modesto, CA— 1,170 22,673 727 1,170 23,400 24,570 6,067 4/01/2022
Pinole, CA— 1,020 18,066 722 1,020 18,788 19,808 4,881 4/01/2022
Roseville, CA— 630 31,343 928 630 32,271 32,901 8,391 4/01/2022
West Covina, CA— 940 20,280 1,545 940 21,825 22,765 5,525 4/01/2022
Athens, GA— 910 31,940 1,085 910 33,025 33,935 8,601 4/01/2022
Columbus, GA— 570 8,639 663 570 9,302 9,872 2,515 4/01/2022
Voorhees, NJ— 670 23,710 1,292 670 25,002 25,672 6,417 4/01/2022
Gahanna, OH— 920 22,919 423 920 23,342 24,262 6,244 4/01/2022
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2023
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Broken Arrow, OK— 2,660 18,477 518 2,660 18,995 21,655 5,082 4/01/2022
Greenville, SC— 560 16,547 939 560 17,486 18,046 4,597 4/01/2022
Myrtle Beach, SC— 1,310 26,229 1,434 1,310 27,663 28,973 7,115 4/01/2022
Vancouver, WA— 1,030 19,183 2,027 1,030 21,210 22,240 5,254 4/01/2022
Total senior housing operating properties— 14,870 318,634 13,890 14,870 332,524 347,394 86,660 
Corporate office— 1,291 677 583 1,291 1,260 2,551 477 
$76,241 $180,749 $2,537,123 $62,486 $180,749 $2,599,609 $2,780,358 $673,276 


NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

(A) See the notes to the consolidated financial statements.
(B) Depreciation is calculated using estimated useful lives up to 40 years for all completed facilities.
(C) Subsequent to NHC’s transfer of the original real estate properties in 1991, we purchased from NHC $33.9 million of additions to those properties. As the additions were purchased from NHC rather than developed by us, the $33.9 million has been included as Initial Cost to Company.
(D) Includes construction in progress.
(E) At December 31, 2023, the tax basis of the Company’s net real estate assets was $2.1 billion.
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, AND 2021
($ in thousands)
December 31,
202320222021
Investment in Real Estate:
Balance at beginning of period$2,729,898 $2,894,548 $3,265,070 
Additions through cash expenditures49,556 10,993 50,346 
Change in accounts payable related to investments in real estate construction & equipment325 (69)(388)
Change in other assets related to investments in real estate454 200 — 
Right of use asset in exchange for lease liability101 — — 
Operating equipment received in lease termination— 1,287 — 
Real estate acquired in exchange for non-cash rental income2,500 3,000 — 
Real estate acquired in exchange for mortgage notes receivable14,200 23,071 — 
Sale of properties for cash(19,326)(104,691)(276,429)
Properties classified as held for sale(11,970)(84,761)(137,651)
Property reclassified as held for use 15,793 7,851 — 
Impairment of property(1,173)(21,531)(6,400)
Balance at end of period$2,780,358 $2,729,898 $2,894,548 
Accumulated Depreciation:
Balance at beginning of period$611,688 $576,668 $597,638 
Addition charged to costs and expenses69,973 70,880 80,798 
Amortization of right-of-use asset38 36 36 
Sale of properties(4,851)(25,643)(70,063)
Properties classified as held for sale(6,965)(11,092)(31,741)
Property reclassified as held for use3,393 839 — 
Balance at end of period$673,276 $611,688 $576,668