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Schedule III - Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation
12 Months Ended
Dec. 31, 2024
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, 2024
($ 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 $3,860 10/17/1991
Moulton, AL— 25 688 — 25 688 713 688 10/17/1991
Avondale, AZ— 453 6,678 — 453 6,678 7,131 4,795 08/13/1996
Brooksville, FL— 1,217 16,166 — 1,217 16,166 17,383 6,029 02/01/2010
Crystal River, FL— 912 12,117 — 912 12,117 13,029 4,519 02/01/2010
Dade City, FL— 605 8,042 — 605 8,042 8,647 2,999 02/01/2010
Hudson, FL (2 facilities)— 1,290 22,392 — 1,290 22,392 23,682 13,807 Various
Merritt Island, FL— 701 8,869 — 701 8,869 9,570 7,942 10/17/1991
New Port Richey, FL— 228 3,023 — 228 3,023 3,251 1,127 02/01/2010
Plant City, FL— 405 8,777 — 405 8,777 9,182 7,801 10/17/1991
Stuart, FL— 787 9,048 — 787 9,048 9,835 8,259 10/17/1991
Trenton, FL— 851 11,312 — 851 11,312 12,163 4,218 09/29/2000
Glasgow, KY— 33 2,110 — 33 2,110 2,143 2,072 10/17/1991
Desloge, MO— 178 3,804 — 178 3,804 3,982 3,804 10/17/1991
Joplin, MO— 175 4,034 — 175 4,034 4,209 3,478 10/17/1991
Kennett, MO— 180 4,928 — 180 4,928 5,108 4,829 10/17/1991
Maryland Heights, MO— 150 4,790 — 150 4,790 4,940 4,684 10/17/1991
St. Charles, MO— 420 5,512 — 420 5,512 5,932 5,512 10/17/1991
Albany, OR— 190 10,415 — 190 10,415 10,605 3,217 03/31/2014
Creswell, OR— 470 8,946 — 470 8,946 9,416 2,663 03/31/2014
Forest Grove, OR— 540 11,848 — 540 11,848 12,388 3,591 03/31/2014
Anderson, SC— 308 4,643 — 308 4,643 4,951 4,514 10/17/1991
Greenwood, SC— 174 3,457 — 174 3,457 3,631 3,314 10/17/1991
Laurens, SC— 42 3,426 — 42 3,426 3,468 3,221 10/17/1991
Orangeburg, SC— 300 3,714 — 300 3,714 4,014 1,568 09/25/2008
Athens, TN— 38 1,463 — 38 1,463 1,501 1,383 10/17/1991
Chattanooga, TN— 143 2,309 — 143 2,309 2,452 2,302 10/17/1991
Dickson, TN— 90 3,541 — 90 3,541 3,631 3,334 10/17/1991
Franklin, TN— 47 1,130 — 47 1,130 1,177 1,130 10/17/1991
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
($ 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 3,515 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 1,040 995 10/17/1991
McMinnville, TN— 73 3,618 — 73 3,618 3,691 3,332 10/17/1991
Milan, TN— 41 1,826 — 41 1,826 1,867 1,720 10/17/1991
Pulaski, TN— 53 3,921 — 53 3,921 3,974 3,571 10/17/1991
Lawrenceburg, TN— 98 2,900 — 98 2,900 2,998 2,548 10/17/1991
Dunlap, TN— 35 3,679 — 35 3,679 3,714 3,217 10/17/1991
Smithville, TN— 35 3,816 — 35 3,816 3,851 3,420 10/18/1991
Somerville, TN— 26 677 — 26 677 703 678 10/19/1991
Sparta, TN— 80 1,602 — 80 1,602 1,682 1,559 10/20/1991
Austin, TX— 606 9,895 — 606 9,895 10,501 2,490 04/01/2016
Canton, TX— 420 12,330 — 420 12,330 12,750 4,328 04/18/2013
Corinth, TX— 1,075 13,935 — 1,075 13,935 15,010 5,090 04/18/2013
Ennis, TX— 986 9,025 — 986 9,025 10,011 3,510 10/31/2011
Euless, TX— 1,241 12,629 — 1,241 12,629 13,870 3,394 04/01/2016
Fort Worth, TX— 1,380 14,370 — 1,380 14,370 15,750 3,222 05/10/2018
Garland, TX— 1,440 14,310 — 1,440 14,310 15,750 3,202 05/10/2018
Gladewater, TX— 70 17,840 — 70 17,840 17,910 4,292 04/01/2016
Greenville, TX— 1,800 13,948 — 1,800 13,948 15,748 5,229 10/31/2011
Houston, TX (3 facilities)— 2,808 42,511 — 2,808 42,511 45,319 16,496 Various
Katy, TX— 610 13,893 — 610 13,893 14,503 3,514 04/01/2016
Kyle, TX— 1,096 12,279 — 1,096 12,279 13,375 4,635 06/11/2012
Marble Falls, TX— 480 14,989 — 480 14,989 15,469 3,719 04/01/2016
McAllen, TX— 1,175 8,259 — 1,175 8,259 9,434 2,259 04/01/2016
New Braunfels, TX— 1,430 13,666 — 1,430 13,666 15,096 3,545 02/24/2017
San Antonio, TX (3 facilities)— 2,370 40,054 — 2,370 40,054 42,424 12,742 Various
Waxahachie, TX— 1,330 14,349 — 1,330 14,349 15,679 3,358 01/17/2018
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 3,856 12/07/2018
— 34,450 516,143 7,403 34,450 523,546 557,996 238,524 
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
($ 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 3,493 10/31/2013
Sacramento, CA— 660 10,840 — 660 10,840 11,500 3,242 06/01/2014
Pueblo West, CO— 169 7,431 — 169 7,431 7,600 1,207 07/23/2019
Greensboro, GA— 672 4,849 675 672 5,524 6,196 1,829 09/15/2011
Statham, GA— 452 6,487 — 452 6,487 6,939 22 12/05/2024
Ames, IA3,193 360 4,670 — 360 4,670 5,030 1,501 06/28/2013
Burlington, IA3,901 200 8,374 14 200 8,388 8,588 2,702 06/28/2013
Cedar Falls, IA— 260 4,700 30 260 4,730 4,990 1,553 06/28/2013
Ft. Dodge, IA4,008 100 7,208 — 100 7,208 7,308 2,281 06/28/2013
Iowa City, IA— 297 2,725 33 297 2,758 3,055 1,105 06/30/2010
Marshalltown, IA5,714 240 6,208 — 240 6,208 6,448 1,997 06/28/2013
Urbandale, IA8,113 540 4,292 18 540 4,310 4,850 1,418 06/28/2013
Caldwell, ID— 320 9,353 — 320 9,353 9,673 2,806 03/31/2014
Aurora, IL— 1,195 11,713 — 1,195 11,713 12,908 3,079 05/09/2017
Bolingbrook, IL— 1,290 14,677 — 1,290 14,677 15,967 3,171 03/16/2017
Bourbonnais, IL7,974 170 16,594 390 170 16,984 17,154 5,173 06/28/2013
Crystal Lake, IL (2 facilities)— 1,060 30,043 170 1,060 30,213 31,273 6,702 Various
Gurnee, IL— 1,244 13,856 — 1,244 13,856 15,100 2,192 09/10/2019
Moline, IL3,896 250 5,630 — 250 5,630 5,880 1,826 06/28/2013
Oswego, IL— 390 20,957 212 390 21,169 21,559 4,793 06/01/2016
Quincy, IL6,055 360 12,403 — 360 12,403 12,763 3,930 06/28/2013
Rockford, IL6,412 390 12,575 381 390 12,956 13,346 3,988 06/28/2013
South Barrington, IL— 1,610 13,456 — 1,610 13,456 15,066 2,963 03/16/2017
St. Charles, IL— 820 22,188 252 820 22,440 23,260 5,120 06/01/2016
Tinley Park, IL— 1,622 11,354 — 1,622 11,354 12,976 3,058 06/23/2016
Attica, IN— 284 7,891 — 284 7,891 8,175 1,113 05/01/2020
Carmel, IN— 463 7,055 — 463 7,055 7,518 2,525 11/12/2014
Crown Point, IN— 574 7,336 353 574 7,689 8,263 2,679 10/30/2013
Greenwood, IN— 791 7,020 227 791 7,247 8,038 2,596 11/07/2013
Linton, IN— 60 6,015 — 60 6,015 6,075 850 05/01/2020
Bossier City, LA— 500 3,344 — 500 3,344 3,844 1,307 04/30/2011
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
West Monroe, LA— 770 5,627 — 770 5,627 6,397 2,087 04/30/2011
Frederick, MD— 1,942 17,415 — 1,942 17,415 19,357 1,015 02/04/2023
Battle Creek, MI— 398 3,093 197 398 3,290 3,688 1,435 10/19/2009
Lansing, MI— 1,020 9,684 174 1,020 9,858 10,878 2,313 10/19/2009
Okemos, MI— 340 8,082 — 340 8,082 8,422 3,322 11/19/2009
Shelby, MI— 1,588 13,512 — 1,588 13,512 15,100 2,022 01/27/2020
Champlin, MN— 980 4,475 — 980 4,475 5,455 1,775 03/10/2010
Hugo, MN— 400 3,945 113 400 4,058 4,458 1,549 03/10/2010
Maplewood, MN— 1,700 6,544 — 1,700 6,544 8,244 2,594 03/10/2010
North Branch, MN— 595 3,053 — 595 3,053 3,648 1,240 03/10/2010
Mahtomedi, MN— 515 8,825 — 515 8,825 9,340 1,249 12/27/2019
Albermarle, NC— 870 4,872 — 870 4,872 5,742 36 10/09/2024
Apex, NC— 1,042 15,831 — 1,042 15,831 16,873 112 10/09/2024
Cary, NC— 1,366 20,805 — 1,366 20,805 22,171 146 10/09/2024
Charlotte, NC— 650 17,663 2,000 650 19,663 20,313 5,225 07/01/2015
Durham, NC— 860 7,752 2,681 860 10,433 11,293 1,376 12/15/2017
Greensboro, NC— 1,426 20,550 — 1,426 20,550 21,976 151 10/09/2024
Greenville, NC— 797 10,612 — 797 10,612 11,409 83 10/09/2024
Hendersonville, NC (2 facilities)— 3,120 12,980 128 3,120 13,108 16,228 3,008 Various
Kinston, NC— 798 3,958 — 798 3,958 4,756 31 10/09/2024
Kill Devil Hills, NC— 1,276 9,471 — 1,276 9,471 10,747 67 10/09/2024
Rocky Mount, NC— 990 8,114 — 990 8,114 9,104 83 10/09/2024
Wilmington, NC— 843 7,313 — 843 7,313 8,156 59 10/09/2024
Wilson, NC— 876 9,512 — 876 9,512 10,388 76 10/09/2024
Lincoln, NE8,418 380 10,904 — 380 10,904 11,284 3,403 06/28/2013
Omaha, NE (2 facilities)2,455 1,110 15,437 851 1,110 16,288 17,398 4,568 Various
Las Vegas, NV— 1,951 16,184 — 1,951 16,184 18,135 934 02/14/2023
Arlington, OH— 570 7,917 — 570 7,917 8,487 2,206 04/30/2018
Columbus, OH— 530 6,776 — 530 6,776 7,306 1,974 04/30/2018
Lancaster, OH— 530 20,530 261 530 20,791 21,321 5,779 07/31/2015
Middletown, OH— 940 15,548 222 940 15,770 16,710 4,468 10/31/2014
Rocky River, OH— 650 4,189 — 650 4,189 4,839 967 04/30/2018
Worthington, OH— — 18,869 1,476 — 20,345 20,345 4,706 04/30/2018
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
McMinnville, OR— 390 9,183 — 390 9,183 9,573 2,193 08/31/2016
Portland, OR— 930 25,270 — 930 25,270 26,200 5,281 08/31/2015
Erie, PA— 1,030 15,206 976 1,030 16,182 17,212 2,952 04/30/2018
Reading, PA— 1,027 11,179 — 1,027 11,179 12,206 1,871 05/31/2019
Manchester, TN— 534 6,068 191 534 6,259 6,793 724 06/03/2021
Chesapeake, VA— 1,746 15,542 — 1,746 15,542 17,288 912 02/09/2023
Fredericksburg, VA— 1,615 9,271 — 1,615 9,271 10,886 2,466 09/20/2016
Midlothian, VA— 1,646 8,635 — 1,646 8,635 10,281 2,379 10/31/2016
Suffolk, VA— 1,022 9,320 — 1,022 9,320 10,342 2,347 03/25/2016
Virginia Beach, VA— 2,052 15,148 — 2,052 15,148 17,200 866 11/10/2022
Bellevue, WI— 504 11,796 — 504 11,796 12,300 1,558 09/30/2020
Oshkosh, WI— 542 12,758 — 542 12,758 13,300 973 04/29/2022
Sussex, WI— 1,329 30,721 — 1,329 30,721 32,050 448 06/21/2024
60,139 64,203 842,713 12,025 64,203 854,738 918,941 167,250 
Independent Living Facilities
Vero Beach, FL— 550 37,450 2,543 550 39,993 40,543 6,631 02/01/2019
Columbus, IN— 348 6,124 — 348 6,124 6,472 989 05/31/2019
St. Charles, MO— 344 3,181 — 344 3,181 3,525 2,833 10/17/1991
Tulsa, OK15,676 1,980 32,620 502 1,980 33,122 35,102 6,634 12/01/2017
Chattanooga, TN— 1,567 1,568 1,577 1,510 10/17/1991
Johnson City, TN— 55 4,077 — 55 4,077 4,132 3,456 10/17/1991
Chehalis, WA— 1,980 7,710 7,520 1,980 15,230 17,210 3,127 01/15/2016
15,676 5,266 92,729 10,566 5,266 103,295 108,561 25,180 
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Senior Living Campuses
Michigan City, IN— 974 22,667 — 974 22,667 23,641 3,622 05/31/2019
Portage, IN— 661 21,959 — 661 21,959 22,620 3,517 05/31/2019
Needham, MA— 5,500 45,157 1,451 5,500 46,608 52,108 8,779 01/15/2019
Salisbury, MD— 1,876 44,084 471 1,876 44,555 46,431 7,411 05/31/2019
Roscommon, MI— 44 6,005 44 6,006 6,050 1,692 08/31/2015
Mt. Airy, NC— 1,370 7,470 150 1,370 7,620 8,990 2,193 12/17/2014
McMinnville, OR— 410 26,667 — 410 26,667 27,077 6,057 08/31/2016
Silverdale, WA— 1,750 23,860 2,167 1,750 26,027 27,777 8,674 08/16/2012
— 12,585 197,869 4,240 12,585 202,109 214,694 41,945 
Entrance-Fee Communities
Bridgeport, CT— 4,320 23,494 5,809 4,320 29,303 33,623 7,499 06/02/2016
North Branford, CT— 7,724 64,430 33 7,724 64,463 72,187 14,945 11/03/2016
Southbury, CT— 10,320 17,143 6,178 10,320 23,321 33,641 5,450 06/02/2016
Fernandina Beach, FL— 1,430 63,420 2,044 1,430 65,464 66,894 18,054 12/17/2014
St. Simons Island, GA— 8,770 38,070 1,764 8,770 39,834 48,604 10,972 12/17/2014
Winston-Salem, NC— 8,700 73,920 919 8,700 74,839 83,539 20,487 12/17/2014
Greenville, SC— 5,850 90,760 1,149 5,850 91,909 97,759 24,555 12/17/2014
Myrtle Beach, SC— 3,910 82,140 744 3,910 82,884 86,794 22,872 12/17/2014
Pawleys Island, SC— 1,480 38,620 645 1,480 39,265 40,745 11,107 12/17/2014
Spartanburg, SC— 900 49,190 1,329 900 50,519 51,419 13,948 12/17/2014
Issaquah, WA— 4,370 130,522 — 4,370 130,522 134,892 18,427 01/31/2020
— 57,774 671,709 20,614 57,774 692,323 750,097 168,316 
Hospitals
Tulsa, OK— 1,470 38,780 2,048 1,470 40,828 42,298 3,746 05/28/2021
— 1,470 38,780 2,048 1,470 40,828 42,298 3,746 
Total real estate investments properties75,815 175,748 2,359,943 56,896 175,748 2,416,839 2,592,587 644,961 
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2024
($ in thousands)
Costs
Initial Cost to Company(C)
CapitalizedDate
Buildings &Subsequent toBuildings &AccumulatedAcquired/
Encumbrances(A)
LandImprovementsAcquisitionLand
Improvements(D)
Total(E)
Depreciation(B)
Constructed
Senior Housing Operating
Independent Living Facilities
Fort Smith, AR— 590 22,447 1,036 590 23,483 24,073 6,748 04/01/2022
Rogers, AR— 1,470 25,282 1,998 1,470 27,280 28,750 7,673 04/01/2022
Fresno, CA— 420 10,899 1,240 420 12,139 12,559 3,370 04/01/2022
Modesto, CA— 1,170 22,673 1,648 1,170 24,321 25,491 6,725 04/01/2022
Pinole, CA— 1,020 18,066 1,650 1,020 19,716 20,736 5,402 04/01/2022
Roseville, CA— 630 31,343 1,650 630 32,993 33,623 9,272 04/01/2022
West Covina, CA— 940 20,280 2,336 940 22,616 23,556 6,184 04/01/2022
Athens, GA— 910 31,940 1,962 910 33,902 34,812 9,663 04/01/2022
Columbus, GA— 570 8,639 1,271 570 9,910 10,480 2,879 04/01/2022
Voorhees, NJ— 670 23,710 1,847 670 25,557 26,227 7,232 04/01/2022
Gahanna, OH— 920 22,919 1,065 920 23,984 24,904 6,932 04/01/2022
Broken Arrow, OK— 2,660 18,477 851 2,660 19,328 21,988 5,634 04/01/2022
Greenville, SC— 560 16,547 1,138 560 17,685 18,245 5,170 04/01/2022
Myrtle Beach, SC— 1,310 26,229 2,274 1,310 28,503 29,813 8,079 04/01/2022
Vancouver, WA— 1,030 19,183 2,908 1,030 22,091 23,121 5,856 04/01/2022
Total senior housing operating properties— 14,870 318,634 24,874 14,870 343,508 358,378 96,819 
Corporate office— 1,291 677 615 1,291 1,292 2,583 515 
$75,815 $191,909 $2,679,254 $82,385 $191,909 $2,761,639 $2,953,548 $742,295 


NOTES TO SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

(A) See Note 8 to the consolidated financial statements included in this Annual Report.
(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, 2024, the tax basis of the Company’s net real estate assets was $2.2 billion.
NATIONAL HEALTH INVESTORS, INC.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
($ in thousands)
December 31,
202420232022
Investment in Real Estate:
Balance at beginning of period$2,780,358 $2,729,898 $2,894,548 
Additions through cash expenditures157,931 49,556 10,993 
Change in accounts payable related to investments in real estate construction & equipment(250)325 (69)
Change in other assets related to investments in real estate— 454 200 
Right of use asset in exchange for lease liability344 101 — 
Operating equipment received in lease termination— — 1,287 
Real estate acquired in exchange for non-cash rental income— 2,500 3,000 
Real estate acquired in exchange for mortgage notes receivable22,184 14,200 23,071 
Sale of properties for cash(4,758)(19,326)(104,691)
Properties classified as held for sale(2,261)(11,970)(84,761)
Property reclassified as held for use — 15,793 7,851 
Impairment of property— (1,173)(21,531)
Balance at end of period$2,953,548 $2,780,358 $2,729,898 
Accumulated Depreciation:
Balance at beginning of period$673,276 $611,688 $576,668 
Addition charged to costs and expenses71,443 69,973 70,880 
Amortization of right-of-use asset36 38 36 
Sale of properties(1,518)(4,851)(25,643)
Properties classified as held for sale(942)(6,965)(11,092)
Property reclassified as held for use— 3,393 839 
Balance at end of period$742,295 $673,276 $611,688