National Health Investors (NHI) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	NATIONAL HEALTH INVESTORS INC
Entity Central Index Key	877,860
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		37,566,221

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Assets held for sale, net	$ 8,467	$ 0
Assets
Land	130,340	127,566
Buildings and improvements	1,843,519	1,854,855
Construction in progress	10,219	6,428
Real estate properties, gross	1,984,078	1,988,849
Less accumulated depreciation	(233,202)	(212,300)
Real estate properties, net	1,750,876	1,776,549
Mortgage and other notes receivable, net	99,681	63,630
Investment in preferred stock, at cost	38,132	38,132
Cash and cash equivalents	3,293	3,287
Marketable securities	14,664	15,503
Straight-line rent receivable	47,462	35,154
Equity-method investment and other assets	50,245	50,705
Total Assets	2,012,820	1,982,960
Liabilities and Equity
Debt	893,032	862,726
Accounts payable and accrued expenses	14,432	15,718
Dividends Payable	31,931	28,864
Lease deposit liabilities	21,275	21,648
Real estate purchase liabilities	3,000	3,000
Deferred income	2,643	1,071
Total Liabilities	$ 966,313	$ 933,027
Commitments and Contingencies
National Health Investors Stockholders' Equity:
Common stock, $.01 par value; 60,000,000 and 40,000,000 shares authorized; 37,566,221 and 37,485,902 shares issued and outstanding, respectively	$ 376	$ 375
Capital in excess of par value	1,035,318	1,033,896
Cumulative dividends in excess of net income	(3,566)	(569)
Accumulated other comprehensive income	4,555	6,223
Total National Health Investors Stockholders' Equity	1,036,683	1,039,925
Noncontrolling interest	9,824	10,008
Total Equity	1,046,507	1,049,933
Total Liabilities and Equity	$ 2,012,820	$ 1,982,960

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	37,566,221	37,485,902
Common stock, shares outstanding	37,566,221	37,485,902

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income	$ 52,670,000	$ 41,353,000	$ 105,165,000	$ 81,666,000
Interest income from mortgage and other notes	2,521,000	1,748,000	4,642,000	3,504,000
Investment income and other	1,122,000	1,059,000	2,257,000	2,126,000
Revenues	56,313,000	44,160,000	112,064,000	87,296,000
Expenses:
Depreciation	13,004,000	9,540,000	26,017,000	18,777,000
Interest, including amortization of debt discount and issuance costs	9,287,000	6,829,000	17,699,000	13,715,000
Legal	75,000	10,000	179,000	83,000
Franchise, excise and other taxes	104,000	406,000	238,000	712,000
General and administrative	2,514,000	1,850,000	6,358,000	4,785,000
Loan recovery	(491,000)	0	(491,000)	0
Total operating expenses	24,493,000	18,635,000	50,000,000	38,072,000
Income before equity-method investee, discontinued operations and noncontrolling interest	31,820,000	25,525,000	62,064,000	49,224,000
Income from equity-method investee	(283,000)	52,000	(513,000)	210,000
Net income	31,537,000	25,577,000	61,551,000	49,434,000
Less: net income attributable to noncontrolling interest	(355,000)	(283,000)	(685,000)	(606,000)
Net income attributable to common stockholders	$ 31,182,000	$ 25,294,000	$ 60,866,000	$ 48,828,000
Weighted average common shares outstanding:
Basic	37,566,221	33,052,750	37,562,144	33,052,083
Diluted	37,607,117	33,087,283	37,626,192	33,086,258
Basic:
Net income per common share attributable to common stockholders	$ 0.83	$ 0.77	$ 1.62	$ 1.48
Diluted:
Net income per common share attributable to common stockholders	$ 0.83	$ 0.76	$ 1.62	$ 1.48

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 31,537	$ 25,577	$ 61,551	$ 49,434
Other comprehensive income (loss):
Change in unrealized gains on securities	(1,723)	553	(839)	1,341
Increase (decrease) in fair value of cash flow hedge	3,635	(2,079)	1,305	(3,137)
Less: reclassification adjustment for amounts recognized in net income	(1,177)	(1,190)	(2,134)	(1,718)
Total other comprehensive income (loss)	735	(2,716)	(1,668)	(3,514)
Comprehensive income	32,272	22,861	59,883	45,920
Less: comprehensive income attributable to noncontrolling interest	(355)	(283)	(685)	(606)
Comprehensive income attributable to common stockholders	$ 31,917	$ 22,578	$ 59,198	$ 45,314

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 61,551,000	$ 49,434,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	26,017,000	18,777,000
Amortization	1,709,000	1,081,000
Straight-line rental income	(12,308,000)	(8,490,000)
Write-off of debt issuance costs	0	2,145,000
Loan recovery	(491,000)	0
Share-based compensation	1,697,000	1,573,000
Income from equity-method investee	513,000	(210,000)
Change in operating assets and liabilities:
Equity-method investment and other assets	740,000	(381,000)
Accounts payable and accrued expenses	(1,004,000)	177,000
Deferred income	1,572,000	(2,486,000)
Net cash provided by operating activities	79,996,000	61,620,000
Cash flows from investing activities:
Investment in mortgage and other notes receivable	(52,580,000)	(1,214,000)
Collection of mortgage and other notes receivable	16,765,000	999,000
Investment in real estate	(3,261,000)	(29,423,000)
Investment in real estate development	(4,571,000)	(3,320,000)
Investment in renovations of existing real estate	(1,816,000)	(2,076,000)
Payment of real estate purchase liability	0	(1,600,000)
Net cash used in investing activities	(45,463,000)	(36,634,000)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(273,000,000)	(51,000,000)
Proceeds from convertible senior notes	0	200,000,000
Proceeds from issuance of secured debt	78,084,000	130,000,000
Borrowings on term loan	225,000,000	0
Payments on term loans	(368,000)	(250,526,000)
Debt issuance costs	(2,305,000)	(7,007,000)
Equity offerring costs	(275,000)	0
Proceeds from exercise of stock options	(1,000)	0
Distributions to noncontrolling interest	(869,000)	(865,000)
Dividends paid to stockholders	(60,795,000)	(49,743,000)
Net cash provided by (used in) financing activities	(34,527,000)	(29,141,000)
(Decrease) increase in cash and cash equivalents	6,000	(4,155,000)
Cash and cash equivalents, beginning of year	3,287,000	11,312,000
Cash and cash equivalents, end of year	3,293,000
Supplemental disclosure of cash flow information:
Interest Paid	13,723,000	8,886,000
Supplemental schedule of non-cash investing and financing activities:
Tax deferred exchange funds applied to investment in real estate	0	23,813,000
Conditional consideration in asset acquisition	0	3,000,000
Accounts payable related to investments in real estate	1,112,000	2,103,000
Reclass of note balance into real estate investment	$ 255,000	$ 0

Consolidated Statement Of Equit

Consolidated Statement Of Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Cumulative Dividends In Excess Of Net Income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance, shares at Dec. 31, 2014	37,485,902	37,485,902
Balance, value at Dec. 31, 2014	$ 1,049,933	$ 375	$ 1,033,896	$ (569)	$ 6,223	$ 1,039,925	$ 10,008
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	59,883			60,866	(1,668)	59,198	685
Distributions to noncontrolling interest	(869)						(869)
Equity Issuance Costs	(275)		(275)			(275)
Shares issued on stock options exercised, shares		80,319
Stock Issued During Period, Value, Stock Options Exercised	1	$ 1				1
Share-based compensation	1,697		1,697			1,697
Dividends declared, $1.54 per share	$ (63,863)			(63,863)		(63,863)
Balance, shares at Jun. 30, 2015	37,566,221	37,566,221
Balance, value at Jun. 30, 2015	$ 1,046,507	$ 376	$ 1,035,318	$ (3,566)	$ 4,555	$ 1,036,683	$ 9,824

Consolidated Statement Of Equi8

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.85	$ 0.770	$ 1.70	$ 1.54

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES We, the management of National Health Investors, Inc., ("NHI" or the "Company") believe that the unaudited condensed consolidated financial statements of which these notes are an integral part include all normal, recurring adjustments that are necessary to fairly present the condensed consolidated financial position, results of operations and cash flows of NHI in all material respects. The Condensed Consolidated Balance Sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date. We assume that users of these condensed consolidated financial statements have read or have access to the audited December 31, 2014 consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations and that the adequacy of additional disclosure needed for a fair presentation, except in regard to material contingencies, may be determined in that context. Accordingly, footnotes and other disclosures which would substantially duplicate those contained in our most recent Annual Report on Form 10-K for the year ended December 31, 2014 have been omitted. This condensed consolidated financial information is not necessarily indicative of the results that may be expected for a full year for a variety of reasons including, but not limited to, acquisitions and dispositions, changes in interest rates, rents and the timing of debt and equity financings. For a better understanding of NHI and its condensed consolidated financial statements, we recommend reading these condensed consolidated financial statements in conjunction with the audited consolidated financial statements for the year ended December 31, 2014 , which are included in our 2014 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, a copy of which is available at our web site: www.nhireit.com . Principles of Consolidation - The accompanying consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, joint ventures, partnerships and consolidated variable interest entities ("VIE") where the Company controls the operating activities of the VIE, if any. All intercompany transactions and balances have been eliminated in consolidation. Net income is reduced by the portion of net income attributable to noncontrolling interests. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity's activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We apply Financial Accounting Standards Board ("FASB") guidance for our arrangements with variable interest entities ("VIEs") which requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with FASB guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether or not the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI consolidates the VIE. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. At June 30, 2015 , we held an interest in 3 unconsolidated VIEs, consisting of 1) two construction mortgage notes receivable aggregating $48,501,000 from an unconsolidated VIE of whom we concluded that NHI was not the primary beneficiary; 2) a note receivable from, a guarantee on a letter of credit for, and a purchase option with, an unconsolidated VIE of whom we concluded that NHI was not the primary beneficiary; and 3) our joint venture in an operating company organized under provisions of the REIT Investment Diversification and Empowerment Act, (“RIDEA”) of which we concluded that NHI was not the primary beneficiary. See Note 3 for more information on our joint venture and Note 4 for information on the notes receivable and purchase option. Our direct support of the above VIEs has been limited to the transactions described herein, and any decision to furnish additional direct support would be at our discretion and not obligatory. We believe our exposure to loss as a result of our involvement with these unconsolidated VIEs would be limited to our carrying value of these investments and the amount of our commitment as guarantor under the letter of credit. We apply FASB guidance related to investments in joint ventures based on the type of controlling rights held by the members' interests in limited liability companies that may preclude consolidation by the majority equity owner in certain circumstances in which the majority equity owner would otherwise consolidate the joint venture. We structure our joint ventures to be compliant with the provisions of RIDEA, which permits NHI to receive rent payments through a triple-net lease between a property company and an operating company and is designed to give NHI the opportunity to capture additional value on the improving performance of the operating company through distributions to a taxable REIT subsidiary ("TRS"). Accordingly, the TRS holds our equity interest in an unconsolidated operating company, which we do not control, and provides an organizational structure that will allow the TRS to engage in a broad range of activities and share in revenues that would otherwise be non-qualifying income under the REIT gross income tests. Equity-Method Investment - We report our TRS' investment in an unconsolidated entity, over whose operating and financial policies we have the ability to exercise significant influence but not control, under the equity method of accounting. Under this accounting method, our pro rata share of the entity's earnings or losses is included in our Condensed Consolidated Statements of Income. Additionally, we adjust our investment carrying amount to reflect our share of changes in an equity-method investee's capital resulting from its capital transactions. The initial carrying value of our equity-method investment is based on the fair value of the net assets of the entity at the time we acquired our interest. We estimate fair values of the net assets of our equity-method investee based on discounted cash flow models. The inputs we use in these models are based on assumptions that are within a reasonable range of current market rates for the respective investments. We evaluate our equity-method investment for impairment whenever events or changes in circumstances indicate that the carrying value of our investment may exceed the fair value. If it is determined that a decline in the fair value of our investment is not temporary, and if such reduced fair value is below its carrying value, an impairment is recorded. Determining fair value involves significant judgment. Our estimates consider all available evidence including the present value of the expected future cash flows discounted at market rates, general economic conditions and other relevant factors. Noncontrolling Interest - We present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interest and classify such interest as a component of consolidated equity separate from total NHI stockholders' equity in our Condensed Consolidated Balance Sheets. In addition, we exclude net income attributable to the noncontrolling interest from net income attributable to common shareholders in our Condensed Consolidated Statements of Income. Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings Per Share - The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options using the treasury stock method, to the extent dilutive, and also incorporate the potential dilutive impact of our 3.25% convertible senior notes due 2021. We apply the treasury stock method to our convertible debt instruments, the effect of which is that conversion will not be assumed for purposes of computing diluted earnings per share unless the average share price of our common stock for the period exceeds the conversion price per share. New Accounting Pronouncements - In February 2015 the FASB issued Amendments to the Consolidation Analysis , under ASU 2015-02, which is generally effective for fiscal years and interim periods beginning after December 15, 2015. ASU 2015-02 changes the consolidation analysis for all reporting entities. The changes primarily affect the consolidation of limited partnerships and their equivalents (e.g., limited liability corporations), the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, as well as structured vehicles such as collateralized debt obligations. We have yet to determine the method by which ASU 2015-02 will be adopted in 2016, and we are continuing to study the effect that our eventual adoption of this standard will have on our reported financial position and results of operations, the extent of which cannot be reasonably estimable at this time. In April 2015 the FASB issued ASU 2015-03, Interest-Imputation of Interest , whose primary effect is to mandate that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability. Debt issuance costs have previously been presented among assets on the balance sheet. The standard does not affect the recognition and measurement of debt issuance costs. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We believe our eventual adoption of this standard will have no material effect on our reported financial position and results of operations.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	REAL ESTATE As of June 30, 2015 , we owned 174 health care real estate properties located in 31 states and consisting of 105 senior housing communities, 64 skilled nursing facilities, 3 hospitals and 2 medical office buildings. Our senior housing properties include assisted living facilities, senior living campuses, independent living facilities, and entrance-fee communities. These investments (excluding pre-development costs of $486,000 and our corporate office of $910,000 ) consisted of properties with an original cost of approximately $ 1,982,683,000 , rented under triple-net leases to 24 lessees. Holiday As of June 30, 2015 , we leased 25 independent living facilities to NH Master Tenant, LLC, an affiliate of Holiday Retirement ("Holiday"). The master lease term of 17 years began in December 2013 and provides for 2015 cash rent of $33,351,000 plus annual escalators of 4.5% in 2016 and 2017 and a minimum of 3.5% each year thereafter. Of our total revenues, $10,954,000 ( 19% ) and $10,954,000 ( 25% ) were derived from Holiday for the three months ended June 30, 2015 and 2014 , including $2,616,000 and $2,975,000 in straight-line rent, respectively. For the six months ended June 30, 2015 and 2014 , of our total revenues, $21,908,000 ( 20% ) and $21,908,000 ( 25% ) were derived from Holiday including $5,233,000 and $5,951,000 in straight-line rent, respectively. NH Master Tenant, LLC continues to operate the facilities pursuant to a management agreement with a Holiday-affiliated manager. Bickford As of June 30, 2015 , we owned an 85% equity interest and Sycamore Street, LLC ("Sycamore"), an affiliate of Bickford Senior Living ("Bickford"), owned a 15% equity interest in our consolidated subsidiary ("PropCo") which owns 31 assisted living/memory care facilities plus 5 facilities in pre-development and development. The facilities are leased to an operating company, ("OpCo"), in which we retain a non-controlling 85% ownership interest. The facilities are managed by Bickford. Our joint venture is structured to comply with the provisions of RIDEA. In February 2015 the joint venture announced it would develop five senior housing facilities in Illinois and Virginia. Each community will be managed by Bickford and will consist of 60 private-pay assisted living and memory care units. Construction started in mid-2015, with openings planned beginning in late 2016. The total estimated project cost is $55,000,000 . In June 2015 we purchased land for two of the five planned assisted living facilities. Total capitalized costs related to these properties as of June 30, 2015 , including land purchases, were $3,842,000 . We have accumulated an additional $486,000 in pre-development costs for the remaining three sites. As of June 30, 2015 , the annual contractual rent from OpCo to PropCo is $23,195,000 , plus fixed annual escalators. NHI has an exclusive right to Bickford's future acquisitions, development projects and refinancing transactions. Of our total revenues, $5,890,000 ( 10% ) and $5,202,000 ( 12% ) were recognized as rental income from Bickford for the three months ended June 30, 2015 and 2014 , and $11,695,000 ( 10% ) and $10,465,000 ( 12% ) for the six months ended June 30, 2015 and 2014, respectively. NHC As of June 30, 2015 , we leased 42 facilities under two master leases to National HealthCare Corporation (“NHC”), a publicly-held company and the lessee of our legacy properties. The facilities leased to NHC consist of 3 independent living facilities and 39 skilled nursing facilities ( 4 of which are subleased to other parties for whom the lease payments are guaranteed to us by NHC). These facilities are leased to NHC under the terms of an amended master lease agreement originally dated October 17, 1991 ("the 1991 lease") which includes our 35 remaining legacy properties and a master lease agreement dated August 30, 2013 ("the 2013 lease") which includes 7 skilled nursing facilities in New England. The 1991 lease has been amended to extend the lease expiration to December 31, 2026. There are two additional 5 -year renewal options, each at fair rental value of such leased property as negotiated between the parties and determined without including the value attributable to any improvements to the leased property voluntarily made by NHC at its expense. Under the terms of the lease, the base annual rental is $30,750,000 and rent escalates by 4% of the increase, if any, in each facility's revenue over a 2007 base year. The 2013 lease provides for a base annual rental of $3,450,000 and has a lease expiration of August 2028. Under the terms of the 2013 lease, rent escalates 4% of the increase in each facility's revenue over a 2014 base year. For both the 1991 lease and the 2013 lease, we refer to this additional rent component as “percentage rent.” During the last three years of the 2013 lease, NHC will have the option to purchase the facilities for $49,000,000 . The following table summarizes the percentage rent income from NHC ( in thousands ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Current year $ 596 $ 573 $ 1,192 $ 1,139 Prior year final certification 1 — — 94 15 Total percentage rent income $ 596 $ 573 $ 1,286 $ 1,154 1 For purposes of the percentage rent calculation described in the master lease Agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year. Of our total revenues, $9,133,000 ( 16% ) and $9,109,000 ( 21% ) were derived from NHC for the three months ended June 30, 2015 and 2014 , respectively, and $18,360,000 ( 16% ) and $18,227,000 ( 21% ) for the six months ended June 30, 2015 and 2014 , respectively. Senior Living Communities Beginning in December 2014 we leased eight retirement communities with 1,671 units to Senior Living Communities, LLC (“Senior Living”). The 15 -year master lease contains two 5 -year renewal options and provides for initial cash rent of $31,000,000 , plus annual escalators of 4% in years two through four and 3% thereafter. For the eight Senior Living properties acquired by us in December 2014 in a transaction accounted for as a business combination, the unaudited pro forma revenue, net income and net income available to common stockholders of the combined entity for the three and six months ended June 30, 2014 is provided below as if the acquisition date had been January 1, 2013 (in thousands except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2014 2014 Revenue $ 54,015 $ 107,007 Net income $ 30,148 $ 58,600 Net income available to common stockholders $ 29,865 $ 57,994 Earnings per common share - basic $ 0.80 $ 1.55 Earnings per common share - diluted $ 0.80 $ 1.55 Supplemental pro forma information above includes revenues from the lease recognized on a straight-line basis, depreciation, and appropriate interest costs. Of our total revenues for the three and six months ended June 30, 2015, we recorded $9,855,000 ( 18% ) and $19,711,000 ( 18% ), respectively, in lease revenue from Senior Living, of which $2,105,000 and $4,211,000 respectively, represented straight-line rent. Net earnings from this acquisition were $4,570,000 and $9,166,000 for the same periods. Assets Held for Sale We are committed to a plan to sell the last two skilled nursing facilities of a disposal group that was originally under contract and classified during 2011 and 2012 as held-for-sale. As previously disclosed, the sale for the disposal group as a whole, being subject to certain conditions precedent as to financing, did not occur. NHI then proceeded to dispose of three of the properties in December 2013, the first of the group having been sold in 2011. On completion of these disposals to our tenant, Fundamental, a monthly rental of $250,000 was attached to the two remaining skilled nursing facilities through the end of the original lease term, February 2016, the properties having an average age in excess of 40 years. With the impending cessation of the lease, the two properties are being aggressively marketed for immediate sale under conditions less favorable than those prevailing in 2011. Using discounted cash flow techniques, NHI has evaluated the properties, with a carrying value of $8,467,000 , for potential impairment and has concluded that no impairment should be recorded at this time. The two properties do not meet the accounting criteria to be reported as a discontinued operation as their disposal will not result in a strategic shift that would have a major effect on our operations or financial results.

Equity-Method Investment And Ot

Equity-Method Investment And Other Assets	6 Months Ended
	Jun. 30, 2015
Equity Method Investments And Other Assets [Abstract]
Equity Method Investments And Other Assets Disclosure [Text Block]	EQUITY-METHOD INVESTMENT AND OTHER ASSETS Our equity-method investment in OpCo and other assets consist of the following ( in thousands ): June 30, December 31, Equity-method investment in OpCo $ 8,911 $ 9,424 Debt issuance costs 12,677 11,491 Accounts receivable and other assets 2,907 3,818 Reserves for replacement, insurance and tax escrows 4,475 4,324 Lease escrow deposits 21,275 21,648 $ 50,245 $ 50,705 Upon the acquisition of our investment in OpCo in 2012, our purchase price was allocated to the assets acquired based upon their estimated relative fair values. We account for this investment using the equity method because OpCo is intended to be self-financing, and we do not control the entity, nor do we have any role in its day-to-day management. Financial reporting standards for equity method investments require that we account for the difference between the cost basis of our investment in OpCo and our pro rata share of the amount of underlying equity in the net assets of OpCo as though OpCo were a consolidated subsidiary. Accordingly, the excess of the original purchase price over the fair value of identified tangible assets at acquisition of $8,986,000 is treated as implied goodwill and is subject to periodic review for impairment in conjunction with our equity method investment. We noted no decline in values as of June 30, 2015 . At June 30, 2015 , we held $21,275,000 as a lease security deposit on our 17 -year Holiday lease that commenced in December 2013 and is payable to Holiday at the end of the lease term. Reserves for replacement, insurance and tax escrows include amounts required to be held on deposit in accordance with regulatory agreements governing our Fannie Mae and HUD mortgages. Debt issuance costs are being amortized over the expected term of the debt instruments to which they are related.

Mortgage And Other Notes Receiv

Mortgage And Other Notes Receivable	6 Months Ended
	Jun. 30, 2015
Financing Receivable, Net [Abstract]
Mortgage Notes Receivable	MORTGAGE AND OTHER NOTES RECEIVABLE At June 30, 2015 , we had investments in mortgage notes receivable with a carrying value of $67,762,000 , secured by real estate and UCC liens on the personal property of 9 health care properties, and other notes receivable with a carrying value of $31,919,000 , guaranteed by significant parties to the notes or by cross-collateralization of properties with the same owner. No allowance for doubtful accounts was considered necessary at June 30, 2015 . Repayments In June 2015 Santé Partners, LLC (“Santé”) repaid its $11,700,000 mortgage obligation originally scheduled to come due on July 31. The mortgage was secured by a 70 -bed transitional rehabilitation center, for which NHI had held a purchase option. Additionally, in June 2015, NHI was repaid in full on a $1,000,000 mortgage note secured by a skilled nursing facility in Texas. Timber Ridge In February 2015, we entered into an agreement to lend LCS-Westminster Partnership III LLP (“LCS-WP”), and affiliate of Life Care Services, the manager of the facility, up to $154,500,000 . The loan agreement conveys a mortgage interest and will facilitate the construction of Phase II of Timber Ridge at Talus (“Timber Ridge”), a Type-A Continuing Care Retirement Community in the Seattle, WA area. The loan takes the form of two notes under a master credit agreement. The senior loan (“Note A”) totals $60,000,000 at a 6.75% interest rate with 10 basis-point escalators after year three , and has a term of 10 years. We have funded $28,000,000 of Note A as of June 30, 2015 . Note A is interest-only and is locked to prepayment for three years. After year three, the prepayment penalty starts at 5% and declines 1% per year. The loan will be freely prepayable during the last 6 months of its term. The second note ("Note B") is a construction loan for up to $94,500,000 at an annual interest rate of 8% and a 5 year maturity. We anticipate funding Note B over eighteen months and anticipate substantial repayment with new resident entrance fees upon the opening of Phase II. The total amount funded on Note B was $20,501,000 as of June 30, 2015 . NHI has a purchase option on the entire Timber Ridge property for the greater of fair market value or $115,000,000 during a purchase option window of 120 days that will contingently open in year five or upon earlier stabilization of the development, as defined. Because we neither control the entity, nor have any role in its day-to-day management, we account for our investment in LCS-WP at amortized cost. Senior Living Communities In connection with the December 2014 Senior Living acquisition, we provided a $15,000,000 revolving line of credit, the maturity of which mirrors the 15 -year term of the master lease. Borrowings are used to finance construction projects within the Senior Living Portfolio, including building additional units. Up to $5,000,000 of the facility may be used to meet general working capital needs. Amounts outstanding under the facility, $5,647,000 at June 30, 2015 , bear interest at an annual rate equal to the 10 -year U.S. Treasury rate, 2.35% at June 30, 2015 , plus 6% . Sycamore In July 2013 we extended a $9,200,000 loan to our joint venture partner, Sycamore, to fund a portion of their acquisition from a third party of six senior housing communities consisting of 342 units. The loan is guaranteed by principals of Bickford and has a 12% annual interest. As a result of the loan, PropCo acquired a $97,000,000 purchase option exercisable over the term of the loan, covering all of the properties, in whole or in part. Terms of the loan and the purchase option have been extended through June 2018. In June 2014 we entered into a $500,000 revolving loan to Sycamore to fund pre-development expenses related to potential future projects. Interest is payable monthly at 10% and the note, as extended, matures in June 2018. At June 30, 2015 , the revolving loan had an outstanding balance of $373,000 . Sycamore is intended to be self-financing, and our direct support has been limited to the loans described herein and a $3,550,000 letter of credit for the benefit of Sycamore. However, because we do not control Sycamore, nor do we have any role in the day-to-day management, we account for loans provided to Sycamore at historical cost. Recovery In June 2015 we received $491,000 as a secured creditor in the final settlement of a bankruptcy proceeding.

Investment In Preferred Stock,

Investment In Preferred Stock, At Cost	6 Months Ended
	Jun. 30, 2015
Investment In Preferred Stock, At Cost [Abstract]
Investment In Preferred Stock, At Cost	INVESTMENT IN PREFERRED STOCK, AT COST We recognized $818,000 and $1,636,000 in preferred dividend income from LTC (a publicly-traded REIT) for the three and six months ended June 30, 2015 and 2014 , respectively, on our investment in 2,000,000 shares of their cumulative preferred stock carried at its original cost of $38,132,000 . The preferred stock, which was purchased in September 1998, is not listed on a stock exchange, is considered a non-marketable security and is recorded at cost in our Condensed Consolidated Balance Sheets. The non-voting preferred stock is convertible into 2,000,000 shares of LTC common stock whose closing price at June 30, 2015 was $41.60 per share. The preferred stock has an annual cumulative coupon rate of 8.5% payable quarterly and a liquidation preference of $19.25 per share. While not the fair value of our preferred stock investment, we provide the above information as pertinent to the reader's estimation of the fair value of our investment. In accordance with ASC Topic 825 Financial Instruments , paragraph 10-50 Disclosure-Overall , we have determined that it is not practicable to estimate the fair value of our cost basis investment in preferred stock due to excessive costs related to inherent subjectivities in refining the estimate to a degree that is likely to materially augment the information provided above. Further, we have identified no events that may have had an adverse effect on its fair value which would have required revisiting the instrument's carrying value.

Investments In Marketable Secur

Investments In Marketable Securities	6 Months Ended
	Jun. 30, 2015
Marketable Securities [Abstract]
Investments In Marketable Securities [Text Block]	INVESTMENTS IN MARKETABLE SECURITIES Our investments in marketable securities include available-for-sale securities which are reported at fair value. Unrealized gains and losses on available-for-sale securities are presented as a component of accumulated other comprehensive income. Realized gains and losses from securities sales are determined based upon specific identification of the securities. Marketable securities consist of the following ( in thousands ): June 30, 2015 December 31, 2014 Amortized Cost Fair Value Amortized Cost Fair Value Common stock of other healthcare REITs $ 4,088 $ 14,664 $ 4,088 $ 15,503 Gross unrealized gains related to available-for-sale securities were $10,576,000 at June 30, 2015 and $11,415,000 at December 31, 2014 .

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Instruments [Abstract]
Debt Disclosure	DEBT Debt consists of the following ( in thousands ): June 30, December 31, Revolving credit facility - unsecured $ 101,000 $ 374,000 Convertible senior notes - unsecured (net of discount of $6,418) 193,582 193,037 Bank term loans - unsecured 250,000 250,000 HUD mortgage loans (net of discount of $1,618) 45,366 45,689 Private placement term loans - unsecured 225,000 — Fannie Mae term loans - secured, non-recourse 78,084 — $ 893,032 $ 862,726 Aggregate principal maturities of debt as of June 30, 2015 for each of the next five years and thereafter are as follows ( in thousands ): Twelve months ended June 30 2016 $ 755 2017 781 2018 808 2019 101,835 2020 250,864 Thereafter 546,025 901,068 Less: discount (8,036 ) $ 893,032 In June 2015 we entered into an amended $800,000,000 senior unsecured credit facility with a group of banks. The facility can be expanded, subject to certain conditions, up to an additional $250,000,000 . The amended credit facility provides for: (1) a $550,000,000 unsecured, revolving credit facility that matures in June 2020 (inclusive of an embedded 1 -year extension option) with interest at 150 basis points over LIBOR ( 19 bps at June 30, 2015 ); (2) a $130,000,000 unsecured term loan that matures in June 2020 with interest at 175 basis points over LIBOR; and (3) two existing term loans which remain in place totaling $120,000,000 , maturing in June 2020 and bearing interest at 175 basis points over LIBOR. At closing, the new facility replaced a smaller credit facility last amended in March 2014 that provided for $700,000,000 of total commitments. The employment of interest rate swaps for our fixed term debt leaves only our revolving credit facility exposed to variable rate risk. Our swaps and the financial instruments to which they relate are described in the table below, under the caption “Interest Rate Swap Agreements.” At June 30, 2015 we had $449,000,000 available to draw on the revolving portion of the credit facility. The unused commitment fee is 40 basis points per annum. The unsecured credit facility requires that we maintain certain financial ratios within limits set by our creditors. To date, these ratios, which are calculated quarterly, have been within the limits required by the credit facility agreements. In March 2015 we obtained $78,084,000 in Fannie Mae financing through KeyBank National Association. The term debt financing consists of interest-only payments at an annual rate of 3.79% and a 10 -year maturity. The mortgages are non-recourse and secured by thirteen properties in NHI’s joint venture with Bickford. Proceeds were used to reduce borrowings on NHI's unsecured bank credit facility. The notes are secured by the facilities previously pledged as security on Fannie Mae term debt that was retired in December 2014. In January 2015 we issued $125,000,000 of 8 -year notes with a coupon of 3.99% and $100,000,000 of 12 -year notes with a coupon of 4.51% to a private placement lender. The notes are unsecured and require quarterly payments of interest only until maturity. We used the proceeds from the notes to pay down borrowings on our revolving credit facility. Terms and conditions of the new financing are similar to those under our bank credit facility with the exception of provisions regarding prepayment premiums. In March 2014 we issued $200,000,000 of 3.25% senior unsecured convertible notes due April 2021 (the "Notes"). Interest is payable April 1st and October 1st of each year. The Notes are convertible at an initial conversion rate of 13.926 shares of common stock per $1,000 principal amount, representing a conversion price of approximately $71.81 per share for a total of approximately 2,785,200 underlying shares. The conversion rate is subject to adjustment upon the occurrence of certain events, as defined in the indenture governing the Notes, but will not be adjusted for any accrued and unpaid interest except in limited circumstances. The conversion option is considered an "optional net-share settlement conversion feature," meaning that upon conversion, NHI's conversion obligation may be satisfied, at our option, in cash, shares of common stock or a combination of cash and shares of common stock. Our average stock price in for the second quarter of 2015 is less than the conversion price, making the conversion option anti-dilutive for the three months ended June 30, 2015. For the year-to-date period, 2015 dilution is determined by computing an average of incremental shares included in each quarterly diluted EPS computation, resulting in a dilutive effect of the conversion feature of 9,471 shares for the six months ended June 30, 2015. The embedded conversion options (1) do not require net cash settlement, (2) are not conventionally convertible but can be classified in stockholders’ equity under ASC 815-40, and (3) are considered indexed to NHI’s own stock. Therefore, the conversion feature satisfies the conditions to qualify for an exception to the derivative liability rules, and the Notes are split into debt and equity components. The value of the debt component is based upon the estimated fair value of a similar debt instrument without the conversion feature at the time of issuance and was estimated to be approximately $192,238,000 . The $7,762,000 difference between the contractual principal on the debt and the value allocated to the debt was recorded as an equity component and represents the estimated value of the conversion feature of the instrument. The excess of the contractual principal amount of the debt over its estimated fair value, the original issue discount, is amortized to interest expense using the effective interest method over the estimated term of the Notes. The effective interest rate used to amortize the debt discount and the liability component of the debt issue costs was approximately 3.9% based on our estimated non-convertible borrowing rate at the date the Notes were issued. The total cost of issuing the Notes was $6,063,000 , $275,000 of which was allocated to the equity component and $5,788,000 of which was allocated to the debt component and subject to amortization over the estimated term of the notes. The remaining unamortized balance at June 30, 2015, was $4,629,000 . Our HUD mortgage loans are secured by ten properties in our joint venture with Bickford. Nine mortgage notes require monthly payments of principal and interest from 4.65% to 4.75% in the first year and from 4.3% to 4.4% thereafter (inclusive of mortgage insurance premium) and mature in August and October 2049. One additional HUD mortgage loan assumed in 2014 requires monthly payments of principal and interest of 2.9% (inclusive of mortgage insurance premium) and matures in October 2047. The loan has an outstanding principal balance of $9,408,000 and a net book value of $7,790,000 , which approximates fair value. The following table summarizes interest expense ( in thousands ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Interest expense at contractual rates $ 8,511 $ 6,178 $ 16,223 $ 10,700 Capitalized interest (84 ) (88 ) (204 ) (211 ) Amortization of debt issuance costs and debt discount 860 739 1,680 1,081 Debt issuance costs expensed due to credit facility modifications — — — 2,145 Total interest expense $ 9,287 $ 6,829 $ 17,699 $ 13,715 Interest Rate Swap Agreements To mitigate our exposure to interest rate risk, we have entered into the following interest rate swap contracts on our bank term loans as of June 30, 2015 ( dollars in thousands ): Date Entered Maturity Date Fixed Rate Rate Index Notional Amount Fair Value May 2012 April 2019 3.29% 1-month LIBOR $ 40,000 $ (339 ) June 2013 June 2020 3.86% 1-month LIBOR $ 80,000 $ (2,045 ) March 2014 June 2020 3.91% 1-month LIBOR $ 130,000 $ (3,637 ) See Note 11 for fair value disclosures about our variable and fixed rate debt and interest rate swap agreements.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	COMMITMENTS AND CONTINGENCIES Bickford In February 2015 our joint venture with Bickford announced plans to develop five senior housing facilities in Illinois and Virginia. Each community will be managed by Bickford and consist of 60 private-pay assisted living and memory care units. These five properties will represent the culmination of plans announced in 2012 between NHI and Bickford to construct a total of eight facilities. The first three communities, all in Indiana, opened in 2013 and 2014. Pre-development and land acquisition on the five facilities started in mid-2015 with openings planned beginning in late 2016. The total estimated project cost is $55,000,000 . As of June 30, 2015 , land and pre-development costs incurred on the project totaled $4,328,000 . In February 2014 we entered into a commitment on a letter of credit for the benefit of Sycamore which holds a minority interest in PropCo. At June 30, 2015 our commitment on the letter of credit totaled $3,550,000 . In June 2014 we entered into a $500,000 revolving loan with Sycamore to fund pre-development expenses related to potential future projects. Interest is payable monthly at 10% and the note, as extended, matures in June 2018. At June 30, 2015 , the revolving loan had an outstanding balance of $373,000 . Chancellor In October 2013, we entered into a $7,500,000 commitment to build a 46 -unit free-standing assisted living and memory care community on our Linda Valley senior living campus in Loma Linda, California. We began construction during the first quarter of 2014 and had funded $6,965,000 as of June 30, 2015 . The initial lease term is for 15 years at an annual rate of 9% plus a fixed annual escalator. NHI purchased the Linda Valley campus in 2012 and leased it to Chancellor Health Care ("Chancellor"), who has been operating the campus since 1993. We also committed to provide up to $1,150,000 for renovations and improvements related to our recent acquisitions of senior housing communities in Oregon and Maryland, which we have leased to Chancellor. We began renovations during the first quarter of 2014 and had funded $573,000 as of June 30, 2015 . We receive rent income on funds advanced for each construction project. Discovery As a lease inducement, we have a contingent commitment to fund a series of payments up to $2,500,000 in connection with our September 2013 lease to Discovery Senior Living ("Discovery") of a senior living campus in Rainbow City, Alabama. Discovery would earn the contingent payments upon gaining, and maintaining, a specified lease coverage ratio. Remaining payments will be assessed for funding in an amount of $750,000 in September 2015 with the residual potentially due in 2016. As of June 30, 2015 , incurring the contingent payments was not considered probable. Accordingly, no provision for these payments is reflected in the condensed consolidated financial statements. Kentucky River I n March 2012, we entered into a long-term lease extension and construction commitment to an affiliate of Community Health Systems to provide up to $8,000,000 for extensive renovations and additions to our Kentucky River Medical Center, a general acute care hospital in Jackson, Kentucky. Funding for this investment is added to the basis on which the lease amount is calculated. The construction project commenced during the first quarter of 2013 and is expected to be completed in 2015. Total construction costs incurred as of June 30, 2015 were $7,461,000 . The 10 -year lease extension began July 1, 2012, with an additional 5 -year renewal option. Prestige We agreed to fund capital improvements of up to $2,000,000 in connection with two of the skilled nursing facilities we lease to Prestige Senior Living. As of June 30, 2015 , we had fully funded this commitment. The capital improvements were added to our original investment in the properties and are included in the lease base. Additionally, we have committed to fund contingent earn out payments up to a maximum of $6,390,000 based on the achievement of certain financial metrics as measured periodically through December 31, 2015. At acquisition, we estimated probable contingent payments of $3,000,000 to be likely and have reflected that amount in the condensed consolidated financial statements. Contingent payments earned will be included in the lease base when funded. Santé We are committed to fund a $3,500,000 expansion and renovation program at our Silverdale, Washington senior living campus and as of June 30, 2015 , had funded $2,621,000 , which was added to the basis on which the lease amount is calculated. In addition, we have a contingent commitment to fund two lease inducement payments of $1,000,000 each. Santé would earn the payments upon attaining and sustaining a specified lease coverage ratio. If earned, the first payment would be due following calendar year 2015 and the second payment would be due following calendar year 2016. At acquisition, incurring the contingent payments was not considered probable. Accordingly, no provision for these payments is reflected in the condensed consolidated financial statements. Senior Living Communities In connection with our December 2014 Senior Living acquisition, we have provided a $15,000,000 revolving line of credit to Senior Living, the maturity of which mirrors the term of the master lease. Borrowings will be used to finance construction projects within the Senior Living Portfolio, including building additional units. Up to $5,000,000 of the facility may be used to meet general working capital needs. Amounts outstanding under the facility, $5,647,000 at June 30, 2015 , bear interest at an annual rate equal to the 10 -year U.S. Treasury rate, 2.35% at June 30, 2015 , plus 6% . Senior Living Management We have entered into agreements with our current tenant, Senior Living Management, to fund up to $920,000 for renovations to our facilities in Georgia and Louisiana. As amounts are funded, they are added to the lease base. As of June 30, 2015 , we had funded $224,000 toward this commitment. Signature In 2012 we provided an affiliate of Signature Senior Living with a revolving loan facility of $1,500,000 , bearing interest at a current rate of 10% , to fund pre-development activities internationally. With the extension of $250,000 in funding on March 31, 2015, the facility is fully drawn. Litigation Our facilities are subject to claims and suits in the ordinary course of business. Our lessees and borrowers have indemnified, and are obligated to continue to indemnify us, against all liabilities arising from both the operation of the facilities and are further obligated to indemnify us against environmental or title problems affecting the real estate underlying such facilities. While there may be lawsuits pending against certain of the owners and/or lessees of our facilities, management believes that the ultimate resolution of all such pending proceedings will have no material adverse effect on our financial condition, results of operations or cash flows.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2015
Deferred Compensation Arrangements [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION We recognize share-based compensation for all stock options granted over the requisite service period using the fair value of these grants as estimated at the date of grant using the Black-Scholes pricing model, and all restricted stock granted over the requisite service period using the market value of our publicly-traded common stock on the date of grant. Share-Based Compensation Plans The Compensation Committee of the Board of Directors ("the Committee") has the authority to select the participants to be granted options; to designate whether the option granted is an incentive stock option ("ISO"), a non-qualified option, or a stock appreciation right; to establish the number of shares of common stock that may be issued upon exercise of the option; to establish the vesting provision for any award; and to establish the term any award may be outstanding. The exercise price of any ISO’s granted will not be less than 100% of the fair market value of the shares of common stock on the date granted, and the term of an ISO may not be more than ten years. The exercise price of any non-qualified options granted will not be less than 100% of the fair market value of the shares of common stock on the date granted unless so determined by the Committee. In May 2012, our stockholders approved the 2012 Stock Incentive Plan ("the 2012 Plan") pursuant to which 1,500,000 shares of our common stock were made available to grant as share-based payments to employees, officers, directors or consultants. As of June 30, 2015 , there were 305,000 shares available for future grants under the 2012 Plan. The individual restricted stock and option grant awards vest over periods up to five years. The term of the options under the 2012 Plan is up to ten years from the date of grant. Through a vote of our shareholders on May 7, 2015, we have increased the maximum number of shares under the plan from 1,500,000 shares to 3,000,000 shares; increased the automatic annual grant to non-employee directors from 15,000 shares to 20,000 shares; and limited the Company's ability to re-issue shares under the Plan. In May 2005, our stockholders approved the NHI 2005 Stock Option Plan ("the 2005 Plan") pursuant to which 1,500,000 shares of our common stock were made available to grant as share-based payments to employees, officers, directors or consultants. As of June 30, 2015 , the 2005 Plan has expired and no additional shares may be granted under the 2005 Plan. The individual restricted stock and option grant awards vest over periods up to ten years. The term of the options outstanding under the 2005 Plan is up to ten years from the date of grant. Compensation expense is recognized only for the awards that ultimately vest. Accordingly, forfeitures that were not expected may result in the reversal of previously recorded compensation expense. The compensation expense reported for the three months ended June 30, 2015 and 2014 was $233,000 and $223,000 , respectively, and for the six months ended June 30, 2015 and 2014 was $1,697,000 and $1,573,000 , respectively. At June 30, 2015 , we had, net of expected forfeitures, $898,000 of unrecognized compensation cost related to unvested stock options which is expected to be expensed over the following periods: 2015 - $466,000 , 2016 - $386,000 and 2017 - $46,000 . Stock-based compensation is included in general and administrative expense in the Condensed Consolidated Statements of Income. The following table summarizes our outstanding stock options: Six Months Ended June 30, 2015 2014 Options outstanding January 1, 871,671 516,674 Options granted under 2012 Plan 450,000 400,000 Options granted under 2005 Plan 20,000 — Options exercised under 2012 Plan (421,657 ) — Options exercised under 2005 Plan (50,002 ) (13,334 ) Options outstanding, June 30, 870,012 903,340 Exercisable at June 30, 596,664 676,659

Earnings and Dividends Per Shar

Earnings and Dividends Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS AND DIVIDENDS PER SHARE The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options and the conversion of our convertible debt using the treasury stock method, to the extent dilutive. If our average stock price for the period increases over the conversion price of our convertible debt, the conversion feature will be considered dilutive. The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income attributable to common stockholders $ 31,182 $ 25,294 $ 60,866 $ 48,828 BASIC: Weighted average common shares outstanding 37,566,221 33,052,750 37,562,144 33,052,083 DILUTED: Weighted average common shares outstanding 37,566,221 33,052,750 37,562,144 33,052,083 Stock options 40,896 34,533 54,577 34,175 Convertible subordinated debentures — — 9,471 — Average dilutive common shares outstanding 37,607,117 33,087,283 37,626,192 33,086,258 Net income per common share - basic $ .83 $ .77 $ 1.62 $ 1.48 Net income per common share - diluted $ .83 $ .76 $ 1.62 $ 1.48 Incremental shares excluded since anti-dilutive: Net share effect of stock options with an exercise price in excess of the average market price for our common shares 51,643 31,575 22,401 31,936 Regular dividends declared per common share $ .85 $ .77 $ 1.70 $ 1.54

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Of Financial Instruments [Abstract]
Fair Value Disclosures [Text Block]	FAIR VALUE OF FINANCIAL INSTRUMENTS Our financial assets and liabilities measured at fair value (based on the hierarchy of the three levels of inputs described in Note 1 to the consolidated financial statements contained in our most recent Annual Report on Form 10-K) on a recurring basis include marketable securities, derivative financial instruments and contingent consideration arrangements. Marketable securities consist of common stock of other healthcare REITs. Derivative financial instruments include our interest rate swap agreements. Contingent consideration arrangements relate to certain provisions of recent real estate purchase agreements involving both business combinations. Marketable securities. We utilize quoted prices in active markets to measure debt and equity securities; these items are classified as Level 1 in the hierarchy and include the common and preferred stock of other healthcare REITs. Derivative financial instruments . Derivative financial instruments are valued in the market using discounted cash flow techniques. These techniques incorporate Level 1 and Level 2 inputs. The market inputs are utilized in the discounted cash flow calculation considering the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation model for interest rate swaps are observable in active markets and are classified as Level 2 in the hierarchy. Contingent consideration. Contingent consideration arrangements are classified as Level 3 and are valued using unobservable inputs about the nature of the contingent arrangement and the counter-party to the arrangement, as well as our assumptions about the probability of full settlement of the contingency. Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands) : Fair Value Measurement Balance Sheet Classification June 30, December 31, Level 1 Common stock of other healthcare REITs Marketable securities $ 14,664 $ 15,503 Level 2 Interest rate swap asset Other assets $ — $ — Interest rate swap liability Accrued expenses 6,021 $ 5,193 Level 3 Contingent consideration Real estate purchase liabilities $ 3,000 $ 3,000 The following table presents a reconciliation of Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2015 and 2014 (in thousands) : Fair Value Beginning of Period Transfers Into Level 3 Realized Gains and (Losses) Purchases, Issuances and Settlements, net Fair Value at End of Period Total Period Losses Included in Earnings Attributable to the Change in Unrealized Losses Relating to Assets Held at End of Year 2015 Contingent consideration $ 3,000 $ — $ — $ — $ 3,000 $ — 2014 Contingent consideration $ 2,600 $ — $ — $ 1,400 $ 4,000 $ — Carrying values and fair values of financial instruments that are not carried at fair value at June 30, 2015 and December 31, 2014 in the Condensed Consolidated Balance Sheets are as follows ( in thousands ): Carrying Amount Fair Value Measurement 2015 2014 2015 2014 Level 2 Variable rate debt $ 351,000 $ 624,000 $ 351,000 $ 624,000 Fixed rate debt $ 542,032 $ 238,726 $ 548,032 $ 254,150 Level 3 Mortgage and other notes receivable $ 99,681 $ 63,630 $ 108,198 $ 72,435 The fair value of mortgage and other notes receivable is based on credit risk and discount rates that are not observable in the marketplace and therefore represents a Level 3 measurement. Fixed rate debt. Fixed rate debt is classified as Level 2 and its value is based on quoted prices for similar instruments or calculated utilizing model derived valuations in which significant inputs are observable in active markets. Carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short-term nature. The fair value of our borrowings under our revolving credit facility are reasonably estimated at their carrying value at June 30, 2015 and December 31, 2014 , due to the predominance of floating interest rates, which generally reflect market conditions.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Real Estate Investment East Lake On July 1, 2015, we acquired one senior living campus in Nashville and two assisted living/memory care facilities in Indianapolis and Charlotte for $66,900,000 in cash. In addition, NHI has committed to a lessee earn out of $8,000,000 contingent on reaching and maintaining certain metrics, a contingent earn out of $750,000 payable to the seller upon reaching certain metrics, and the funding of an additional $400,000 for specified capital improvements. We leased the facilities to East Lake Capital Management (“East Lake”) for an initial term of 10 years , plus renewal options. The lease calls for an annual payment of $4,683,000 in the first year with fixed annual escalators of 3.5% through year four and 3.0% thereafter. In conjunction with the lease, East Lake acquired a purchase option on the properties as a whole, subject to escalation on a basis consistent with rental escalations and other funding in place. The option is exercisable beginning in year six of the lease for approximately $82,000,000 . Bickford On July 31, 2015, our subsidiary, PropCo, acquired a 92 unit assisted living/memory care facility located in Lancaster, Ohio for $21,000,000 in cash.Valuation was based on an 8.0% capitalization rate on its trailing net operating income performance. The facility was leased under terms structured to comply with provisions of RIDEA, to the operating company, OpCo, of which we retain an 85/15 ownership interest with Bickford, as discussed in Note 2. Because the facility was owner-occupied by a third party, the acquisition was accounted for as an asset purchase.

Significant Accounting Polici21

Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2015
Policy Text Block [Abstract]
Consolidation, Policy	Principles of Consolidation - The accompanying consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, joint ventures, partnerships and consolidated variable interest entities ("VIE") where the Company controls the operating activities of the VIE, if any. All intercompany transactions and balances have been eliminated in consolidation. Net income is reduced by the portion of net income attributable to noncontrolling interests. A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity's activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity's activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We apply Financial Accounting Standards Board ("FASB") guidance for our arrangements with variable interest entities ("VIEs") which requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of the VIE. In accordance with FASB guidance, management must evaluate each of the Company’s contractual relationships which creates a variable interest in other entities. If the Company has a variable interest and the entity is a VIE, then management must determine whether or not the Company is the primary beneficiary of the VIE. If it is determined that the Company is the primary beneficiary, NHI consolidates the VIE. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity's economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. At June 30, 2015 , we held an interest in 3 unconsolidated VIEs, consisting of 1) two construction mortgage notes receivable aggregating $48,501,000 from an unconsolidated VIE of whom we concluded that NHI was not the primary beneficiary; 2) a note receivable from, a guarantee on a letter of credit for, and a purchase option with, an unconsolidated VIE of whom we concluded that NHI was not the primary beneficiary; and 3) our joint venture in an operating company organized under provisions of the REIT Investment Diversification and Empowerment Act, (“RIDEA”) of which we concluded that NHI was not the primary beneficiary. See Note 3 for more information on our joint venture and Note 4 for information on the notes receivable and purchase option. Our direct support of the above VIEs has been limited to the transactions described herein, and any decision to furnish additional direct support would be at our discretion and not obligatory. We believe our exposure to loss as a result of our involvement with these unconsolidated VIEs would be limited to our carrying value of these investments and the amount of our commitment as guarantor under the letter of credit. We apply FASB guidance related to investments in joint ventures based on the type of controlling rights held by the members' interests in limited liability companies that may preclude consolidation by the majority equity owner in certain circumstances in which the majority equity owner would otherwise consolidate the joint venture. We structure our joint ventures to be compliant with the provisions of RIDEA, which permits NHI to receive rent payments through a triple-net lease between a property company and an operating company and is designed to give NHI the opportunity to capture additional value on the improving performance of the operating company through distributions to a taxable REIT subsidiary ("TRS"). Accordingly, the TRS holds our equity interest in an unconsolidated operating company, which we do not control, and provides an organizational structure that will allow the TRS to engage in a broad range of activities and share in revenues that would otherwise be non-qualifying income under the REIT gross income tests. Equity-Method Investment - We report our TRS' investment in an unconsolidated entity, over whose operating and financial policies we have the ability to exercise significant influence but not control, under the equity method of accounting. Under this accounting method, our pro rata share of the entity's earnings or losses is included in our Condensed Consolidated Statements of Income. Additionally, we adjust our investment carrying amount to reflect our share of changes in an equity-method investee's capital resulting from its capital transactions. The initial carrying value of our equity-method investment is based on the fair value of the net assets of the entity at the time we acquired our interest. We estimate fair values of the net assets of our equity-method investee based on discounted cash flow models. The inputs we use in these models are based on assumptions that are within a reasonable range of current market rates for the respective investments. We evaluate our equity-method investment for impairment whenever events or changes in circumstances indicate that the carrying value of our investment may exceed the fair value. If it is determined that a decline in the fair value of our investment is not temporary, and if such reduced fair value is below its carrying value, an impairment is recorded. Determining fair value involves significant judgment. Our estimates consider all available evidence including the present value of the expected future cash flows discounted at market rates, general economic conditions and other relevant factors. Noncontrolling Interest - We present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interest and classify such interest as a component of consolidated equity separate from total NHI stockholders' equity in our Condensed Consolidated Balance Sheets. In addition, we exclude net income attributable to the noncontrolling interest from net income attributable to common shareholders in our Condensed Consolidated Statements of Income.
Use of Estimates, Policy	Use of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Earnings Per Share, Policy	Earnings Per Share - The weighted average number of common shares outstanding during the reporting period is used to calculate basic earnings per common share. Diluted earnings per common share assume the exercise of stock options using the treasury stock method, to the extent dilutive, and also incorporate the potential dilutive impact of our 3.25% convertible senior notes due 2021. We apply the treasury stock method to our convertible debt instruments, the effect of which is that conversion will not be assumed for purposes of computing diluted earnings per share unless the average share price of our common stock for the period exceeds the conversion price per share.
New Accounting Pronouncements, Policy	New Accounting Pronouncements - In February 2015 the FASB issued Amendments to the Consolidation Analysis , under ASU 2015-02, which is generally effective for fiscal years and interim periods beginning after December 15, 2015. ASU 2015-02 changes the consolidation analysis for all reporting entities. The changes primarily affect the consolidation of limited partnerships and their equivalents (e.g., limited liability corporations), the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, as well as structured vehicles such as collateralized debt obligations. We have yet to determine the method by which ASU 2015-02 will be adopted in 2016, and we are continuing to study the effect that our eventual adoption of this standard will have on our reported financial position and results of operations, the extent of which cannot be reasonably estimable at this time. In April 2015 the FASB issued ASU 2015-03, Interest-Imputation of Interest , whose primary effect is to mandate that debt issuance costs be reported in the balance sheet as a direct deduction from the face amount of the related liability. Debt issuance costs have previously been presented among assets on the balance sheet. The standard does not affect the recognition and measurement of debt issuance costs. The ASU is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We believe our eventual adoption of this standard will have no material effect on our reported financial position and results of operations.

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Summary of NHC Percentage Rent [Table Text Block]	The following table summarizes the percentage rent income from NHC ( in thousands ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Current year $ 596 $ 573 $ 1,192 $ 1,139 Prior year final certification 1 — — 94 15 Total percentage rent income $ 596 $ 573 $ 1,286 $ 1,154 1 For purposes of the percentage rent calculation described in the master lease Agreement, NHC’s annual revenue by facility for a given year is certified to NHI by March 31st of the following year.
Business Acquisition, Pro Forma Information [Table Text Block]	the unaudited pro forma revenue, net income and net income available to common stockholders of the combined entity for the three and six months ended June 30, 2014 is provided below as if the acquisition date had been January 1, 2013 (in thousands except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2014 2014 Revenue $ 54,015 $ 107,007 Net income $ 30,148 $ 58,600 Net income available to common stockholders $ 29,865 $ 57,994 Earnings per common share - basic $ 0.80 $ 1.55 Earnings per common share - diluted $ 0.80 $ 1.55 Supplemental pro forma information above includes revenues from the lease recognized on a straight-line basis, depreciation, and appropriate interest costs.

Equity-Method Investment And 23

Equity-Method Investment And Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments And Other Assets [Abstract]
Equity-Method Investment And Other Assets Disclosure [Table Text Block]	Our equity-method investment in OpCo and other assets consist of the following ( in thousands ): June 30, December 31, Equity-method investment in OpCo $ 8,911 $ 9,424 Debt issuance costs 12,677 11,491 Accounts receivable and other assets 2,907 3,818 Reserves for replacement, insurance and tax escrows 4,475 4,324 Lease escrow deposits 21,275 21,648 $ 50,245 $ 50,705

Investments In Marketable Sec24

Investments In Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Marketable Securities [Abstract]
Schedule Of Marketable Securities	Marketable securities consist of the following ( in thousands ): June 30, 2015 December 31, 2014 Amortized Cost Fair Value Amortized Cost Fair Value Common stock of other healthcare REITs $ 4,088 $ 14,664 $ 4,088 $ 15,503

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Instruments [Abstract]
Schedule of Debt	Debt consists of the following ( in thousands ): June 30, December 31, Revolving credit facility - unsecured $ 101,000 $ 374,000 Convertible senior notes - unsecured (net of discount of $6,418) 193,582 193,037 Bank term loans - unsecured 250,000 250,000 HUD mortgage loans (net of discount of $1,618) 45,366 45,689 Private placement term loans - unsecured 225,000 — Fannie Mae term loans - secured, non-recourse 78,084 — $ 893,032 $ 862,726
Schedule of Maturities of Long-term Debt	Aggregate principal maturities of debt as of June 30, 2015 for each of the next five years and thereafter are as follows ( in thousands ): Twelve months ended June 30 2016 $ 755 2017 781 2018 808 2019 101,835 2020 250,864 Thereafter 546,025 901,068 Less: discount (8,036 ) $ 893,032
Schedule of Interest Expense	The following table summarizes interest expense ( in thousands ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Interest expense at contractual rates $ 8,511 $ 6,178 $ 16,223 $ 10,700 Capitalized interest (84 ) (88 ) (204 ) (211 ) Amortization of debt issuance costs and debt discount 860 739 1,680 1,081 Debt issuance costs expensed due to credit facility modifications — — — 2,145 Total interest expense $ 9,287 $ 6,829 $ 17,699 $ 13,715
Schedule of Interest Rate Derivatives	June 30, 2015 ( dollars in thousands ): Date Entered Maturity Date Fixed Rate Rate Index Notional Amount Fair Value May 2012 April 2019 3.29% 1-month LIBOR $ 40,000 $ (339 ) June 2013 June 2020 3.86% 1-month LIBOR $ 80,000 $ (2,045 ) March 2014 June 2020 3.91% 1-month LIBOR $ 130,000 $ (3,637 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Compensation Arrangements [Abstract]
Schedule of Stock Option Activity	The following table summarizes our outstanding stock options: Six Months Ended June 30, 2015 2014 Options outstanding January 1, 871,671 516,674 Options granted under 2012 Plan 450,000 400,000 Options granted under 2005 Plan 20,000 — Options exercised under 2012 Plan (421,657 ) — Options exercised under 2005 Plan (50,002 ) (13,334 ) Options outstanding, June 30, 870,012 903,340 Exercisable at June 30, 596,664 676,659

Earnings and Dividends Per Sh27

Earnings and Dividends Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per common share (in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income attributable to common stockholders $ 31,182 $ 25,294 $ 60,866 $ 48,828 BASIC: Weighted average common shares outstanding 37,566,221 33,052,750 37,562,144 33,052,083 DILUTED: Weighted average common shares outstanding 37,566,221 33,052,750 37,562,144 33,052,083 Stock options 40,896 34,533 54,577 34,175 Convertible subordinated debentures — — 9,471 — Average dilutive common shares outstanding 37,607,117 33,087,283 37,626,192 33,086,258 Net income per common share - basic $ .83 $ .77 $ 1.62 $ 1.48 Net income per common share - diluted $ .83 $ .76 $ 1.62 $ 1.48 Incremental shares excluded since anti-dilutive: Net share effect of stock options with an exercise price in excess of the average market price for our common shares 51,643 31,575 22,401 31,936 Regular dividends declared per common share $ .85 $ .77 $ 1.70 $ 1.54

Fair Value Of Financial Instr28

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Of Financial Instruments [Abstract]
Schedule of Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands) : Fair Value Measurement Balance Sheet Classification June 30, December 31, Level 1 Common stock of other healthcare REITs Marketable securities $ 14,664 $ 15,503 Level 2 Interest rate swap asset Other assets $ — $ — Interest rate swap liability Accrued expenses 6,021 $ 5,193 Level 3 Contingent consideration Real estate purchase liabilities $ 3,000 $ 3,000
Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents a reconciliation of Level 3 liabilities measured at fair value on a recurring basis for the six months ended June 30, 2015 and 2014 (in thousands) : Fair Value Beginning of Period Transfers Into Level 3 Realized Gains and (Losses) Purchases, Issuances and Settlements, net Fair Value at End of Period Total Period Losses Included in Earnings Attributable to the Change in Unrealized Losses Relating to Assets Held at End of Year 2015 Contingent consideration $ 3,000 $ — $ — $ — $ 3,000 $ — 2014 Contingent consideration $ 2,600 $ — $ — $ 1,400 $ 4,000 $ —
Fair Value Measurements, Nonrecurring [Table Text Block]	Carrying values and fair values of financial instruments that are not carried at fair value at June 30, 2015 and December 31, 2014 in the Condensed Consolidated Balance Sheets are as follows ( in thousands ): Carrying Amount Fair Value Measurement 2015 2014 2015 2014 Level 2 Variable rate debt $ 351,000 $ 624,000 $ 351,000 $ 624,000 Fixed rate debt $ 542,032 $ 238,726 $ 548,032 $ 254,150 Level 3 Mortgage and other notes receivable $ 99,681 $ 63,630 $ 108,198 $ 72,435

Significant Accounting Polici29

Significant Accounting Policies Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Loans and Leases Receivable, Net Amount	$ 99,681	$ 63,630
Life Care Services [Member]
Loans and Leases Receivable, Net Amount	$ 48,501

Real Estate (Summary of NHC Per

Real Estate (Summary of NHC Percentage Rent) (Details) - National Healthcare Corporation [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Total percentage rent	$ 596	$ 573	$ 1,286	$ 1,154
Current year [Member]
Total percentage rent	596	573	1,192	1,139
Prior year final certification [Member]
Total percentage rent	$ 0	$ 0	$ 94	$ 15

Real Estate (Significant Busine

Real Estate (Significant Business Combination Proforma) (Details) - Jun. 30, 2014 - USD ($) $ / shares in Units, $ in Thousands	Total	Total
Business Acquisition, Pro Forma Information [Abstract]
Revenue	$ 54,015	$ 107,007
Net income	30,148	58,600
Net income available to common stockholders	$ 29,865	$ 57,994
Basic earnings per share	$ 0.80	$ 1.55
Diluted earnings per share	$ 0.80	$ 1.55

Real Estate (Narrative) (Detail

Real Estate (Narrative) (Details) - Investments [Domain]	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Master_Leasespropertiesbeds_or_unitsrenewalOptions	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Master_Leasespropertiesbeds_or_unitsrenewalOptions	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013properties
Number of Real Estate Properties | properties	174		174
Number of States in which Entity Operates	31		31
Nonportfolio Assets, Original Cost	$ 910,000		$ 910,000
Real Estate Investment Property, Portfolio Assets	$ 1,982,683,000		$ 1,982,683,000
Number of Lessees	24		24
Construction in Progress, Gross	$ 10,219,000		$ 10,219,000		$ 6,428,000
Security Deposit	21,275,000		21,275,000		21,648,000
Operating Leases, Income Statement, Lease Revenue	52,670,000	$ 41,353,000	105,165,000	$ 81,666,000
Straight Line Rent			$ 12,308,000	8,490,000
Lease Renewal Period In Years			5 years
Real Estate Held-for-sale	$ 8,467,000		$ 8,467,000		$ 0
Fundamental Long Term Care Holdings [Member]
Number of Real Estate Properties | properties	2		2			3
Monthly Lease Amount			$ 250,000
Average Age Real Estate Portfolio
Impairment of Real Estate			$ 0
Bickford Development Properties [Member]
Development in Process	$ 4,328,000		$ 4,328,000
Number of Units in Real Estate Property | beds_or_units	60		60
Number of Real Estate Properties To Be Constructed | properties	8		8
2015 Bickford Development Properties [Member]
Number of Real Estate Properties | properties	5		5
Number of Units in Real Estate Property	60		60
Estimated Future Development Cost	$ 55,000,000		$ 55,000,000
Number of Real Estate Properties To Be Constructed | properties	5		5
2015 Bickford Development Properties - Construction Commenced [Member]
Construction in Progress, Gross	$ 3,842,000		$ 3,842,000
Number of Real Estate Properties To Be Constructed | properties	2		2
2015 Bickford Development Properties - In Pre-Development [Member]
Construction in Progress, Gross	$ 486,000		$ 486,000
Holiday Acquisition Holdings [Member]
Number of Real Estate Properties | properties	25		25
Lessor Leasing Arrangements, Operating Leases, Term of Contract			17 years
Lease Escalator Rate, From Lease Year 1 to Lease Year 3	4.50%		4.50%
Lease Escalator Rate, After Lease Year 3	3.50%		3.50%
Operating Leases, Income Statement, Lease Revenue	$ 10,954,000	$ 10,954,000	$ 21,908,000	$ 21,908,000
Percentage of Continuing Revenue	19.00%	25.00%	20.00%	25.00%
Straight Line Rent	$ 2,616,000	$ 2,975,000	$ 5,233,000	$ 5,951,000
Minimum Annual Lease Income			$ 33,351,000
National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	42		42
Number of Master Leases | Master_Leases	2		2
Operating Leases, Income Statement, Lease Revenue	$ 9,133,000	$ 9,109,000	$ 18,360,000	$ 18,227,000
Percentage of Continuing Revenue	16.00%	21.00%	16.00%	21.00%
Percentage rent	$ 596,000	$ 573,000	$ 1,286,000	$ 1,154,000
National Healthcare Corporation [Member] | NHC - 1991 Lease [Member]
Number of Real Estate Properties | properties	35		35
Number of additional lease renewal options | renewalOptions	2		2
Lease Renewal Period In Years			5 years
Percentage Rent Rate			0.04
Minimum Annual Lease Income			$ 30,750,000
National Healthcare Corporation [Member] | NHC - 2013 Lease [Member]
Number Of Real Estate Properties Acquired | properties			7
Percentage Rent Rate			0.04
Minimum Annual Lease Income			$ 3,450,000
Purchase Option Amount	$ 49,000,000		$ 49,000,000
Bickford Senior Living [Member]
Number of Real Estate Properties	31		31
Joint Venture Operating Company Ownership Interest Received	85.00%		85.00%
Development in Process	$ 486,000		$ 486,000
Operating Leases, Future Minimum Payments Receivable, Current	23,195,000		23,195,000
Operating Leases, Income Statement, Lease Revenue	$ 5,890,000	$ 5,202,000	$ 11,695,000	$ 10,465,000
Percentage of Continuing Revenue	10.00%	12.00%	10.00%	12.00%
Joint Venture Contributed Properties Ownership Interest Retained	85.00%		85.00%
Joint Venture Contributed Properties Ownership Interest Surrendered	15.00%		15.00%
Senior Living Communities [Member]
Operating Leases, Income Statement, Lease Revenue	$ 9,855,000		$ 19,711,000
Percentage of Continuing Revenue	18.00%		18.00%
Straight Line Rent	$ 2,105,000		$ 4,211,000
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual	$ 4,570,000		$ 9,166,000
Senior Housing Community [Member]
Number of Real Estate Properties | properties	105		105
Skilled Nursing Facility [Member]
Number of Real Estate Properties | properties	64		64
Skilled Nursing Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	39		39
Skilled Nursing Facility [Member] | National Healthcare Corporation [Member] | Subleased Facilities [Member]
Number of Real Estate Properties | properties	4		4
Hospital [Member]
Number of Real Estate Properties | properties	3		3
Medical Office Building [Member]
Number of Real Estate Properties | properties	2		2
Independent Living Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	3		3
Senior Housing Community [Member] | Senior Living Communities [Member]
Number of Units in Real Estate Property | beds_or_units	1,671		1,671
Lessor Leasing Arrangements, Operating Leases, Term of Contract			15 years
Initial Lease Amount	$ 31,000,000		$ 31,000,000
Lease Escalator Rate Lease Year 2 to Lease Year 4	4.00%		4.00%
Lease Escalator Rate after Lease Year 4	3.00%		3.00%
Number Of Real Estate Properties Acquired | properties			8
Number of additional lease renewal options	2		2

Equity-Method Investment And 33

Equity-Method Investment And Other Assets (Schedule of Equity-Method Investment and Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Equity Method Investments And Other Assets [Abstract]
Equity-method investment in OpCo	$ 8,911	$ 9,424
Debt issuance costs	12,677	11,491
Accounts receivable and others assets	2,907	3,818
Replacement reserve and tax escrows - Fannie Mae	4,475	4,324
Lease escrow deposits	21,275	21,648
Equity-method investment and other assets	$ 50,245	$ 50,705

Equity-Method Investment And 34

Equity-Method Investment And Other Assets (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015USD ($)properties	Dec. 31, 2014USD ($)
Investment [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity | $	$ 8,986,000
Number of Real Estate Properties	174
Lease escrow deposits | $	$ 21,275,000	$ 21,648,000
Holiday Acquisition Holdings [Member]
Investment [Line Items]
Number of Real Estate Properties	25
Lessor Leasing Arrangements, Operating Leases, Term of Contract	17 years

Mortgage And Other Notes Rece35

Mortgage And Other Notes Receivable (Details)	6 Months Ended
	Jun. 30, 2015USD ($)propertiesbeds_or_units	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Mortgage and other notes receivable, net	$ 99,681,000		$ 63,630,000
Number of health care properties related to mortgage notes receivables | properties	9
Allowance for Doubtful Accounts Receivable	$ 0
Proceeds from Recoveries of Loans Previously Charged off	(491,000)	$ 0
Secured By Real Estate [Member]
Mortgage and other notes receivable, net	67,762,000
Not Secured By Real Estate [Member]
Mortgage and other notes receivable, net	31,919,000
Sante Partners [Member]
Mortgage and other notes receivable, net	$ 11,700,000
Number of Units in Real Estate Property | beds_or_units	70
Texas Borrower Payoff [Member]
Mortgage and other notes receivable, net	$ 1,000,000
Life Care Services [Member]
Mortgage and other notes receivable, net	48,501,000
Notes Receivable, Total Borrowings, Master Credit Agreement	$ 154,500,000
Notes Receivable, Number Of Loans, Master Credit Agreement	2
Purchase Option, Amount, Minimum	$ 115,000,000
Purchase Option, Period, Months	120 days
Purchase Option, Open Period, Begin, Note Year	5 years
Senior Living Communities [Member]
Mortgage and other notes receivable, net	$ 5,647,000
Loans Receivable, Description of Variable Rate Basis, Reference Rate Maturity	10 years
Loans Receivable, Description of Variable Rate Basis	0.0235
Loans and Lease Receivable, Maximum Revolving Amount	$ 15,000,000
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes	$ 5,000,000
Loans Receivable, Basis Spread on Variable Rate	6.00%
Bickford Note Investment [Member]
Mortgage and other notes receivable, net	$ 9,200,000
Number of health care properties related to mortgage notes receivables | properties	6
Number of Units in Real Estate Property	342
Note Receivable Interest Rate	12.00%
Purchase Option Amount	$ 97,000,000
Note A [Member] | Life Care Services [Member]
Mortgage and other notes receivable, net	28,000,000
Notes Receivable, Total Borrowings, Master Credit Agreement	$ 60,000,000
Note Receivable, First Note Year For Rate Escalator	P3Y0M0D
Loan Term	10 years
Note Receivable, Prepayment, Disallowance Period	3 years
Note Receivable, Prepayment Penalty, Rate	5.00%
Note Receivable, Prepayment Penalty, Rate Decrease	1.00%
Note Receivable, Prepayment Allowance Period, Master Credit Agreement	6 months
Notes Receivable, Interest Rate, Master Credit Agreement	6.75%
Loans And Leases Receivable, Commitment, Fixed Rates, Escalator, Basis Points	10
Note B [Member] | Life Care Services [Member]
Mortgage and other notes receivable, net	$ 20,501,000
Notes Receivable, Total Borrowings, Master Credit Agreement	$ 94,500,000
Loan Term	5 years
Notes Receivable, Interest Rate, Master Credit Agreement	8.00%
Note Receivable, Expected Funding Period	18 months
Revolving Credit Facility [Member] | Bickford Note Investment [Member]
Mortgage and other notes receivable, net	$ 372,860
Loans and Lease Receivable, Maximum Revolving Amount	$ 500,000
Note Receivable Interest Rate	10.00%

Investment In Preferred Stock36

Investment In Preferred Stock, At Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment income and other	$ 1,122,000	$ 1,059,000	$ 2,257,000	$ 2,126,000
Investment in cumulative preferred stock of LTC properties	2,000,000		2,000,000
Original cost of cost method investments	$ 38,132,000		$ 38,132,000
Nonvoting Convertible Preferred Stock	2,000,000		2,000,000
Closing Price Of LTC's Common Stock	$ 41.60		$ 41.60
Preferred Stock, Dividend Rate, Percentage			8.50%
Preferred Stock, Liquidation Preference Per Share	$ 19.25		$ 19.25
Preferred Dividends [Member]
Investment income and other	$ 818,000	$ 818,000		$ 1,636,000

Investments In Marketable Sec37

Investments In Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Marketable Securities [Abstract]
Available-for-sale Securities, Amortized Cost Basis	$ 4,088	$ 4,088
Available-for-sale Securities, Equity Securities	$ 14,664	$ 15,503

Investments In Marketable Sec38

Investments In Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Marketable Securities [Abstract]
Gross unrealized gains related to available for sale securities	$ 10,576	$ 11,415

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Mar. 31, 2014
Debt Instrument [Line Items]
Revolving credit facility - unsecured	$ 101,000	$ 374,000
Convertible Debt	193,582	193,037	$ 192,238
Bank term loans - unsecured	250,000	250,000
Debt, Long-term and Short-term, Combined Amount	893,032	862,726
Debt Instrument, Name, HUD Mortgages [Member]
Debt Instrument [Line Items]
Secured Debt	45,366	45,689
Private Placement Term Loans [Member]
Debt Instrument [Line Items]
Bank term loans - unsecured	225,000	0
Debt Instrument, Name, Fannie Mae Term Loans [Member]
Debt Instrument [Line Items]
Secured Debt	$ 78,084	$ 0

Debt Debt (Schedule of Debt) (P

Debt Debt (Schedule of Debt) (Parenthesis) (Details) $ in Thousands	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 8,036
Debt Instrument, Name, Q3 2014 HUD Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	1,618
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 6,418

Debt Debt (Schedule of Maturiti

Debt Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Maturities of Long-term Debt [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	$ 755
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	781
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three	808
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four	101,835
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five	250,864
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	546,025
Long-term Debt, Gross	901,068
Debt Instrument, Unamortized Discount	(8,036)
Debt, Long-term and Short-term, Combined Amount	$ 893,032	$ 862,726

Debt (Schedule of Interest Expe

Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Interest Expense [Abstract]
Interest expense	$ 8,511	$ 6,178	$ 16,223	$ 10,700
Interest Costs Capitalized	(84)	(88)	(204)	(211)
Amortization of Financing Costs	860	739	1,680	1,081
Write-off of debt issuance costs	0	0	0	2,145
Total interest expense	$ 9,287	$ 6,829	$ 17,699	$ 13,715

Debt (Schedule of Interest Rate

Debt (Schedule of Interest Rate Derivatives) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Interest Rate Swap, Date Entered, May 2012 [Member]
Derivative [Line Items]
Derivative, Inception Date	May 31, 2012
Derivative, Maturity Date	Apr. 30, 2019
Derivative, Fixed Interest Rate	3.29%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 40,000
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (339)
Interest Rate Swap, Date Entered, June 2013 [Member]
Derivative [Line Items]
Derivative, Inception Date	Jun. 30, 2013
Derivative, Maturity Date	Jun. 30, 2020
Derivative, Fixed Interest Rate	3.86%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 80,000
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (2,045)
Interest Rate Swap, Date Entered, March 2014 [Member]
Derivative [Line Items]
Derivative, Inception Date	Mar. 31, 2014
Derivative, Maturity Date	Jun. 30, 2020
Derivative, Fixed Interest Rate	3.91%
Debt Instrument, Description of Variable Rate Basis	1-month LIBOR
Derivative, Notional Amount	$ 130,000
Interest Rate Cash Flow Hedge Liability at Fair Value	$ (3,637)

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2015USD ($)properties$ / sharesshares	Mar. 31, 2015USD ($)	Jun. 30, 2014shares	Jun. 30, 2015USD ($)propertiessharesnumber_of_loans$ / shares	Jun. 30, 2014USD ($)shares	Jan. 15, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 31, 2014USD ($)
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed				$ 1,112,000	$ 2,103,000
Unsecured Debt	$ 250,000,000			250,000,000			$ 250,000,000
Proceeds from convertible senior notes				0	$ 200,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 800,000,000			$ 800,000,000
Debt Instrument, Convertible, Conversion Ratio				13.926
Convertible Debt Instrument, Conversion Ratio, Principal Amount, Basis				$ 1,000
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 71.81			$ 71.81
Debt Instrument, Convertible, Number of Equity Instruments | shares				2,785,200
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | shares				9,471	0
Weighted Average Number of Shares Outstanding, Diluted | shares	37,607,117		33,087,283	37,626,192	33,086,258
Convertible Debt	$ 193,582,000			$ 193,582,000			193,037,000	$ 192,238,000
Debt Instrument, Convertible, Carrying Amount of Equity Component		$ 7,762,000
Debt Instrument, Interest Rate, Effective Percentage		3.90%
Unamortized Debt Issuance Expense	$ 12,677,000			$ 12,677,000			11,491,000
Debt Instrument, Variable Interest Rate, Reference Rate, Basis Points	1900.00%			1900.00%
Credit Facility, Current Revolving Borrowing Capacity	$ 550,000,000			$ 550,000,000
Credit Facility Expansion Amount	$ 250,000,000			$ 250,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage				4000.00%
Number of Real Estate Properties | properties	174			174
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.25%			3.25%
Debt Issuance Cost		$ 6,063,000
Unamortized Debt Issuance Expense		4,629,000
Debt Instrument, Name, Revolving Credit Facility [Member]
Debt Maturity, Extension Option, Number Of Years				1 year
Debt Instrument, Basis Spread on Variable Rate				15000.00%
Unused balance of the unsecured revolving credit facility	$ 449,000,000			$ 449,000,000
Debt Instrument Name, $130m Term Loan - June 2020 Maturity [Member]
Term Loans, Outstanding Balance	130,000,000			$ 130,000,000
Debt Instrument, Basis Spread on Variable Rate				17500.00%
Debt Instrument Name, $120m Term Loans - June 2020 Maturity [Member]
Term Loans, Outstanding Balance	$ 120,000,000			$ 120,000,000
Debt Instrument, Basis Spread on Variable Rate				17500.00%
Number of Term Loans	2			2
Debt Instrument, Prior to Amendment [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 700,000,000			$ 700,000,000
Debt Instrument, Name, Fannie Mae Term Loans [Member]
Debt Instrument, Term				10 years
Mortgage Loans on Real Estate, Face Amount of Mortgages	78,084,000			$ 78,084,000
Secured Debt	$ 78,084,000			$ 78,084,000			0
Debt Instrument, Interest Rate, Stated Percentage	3.79%			3.79%
Number of Real Estate Properties	13			13
Debt Instrument, Name, HUD Mortgages [Member]
Secured Debt	$ 45,366,000			$ 45,366,000			$ 45,689,000
Number of Real Estate Properties | properties	10			10
Debt Instrument, HUD Mortgages, 2049 Maturity [Member]
Mortgage Loans on Real Estate, Number of Loans | number_of_loans				9
8-Year Private Placement Notes [Member]
Debt Instrument, Term				8 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.99%			3.99%
Unsecured Debt						$ 125,000,000
12-Year Private Placement Notes [Member]
Debt Instrument, Term				12 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.51%			4.51%
Unsecured Debt	$ 100,000,000			$ 100,000,000
Debt Instrument, HUD Mortgages, 2047 Maturity [Member]
Mortgage Loans on Real Estate, Number of Loans | number_of_loans				1
Interest Rate Swap, Date Entered, March 2014 [Member]
Derivative, Fixed Interest Rate	3.91%			3.91%
Derivative, Notional Amount	$ 130,000,000			$ 130,000,000
Interest Rate Swap, Date Entered, May 2012 [Member]
Derivative, Fixed Interest Rate	3.29%			3.29%
Derivative, Notional Amount	$ 40,000,000			$ 40,000,000
Interest Rate Swap, Date Entered, June 2013 [Member]
Derivative, Fixed Interest Rate	3.86%			3.86%
Derivative, Notional Amount	$ 80,000,000			$ 80,000,000
Allocated to Debt [Member] | Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Issuance Cost		5,788,000
Allocated to Equity [Member] | Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Issuance Cost		$ 275,000
Debt Instrument, Interest Rate, Period, Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Interest Rate		4.65%
Debt Instrument, Interest Rate, Period, Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Interest Rate		4750.00%
Debt Instrument, Interest Rate, Period, After Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Interest Rate		4.30%
Debt Instrument, Interest Rate, Period, After Year 1 [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Interest Rate		4400.00%
Bickford Senior Living [Member]
Number of Real Estate Properties	31			31
Middletown, OH [Member] | Bickford Senior Living [Member]
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed		$ 7,790,000
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Rate		2.90%
Noncash or Part Noncash Acquisition, Debt Assumed		$ 9,408,000

Commitments And Contingencies (

Commitments And Contingencies (Details) - Significant Acquisitions and Disposals, Transaction [Domain]	3 Months Ended	6 Months Ended
	Mar. 31, 2015USD ($)properties	Jun. 30, 2015USD ($)propertiesbeds_or_units	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Lease Extension Period in Years	10 years
Lessor Leasing Arrangements, Operating Leases, Renewal Term		5 years
Number of Real Estate Properties | properties		174
Number of States in which Entity Operates		31
Loans and Leases Receivable, Net Amount		$ 99,681,000		$ 63,630,000
Real estate purchase liabilities		3,000,000		3,000,000
Security Deposit		21,275,000		$ 21,648,000
Payments for Capital Improvements		1,816,000	$ 2,076,000
Senior Living Communities [Member]
Loans and Lease Receivable, Maximum Revolving Amount		15,000,000
Loans and Leases Receivable, Net Amount		5,647,000
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes		$ 5,000,000
Revolving Note Receivable, Amount Outstanding	$ 5,647,000
Loans Receivable, Description of Variable Rate Basis, Reference Rate Maturity		10 years
Loans Receivable, Description of Variable Rate Basis		0.0235
Loans Receivable, Basis Spread on Variable Rate		6.00%
Bickford Senior Living [Member]
Development in Process		$ 486,000
Number of Real Estate Properties		31
Chancellor Healthcare [Member]
Development in Process		$ 573,000
Capital improvements commitment		$ 1,150,000
Kentucky River [Member]
Lessor Leasing Arrangements, Operating Leases, Renewal Term		5 years
Discovery Regency Pointe [Member]
Lease Incentive Commitment Assessed As Not Probable		$ 0
Real estate purchase liabilities		$ 2,500,000
Holiday Acquisition Holdings [Member]
Lessor Leasing Arrangements, Operating Leases, Term of Contract		17 years
Number of Real Estate Properties | properties		25
Prestige Senior Living [Member]
Asset Purchase, Contingent Consideration Arrangements, Earn Out Payments	6,390,000
Real estate purchase liabilities	3,000,000
Senior Living Management [Member]
Capital improvements commitment	920,000
Signature India [Member]
Loans and Lease Receivable, Maximum Revolving Amount	1,500,000
Loans Receivable with Fixed Rates of Interest	0.10
Increase (Decrease) in Accounts and Notes Receivable	250,000
Bickford Note Investment [Member]
Construction of transitional rehabilitation center, number of beds		342
Note Receivable Interest Rate		12.00%
Loans and Leases Receivable, Net Amount		$ 9,200,000
Revolving Credit Facility [Member] | Bickford Note Investment [Member]
Loans and Lease Receivable, Maximum Revolving Amount		$ 500,000
Note Receivable Interest Rate		10.00%
Loans and Leases Receivable, Net Amount		$ 372,860
Development Commitment [Member] | Chancellor Healthcare [Member]
Maximum Commitment For All Active Development Projects		7,500,000
Construction and Development Costs		$ 6,965,000
Lessor Leasing Arrangements, Operating Leases, Term of Contract		15 years
Initial lease rate		9.00%
Construction of transitional rehabilitation center, number of beds | beds_or_units		46
Capital Improvement Commitment [Member] | Prestige Senior Living [Member]
Capital improvements commitment	$ 2,000,000
Number Of Real Estate Properties Acquired | properties	2
Skilled Nursing Facility [Member] | Senior Living Management [Member]
Capital Improvements Commitment Funded	$ 224,000
Bickford Development Properties [Member]
Number Of Development Projects Active | properties		5
Development in Process		$ 4,328,000
Number of Real Estate Properties To Be Constructed | properties		8
Maximum Commitment For All Active Development Projects		$ 55,000,000
Number of Development Projects, Completed | properties		3
Construction of transitional rehabilitation center, number of beds | beds_or_units		60
Bickford LOC Commitment Amount [Member]
Letters of Credit Outstanding, Amount		$ 3,550,000
1st Contingent Payment Amount [Member] | Discovery Regency Pointe [Member]
Real estate purchase liabilities		750,000
Kentucky River Commitment [Member]
Construction and Development Costs		7,461,000
Capital improvements commitment		$ 8,000,000
Sante Partners Commitment [Member]
Construction and Development Costs	$ 2,621,000
Number of Lease Inducement Payments	2
Capital improvements commitment	$ 3,500,000
Lease Incentive Commitment Assessed As Not Probable	1,000,000
Real estate purchase liabilities	$ 0

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Stock Option Activity) (Details) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Options outstanding, January 1	871,671	516,674
Options outstanding, March 31	870,012	903,340
Options exercisable, December 31	596,664	676,659
2012 Plan [Member]
Options granted	450,000	400,000
Options exercised	(421,657)	0
2005 Plan [Member]
Options granted	20,000	0
Options exercised	(50,002)	(13,334)

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	May. 07, 2015shares	May. 31, 2012shares	May. 31, 2005shares
Nonemployee director annual stock grants | shares	20,000		15,000
Stock or Unit Option Plan Expense	$ 233	$ 223	$ 1,697	$ 1,573
Combined share-based compensation expense for 2005 Plan and 1997 Plan			1,697	$ 1,573
Unrecognized compensation cost	$ 898		$ 898
2012 Plan [Member]
Shares available for grants | shares	305,000		305,000		3,000,000	1,500,000
Stock Option Plan, Award Vesting Period			5 years
Common stock on date granted term period, years			10
2005 Plan [Member]
Shares available for grants | shares							1,500,000
Stock Option Plan, Award Vesting Period			10 years
Common stock on date granted term period, years			10
Expected To Be Recognized During 2015 [Member]
Unrecognized compensation cost	$ 466		$ 466
Expected To Be Recognized During 2016 [Member]
Unrecognized compensation cost	386		386
Expected To Be Recognized During 2017 [Member]
Unrecognized compensation cost	$ 46		$ 46

Earnings and Dividends Per Sh48

Earnings and Dividends Per Share (Summary Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Income (Loss) from Continuing Operations Attributable to Parent	$ 31,182	$ 25,294
Net income attributable to common stockholders	$ 31,182	$ 25,294	$ 60,866	$ 48,828
BASIC:
Weighted Average Number of Shares Outstanding, Basic	37,566,221	33,052,750	37,562,144	33,052,083
Net income per common share attributable to common stockholders	$ 0.83	$ 0.77	$ 1.62	$ 1.48
Income (Loss) from Continuing Operations, Per Diluted Share	$ 0.83	$ 0.76
DILUTED:
Weighted average common shares outstanding, diluted	37,566,221	33,052,750	37,562,144	33,052,083
Stock options, diluted	40,896	34,533	54,577	34,175
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities			9,471	0
Average dilutive common shares outstanding	37,607,117	33,087,283	37,626,192	33,086,258
Net income per common share attributable to common stockholders	$ 0.83	$ 0.76	$ 1.62	$ 1.48
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.83	$ 0.77
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the market price for our common shares	51,643	31,575	22,401	31,936
Common Stock, Dividends, Per Share, Declared	$ 0.85	$ 0.770	$ 1.70	$ 1.54

Fair Value Of Financial Instr49

Fair Value Of Financial Instruments (Schedule Of Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 1 [Member]
Available-for-sale Securities	$ 14,664	$ 15,503
Fair Value, Inputs, Level 2 [Member]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	0	0
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	6,021	5,193
Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability	$ 3,000	$ 3,000	$ 4,000	$ 2,600

Fair Value Of Financial Instr50

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	$ 0	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	0	0
Fair Value, Measurements with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Purchases, (Sales), Issuances, (Settlements)	0	(1,400)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business Combination, Contingent Consideration, Liability	3,000	2,600
Business Combination, Contingent Consideration, Liability	$ 3,000	$ 4,000

Fair Value of Financial Instr51

Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	$ 99,681	$ 63,630
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	99,681	63,630
Reported Value Measurement [Member] | Variable Interest Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	351,000	624,000
Reported Value Measurement [Member] | Fixed Interest Rate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	542,032	238,726
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	108,198	72,435
Estimate of Fair Value Measurement [Member] | Variable Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	351,000	624,000
Estimate of Fair Value Measurement [Member] | Fixed Interest Rate Debt [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	$ 548,032	$ 254,150

Subsequent Events Subsequent 52

Subsequent Events Subsequent Events (Details)	3 Months Ended
	Sep. 30, 2015USD ($)	Jul. 31, 2015beds_or_units	Jul. 01, 2015USD ($)properties	Jun. 30, 2015properties
Subsequent Event [Line Items]
Number of Real Estate Properties | properties				174
East Lake Mgmt, July 2015 Acquisition [Member]
Subsequent Event [Line Items]
Payments to Acquire Real Estate and Real Estate Joint Ventures	$ 67,000,000
Capital Improvements Commitment			$ 400,000
Number of years in initial lease term	10 years
Initial Lease Amount			$ 4,683,000
Lease Escalator Rate Lease Year 2 to Lease Year 4			3.50%
Lease Escalator Rate after Lease Year 4			3.00%
Purchase Option, Open Period, Begin, Lease Year	6 years
Purchase Option Amount			$ 82,000,000
Fairfield Village, July 2015 Acquisition [Member]
Subsequent Event [Line Items]
Payments to Acquire Real Estate and Real Estate Joint Ventures	$ 21,000,000
Number of Units in Real Estate Property | beds_or_units		92
Real Estate, Valuation, Capitalization Rate		8.00%
Lessee Incentive Earnout [Member] | East Lake Mgmt, July 2015 Acquisition [Member]
Subsequent Event [Line Items]
Asset Purchase, Contingent Consideration Arrangements, Earn Out Payments			8,000,000
Seller [Member] | East Lake Mgmt, July 2015 Acquisition [Member]
Subsequent Event [Line Items]
Asset Purchase, Contingent Consideration Arrangements, Earn Out Payments			$ 750,000
Senior Living Campus [Member] | East Lake Mgmt, July 2015 Acquisition [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties | properties			1
Assisted Living Facility [Member] | East Lake Mgmt, July 2015 Acquisition [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties | properties			2