National Health Investors (NHI) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		38,429,510

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Land	$ 140,634	$ 137,532
Buildings and improvements	1,954,537	1,945,323
Construction in progress	18,702	13,011
Real estate properties, gross	2,113,873	2,095,866
Less accumulated depreciation	(272,783)	(259,059)
Real estate properties, net	1,841,090	1,836,807
Mortgage and other notes receivable, net	150,720	133,714
Cash and cash equivalents	28,808	13,286
Marketable securities	58,532	72,744
Straight-line rent receivable	65,062	59,777
Equity-method investment and other assets	15,022	15,544
Assets held for sale, net	0	1,346
Total Assets	2,159,234	2,133,218
Liabilities and Equity
Debt	937,138	914,443
Accounts payable and accrued expenses	24,805	19,397
Dividends Payable	34,564	32,637
Lease deposit liabilities	21,275	21,275
Real estate purchase liabilities	750	750
Deferred income	1,013	2,256
Total Liabilities	$ 1,019,545	$ 990,758
Commitments and Contingencies
National Health Investors Stockholders' Equity:
Common stock, $.01 par value; 60,000,000 shares authorized; 38,403,978 and 38,396,727 shares issued and outstanding, respectively	$ 384	$ 384
Capital in excess of par value	1,085,896	1,085,136
Cumulative net income in excess of dividends	18,024	19,862
Accumulated other comprehensive income	26,268	27,910
Total National Health Investors Stockholders' Equity	1,130,572	1,133,292
Noncontrolling interest	9,117	9,168
Total Equity	1,139,689	1,142,460
Total Liabilities and Equity	$ 2,159,234	$ 2,133,218

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	38,403,978	38,396,727
Common stock, shares outstanding	38,403,978	38,396,727

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental income	$ 55,074	$ 52,495
Interest income from mortgage and other notes	3,092	2,121
Investment income and other	852	1,135
Revenues	59,018	55,751
Expenses:
Depreciation	13,733	13,014
Interest, including amortization of debt discount and issuance costs	10,262	8,412
Legal	126	104
Franchise, excise and other taxes	283	226
General and administrative	2,929	3,845
Total operating expenses	27,333	25,601
Income before equity-method investee, TRS tax benefit, investment and other gains and noncontrolling interest	31,685	30,150
Loss from equity-method investee	(402)	(229)
Income tax benefit attributable to taxable REIT subsidiary	(161)	(92)
Investment and other gains	1,654	0
Net income	33,109	30,013
Less: net income attributable to noncontrolling interest	(384)	(330)
Net income attributable to common stockholders	$ 32,725	$ 29,683
Weighted average common shares outstanding:
Basic	38,401,647	37,558,067
Diluted	38,414,791	37,645,265
Basic:
Net income per common share attributable to common stockholders	$ 0.85	$ 0.79
Diluted:
Net income per common share attributable to common stockholders	$ 0.85	$ 0.79
Investment and other gains	$ 1,665	$ 0

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 33,109	$ 30,013
Other comprehensive income (loss):
Change in unrealized gains on securities	2,825	883
Increase (decrease) in fair value of cash flow hedge	5,480	4,242
Less: reclassification adjustment for amounts recognized in net income	1,013	956
Total other comprehensive income (loss)	(1,642)	(2,403)
Comprehensive income	31,467	27,610
Less: comprehensive income attributable to noncontrolling interest	(384)	(330)
Comprehensive income attributable to common stockholders	$ 31,083	$ 27,280

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 33,109	$ 30,013
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,733	13,014
Amortization	885	833
Straight-line rental income	(5,286)	(6,089)
Non-cash interest income on construction loan	150	0
Gain on sale of real estate	(1,654)	0
Gain on sale of marketable securities	(11)	0
Share-based compensation	979	1,464
Amortization of commitment fees	(68)	0
Loss from equity-method investee	402	229
Change in operating assets and liabilities:
Equity-method investment and other assets	110	634
Accounts payable and accrued expenses	491	(3,290)
Deferred income	(1,243)	1,756
Net cash provided by operating activities	41,297	38,564
Cash flows from investing activities:
Investment in mortgage and other notes receivable	(20,774)	(40,773)
Collection of mortgage and other notes receivable	3,985	2,619
Investment in real estate	(9,463)	(10)
Investment in real estate development	(7,640)	(3,202)
Investment in renovations of existing real estate	(453)	(1,695)
Proceeds from disposition of real estate properties	3,000	0
Proceeds from sales of marketable securities	17,049	0
Net cash used in investing activities	(14,296)	(43,061)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	22,000	(266,500)
Proceeds from issuance of secured debt	0	78,084
Borrowings on term loan	0	225,000
Payments on term loans	(189)	(183)
Debt issuance costs	0	(1,502)
Equity offerring costs	0	(200)
Value of shares withheld from options exercised for employee tax withholding	(218)	0
Proceeds from exercise of stock options	0	(1)
Distributions to noncontrolling interest	(435)	(436)
Dividends paid to stockholders	(32,637)	(28,864)
Net cash provided by (used in) financing activities	(11,479)	5,400
(Decrease) increase in cash and cash equivalents	15,522	903
Cash and cash equivalents, beginning of year	13,286	3,287
Cash and cash equivalents, end of year	28,808	4,190
Supplemental disclosure of cash flow information:
Interest Paid	7,682	7,194
Supplemental schedule of non-cash investing and financing activities:
Accounts payable related to investments in real estate	450	893
Reclass of note balance into real estate investment	$ 0	$ 255

Consolidated Statement Of Equit

Consolidated Statement Of Equity - 3 months ended Mar. 31, 2016 - 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, 2015	38,396,727	38,396,727
Balance, value at Dec. 31, 2015	$ 1,142,460	$ 384	$ 1,085,136	$ 19,862	$ 27,910	$ 1,133,292	$ 9,168
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss) Attributable to Parent	32,725			32,725	(1,642)		384
Comprehensive income	31,467					31,083
Distributions to noncontrolling interest	(435)						435
Adjustments Related to Tax Withholding for Share-based Compensation	(219)		219			219
Shares issued on stock options exercised, shares		7,251
Share-based compensation	979		979			979
Dividends declared, $1.54 per share	$ (34,563)			(34,563)		(34,563)
Balance, shares at Mar. 31, 2016	38,403,978	38,403,978
Balance, value at Mar. 31, 2016	$ 1,139,689	$ 384	$ 1,085,896	$ 18,024	$ 26,268	$ 1,130,572	$ 9,117

Consolidated Statement Of Equi8

Consolidated Statement Of Equity Consolidated Statement of Equity (Parenthetical)	3 Months Ended
	Mar. 31, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.90

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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, 2015 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, 2015 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, 2015 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, 2015 , which are included in our 2015 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 condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, joint ventures, partnerships and consolidated variable interest entities (“VIE”) where NHI 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 March 31, 2016 , we held an interest in five unconsolidated VIEs, consisting of 1) a start-up lessee in which NHI’s variable interest consists of its leasehold interest, analogous to a financing arrangement, and of which we concluded that NHI was not the primary beneficiary (Note 2); 2) 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 (Note 3); 3) a note receivable from, a guarantee on a letter of credit for, and a purchase option with, a VIE of whom we concluded that NHI was not the primary beneficiary (Note 4); 4) two construction mortgage notes receivable aggregating $97,607,000 from a VIE of whom we concluded that NHI was not the primary beneficiary (Note 4); and 5) two development loans and our lease with a VIE of whom we concluded that NHI was not the primary beneficiary (Note 4). Our direct support of the above VIEs has been limited to the transactions described herein, including our commitments and contingencies described in Note 7, 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, as adjusted for any unrealized loss carry-forwards, the amount of our loan commitments, and as guarantor under the letter of credit. We generally lack, either directly or through related parties, any material input in the activities that most significantly impact the economic performance of these entities. 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 the REIT Investment Diversification and Empowerment Act of 2007 ("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. Marketable Securities. - Investments in marketable debt and equity securities must be categorized as trading, available-for-sale or held-to-maturity. Our investments in marketable equity securities are classified as available-for-sale securities. Unrealized gains and losses on available-for-sale securities are recorded in other comprehensive income. We evaluate our securities for other-than-temporary impairments on at least a quarterly basis. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. A decline in the market value of any available-for-sale or held-to-maturity security below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until a market price recovery and consider whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to period-end and forecasted performance of the investment. 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 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. Diluted earnings per share 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 for the period exceeds the conversion price per share. Reclassifications - We have reclassified, for all periods presented, certain loan commitment fees paid by our borrowers, which were previously accounted for on our Consolidated Balance Sheet at December 31, 2015, as deferred revenues. The fees are now presented on our consolidated balance sheets as a contra-asset to the related loan receivable balance. The effect has been to reduce total assets and total liabilities by $1,317,000 on our Condensed Consolidated Balance Sheet as of December 31, 2015. New Accounting Pronouncements - In February 2015 the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis , which is generally effective for fiscal years and interim periods beginning after December 15, 2015. ASU 2015-02 changed 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 adopted the provisions of ASU 2015-02 in the first quarter of 2016. The adoption of ASU 2015-02 did not have a material effect on our consolidated financial statements. In April 2015 the FASB issued ASU 2015-03, Interest-Imputation of Interest , whose primary effect as subsequently modified is to mandate that, except for revolving credit facilities (which may carry a zero balance), 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. In adopting ASU 2015-03 in the first quarter of 2016, we have chosen to deduct debt issuance costs from amounts owing under our line of credit arrangements, and we have restated prior periods for the effect of these reclassifications. The adoption had the effect of reducing total assets and total liabilities on our Condensed Consolidated Balance Sheet at December 31, 2015, by the amount of unamortized loan costs of $11,814,000 . In September 2015 the FASB issued ASU 2015-16 Simplifying the Accounting for Measurement Period Adjustments, whose principal provisions require that in a business combination an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in ASU 2015-16 require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Previously, GAAP required that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments in ASU 2015-16 eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments in ASU 2015-16 are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. We adopted the provisions of ASU 2015-16 in the first quarter of 2016. The adoption of ASU 2015-16 did not have a material effect on our consolidated financial statements. In January 2016 the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. Public companies will be required to apply 2016-01 for all accounting periods beginning after December 15, 2017. For public companies, the primary effects of 2016-01 are to: • Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. • Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. • Eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet. • Require the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. • Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. • Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. We are considering what effect, if any, that adopting the provisions of ASU 2015-01 in 2018 will have on NHI. In February 2016 the FASB issued ASU 2016-02, Leases. Public companies will be required to apply ASU 2016-02 for all accounting periods beginning after December 15, 2018 - for REITs this means application will be required beginning Jan. 1, 2019. Early adoption is permitted. All leases with lease terms greater than one year are subject to ASU 2016-02 , including leases in place as of the adoption date. Management expects that, because of the ASU 2016-02 ’s emphasis on lessee accounting, ASU 2016-02 will not have a material impact on our accounting for leases. Consistent with present standards, NHI will continue to account for lease revenue on a straight-line basis for most leases. Also consistent with NHI’s current practice, under ASU 2016-02 only initial direct costs that are incremental to the lessor will be capitalized. In March 2016 the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , as part of its simplification initiative. ASU 2016-09 is effective for public companies starting in fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The areas for simplification in ASU 2016-09 involve several aspects of accounting for share-based payment transactions, including related income tax consequences, classification of awards as either equity or liabilities, and classification of equity awards within the statement of cash flows. Because NHI is designed as a pass-through entity for purposes of Federal taxation, many of the provisions of ASU 2016-09 which deal with taxation will not have a material effect on our financial statements. Among the provisions with broader reach are simplifications as to treatment of forfeitures, which under current GAAP are based on the number of awards that are expected to vest. Upon adoption of ASU 2016-09, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, as in current GAAP, or account for forfeitures when they occur. Additionally, ASU 2016-09 clarifies that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. Our adoption, in the first quarter of 2016, of the provisions of ASU 2016-09 had no material effect on our consolidated financial statements . In March 2016 the FASB issued ASU 2016-07, Contingent Put and Call Options in Debt Instruments , which clarifies how to assess whether contingent call (put) options that can accelerate the payment on debt instruments are clearly and closely related to their debt hosts. This assessment is necessary to determine if the options must be separately accounted for as derivatives. The ASU clarifies that an entity is required to assess the embedded options solely in accordance with a specific four-step decision sequence and is not also required to assess whether the contingency for exercising the options is indexed to interest rates or credit risk. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We adopted the provisions of ASU 2016-07 in the first quarter of 2016. The adoption of ASU 2016-07 did not have a material effect on our consolidated financial statements.

Real Estate

Real Estate	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	REAL ESTATE As of March 31, 2016 , we owned 181 health care real estate properties located in 31 states and consisting of 115 senior housing communities, 61 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 our corporate office of $976,000 ) consisted of properties with an original cost of approximately $2,112,897,000 , rented under triple-net leases to 26 lessees. Woodland Village On January 15, 2016, we acquired a 98 -unit independent living community in Chehalis, Washington, for $9,463,000 in cash inclusive of closing costs of $213,000 plus an additional commitment to fund $350,000 in specified capital improvements. We leased the facility to a partnership between Marathon Development and Village Concepts Retirement Communities for an initial lease term of 15 years . The lease provides for an initial annual lease rate of 7.25% plus escalators of 2.0% in year two, 2.5% in year three, and 3.0% annually thereafter. Because the facility was owner-occupied, the acquisition was accounted for as an asset purchase. Bickford As of March 31, 2016 , 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 32 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. As of March 31, 2016 , the annual contractual rent from OpCo to PropCo is $25,529,000 , plus annual escalators of 3% . NHI has an exclusive right to Bickford’s future acquisitions, development projects and refinancing transactions. Of our total revenues, $6,307,000 ( 11% ) and $5,804,000 ( 10% ) were recognized as rental income from Bickford for the three months ended March 31, 2016 and 2015 , respectively. Holiday As of March 31, 2016 , we leased 25 independent living facilities to an affiliate of Holiday Retirement (“Holiday”). The master lease term of 17 years began in December 2013 and provides for an annual escalator of 4.5% in 2017 and a minimum of 3.5% each year thereafter. Of our total revenues, $10,954,000 ( 19% ) and $10,954,000 ( 20% ) were derived from Holiday for the three months ended March 31, 2016 and 2015 , including $2,241,000 and $2,616,000 in straight-line rent, respectively. Our tenant operates the facilities pursuant to a management agreement with a Holiday-affiliated manager. NHC As of March 31, 2016 , 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 acquired from a third party. 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 the 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 March 31, 2016 2015 Current year $ 733 $ 596 Prior year final certification 1 547 94 Total percentage rent income $ 1,280 $ 690 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, $9,817,000 ( 17% ) and $9,227,000 ( 17% ) were derived from NHC for the three months ended March 31, 2016 and 2015 , respectively. The chairman of our board of directors is also a director on NHC’s board of directors. As of March 31, 2016 , NHC owned 1,630,462 shares of our common stock. 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 annual escalators of 4% in years two through four and 3% thereafter. Of our total revenue, $9,855,000 ( 17% ) and $9,855,000 ( 18% ) in lease revenue were derived from Senior Living for the three months ended March 31, 2016 and 2015 , respectively, including $1,795,000 and $2,105,000 , respectively, in straight-line rent. East Lake VIE On July 1, 2015, we acquired two senior living campuses in Nashville and Indianapolis and one assisted living/memory care facility in Charlotte for $66,900,000 in cash. At that time, we leased the facilities to an affiliate of East Lake Capital Management (“East Lake”) for an initial term of 10 years , plus renewal options. Further, we committed to invest an additional $400,000 for specified capital improvements, for which no funds have been provided as of March 31, 2016. East Lake’s relationship with NHI consists of its leasehold interest and is considered a variable interest, analogous to a financing arrangement. Because we neither control East Lake nor have any role in its day-to-day management, we have no material input into activities that most significantly impact the entity’s economic performance, and we account for our transactions with East Lake at amortized cost. We are not obligated to provide further support to East Lake, and accordingly the maximum extent of our exposure to loss is limited to our investment in the facilities. Disposition of Assets On March 22, 2016, we sold a skilled nursing facility in Idaho for cash consideration of $3,000,000 . The carrying value of the facility was $1,346,000 , and we recorded a gain of $1,654,000 . For the three months ended March 31, 2016 and 2015 , lease income from the property was $73,000 and $80,000 , respectively.

Equity-Method Investment And Ot

Equity-Method Investment And Other Assets	3 Months Ended
	Mar. 31, 2016
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 ): March 31, December 31, Equity-method investment in OpCo $ 7,254 $ 7,657 Accounts receivable and other assets 3,985 3,256 Reserves for replacement, insurance and tax escrows 3,783 4,631 $ 15,022 $ 15,544 Upon the acquisition of our equity method investment in OpCo in 2012, our purchase price was allocated to the assets acquired based upon their estimated relative fair values. Accounting guidance for equity method investments requires 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. When we acquired Bickford properties in June 2013, an assignment was entered into whereby the operations of the 17 facilities were conveyed by an affiliate of Bickford to OpCo. The transaction mandated the effective cut-off of operating revenues and expenses and the settlement of operating assets and liabilities as of the acquisition date. Specified remaining net tangible assets were assigned to OpCo at the transferor's carryover basis resulting in an adjustment, through NHI's capital in excess of par value to our equity method investment in OpCo, of $817,000 . We monitor and periodically review our equity method investment in OpCo for impairment to determine whether a decline, if any, in the value of the investment is other-than temporary. We noted no decline in value as of March 31, 2016. 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. With the adoption of ASU 2015-03, Interest-Imputation of Interest , in the first quarter of 2016, the balance in Equity Method Investment and Other Assets was reduced to reflect the reclassification of our unamortized loan costs which are now being offset against the loan balances as shown in Note 6.

Mortgage And Other Notes Receiv

Mortgage And Other Notes Receivable	3 Months Ended
	Mar. 31, 2016
Financing Receivable, Net [Abstract]
Mortgage Notes Receivable	MORTGAGE AND OTHER NOTES RECEIVABLE At March 31, 2016 , we had net investments in mortgage notes receivable with a net carrying value of $114,021,000 , secured by real estate and UCC liens on the personal property of 9 facilities, and other notes receivable with a carrying value of $36,699,000 , 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 March 31, 2016 or December 31, 2015 . Timber Ridge In February 2015, we entered into an agreement to lend up to $154,500,000 to LCS-Westminster Partnership III LLP (“LCS-WP”), an affiliate of Life Care Services (“LCS”) . 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 Issaquah, WA managed by LCS. The loan takes the form of two notes under a master credit agreement. The senior note (“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 March 31, 2016 . 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 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 through December 2016 and anticipate substantial repayment with new resident entrance fees upon the opening of Phase II. The total amount funded on Note B was $70,855,000 as of March 31, 2016 . 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. The current basis of our investment in Timber Ridge loans is $97,607,000 , but we are obligated to complete the funding of both Notes A and B of up to $154,500,000 which represents the maximum exposure to loss of NHI due to our relationship with Timber Ridge. 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 acquisition in December 2014 of the properties leased to Senior Living we provided a $15,000,000 revolving line of credit to Senior Living, 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, $9,227,000 at March 31, 2016 , bear interest at an annual rate equal to the 10 -year U.S. Treasury rate, 1.78% at March 31, 2016 , plus 6% . In March 2016, we extended mezzanine loans of $12,000,000 and $2,000,000 to affiliates of Senior Living Communities, LLC, to partially fund construction of a 186 -unit senior living campus on Daniel Island in South Carolina. The loans convey a second mortgage interest, bear interest payable monthly at a 10% annual rate, and mature in March 2021. The loans have a total balance of $1,203,000 at March 31, 2016 . Our loans to Senior Living Communities, LLC, and its subsidiaries represent a variable interest as does our lease, which is considered to be analogous to a financing arrangement. Senior Living is structured to limit liability for potential claims for damages and is appropriately capitalized for that purpose. Accordingly, NHI holds guarantees that reach to the underlying ownership interests. Because we neither control Senior Living Communities, nor have any role in its day-to-day management, we have no material input into activities that most significantly impact the entity’s economic performance, and we account for our transactions with Senior Living Communities and its subsidiaries at amortized cost. We are not obligated to provide support beyond our stated commitments to Senior Living Communities, LLC, and accordingly the maximum extent of our exposure to loss is limited to our investment in the facilities and the amount of our commitments, as discussed above. Sycamore In July 2013 we provided 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 bears interest at 12% . 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 March 31, 2016 , the revolving loan had an outstanding balance of $479,000 . Sycamore is intended to be self-financing, and our direct support has been limited to the loans described herein and a $3,930,000 letter of credit for the benefit of Sycamore. We are not obligated to extend support to Sycamore beyond our current basis in the loans and letter of credit to them; accordingly our investment in this extension of credit represents our maximum exposure to loss. 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 amortized cost.

Investments In Marketable Secur

Investments In Marketable Securities	3 Months Ended
	Mar. 31, 2016
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 and investments in marketable debt securities, also classified as available-for-sale, which consist of U.S. government agency debt and long-term certificates of deposit. 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 ): March 31, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Common stock of other healthcare REITs $ 21,040 $ 58,532 $ 21,040 $ 55,815 Debt securities $ — $ — $ 17,037 $ 16,929 Net unrealized gains related to available-for-sale securities were $37,492,000 at March 31, 2016 and $34,667,000 at December 31, 2015 .

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Instruments [Abstract]
Debt Disclosure	DEBT Debt consists of the following ( in thousands ): March 31, December 31, Convertible senior notes - unsecured (net of discount of $5,580 and $5,862) 194,420 194,138 Revolving credit facility - unsecured 56,000 34,000 Bank term loans - unsecured 250,000 250,000 Private placement term loans - unsecured 325,000 325,000 HUD mortgage loans (net of discount of $1,552 and $1,573) 44,867 45,035 Fannie Mae term loans - secured, non-recourse 78,084 78,084 Unamortized loan costs (11,233 ) (11,814 ) $ 937,138 $ 914,443 Aggregate principal maturities of debt as of March 31, 2016 for each of the next five years and thereafter are as follows ( in thousands ): Twelve months ended March 31 2017 $ 775 2018 801 2019 828 2020 856 2021 306,885 Thereafter 645,358 955,503 Less: discount (7,132 ) Less: unamortized loan costs (11,233 ) $ 937,138 In November 2015 we issued $50,000,000 of 8 -year notes with a coupon of 3.99% and $50,000,000 of 10 -year notes with a coupon of 4.33% 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 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 revolving credit facility that matures in June 2020 (inclusive of an embedded 1 -year extension option) with interest at 150 basis points over LIBOR ( 44 bps at March 31, 2016 ); (2) an existing $130,000,000 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 March 31, 2016 we had $494,000,000 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 agreement 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. Pinnacle Bank, which is a participating member of our banking group, is a wholly owned subsidiary and the primary active business of the bank holding company, Pinnacle Financial Partners, Inc. The chairman of Pinnacle Financial Partners' board of directors is also a director on NHI’s board and is chairman of our audit committee. NHI's local banking transactions are conducted primarily through Pinnacle Bank. In March 2015 we obtained $78,084,000 in Fannie Mae financing. 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 our revolving 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. Because the conversion price is in excess of the average stock price for the quarter, the impact of the conversion option is currently anti-dilutive to the earnings per share calculation and as such has no effect on our earnings per share. 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 March 31, 2016 , was $3,927,000 . 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. An 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 $9,262,000 and an estimated fair value of $7,710,000 . The following table summarizes interest expense ( in thousands ): Three Months Ended March 31, 2016 2015 Interest expense at contractual rates $ 9,515 $ 7,712 Capitalized interest (121 ) (120 ) Amortization of debt issuance costs and debt discount 868 820 Total interest expense $ 10,262 $ 8,412 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 March 31, 2016 ( 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 $ (897 ) June 2013 June 2020 3.86% 1-month LIBOR $ 80,000 $ (3,865 ) March 2014 June 2020 3.91% 1-month LIBOR $ 130,000 $ (6,522 ) 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , land and development costs incurred on the project totaled $25,626,000 . 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 March 31, 2016 our commitment on the letter of credit totaled $3,930,000 . 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 March 31, 2016 , the revolving loan had an outstanding balance of $479,000 . Chancellor At March 31, 2016 , we had a continuing commitment with Chancellor Health Care ("Chancellor") to provide up to $650,000 for renovations and improvements related to a recently acquired senior housing community in Oregon. Renovations began on this property during the second quarter of 2015, and we have funded $51,000 as of March 31, 2016 . 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 attaining, and maintaining, a specified lease coverage ratio. Payments were assessed for funding in an amount of $750,000 in September 2015 with the residual potentially due later in 2016. As of March 31, 2016 , incurring the contingent payments was not considered probable. Accordingly, no provision for these payments is reflected in the condensed consolidated financial statements. East Lake In connection with our July 2015 lease of three senior housing properties, NHI has committed to East Lake certain lease incentive payments of $8,000,000 contingent on reaching and maintaining certain metrics, a contingent earnout of $750,000 payable to the seller upon attaining certain metrics, and the funding of an additional $400,000 for specified capital improvements. At acquisition, we estimated the seller contingent earnout payment to be probable and accordingly, have reflected that amount in our Condensed Consolidated Balance Sheet at March 31, 2016 . Contingent payments earned will be included in the lease base when funded. Life Care Services See Note 4 for a discussion of our loan commitments to Timber Ridge, an affiliate of Life Care Services. Santé We are committed to fund a $3,500,000 expansion and renovation program at our Silverdale, Washington senior living campus and as of March 31, 2016 , 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. No change to our initial assessment has been made as a result of 2015 operations, and accordingly, no provision for these payments is reflected in the condensed consolidated financial statements. Senior Living Communities See Note 4 for a discussion of our loan commitments to Senior Living Communities, LLC and its affiliates. 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 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 the 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.

Investment And Other Gains

Investment And Other Gains	3 Months Ended
	Mar. 31, 2016
Investment And Other Gains [Abstract]
Investment And Other Gains	INVESTMENT AND OTHER GAINS The following table summarizes our investment and other gains (in thousands) : Three Months Ended March 31, 2016 2015 Gain on sale of real estate 1,654 — Gains on sales of marketable securities 11 — $ 1,665 $ —

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
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. Through a vote of our shareholders on May 7, 2015, we 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. As of March 31, 2016 , there were 1,446,668 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. 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 March 31, 2016 , 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 will result in the reversal of previously recorded compensation expense. The compensation expense reported for the three months ended March 31, 2016 and 2015 was $980,000 and $1,464,000 , respectively, and is included in general and administrative expense in the Consolidated Statements of Income. At March 31, 2016 , we had, net of expected forfeitures, $1,151,000 of unrecognized compensation cost related to unvested stock options which is expected to be expensed over the following periods: 2016 - $752,000 , 2017 - $360,000 and 2018 - $39,000 . Stock-based compensation is included in general and administrative expense in the Condensed Consolidated Statements of Income. The weighted average fair value per share of options granted was $3.65 and $4.74 for 2016 and 2015 , respectively. The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 2015 Dividend yield 5.9% 4.7% Expected volatility 19.1% 17.8% Expected lives 2.9 years 2.8 years Risk-free interest rate 0.91% 0.98% The following table summarizes our outstanding stock options: Three Months Ended March 31, 2016 2015 Options outstanding January 1, 741,676 871,671 Options granted under 2012 Plan 470,000 450,000 Options granted under 2005 Plan — 20,000 Options exercised under 2012 Plan (126,666 ) (421,657 ) Options exercised under 2005 Plan — (50,002 ) Options outstanding, March 31, 1,085,010 870,012 Exercisable at March 31, 731,662 596,664

Earnings and Dividends Per Shar

Earnings and Dividends Per Share	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Net income attributable to common stockholders $ 32,725 $ 29,683 BASIC: Weighted average common shares outstanding 38,401,647 37,558,067 DILUTED: Weighted average common shares outstanding 38,401,647 37,558,067 Stock options 13,144 68,257 Convertible subordinated debentures — 18,941 Average dilutive common shares outstanding 38,414,791 37,645,265 Net income per common share - basic $ .85 $ .79 Net income per common share - diluted $ .85 $ .79 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 75,050 5,666 Regular dividends declared per common share $ .90 $ .85

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 March 31, December 31, Level 1 Common stock of other healthcare REITs Marketable securities $ 58,532 $ 55,815 Debt securities Marketable securities $ — $ 16,929 Level 2 Interest rate swap liability Accounts payble and accrued expenses $ 11,284 $ 6,730 Carrying values and fair values of financial instruments that are not carried at fair value at March 31, 2016 and December 31, 2015 in the Condensed Consolidated Balance Sheets are as follows ( in thousands ): Carrying Amount Fair Value Measurement 2016 2015 2016 2015 Level 2 Variable rate debt $ 302,024 $ 279,745 $ 306,000 $ 284,000 Fixed rate debt $ 635,114 $ 634,698 $ 665,402 $ 641,066 Level 3 Mortgage and other notes receivable $ 150,720 $ 133,714 $ 161,398 $ 141,408 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 March 31, 2016 and December 31, 2015 , due to the predominance of floating interest rates, which generally reflect market conditions.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS On April 1, 2016, we purchased eight skilled nursing facilities totaling 931 beds in Texas for $118,500,000 . The facilities are currently operated by NHI’s existing tenant, Legend Healthcare (“Legend”). Concurrent with the acquisition, we amended in-place leases covering our nine other skilled nursing facilities operated by Legend, extending their provisions to the new facilities. The amendment also replaced purchase options that provided for equal sharing of any appreciation in value, within a specified range with purchase options with a price determined at fair value, exercisable at the end of the lease term. Based on our tentative analysis of the in-place options, approximately $6,000,000 of the consideration in the acquisition will likely attach to the canceled provisions. Legend elected to transition its current skilled nursing operations to a new operator on May 1, 2016, and NHI entered into a new 15 -year master lease with affiliates of The Ensign Group, Inc. (“Ensign”) on 15 of the former Legend facilities for an initial annual amount of $17,750,000 , plus an annual escalator based on inflation. The lease has two 5 -year renewal options. Upon entering the new lease, NHI agreed to sell two existing skilled nursing facilities previously under lease to Legend in Texas totaling 245 beds to Ensign for $24,600,000 . The new lease, which includes a corporate guaranty from Ensign, replaces the Legend lease, and, accordingly, the purchase options held by Legend have terminated. For accounting purposes, the transition of our lease from Legend to Ensign will require a non-cash write-off related to the approximate $6,000,000 fair value assigned to the former Legend purchase options and $8,247,000 of accumulated straight-line rent receivable. As part of this transaction, NHI has committed to purchase four skilled nursing facilities in Texas from Legend for $56,000,000 and lease them to Ensign. The facilities are in various stages of development and the purchase window for the first facility is expected to open in 2017.

Significant Accounting Polici21

Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2016
Policy Text Block [Abstract]
Consolidation, Policy	Principles of Consolidation - The accompanying condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries, joint ventures, partnerships and consolidated variable interest entities (“VIE”) where NHI 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 March 31, 2016 , we held an interest in five unconsolidated VIEs, consisting of 1) a start-up lessee in which NHI’s variable interest consists of its leasehold interest, analogous to a financing arrangement, and of which we concluded that NHI was not the primary beneficiary (Note 2); 2) 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 (Note 3); 3) a note receivable from, a guarantee on a letter of credit for, and a purchase option with, a VIE of whom we concluded that NHI was not the primary beneficiary (Note 4); 4) two construction mortgage notes receivable aggregating $97,607,000 from a VIE of whom we concluded that NHI was not the primary beneficiary (Note 4); and 5) two development loans and our lease with a VIE of whom we concluded that NHI was not the primary beneficiary (Note 4). Our direct support of the above VIEs has been limited to the transactions described herein, including our commitments and contingencies described in Note 7, 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, as adjusted for any unrealized loss carry-forwards, the amount of our loan commitments, and as guarantor under the letter of credit. We generally lack, either directly or through related parties, any material input in the activities that most significantly impact the economic performance of these entities. 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 the REIT Investment Diversification and Empowerment Act of 2007 ("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. Marketable Securities. - Investments in marketable debt and equity securities must be categorized as trading, available-for-sale or held-to-maturity. Our investments in marketable equity securities are classified as available-for-sale securities. Unrealized gains and losses on available-for-sale securities are recorded in other comprehensive income. We evaluate our securities for other-than-temporary impairments on at least a quarterly basis. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. A decline in the market value of any available-for-sale or held-to-maturity security below cost that is deemed to be other-than-temporary results in an impairment to reduce the carrying amount to fair value. The impairment is charged to earnings and a new cost basis for the security is established. To determine whether an impairment is other-than-temporary, we consider whether we have the ability and intent to hold the investment until a market price recovery and consider whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to period-end and forecasted performance of the investment. 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 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. Diluted earnings per share 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 for the period exceeds the conversion price per share.
Reclassification, Policy	Reclassifications - We have reclassified, for all periods presented, certain loan commitment fees paid by our borrowers, which were previously accounted for on our Consolidated Balance Sheet at December 31, 2015, as deferred revenues. The fees are now presented on our consolidated balance sheets as a contra-asset to the related loan receivable balance. The effect has been to reduce total assets and total liabilities by $1,317,000 on our Condensed Consolidated Balance Sheet as of December 31, 2015.
New Accounting Pronouncements, Policy	New Accounting Pronouncements - In February 2015 the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis , which is generally effective for fiscal years and interim periods beginning after December 15, 2015. ASU 2015-02 changed 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 adopted the provisions of ASU 2015-02 in the first quarter of 2016. The adoption of ASU 2015-02 did not have a material effect on our consolidated financial statements. In April 2015 the FASB issued ASU 2015-03, Interest-Imputation of Interest , whose primary effect as subsequently modified is to mandate that, except for revolving credit facilities (which may carry a zero balance), 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. In adopting ASU 2015-03 in the first quarter of 2016, we have chosen to deduct debt issuance costs from amounts owing under our line of credit arrangements, and we have restated prior periods for the effect of these reclassifications. The adoption had the effect of reducing total assets and total liabilities on our Condensed Consolidated Balance Sheet at December 31, 2015, by the amount of unamortized loan costs of $11,814,000 . In September 2015 the FASB issued ASU 2015-16 Simplifying the Accounting for Measurement Period Adjustments, whose principal provisions require that in a business combination an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in ASU 2015-16 require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. Previously, GAAP required that during the measurement period, the acquirer retrospectively adjust the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. To simplify the accounting for adjustments made to provisional amounts recognized in a business combination, the amendments in ASU 2015-16 eliminate the requirement to retrospectively account for those adjustments. For public business entities, the amendments in ASU 2015-16 are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. We adopted the provisions of ASU 2015-16 in the first quarter of 2016. The adoption of ASU 2015-16 did not have a material effect on our consolidated financial statements. In January 2016 the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. Public companies will be required to apply 2016-01 for all accounting periods beginning after December 15, 2017. For public companies, the primary effects of 2016-01 are to: • Require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. • Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. • Eliminate the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost on the balance sheet. • Require the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. • Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. • Clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. We are considering what effect, if any, that adopting the provisions of ASU 2015-01 in 2018 will have on NHI. In February 2016 the FASB issued ASU 2016-02, Leases. Public companies will be required to apply ASU 2016-02 for all accounting periods beginning after December 15, 2018 - for REITs this means application will be required beginning Jan. 1, 2019. Early adoption is permitted. All leases with lease terms greater than one year are subject to ASU 2016-02 , including leases in place as of the adoption date. Management expects that, because of the ASU 2016-02 ’s emphasis on lessee accounting, ASU 2016-02 will not have a material impact on our accounting for leases. Consistent with present standards, NHI will continue to account for lease revenue on a straight-line basis for most leases. Also consistent with NHI’s current practice, under ASU 2016-02 only initial direct costs that are incremental to the lessor will be capitalized. In March 2016 the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , as part of its simplification initiative. ASU 2016-09 is effective for public companies starting in fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The areas for simplification in ASU 2016-09 involve several aspects of accounting for share-based payment transactions, including related income tax consequences, classification of awards as either equity or liabilities, and classification of equity awards within the statement of cash flows. Because NHI is designed as a pass-through entity for purposes of Federal taxation, many of the provisions of ASU 2016-09 which deal with taxation will not have a material effect on our financial statements. Among the provisions with broader reach are simplifications as to treatment of forfeitures, which under current GAAP are based on the number of awards that are expected to vest. Upon adoption of ASU 2016-09, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest, as in current GAAP, or account for forfeitures when they occur. Additionally, ASU 2016-09 clarifies that cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. Our adoption, in the first quarter of 2016, of the provisions of ASU 2016-09 had no material effect on our consolidated financial statements . In March 2016 the FASB issued ASU 2016-07, Contingent Put and Call Options in Debt Instruments , which clarifies how to assess whether contingent call (put) options that can accelerate the payment on debt instruments are clearly and closely related to their debt hosts. This assessment is necessary to determine if the options must be separately accounted for as derivatives. The ASU clarifies that an entity is required to assess the embedded options solely in accordance with a specific four-step decision sequence and is not also required to assess whether the contingency for exercising the options is indexed to interest rates or credit risk. The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. We adopted the provisions of ASU 2016-07 in the first quarter of 2016. The adoption of ASU 2016-07 did not have a material effect on our consolidated financial statements.

Real Estate (Tables)

Real Estate (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Current year $ 733 $ 596 Prior year final certification 1 547 94 Total percentage rent income $ 1,280 $ 690 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.

Equity-Method Investment And 23

Equity-Method Investment And Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
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 ): March 31, December 31, Equity-method investment in OpCo $ 7,254 $ 7,657 Accounts receivable and other assets 3,985 3,256 Reserves for replacement, insurance and tax escrows 3,783 4,631 $ 15,022 $ 15,544

Investments In Marketable Sec24

Investments In Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Marketable Securities [Abstract]
Schedule Of Marketable Securities	Marketable securities consist of the following ( in thousands ): March 31, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Common stock of other healthcare REITs $ 21,040 $ 58,532 $ 21,040 $ 55,815 Debt securities $ — $ — $ 17,037 $ 16,929

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Instruments [Abstract]
Schedule of Debt	Debt consists of the following ( in thousands ): March 31, December 31, Convertible senior notes - unsecured (net of discount of $5,580 and $5,862) 194,420 194,138 Revolving credit facility - unsecured 56,000 34,000 Bank term loans - unsecured 250,000 250,000 Private placement term loans - unsecured 325,000 325,000 HUD mortgage loans (net of discount of $1,552 and $1,573) 44,867 45,035 Fannie Mae term loans - secured, non-recourse 78,084 78,084 Unamortized loan costs (11,233 ) (11,814 ) $ 937,138 $ 914,443
Schedule of Maturities of Long-term Debt	Aggregate principal maturities of debt as of March 31, 2016 for each of the next five years and thereafter are as follows ( in thousands ): Twelve months ended March 31 2017 $ 775 2018 801 2019 828 2020 856 2021 306,885 Thereafter 645,358 955,503 Less: discount (7,132 ) Less: unamortized loan costs (11,233 ) $ 937,138
Schedule of Interest Expense	The following table summarizes interest expense ( in thousands ): Three Months Ended March 31, 2016 2015 Interest expense at contractual rates $ 9,515 $ 7,712 Capitalized interest (121 ) (120 ) Amortization of debt issuance costs and debt discount 868 820 Total interest expense $ 10,262 $ 8,412
Schedule of Interest Rate Derivatives	March 31, 2016 ( 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 $ (897 ) June 2013 June 2020 3.86% 1-month LIBOR $ 80,000 $ (3,865 ) March 2014 June 2020 3.91% 1-month LIBOR $ 130,000 $ (6,522 )

Investment And Other Gains (Tab

Investment And Other Gains (Tables)	3 Months Ended
	Mar. 31, 2016
Investment And Other Gains [Abstract]
Schedule of Investment And Other Gains	The following table summarizes our investment and other gains (in thousands) : Three Months Ended March 31, 2016 2015 Gain on sale of real estate 1,654 — Gains on sales of marketable securities 11 — $ 1,665 $ —

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Compensation Arrangements [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2016 2015 Dividend yield 5.9% 4.7% Expected volatility 19.1% 17.8% Expected lives 2.9 years 2.8 years Risk-free interest rate 0.91% 0.98%
Schedule of Stock Option Activity	The following table summarizes our outstanding stock options: Three Months Ended March 31, 2016 2015 Options outstanding January 1, 741,676 871,671 Options granted under 2012 Plan 470,000 450,000 Options granted under 2005 Plan — 20,000 Options exercised under 2012 Plan (126,666 ) (421,657 ) Options exercised under 2005 Plan — (50,002 ) Options outstanding, March 31, 1,085,010 870,012 Exercisable at March 31, 731,662 596,664

Earnings and Dividends Per Sh28

Earnings and Dividends Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Net income attributable to common stockholders $ 32,725 $ 29,683 BASIC: Weighted average common shares outstanding 38,401,647 37,558,067 DILUTED: Weighted average common shares outstanding 38,401,647 37,558,067 Stock options 13,144 68,257 Convertible subordinated debentures — 18,941 Average dilutive common shares outstanding 38,414,791 37,645,265 Net income per common share - basic $ .85 $ .79 Net income per common share - diluted $ .85 $ .79 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 75,050 5,666 Regular dividends declared per common share $ .90 $ .85

Fair Value Of Financial Instr29

Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, December 31, Level 1 Common stock of other healthcare REITs Marketable securities $ 58,532 $ 55,815 Debt securities Marketable securities $ — $ 16,929 Level 2 Interest rate swap liability Accounts payble and accrued expenses $ 11,284 $ 6,730
Fair Value Measurements, Nonrecurring [Table Text Block]	Carrying values and fair values of financial instruments that are not carried at fair value at March 31, 2016 and December 31, 2015 in the Condensed Consolidated Balance Sheets are as follows ( in thousands ): Carrying Amount Fair Value Measurement 2016 2015 2016 2015 Level 2 Variable rate debt $ 302,024 $ 279,745 $ 306,000 $ 284,000 Fixed rate debt $ 635,114 $ 634,698 $ 665,402 $ 641,066 Level 3 Mortgage and other notes receivable $ 150,720 $ 133,714 $ 161,398 $ 141,408

Significant Accounting Polici30

Significant Accounting Policies Significant Accounting Policies (Details) $ in Thousands	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Loans and Leases Receivable, Net Amount	$ 150,720	$ 133,714
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		(1,317)
Unamortized Debt Issuance Expense	$ 11,233	$ 11,814
Life Care Services [Member]
Notes Receivable, Number Of Loans, Master Credit Agreement	2
Loans and Leases Receivable, Net Amount	$ 97,607

Real Estate (Summary of NHC Per

Real Estate (Summary of NHC Percentage Rent) (Details) - National Healthcare Corporation [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Total percentage rent	$ 1,280	$ 690
Current year [Member]
Total percentage rent	733	596
Prior year final certification [Member]
Total percentage rent	$ 547	$ 94

Real Estate (Narrative) (Detail

Real Estate (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)propertiesbeds_or_unitsMaster_LeasesrenewalOptionsshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Number of Real Estate Properties | properties	181
Number of States in which Entity Operates	31
Nonportfolio Assets, Original Cost	$ 976,000
Real Estate Investment Property, Portfolio Assets	$ 2,112,897,000
Number of Lessees	26
Payments to Acquire Real Estate	$ 9,463,000	$ 10,000
Construction in Progress, Gross	18,702,000		$ 13,011,000
Operating Leases, Income Statement, Lease Revenue	55,074,000	52,495,000
Straight Line Rent	5,286,000	6,089,000
Gain on sale of real estate	1,654,000	0
Real Estate Held-for-sale	$ 0		$ 1,346,000
East Lake Mgmt, Acquisition [Member]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	10 years
Capital Improvements Commitment	$ 400,000
Lease Incentive Commitment Assessed As Not Probable	8,000,000
Payments to acquire real estate, seller earnout, contingent, not probable	750,000
Bickford Development Properties [Member]
Development in Process	$ 25,626,000
Number of Units in Real Estate Property | beds_or_units	60
Number of Real Estate Properties To Be Constructed | properties	8
2015 Bickford Development Properties [Member]
Number of Real Estate Properties | properties	5
Village Concepts [Member]
Number of Units in Real Estate Property | beds_or_units	98
Payments to Acquire Real Estate	$ 9,463,000
Asset Purchase Transaction Costs	$ 213,000
Lessor Leasing Arrangements, Operating Leases, Term of Contract	15 years
Initial lease rate	7.25%
Lease Escalator Rate after Lease Year 4	3.00%
Lease Escalator Rate, From Lease Year 1 to Lease Year 3	2.00%
Lease Escalator Rate, After Lease Year 3	2.50%
Capital Improvements Commitment	$ 350,000
Holiday Acquisition Holdings [Member]
Number of Real Estate Properties | properties	25
Lessor Leasing Arrangements, Operating Leases, Term of Contract	17 years
Lease Escalator Rate, From Lease Year 1 to Lease Year 3	4.50%
Lease Escalator Rate, After Lease Year 3	3.50%
Operating Leases, Income Statement, Lease Revenue	$ 10,954,000	$ 10,954,000
Percentage of Continuing Revenue	19.00%	20.00%
Straight Line Rent	$ 2,241,000	$ 2,616,000
National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	42
Number of Master Leases | Master_Leases	2
Operating Leases, Income Statement, Lease Revenue	$ 9,817,000	$ 9,227,000
Percentage of Continuing Revenue	17.00%	17.00%
Lessor Equity Shares Owned, Significant Lessee | shares	1,630,462
Percentage rent	$ 1,280,000	$ 690,000
National Healthcare Corporation [Member] | NHC - 1991 Lease [Member]
Number of Real Estate Properties | properties	35
Number Of Additional Lease Renewal Options | renewalOptions	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
Bickford Senior Living [Member]
Number of Real Estate Properties	32
Operating Leases, Income Statement, Lease Revenue	$ 6,307,000	$ 5,804,000
Percentage of Continuing Revenue	11.00%	10.00%
Joint Venture Contributed Properties Ownership Interest Retained	85.00%
Joint Venture Contributed Properties Ownership Interest Surrendered	15.00%
Minimum Annual Lease Income	$ 25,529,000
Lease Escalator, Percent	3.00%
Senior Living Communities [Member]
Number of Units in Real Estate Property	1,671
Lessor Leasing Arrangements, Operating Leases, Term of Contract	15 years
Lease Escalator Rate Lease Year 2 to Lease Year 4	4.00%
Lease Escalator Rate after Lease Year 4	3.00%
Operating Leases, Income Statement, Lease Revenue	$ 9,855,000	$ 9,855,000
Percentage of Continuing Revenue	17.00%	18.00%
Number Of Real Estate Properties Acquired | properties	8
Straight Line Rent	$ 1,795,000	$ 2,105,000
Number Of Additional Lease Renewal Options	2
Lease Renewal Period In Years	5 years
Senior Housing Community [Member]
Number of Real Estate Properties | properties	115
Skilled Nursing Facility [Member]
Number of Real Estate Properties | properties	61
Skilled Nursing Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	39
Skilled Nursing Facility [Member] | National Healthcare Corporation [Member] | Subleased Facilities [Member]
Number of Real Estate Properties | properties	4
Hospital [Member]
Number of Real Estate Properties | properties	3
Medical Office Building [Member]
Number of Real Estate Properties | properties	2
Independent Living Facility [Member] | National Healthcare Corporation [Member]
Number of Real Estate Properties | properties	3
Grangeville, ID [Member]
Operating Leases, Income Statement, Lease Revenue	$ 73,000	$ 80,000
Gain on sale of real estate	1,654,000
Real Estate Held-for-sale	1,346,000
Asset Held For Sale, Agreed Selling Price	3,000,000
Senior Housing Community [Member] | East Lake Mgmt, Acquisition [Member]
Payments to Acquire Real Estate	66,900,000
8-Year AIG Private Placement Notes [Member]
Unsecured Debt	$ 50,000,000

Equity-Method Investment And 33

Equity-Method Investment And Other Assets (Schedule of Equity-Method Investment and Other Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Equity Method Investments And Other Assets [Abstract]
Equity-method investment in OpCo	$ 7,254	$ 7,657
Unamortized Debt Issuance Expense	11,233	11,814
Accounts receivable and other assets	3,985	3,256
Replacement reserve and tax escrows - Fannie Mae	3,783	4,631
Equity-method investment and other assets	$ 15,022	$ 15,544

Equity-Method Investment And 34

Equity-Method Investment And Other Assets (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)properties	Dec. 31, 2015USD ($)
Investment [Line Items]
Number of Real Estate Properties | properties	181
Bickford Senior Living [Member]
Investment [Line Items]
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	$ 8,986,000
Net Assets Received In Acquisition of Equity-Method Investee	$ 817,000
Goodwill, Impaired, Accumulated Impairment Loss		$ 0

Mortgage And Other Notes Rece35

Mortgage And Other Notes Receivable (Details)	3 Months Ended
	Mar. 31, 2016USD ($)propertiesbeds_or_units	Dec. 31, 2015USD ($)
Mortgage and other notes receivable, net	$ 150,720,000	$ 133,714,000
Number of health care properties related to mortgage notes receivables | properties	9
Allowance for Doubtful Accounts Receivable	$ 0
Secured By Real Estate [Member]
Mortgage and other notes receivable, net	114,021,000
Not Secured By Real Estate [Member]
Mortgage and other notes receivable, net	36,699,000
Life Care Services [Member]
Mortgage and other notes receivable, net	97,607,000
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	$ 1,203,000
Loans Receivable, Description of Variable Rate Basis, Reference Rate Maturity	10 years
Loans Receivable, Description of Variable Rate Basis	.0178
Number of Units in Real Estate Property	1,671
Loans and Lease Receivable, Maximum Revolving Amount	$ 15,000,000
Lessor Leasing Arrangements, Operating Leases, Term of Contract	15 years
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes	$ 5,000,000
Revolving Note Receivable, Amount Outstanding	$ 9,227,000
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	3 years
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%
Notes Receivable, Interest Rate, Master Credit Agreement	6.75%
Loans And Leases Receivable, Commitment, Fixed Rates, Escalator, Basis Points	10
Note A [Member] | Senior Living Communities [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	$ 12,000,000
Note Receivable Interest Rate	10.00%
Note B [Member] | Life Care Services [Member]
Mortgage and other notes receivable, net	$ 70,855,000
Notes Receivable, Total Borrowings, Master Credit Agreement	$ 94,500,000
Loan Term	5 years
Notes Receivable, Interest Rate, Master Credit Agreement	8.00%
Note B [Member] | Senior Living Communities [Member]
Loans and Leases Receivable, Commitments, Fixed Rates	$ 2,000,000
Revolving Credit Facility [Member] | Bickford Note Investment [Member]
Mortgage and other notes receivable, net	479,000
Loans and Lease Receivable, Maximum Revolving Amount	$ 500,000
Note Receivable Interest Rate	10.00%

Investments In Marketable Sec36

Investments In Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Common Stock, Healthcare REIT [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 21,040	$ 21,040
Available-for-sale Securities, Equity Securities	58,532	55,815
Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis	0	17,037
Available-for-sale Securities, Equity Securities	$ 0	$ 16,929

Investments In Marketable Sec37

Investments In Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Marketable Securities [Abstract]
Gross unrealized gains related to available for sale securities	$ 37,492	$ 34,667

Debt (Schedule of Debt) (Detail

Debt (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2014
Debt Instrument [Line Items]
Revolving credit facility - unsecured	$ 56,000	$ 34,000
Convertible Debt	194,420	194,138	$ 192,238
Unamortized Debt Issuance Expense	(11,233)	(11,814)
Debt, Long-term and Short-term, Combined Amount	937,138	914,443
Bank Term Loans [Member]
Debt Instrument [Line Items]
Bank term loans - unsecured	250,000	250,000
Debt Instrument, Name, HUD Mortgages [Member]
Debt Instrument [Line Items]
Secured Debt	44,867	45,035
Private Placement Term Loans [Member]
Debt Instrument [Line Items]
Bank term loans - unsecured	325,000	325,000
Debt Instrument, Name, Fannie Mae Term Loans [Member]
Debt Instrument [Line Items]
Secured Debt	$ 78,084	$ 78,084

Debt Debt (Schedule of Debt) (P

Debt Debt (Schedule of Debt) (Parenthesis) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 7,132
Debt Instrument, Name, Q3 2014 HUD Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	1,552	$ 1,573
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount	$ 5,580	$ 5,862

Debt Debt (Schedule of Maturiti

Debt Debt (Schedule of Maturities of Long-term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Maturities of Long-term Debt [Abstract]
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months	$ 775
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two	801
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three	828
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four	856
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five	306,885
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five	645,358
Long-term Debt, Gross	955,503
Debt Instrument, Unamortized Discount	(7,132)
Unamortized Debt Issuance Expense	(11,233)	$ (11,814)
Debt, Long-term and Short-term, Combined Amount	$ 937,138	$ 914,443

Debt (Schedule of Interest Expe

Debt (Schedule of Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Interest Expense [Abstract]
Interest expense	$ 9,515	$ 7,712
Interest Costs Capitalized	121	120
Amortization of debt issuance costs, debt discount and premium	868	820
Total interest expense	$ 10,262	$ 8,412

Debt (Schedule of Interest Rate

Debt (Schedule of Interest Rate Derivatives) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
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	$ (897)
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	$ (3,865)
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	$ (6,522)

Debt (Narrative) (Details)

Debt (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)propertiessharesnumber_of_loans$ / shares	Mar. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed	$ 450,000	$ 893,000
Proceeds from convertible senior notes	200,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 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
Debt Instrument, Convertible, Number of Equity Instruments | shares	2,785,200
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | shares	0	18,941
Weighted Average Number of Shares Outstanding, Diluted | shares	38,414,791	37,645,265
Convertible Debt	$ 194,420,000		$ 194,138,000	$ 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	$ 11,233,000		11,814,000
Debt Instrument, Variable Interest Rate, Reference Rate, Basis Points	4400.00%
Credit Facility, Current Revolving Borrowing Capacity	$ 550,000,000
Credit Facility Expansion Amount	$ 250,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	4000.00%
Number of Real Estate Properties | properties	181
Bank Term Loans [Member]
Unsecured Debt	$ 250,000,000		250,000,000
8-Year AIG Private Placement Notes [Member]
Debt Instrument, Term	8 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.99%
Unsecured Debt	$ 50,000,000
10-Year AIG Private Placement Notes [Member]
Debt Instrument, Term	10 years
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.33%
Unsecured Debt	$ 50,000,000
Debt Instrument, Name, Convertible Senior Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	3.25%
Debt Issuance Cost	$ 6,063,000
Unamortized Debt Issuance Expense	$ 3,927,000
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	$ 494,000,000
Debt Instrument Name, $130m Term Loan - June 2020 Maturity [Member]
Term Loans, Outstanding Balance	$ 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
Debt Instrument, Basis Spread on Variable Rate	17500.00%
Number of Term Loans	2
Debt Instrument, Prior to Amendment [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 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
Secured Debt	$ 78,084,000		78,084,000
Debt Instrument, Interest Rate, Stated Percentage	3.79%
Number of Real Estate Properties	13
Debt Instrument, Name, HUD Mortgages [Member]
Secured Debt	$ 44,867,000		$ 45,035,000
Number of Real Estate Properties | properties	10
Debt Instrument, Name, HUD Mortgages [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Interest Rate	4.30%
Debt Instrument, Name, HUD Mortgages [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Interest Rate	4.40%
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%
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%
Unsecured Debt	$ 100,000,000
Interest Rate Swap, Date Entered, March 2014 [Member]
Derivative, Fixed Interest Rate	3.91%
Derivative, Notional Amount	$ 130,000,000
Interest Rate Swap, Date Entered, May 2012 [Member]
Derivative, Fixed Interest Rate	3.29%
Derivative, Notional Amount	$ 40,000,000
Interest Rate Swap, Date Entered, June 2013 [Member]
Derivative, Fixed Interest Rate	3.86%
Derivative, Notional Amount	$ 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, First Year [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Minimum [Member]
Mortgage Loans on Real Estate, Interest Rate	4.65%
Debt Instrument, Interest Rate, Period, First Year [Member] | Debt Instrument, Name, HUD Mortgages [Member] | Maximum [Member]
Mortgage Loans on Real Estate, Interest Rate	4.75%
Bickford Senior Living [Member]
Number of Real Estate Properties	32
Middletown, OH [Member] | Bickford Senior Living [Member]
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed	$ 7,710,000
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Rate	2.90%
Noncash or Part Noncash Acquisition, Debt Assumed	$ 9,262,000

Commitments And Contingencies (

Commitments And Contingencies (Details)	3 Months Ended
	Mar. 31, 2016USD ($)propertiesbeds_or_units	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Number of Real Estate Properties | properties	181
Number of States in which Entity Operates	31
Loans and Leases Receivable, Net Amount	$ 150,720,000		$ 133,714,000
Real estate purchase liabilities	750,000		$ 750,000
Payments for Capital Improvements	$ 453,000	$ 1,695,000
Senior Living Communities [Member]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	15 years
Lessor Leasing Arrangements, Operating Leases, Renewal Term	5 years
Construction of transitional rehabilitation center, number of beds	1,671
Number Of Real Estate Properties Acquired | properties	8
Loans and Lease Receivable, Maximum Revolving Amount	$ 15,000,000
Loans and Leases Receivable, Net Amount	1,203,000
Revolving Note Receivable, Maximum Amount Available for Working Capital Purposes	5,000,000
Revolving Note Receivable, Amount Outstanding	$ 9,227,000
Loans Receivable, Description of Variable Rate Basis, Reference Rate Maturity	10 years
Loans Receivable, Description of Variable Rate Basis	.0178
Loans Receivable, Basis Spread on Variable Rate	6.00%
Bickford Senior Living [Member]
Number of Real Estate Properties	32
Chancellor Healthcare [Member]
Development in Process	$ 51,000
Capital improvements commitment	650,000
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
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	$ 479,000
East Lake Mgmt, Acquisition [Member]
Lessor Leasing Arrangements, Operating Leases, Term of Contract	10 years
Capital improvements commitment	$ 400,000
Lease Incentive Commitment Assessed As Not Probable	8,000,000
Payments to acquire real estate, seller earnout, contingent, not probable	$ 750,000
Bickford Development Properties [Member]
Number Of Development Projects Active | properties	5
Development in Process	$ 25,626,000
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	$ 3,930,000
1st Contingent Payment Amount [Member] | Discovery Regency Pointe [Member]
Real estate purchase liabilities	750,000
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

Investment And Other Gains (Sch

Investment And Other Gains (Schedule of Investment And Other Gains) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investment And Other Gains [Abstract]
Gain on sale of real estate	$ 1,654	$ 0
Gains on sales of marketable securities	11	0
Investment and other gains	$ 1,665	$ 0

Share-Based Compensation Share-

Share-Based Compensation Share-Based Compensation (Schedule of Stock Option Valuation Assumptions) (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Stock Option Valuation Assumptions [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	5.90%	4.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	19.10%	17.80%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	2 years 11 months 4 days	2 years 9 months 25 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.91%	0.98%

Share-Based Compensation (Sched

Share-Based Compensation (Schedule Of Stock Option Activity) (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Options outstanding, January 1	741,676	871,671
Options outstanding, March 31	1,085,010	870,012
Options exercisable, March 31	731,662	596,664
2012 Plan [Member]
Options granted	470,000	450,000
Options exercised	(126,666)	421,657
2005 Plan [Member]
Options granted	0	20,000
Options exercised	0	(50,002)

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2015USD ($)$ / shares	May. 07, 2015shares	May. 31, 2012shares	May. 31, 2005shares
Nonemployee director annual stock grants | shares	20,000
Stock or Unit Option Plan Expense	$ 980	$ 1,464
Combined share-based compensation expense for 2005 Plan and 1997 Plan	979	$ 1,464
Unrecognized compensation cost	$ 1,151
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 3.65	$ 4.74
2012 Plan [Member]
Shares available for grants | shares	1,446,668		3,000,000	1,500,000
Stock Option Plan, Award Vesting Period	5 years
Common stock on date granted term period, years	10
Prior To Shareholder Approval of Increase [Member]
Nonemployee director annual stock grants | shares	15,000
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	$ 752
Expected To Be Recognized During 2016 [Member]
Unrecognized compensation cost	360
Expected To Be Recognized During 2017 [Member]
Unrecognized compensation cost	$ 39

Earnings and Dividends Per Sh49

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
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 32,725	$ 29,683
BASIC:
Weighted Average Number of Shares Outstanding, Basic	38,401,647	37,558,067
DILUTED:
Weighted average common shares outstanding, diluted	38,401,647	37,558,067
Stock options, diluted	13,144	68,257
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	18,941
Average dilutive common shares outstanding	38,414,791	37,645,265
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.85	$ 0.79
Income (Loss) from Continuing Operations, Per Diluted Share	$ 0.85	$ 0.79
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the market price for our common shares	75,050	5,666
Common Stock Dividends, Per Share, Declared, Regular	$ 0.90	$ 0.85

Fair Value Of Financial Instr50

Fair Value Of Financial Instruments (Schedule Of Assets And Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 2 [Member]
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	$ 11,284	$ 6,730
Common Stock, Healthcare REIT [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale Securities	58,532	55,815
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Available-for-sale Securities	$ 0	$ 16,929

Fair Value of Financial Instr51

Fair Value of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount	$ 150,720	$ 133,714
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		306,000	$ 284,000
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans and Leases Receivable, Net Amount		150,720	133,714
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		302,024	279,745
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		635,114	634,698
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		161,398	141,408
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		$ 665,402	$ 641,066

Subsequent Events Subsequent 52

Subsequent Events Subsequent Events (Narrative) (Details)	Apr. 02, 2016USD ($)properties	May. 01, 2016USD ($)properties	Apr. 01, 2016propertiesbeds_or_units	Mar. 31, 2016properties
Subsequent Event [Line Items]
Number of Real Estate Properties				181
Subsequent Event [Member]
Subsequent Event [Line Items]
Number Of Real Estate Properties Acquired	8
Number of Units in Real Estate Property | beds_or_units			931
Payments to Acquire Other Real Estate | $	$ 118,500,000
Legend Senior Living [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Real Estate Properties			9
Real Estate Properties, Commitment To Purchase		4
Real Estate Properties, Commitment To Purchase, Amount | $		$ 56,000,000
Ensign Group [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of Units in Real Estate Property		245
Asset Held For Sale, Agreed Selling Price | $		$ 24,600,000
Number of Real Estate Properties		15
Initial Lease Amount | $		$ 17,750,000
Number Of Additional Lease Renewal Options		2
Lessor Leasing Arrangements, Operating Leases, Renewal Term		5 years
Number of Real Estate Properties, Held for Sale		2
Lessor Leasing Arrangements, Operating Leases, Term of Contract		15 years
Real Estate Combined Acquisition and Disposition Transaction, Net Amount | $		$ 211,000,000