National Health Investors, Inc. (NHI) is a real estate investment trust (REIT), which invests in health care properties primarily in the long-term care industry. As of December 31, 2008, it had ownership interests in real estate and mortgage investments (excluding assets held for sale). NHI revenues are derived primarily from mortgage interest income and rental income. As of December 31, 2008, the Company had investments in real estate and mortgage notes receivable in 123 health care facilities located in 17 states consisting of 83 long-term care facilities, one acute care hospital, four medical office buildings, 14 assisted living facilities, four retirement centers and 17 residential projects for the developmentally disabled. As of December 31, 2008, 32% of the total invested assets of the Health Care Facilities were operated by publicly-held company operators, 58% by regional operators, and 10% by small operators.