MURFREESBORO, TENN. — National Health Investors (NHI) has executed an agreement to sell a seniors housing portfolio to National HealthCare Corp. (NHC) for a total of $560 million. The portfolio includes 32 skilled nursing facilities and three independent living facilities. NHC currently operates the properties on behalf of NHI. In 2025, the portfolio generated cash lease revenue of roughly $39.7 million for NHI.
According to NHI, the Murfreesboro-based company expects this move to increase its concentration in the category of private-pay seniors housing. Following the transaction, NHI’s senior housing operating portfolio segment will represent roughly 22 percent of its total investments, with skilled nursing exposure to represent 12.2 percent of total investments. In a statement, NHI also noted that this sale will “eliminate potential conflicts of interest between NHI and NHC.”
Closing of the transaction is expected on July 1, subject to customary closing conditions. NHI expects to incur transaction costs between $6 million and $8 million. Blueprint Healthcare Real Estate Advisors is serving as the transaction advisor for NHI. Houlihan Lokey Capital is acting as financial advisor to a special committee of non-interested directors that was appointed to review the sale, and Venable LLP is serving as the committee’s legal counsel.