National Health Investors Sells 35 Facilities for $560 Million, Cuts Net Debt to 2.3x EBITDA
National Health Investors will sell 32 skilled nursing and three independent living facilities to National HealthCare Corporation for $560 million, closing July 1, 2026. The sale cuts skilled nursing exposure to 12.2% of assets, boosts private-pay housing to 22%, and lowers net debt to 2.3x EBITDA, lifting liquidity to $1.4 billion.
1. Transaction Details
National Health Investors will sell 32 skilled nursing and three independent living facilities to National HealthCare Corporation for $560 million, incur $6–8 million in transaction costs and expects to close on July 1, 2026, subject to Hart-Scott-Rodino clearance.
2. Portfolio Rebalancing Strategy
The divestiture shifts concentration toward private-pay senior housing, boosting the SHOP segment to roughly 22% of total investments and 13.8% of annualized NOI while reducing skilled nursing exposure to 12.2% of assets and 16.5% of NOI.
3. Balance Sheet and Liquidity Effects
Pro forma, net debt-to-annualized EBITDA falls to about 2.3x and available liquidity rises to approximately $1.4 billion. Net proceeds will repay borrowings and fund future investments, including potential tax-deferred reinvestments via Section 1031 exchanges.