National HealthCare Corporation is bringing a big chunk of its real estate back under its own roof. The Murfreesboro-based operator closed on the purchase of 35 properties from National Health Investors on July 1, 2026, paying $560 million for 32 skilled nursing facilities and three independent living communities spread across Alabama, Florida, Kentucky, Missouri, South Carolina, Tennessee and Virginia.
NHC will continue to operate all of the centers except four Florida skilled nursing facilities, which will stay under lease to a third-party operator. Company leaders are pitching the deal as a long-term pivot from leasing to outright ownership that they say should give NHC more control over local operations and future returns.
In a press release distributed via Business Wire, NHC described the transaction as a conversion of properties it had managed for decades under a master lease originally signed in 1991. The release reiterates the $560 million price tag and confirms the seven states where the facilities are located.
Deal structure and lease changes
National Health Investors’ Form 8‑K filing with the Securities and Exchange Commission confirms the sale closed on July 1, 2026, and notes that the Master Lease was terminated for all of the facilities except the four Florida skilled nursing homes. The remaining lease piece covering those Florida properties was assigned to an NHC subsidiary, according to NHI's Form 8‑K.
The same filing also points out that a Special Committee of independent directors at NHI unanimously signed off on the deal, a nod to governance concerns that can surface when a long-time operating partner becomes a major buyer.
Financing and operations
NHC detailed its financing plan in a separate SEC filing, reporting a new credit agreement that includes a $475 million senior unsecured term loan and a $50 million revolving credit facility that are intended to help fund the purchase. The company says the acquisition lines up neatly with its existing footprint, since NHC affiliates already operate skilled nursing, assisted living and independent living communities along with homecare and hospice services in the same regions, per NHC's Form 8‑K.
Investor and industry context
Industry coverage notes that NHI plans to use net proceeds from the sale to pay down borrowings and redeploy capital into private pay senior housing projects, a shift that reduces its exposure to skilled nursing. The 35 properties generated about $39.7 million in cash lease revenue in 2025, according to Skilled Nursing News, so investors will be watching how that income stream is replaced and how NHC performs as owner instead of tenant.
What’s next
NHC says it will keep operating the centers while folding them more tightly into its broader continuum of care. The real test comes in the next few years, as regulators and investors look for signs that owning the bricks and mortar actually improves margins, staffing stability, and local services.
For those who like to read the fine print, the official record of the closing and lease assignments is laid out in NHC's Form 8‑K and NHI's Form 8‑K.
