NHI signs $560M sale of 35 SNF/IL facilities to NHC; reduces leverage, pivots to private-pay

NATIONAL HEALTH INVESTORS INC

Purchase price of $560M for 32 skilled nursing + 3 independent living facilities currently leased to NHC.
Expected closing July 1, 2026; subject to HSR clearance; no financing contingency.
Pro forma net debt/EBITDA drops to ~2.3x, available liquidity ~$1.4B, SHOP to represent 22% of investments.
Skilled nursing exposure reduced to ~12.2% of total investments; cash lease revenue from portfolio was ~$39.7M in 2025.
Special Committee of independent directors unanimously approved; Board governance conflicts with NHC to be eliminated.

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