secwatch.observer — SEC 8-K summary
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Issuer:     NATIONAL HEALTH INVESTORS INC (NHI)
CIK:        0000877860
Form:       8-K
Filed at:   2026-04-21T23:59:59+00:00
Accession:  0000877860-26-000106
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.02, 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/877860/000087786026000106/0000877860-26-000106-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/877860/000087786026000106/nhi-20260420.htm
  HTML page:      https://secwatch.observer/filing/0000877860-26-000106

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